Dubai Deputy Ruler Sheikh Hamdan Bin Rashid was also the longest-serving finance minister in the world

Dubai Deputy Ruler Sheikh Hamdan Bin Rashid was also the longest-serving finance minister in the world

Dubai: Sheikh Hamdan Bin Rashid Al Maktoum, the UAE's Finance Minister for the past five decades, who was the longest serving finance minister in the world, leaves behind an unmatched legacy of economic reforms. The UAE, in its 50th year of independence, had witnessed huge economic transformation over the years accompanied by continues fiscal reforms that were spearheaded by Sheikh Hamdan at the helm of the ministry. Remembering his contributions to policy formation and building of the economic framework of the country from the early days of the formation of the Union, the Ministry of Finance said: "The founding of the UAE to date, Sheikh Hamdan bin Rashid Al Maktoum had pivotal contributions in formulating and devising financial policies that meet the requirements of the UAE's sustainable economic and social development." In addition to improving the effectiveness of financial planning and implementation of the federal budget and unifying policies, Sheikh Hamdan was keen on directing public spending to support vital economics sectors for the wellbeing of the society and sustainable economic growth of the nation. His directives developed efficiency of cash management through the application of zero-based budgeting and switching to accounting principles on an accrual basis. That, in addition