The Burj Khalifa in Dubai, UAE
The Burj Khalifa in Dubai, UAE Nick Fewings/Unsplash

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, has said that "rapid global changes require designing fiscal policies" to fulfill national economy needs.

Al Maktoum pointed out the necessity of continuing efforts to expand the fiscal space during the Eighth Arab Fiscal Forum on Sunday. It was held on the sidelines of the World Governments Summit 2024 in partnership with the Arab Monetary Fund and the International Monetary Fund.

The finance minister highlighted various topics, including the future of fiscality, the application of sustainable fiscal policies to foster financial empowerment, trust and transparency, shaping the future, sustainable development, innovation, boosting economic growth and fostering competitive business environments.

Minister of State for Financial Affairs Mohamed Hadi Al Hussaini inaugurated the forum while International Monetary Fund's Managing Director Kristalina Georgieva, Arab Monetary Fund's Director-General and Chairman of the Board of Executive Directors Dr. Fahad M. Alturki attended the event.

Speaking at the event, Al Hussaini noted how "proud" the UAE feels to host such a forum that includes various decision-makers and experts to discuss financial and economic issues.

"When we look closely at the macroeconomic conditions in the Arab region, we realise the complex interplay of factors that shape the current economic landscape, where the region faces significant challenges, especially vulnerabilities related to debt and stringent financing conditions," he said, according to WAM.

"These issues are not just economic figures and data, but they reflect the earnest pursuit of the region's peoples and their aspiration towards prosperity. However, challenges create opportunities at a time when the Arab region stands at a crossroads," he added.

Al Hussaini noted that challenges help the country to prepare for a "new phase of growth that necessitates a set of structural reforms designed to stimulate development in an era characterized by tightening fiscal and monetary policies."

The forum included four dialogue sessions: Macroeconomic Developments and Prospects, Successful Energy Subsidy Reforms and Targeted Social Safety Nets, A Balance Sheet Approach for Generating Value from Public Assets and Generating Revenue through Tax Administration Reforms.

The World Governments Summit 2024 will be held in Dubai from Monday to Wednesday, under the theme of "Shaping Future Governments" theme.