Read the mid-term financial plan developed by the Department of Finance in Abu Dhabi for the period 2020-2025.
– Khaled bin Mohammed bin Zayed constantly directs the focus of exchange priorities on everything that serves the citizen and the resident.
– His Highness praises the efforts made to consolidate financial strength, maintain the flexibility of the economy, and implement initiatives and projects based on serving the members of society.
– His Highness directs to find economic and societal solutions that help individuals and companies of all sizes to overcome current challenges and turn them into opportunities.
Efficient expense and revenue management strategies and a medium-term debt management strategy are essential pillars of the 2020-2025 financial plan.
Abu Dhabi maintains its resilient economy by enhancing liquidity, increasing government financial reserves, rationalizing government spending, and increasing return on public investment.
Abu Dhabi, July 24 / WAM / HH Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, member of the Executive Council of the Emirate of Abu Dhabi and head of the Abu Dhabi Executive Office, briefed on the medium-term financial plan developed by the Abu Dhabi Finance Department for the period 2020-2025, which focuses on maintaining the economic climate and accelerating growth Economy, which reflects the financial strength and flexibility of the Emirate of Abu Dhabi.
His Highness continued, during a meeting held in the Department of Finance in Abu Dhabi with His Excellency Jassem Mohamed Buataba Al-Zaabi, head of the Department of Finance and a number of officials … an explanation about the most prominent features of the plan that are in line with the clear vision of economic diversification, where the strategies for managing expenditures and revenues efficiently and the strategy of managing medium-term debt are essential pillars Of the agreed financial plan.
His Highness listened to an explanation about the efforts of the Department of Finance in light of the global uncertainty caused by the “Corona” epidemic, as the department is re-establishing the financial strength of the emirate, the low level of debt and the solid asset base.
His Highness praised the efforts exerted to consolidate financial power and maintain the flexibility of the economy, which enabled the emirate to pursue its strategy to diversify sources of income away from oil, and to implement initiatives and projects based on serving the community members.
His Highness directed continuously focusing exchange priorities on everything that serves the citizen and the resident, and creating economic and social solutions that help individuals and companies of all sizes to overcome the current challenges and turn them into opportunities.
His Highness also directed the Finance Department, being a key partner of all government agencies, to inculcate a culture of financial excellence, in the context of a collective effort to support the financial strength and flexibility of the Emirate of Abu Dhabi and implement the vision of rational leadership for a prosperous post-oil economy.
Abu Dhabi has maintained its resilient economy, through a number of major initiatives and reforms, which include enhancing liquidity and increasing government financial reserves, rationalizing government spending and increasing the return on public investments, implementing appropriate stimulus plans while maintaining the financial position, and continuing economic growth with a focus on sectors with Higher added value and non-oil sectors.
The Department of Finance continues to implement the medium-term debt management strategy for the Emirate of Abu Dhabi, which aims to improve the capital structure of the emirate by taking advantage of various sources of financing while maintaining the current credit rating .. The Abu Dhabi economy is the only one with an AA credit rating in the region, which establishes the credit standing of the emirate.
The Emirate of Abu Dhabi recently successfully issued multi-tiered sovereign bonds valued at $ 7 billion and $ 3 billion, and came at an appropriate time to seize available market opportunities and appropriate financing terms.
The Emirate of Abu Dhabi maintains moderate levels of debt, with total government debt reaching 12.1% of GDP at the end of 2019, which is among the lowest in the world, reflecting the emirate’s financial policy and debt management.