H.H. Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and President of Dubai Health Authority has welcomed the findings of the Global Competitiveness Report 2012 issued by the International Institute of Management Development in Switzerland. According to the report, UAE has scooped the first place globally in the field of efficiency of governmental fiscal policy, and the seventh place in the efficiency of financial management in the public sector.

 

H.H. Sheikh Hamdan Bin Rashid has attributed this accomplishment to President His Highness Sheikh Khalifa Bin Zayed Al Nahyan and His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai, stressing that this success reflects the vision and guidance of UAE’s leadership and the continuing directives to adopt effective fiscal policies in the government taking into account the requirements of development and prosperity of the citizens.

 

On this occasion, Sheikh Hamdan said: "The result clearly reflects the global recognition for UAE government efforts, and is considered an acknowledgement of the independent international organizations with the state’s administrative and financial capacity".

 

He emphasized that the rapid growth and successful transition achieved by the UAE make it imperative to introduce necessary changes to the system of preparing the general budget, social security and other financial matters at the level of the federal government.

 

He added: "It has become in our capacity to enhance the efficiency of government spending and channelize our resources towards programs with high efficiency, and gradually give up less efficient activities and initiatives. By following the best practices, we have been able to work more efficiently and with less cost, at the same time sustaining our commitment with visions and guidance of our wise leadership to achieve social development".