Ministry of Finance Strategic Plan 2017-2021

by Zaara 06, Oct 2021

The Ministry of Finance has established a promising but practical strategic strategy for the years 2017-2021 aimed at centralising and delivering the highest quality of operation to its diverse client base. The Ministry has taken into account the substantial effect of regional and foreign developments, both financially and politically, when drawing up the plan.

The Strategic Plan was prepared and established by the combined efforts of executives, supervisors and representatives from separate agencies and organisational divisions. It includes the following primary considerations:

  • Vision for leadership and direction of the UAE Strategic Strategy
  • An extensive review of external and internal variables impacting the efficiency of the Ministry
  • Review of questionnaires performed by prominent groups of clients influenced by the success of the Ministry
  • Diagnosis of skills and essential competencies within the Agency
  • Analysis of the Ministry's capabilities and strategic opportunities
  • Right international strategies for handling financial capital
  • External strengths and disadvantages, prospects and potential threats

The Ministry of Finance ( MoF) has implemented a strategic plan for the years 2017-2021, focused on the utilisation of all its capacity to carry out its activities and programmes in line with best international practice. The Ministry also took into account the significant financial and economic effects of regional and global shifts.

The critical goals of the strategic plan include fostering the federal government's fiscal preparation and general fiscal stabilisation, increasing the efficiency and effectiveness of the budget, enhancing the performance of the UAE in the budgetary and economic realms, delivering all administrative services in compliance with the highest levels of quality, efficiency and accountability, and enhancing the culture of innovation in the organisational work environment.

The Ministry of Finance has built an aggressive yet practical approach aimed at centralising and delivering the highest quality of service to its comprehensive set of valued customers. The Ministry has also taken into consideration the significant effect of regional and international developments, both financially and politically, and these considerations have been considered in drawing up the plan. The strategy was prepared and developed by the collaborative efforts of executives, supervisors and officials in the different agencies and organisational divisions, including crucial concerns.

Ministry of Finance Strategic Objective

Six strategic objectives have been established in the fourth strategic phase, and each strategic objective consists of a variety of measures to ensure its complete execution. Below are the strategic goals and initiatives as follows:

1. First Strategic Objective

Promote the federal government's fiscal preparation and overall financial sustainability

  • Establish a strategic budgetary strategy for the federal government
  • Fiscal stabilisation and risk assessment available
  • Create a climate that encourages innovation in the federal government
  • Establish a framework for data collection and establish mechanisms and tools for budgetary planning.
  • Develop fiscal and economic ability in the federal government

2. Second Strategic Objective

Improve the performance and profitability of the budget and control the financial condition and cash balance of the federal government.

  • Develop innovative and efficient strategies for tracking the execution of UAE public spending
  • Establish an innovative and efficient method for controlling the performance of the collection of UAE general revenue
  • Low financial status and cash control in the federal government
  • Establish a framework with the Office of the Prime Minister for monitoring and reviewing the success of federal agencies funded by the UAE General Budget

3. Third Strategic Objective

Maintaining the financial and economic interests of the UAE at international level.

  • Establish and strengthen ties with foreign financial organisations and institutions
  • Establish and foster bilateral foreign financial ties
  • Trigger the opportunities and incentives of mutual financial and economic incorporation of the GCC

4. Fourth Strategic Objective

Strengthen the competitive position of the UAE in the fiscal and monetary realms.

  • Promoting successful alignment of fiscal policies and announcements at the national level
  • Evaluate and implement monetary policies and regulations
  • Secure the dignity of the financial system of the UAE

5. Fifth Strategic Objective

Render all administrative facilities in compliance with the highest levels of consistency, performance and accountability.

  • Managing financial capital safely and reliably.
  • Managing procurement in line with best international practice
  • Applying best practices in the field of human capital
  • Ensure the application of professional requirements and operational performance
  • Developing a business strategy and assessing the success
  • Ensure the achievement of internal and external cooperation
  • Provision of the new IT facilities
  • Provision of the latest legal facilities
  • Applying the best practices for international leadership.
  • The provision of joint resources to all operational structures in a highly successful manner

6. Sixth Strategic Objective

Enhance the culture of innovation in the corporate work environment.

  • Building staff capability in creativity
  • Adopting the latest tools and means of innovation in the Ministry
  • Creating a climate that encourages and drives creativity

In brief, you can see that the nation has taken a range of steps to strategically plan the budget of the ministry of finance and develop itself as one of the strongest countries to take a holistic view. Some business owners and developers choose to take advantage of these benefits by integrating their business into the UAE. By starting your company in the field, you will end up applying a foreign brand tag to your firm. The government is in the process of creating a country as one of the world's business-friendly countries. It is preferable to go ahead with the advice prescribed by an experienced company analyst.

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