The Finance Ministry UAE has the responsibility for the implementation of all the monetary, fiscal, as well as industrial policies for the total economic growth of United Arab Emirates. The Finance Ministry of UAE is headed by the Finance Minister.
The Finance Ministry of UAE is also known as the Ministry of Finance and Industry (MOFI). At present, the Finance Minister of the United Arab Emirates is His Excellency Sheikh Hamdan bin Rashid Al Maktoum. For running the ministry, he gets the support from the Minister of State for Finance and Industry, His Excellency Dr. Mohamed Khalfan bin Khirbash.
The Ministry of Finance of UAE performs the formulation of government accounting and fiscal policies, preparation of the federal national budget of UAE, as well as the maintenance of the federal accounts.
It also supervises collection of revenue, expenditure control, government purchases, as well as asset management. It prepares and executes policies for industrial growth.
Following are the areas of responsibilities of the Finance Ministry of UAE:
Preparing federal government budget and closing accounts
Administration and management of industrial intellectual property rights and patent office
Administration of expenditure and budget control
Administration and collection of government revenue
Formulation of government accounting and fiscal policies and entering operation
Supervision and administration of the purchases of the government
Supervision and administration of the assets of the government
Preparation and execution of industrial growth plans
Formulation of industrial standards and specification
Formulation of industrial plans of action for private sector
The departments under the Ministry of Finance in UAE are the following:
Accounting and Audit Division
Revenue and Budget Division
Industrial Affairs Division
Property and Purchases Division
Information Systems and Administration Division
Finance Ministry of UAE
P.O. Box 433
United Arab Emirates
P.O. Box 1565
United Arab Emirates
Tel: 6726000 2 00971/3939000 4 00971
Fax: 6768414 2 00971/3939738 4 00971
Last Updated on : 1st August 2013