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UAE Ministry of Finance Strives to Establish an Environment Conducive to Innovation, Advancing Government Financial Work

UAE Ministry of Finance Strives to Establish an Environment Conducive to Innovation, Advancing Government Financial Work

Wednesday, February 28, 2024/ Editor -  

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Ministry’s initiatives reflect its commitment to supporting innovators and innovation.

Dubai, UAE: 28 February 2024 – The UAE Ministry of Finance is committed to fostering an environment that encourages creative thinking and the development of innovative approaches. This is part of its ongoing mission to enhance excellence and improve governmental financial operations. The Ministry aims to boost service quality and operational efficiency across all job functions and organisational levels to achieve sustainable financial and economic growth. Embracing a forward-thinking mindset, the Ministry actively seeks to innovate in the formulation and execution of its policies and objectives. This approach is intended to strengthen the system of institutional excellence and advance government work. The Ministry’s strategy relies on financial empowerment, sustainability, and innovation, coupled with a vision for the future and the support of financial leadership.

His Excellency Younis Haji Al Khoori, Undersecretary of the UAE Ministry of Finance, said: “The Ministry of Finance’s journey is rich with innovative initiatives, projects, and events that reflect its excellence in supporting innovation and innovators. In line with the vision of the UAE government, the Ministry of Finance has prepared its strategic plan for 2023–2026 in accordance with future plans and aspirations and in line with local and global trends. It has focused its plan on financial empowerment, sustainability, future foresight, innovation, and financial leadership to enhance the journey of excellence and elevate the financial work in the federal government, including enhancing innovative practices based on resilience, proactivity, and readiness within the work system, launching strategic projects, establishing the best practices of innovation and change management, institutional innovation management, and future foresight.”

During UAE Innovates 2024, the Ministry of Finance introduced various laboratories, notably the Tomorrow’s Innovations Labs. These labs are designed to embed a culture of innovation and refine its application through a flexible and proactive approach within a supportive work environment that nurtures ideas and future outlooks. These initiatives encourage young individuals to pursue their aspirations and transform their creative concepts into impactful outcomes that champion success and refinement of abilities, thereby crafting an inventive future for the advancement and wealth of the UAE.

Accordingly, the Ministry of Finance established the Ideation Lab, focusing on creating future foresight scenarios. Participants in this lab engaged in a discussion regarding prospective designs and directions that promote an innovative environment, aligning with the Ministry’s mandate to identify emerging trends and opportunities and to facilitate the journey towards a futuristic vision. The Ideation Prototype Lab was also implemented to empower individuals with exceptional innovation capabilities. This lab centres on conceiving new solutions to complex challenges or devising inventive responses to various needs.

Lab attendees developed prototypes for their inventive ideas through streamlined designs that provide a basic representation of the concept, allowing for the evaluation of its effectiveness and practicality.

Mohammed bin Rashid Innovation Fund (MBRIF)

The Ministry of Finance, in collaboration with the Emirates Development Bank (EDB), has spearheaded the Mohammed bin Rashid Innovation Fund initiative to foster a culture of innovation among creators, innovators, and entrepreneurs within key sectors such as technology, health, education, transportation, renewable energy, water, and space.

Under the patronage of MBRIF, the Innovation Accelerator Program has welcomed over 130 companies from 24 nations, bolstering numerous success narratives.

In partnership with the DIFC Innovation Hub and MBRIF, a two-day job fair focusing on nurturing talent took place on February 19 and 20. It served as a platform for practical engagement between students and innovative startups, creating awareness and fostering interest among students about career opportunities in innovation sectors, and fostering dialogue with industry experts.

Furthermore, the Mohammed bin Rashid Innovation Fund made a notable presence at the STEP Conference 2024, a cornerstone event for tech and startups in Dubai Internet City, from February 21–22, along with ten of its active members.

In the spirit of promoting innovation across the UAE, the Mohammed bin Rashid Centre for Government Innovation (MBRCGI) collaborated with MBRIF and the Telecommunications and Digital Government Regulatory Authority (TDRA) for the Pitch@Gov challenge. Innovators and entrepreneurs pitched their projects to a panel of judges, with the winners securing grants and services from MBRIF’s mini accelerator.

Technology and Artificial Intelligence Solutions

The Ministry of Finance, in line with the strategic framework set by the Government Services Development Guide 2.0, has significantly upgraded three of its services, integrating cutting-edge technology and artificial intelligence, reflecting the commitment to a holistic digital overhaul within the government field.

At GITEX Technology Week 2023, the Ministry showcased its innovative advancements in digital transformation and artificial intelligence, unveiling initiatives that integrate metaverse applications and AI innovations.

The Ministry’s commitment to innovation was recognised at the UAE Innovates Award at the closing ceremony of UAE Innovates 2023, where it won in the Most Innovative Government Process category for its Digital Procurement Platform.


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