Statement from the Ministry of Finance extending its condolences on the passing of His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance

The Ministry of Finance extends its condolences to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai and to the people of the UAE. May the soul of the late His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance rest in peace.

Since the founding of the UAE to date, His Highness Sheikh Hamdan bin Rashid Al Maktoum had pivotal contributions in formulating and devising financial policies that meet the requirements of the UAE’s sustainable economic and social development. That, in addition to improving the effectiveness of financial planning and implementation of the federal budget, unifying policies, and directing public spending to support economic vital sectors. His Highness’s directives developed the efficiency of cash management through the application of zero-based budgeting and switching to accounting principles on an accrual basis. That, in addition to ensuring the sustainability of the federal government’s financial resources, and stimulating the process of sustainable development within all vital sectors.

The late Sheikh Hamdan bin Rashid has attained remarkable milestones in strengthening ties with GCC countries to achieve Gulf Economic Integration. His Highness was keen to have the Ministry of Finance represent the UAE in regional and international financial forums, events and conferences, and to maximise the technical and financial support services provided by organisations and institutions to the country and the region. That, in addition to His Highness’s role in stimulating the signing of Double Taxation and Investment Agreements.

These achievements will incentivise the ministry’s team to continue building and developing a bright and promising future and continue the late Sheikh Hamdan bin Rashid’s vision of positioning the ministry in global indices, and reiterating the UAE’s competitiveness in the financial, economic and social fields.