KHALEEJ TIMES, Thursday, Mar 25, 2021 | Shaaban 11, 1442
Sheikh Hamdan envisioned a progressive UAE economy
Emirates:
The UAE economy today has earned the status of being very progressive
both in the region and globally with its diversified strategy fuelling the
development and growth for five decades.
The global gateway status would not have been possible without the wise
contributions of the late Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of
Dubai and Minister of Finance, who held the latter position since the first
formation of the Cabinet on December 9, 1971, where he played an indispensable
role in developing financial policies and governmentspending.
Sheikh Hamdan carried a vision of building a nation equipped with a rich legacy
for future generations who were given the platform to diversify. The nation
moved on from the oil economy to a non-oil one, paving the way for talent from
all economic sectors. The Ministry of Finance took lead in many initiatives
launch such as E-Dirham, the Mohammed bin Rashid Innovation Fund for Businesses
in UAE, Accrual Accounting Programme and Savings Awareness Initiative, as well
as segregation of duties, government procurement operations and social
responsibility.
In January 2021, the UAE Cabinet approved the Federal Government Public Debt
Strategy 2021-2023, in line with its approach post-Covid-19 to improve its
financial planning, achieve financial sustainability and create a competitive
economy based on knowledge and innovation. The strategy is a general framework
for motivating the national financial and banking sectors, through consolidating
the Emirates Investment Authority’s portfolio, establishing a bond market in the
local currency and providing financing alternatives.
Sheikh Hamdan presided over several high-level government entities that played a
vital role in supporting the economy and labour market in the UAE such as Dubai
Municipality, the Al Maktoum Foundation, Dubai Aluminium, Dubai Natural Gas
Company, the Dubai World Trade Centre and several others.
Building a strong
foundation for 5 decades
Sheikh Hamdan described Dubai’s infrastructure, especially in the fields of
telecommunications, transport and finance, as very developed, pointing out that
the emirate was rich in resources, the most important of which was skilled human
resources. He had said that Dubal is one of the most dynamic places in the world
that has caught up with world leaders in various sectors, starting from tourism
and continuing on with the latest technology.
The Ministry of Finance announced that the UAE was ranked first in the
Efficiency of Government Spending index, a sub-criteria of World Competitiveness
Report 2017 issued by the World Economic Forum (Davos) in Switzerland, having
ranked second for three previous years.
Since 2010, the UAE has achieved high rankings among the top 10 countries in the
Efficiency of Government Spending index, where the country rose from the seventh
position globally to third in 2013, and then rising and maintaining the status
of second in 2014, 2015 and 2016 before garnering the top spot in 2017.
Sheikh Hamdan stressed that this success is a reflection of the wise
leadership’s vision and guidance in raising the efficiency of spending and
directing it to serve the vital sectors in the country, which would meet the
requirements of sustainable development process and achieve prosperity and
affluence for the nation and its residents.
Boost to startups by
Ministry of Finance
The Ministry of Finance gave a major push to the vibrant startup community
through various segments like fintech, blockchain and other innovative
initiatives. The ministry launched the Mohammed bin Rashid Innovation Fund
(MBRIF) in 2016, which manages and operates the fund and its programmes under
one national umbrella worth Dh2 billion. The second phase was launched in
September 2020 to create an integrated work environment that supports innovation
and will integrate all the services the fund provides in a way that benefits its
innovative members. During this phase, the Emirates Development Bank, will
operate the two programmes of the MBRIF, the Innovation Accelerator programme
and the Guarantee Scheme.
The MoF activates the fund’s role in supporting the UAE’s transition to a
knowledge-based economy, creating solutions that support the objectives of UAE
Centennial 2071 and the UAE National Innovation Strategy.
This launch boosts the ministry and the EDB’s continuous efforts to link and
integrate all of the fund’s services, swiftly and easily, under one national
umbrella that falls in line with the UAE government’s plans and strategies.
Nearly 880 applications from 65 countries were submitted to the fund’s Guarantee
Scheme and Innovation Accelerator programme from 2016 to 2020, and over 120
partnership opportunities have been facilitated to support the projects. The
MBRIF currently has 43 members, 25 of which are headquartered in the UAE, and
are supported by 30 specialists from various sectors. Additionally, in the same
period, members of the fund collected Dh171.9 million.
The ministry also published a comprehensive report that reviewed the MBRIF’s
achievements over the past three years and highlighted the strategic indicators
and objectives of the fund as well as the projects it implemented.The Guarantee
Scheme was launched in 2016 to support innovators and the entrepreneurial
market, by offering an effective tool that meets their needs. The MoF pays the
debts due on behalf of the innovators in case of default on the loan, as the
programme aims to bridge the Dh2 billion financing gap.
Industry mourns his
loss
Several top business personalities reflected on the contributions Sheikh Hamdan
has given to the UAE business ecosystem.
Hesham Abdulla Al Qassim, vice-chairman and managing director of Emirates NBD
and chairman of Emirates Islamic: “We extend our deepest and most sincere
condolences to His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Royal
Family of Dubai and the people of the UAE, for the loss of Sheikh Hamdan bin
Rashid Al Maktoum. Sheikh Hamdan will always be an iconic figure in our nation’s
history, who played an instrumental role in the creation and success of our
financial sector ever since he assumed role as the UAE’s first Minister of
Finance and Industry in 1971. Sheikh Hamdan’s legacy lives on through his
tremendous contributions in making Dubai a global financial hub and his vision
for the advancement of the country. We remain forever grateful to him for his
inspiring lifetime of service to the UAE. May his soul rest in peace.”
Yusuff Ali M.A., chairman and managing director of LuLu Group: “Deeply saddened
and pained to hear the untimely demise of Sheikh Hamdan bin Rashid Al Maktoum.
He was a visionary with a very humanitarian approach, who was one of the key
architects of the modern Dubai and loved by all. I pray Almighty Allah grant
Maghfirah and Jannah to him and provide strength to His Highness Sheikh Mohammed
bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of
Dubai; Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai
and Chairman of the Executive Council of Dubai; and other royal family members
and people of UAE to bear this irreparable loss.”
Dr Azad Moopen, founder chairman and managing director of Aster DM Healthcare:
“We are deeply saddened by the demise of Sheikh Hamdan bin Rashid Al Maktoum.
Being the UAE’s first Minister of Finance and Industry, Sheikh Hamdan played a
pivotal role in building the country’s economy with a strong foundation on which
the glorious future is being built. Our deepest condolences to His Highness
Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the
UAE and Ruler of Dubai, all the members of the Royal Family, the Rulers of the
Emirates, the government and all the people of the UAE. The legacy of this
magnanimous leader will always be remembered. May God bless his soul.”
Marwan Al Zarouni, CEO of Dubai Blockchain Centre: “It is with great sadness
that the Dubai Blockchain Centre sends its condolences to the Royal Family of
Dubai upon the passing of Sheikh Hamdan bin Rashid Al Maktoum. May he rest in
peace.
Sultan Ali Rashed Lootah, chairman, managing director and co-founder of Relam
Investment, said: “Sheikh Hamdan’s contribution to the UAE economy has been
immense and we all are witnessing the development and growth phase of it. The
country will continue to take forward the legacy that he has left behind and
will derive our lessons for future.”
Mohamed Al Banna, group chief executive officer and managing director of Lead
Ventures: “The UAE had bagged the top spot in 2017 in the World Economic Forum
ranking for Government Spending Efficiency index, which confirmed the tremendous
value and confidence Sheikh Hamdan had in managing the UAE’s finance ministry
and developing policies which were impactful on both macro and micro indicators
to build a solid nation with a strong foundation.”
Sridhar Subbaraman, founder and owner of insureatoasis.com: “We mourn the loss
of Sheikh Hamdan bin Rashid Al Maktoum. Indeed it is a sad to lose the son of
the founding father. His contribution in nurturing and celebrating the success
of the young minds across the country will be something we will surely be
missing. A moment of thought to His Highness Sheikh Mohammed bin Rashid Al
Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on the
loss of his brother who was his constant support all through. The UAE has lost a
great leader but the vast pool of upcoming leaders is unparalleled too.”
Taher Shams, managing director of Zulekha Healthcare Group: “As the
longest-serving Cabinet Minister for five decades, Sheikh Hamdan bin Rashid Al
Maktoum will always hold an honourable position in our minds for the distinctive
contributions he has made in planning, guiding and overseeing judicious
financial management in the country across sectors. His astute decisions and
leadership have established UAE as a financially-strong and stable economy
worldwide. Our deepest condolences and prayers on his demise, as he leaves
behind this promising nation in the hands of able intellectuals.”
Walid Hanna, founder and CEO of Middle East Venture Partners: “Sheikh Hamdan was
known to take lead at most exhibitions in various key sectors and in charge of
running the Ministry of Finance, taking ultimate responsibility for the
prosperity and progression of the UAE’s economic and financial interests and
initiatives. The Ministry of Finance’s launch of the Mohammed bin Rashid
Innovation Fund, which manages and operates the fund and its programmes under
one national umbrella for startups, is a true testimony of encouraging true
entrepreneurial spirit in the nation.”
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