العربية Arab Finance Forum in the UAE Explores Emerging Trends in Public Finance and Enhancing Government Financial Performance 04 November 2024 Under the patronage of the Ministry of Finance and in collaboration with the Government of Sharjah, the Arab Administrative Development Organisation (ARADO) of the League of Arab States today convened the “Arab Financial Forum in the UAE - Sharjah Award for Public Finance: Excellence and Government Financial Leadership” in Dubai. This event aims to foster the exchange of knowledge, expertise, and best practices in public finance among Arab nations, supporting their capabilities to address contemporary financial challenges. The event saw a gathering of elite experts and officials who explored the latest trends in public finance and showcased government success stories in digital financial transformation, reinforcing collaborative efforts across the Arab world to enhance government financial performance. Among those present at the forum were His Excellency Waleed Ibrahim Al Sayegh, Director General of the Sharjah Finance Department; His Excellency Sheikh Rashid bin Saqr Al Qasimi , Secretary - General of Sharjah Public Finance Award; Her Excellency Mariam Mohamed Al Amiri, Assistant Undersecretary of Financial Management Sector at the Ministry of Finance; Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at the Ministry of Finance; as well as representatives from 30 federal and local government bodies in the UAE. An Ideal Platform His Excellency Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, underscored the importance of fostering Arab collaboration in public finance, particularly in light of mounting global economic challenges. He noted that the forum serves as an ideal platform for exchanging knowledge, expertise, and best practices across the Arab nations, as well as for sharing success stories in digital transformation and financial leadership. He added, “Digital transformation in public finance remains our focus. The UAE government, under its wise leadership, has demonstrated a steadfast commitment to transparency and efficiency by adopting an accrual accounting system, significantly enhancing financial performance. The successful development of the financial framework by local governments in the UAE reflects our institutions’ capacity to innovate and adapt to evolving dynamics.” His Excellency emphasised that the Sharjah Award for Public Finance provides an opportunity to recognise distinguished efforts contributing to elevated government financial practices and achieving greater levels of transparency and professionalism. He further noted that this award will inspire both individuals and institutions in the UAE and across the Arab world to strive for greater success and excellence in public finance, thereby supporting comprehensive development and economic prosperity. Encouraging Innovation Dr Nasser Al Hatlan Al Qahtani, Director General of ARADO, highlighted the essential role of the Arab Finance Forum in the UAE in reinforcing cooperation and coordination in financial management across Arab countries. He praised the support provided by the Ministry of Finance for hosting this significant event, reaffirming that the UAE has long been a leader in supporting initiatives that advance financial and administrative development in the Arab region. Dr Al Qahtani commented, “We are pleased to organise the Arab Finance Forum in the UAE, a country that serves as a model in sound financial management. This forum provides an excellent platform for financial professionals and specialists to exchange expertise and insights and to shed light on global best practices in this field.” He added, “The Sharjah Award for Public Finance stands as a testament to our efforts to encourage innovation and inspire institutions and individuals to deliver their utmost in financial management. We hope this award will raise the standards of financial performance in Arab institutions, strengthening their international standing.” Dr Al Qahtani also emphasised the importance of strengthening public-private partnerships within Arab nations to build robust and sustainable economies. He expressed gratitude to all the entities supporting the forum, affirming that this event will significantly contribute to sustainable financial development across the Arab region. Exchanging Expertise Sheikh Rashid bin Saqr Al Qasimi expressed his pleasure at holding the “Arab Finance Forum” in the UAE under the Ministry of Finance’s patronage, in collaboration with the Government of Sharjah. He remarked that showcasing government success stories in digital transformation reflects a commitment to enhancing government financial performance and adapting to rapid digital changes, thereby promoting transparency and efficiency in resource management. He added, “Through recognising outstanding efforts, the Sharjah Award for Public Finance motivates governmental bodies and individuals in the UAE and the Arab world to achieve the highest standards of excellence in public finance, aligning with sustainable development goals and advancing financial strategies.” Sheikh Rashid bin Saqr Al Qasimi also highlighted the pivotal role of the Sharjah Award for Public Finance in driving innovation and adopting best international practices within financial institutions. He noted that this award embodies Sharjah’s vision to improve government financial performance and support the national economy through an efficient and sustainable financial environment. He added, “We look forward to the forum continuing as a platform that encourages innovation and excellence in public finance, enhances financial collaboration and integration among Arab nations, and promotes knowledge exchange to achieve a sustainable financial future that aligns with the aspirations and developmental goals of Arab governments.” Sessions The forum commenced with an introduction to the Sharjah Award for Public Finance, followed by an “Experts Talk” session presented by Dr Abdullah Al Barkat, an expert speaker on public finance trends, addressing future challenges and solutions for improving government financial performance. The forum’s agenda included showcasing public finance success stories at the federal, Dubai, and Sharjah government levels, fostering the exchange of knowledge and distinguished experiences among over 80 representatives from more than 30 federal and local government entities in the UAE. A session titled "The Federal Government's Journey in Accrual Accounting Transformation" detailed the alignment with the national digital government strategy, presented by Sheikha Rashid Al Kaabi, from the Ministry of Finance. She discussed the digital transformation initiatives adopted by the UAE Government based on accrual accounting and their positive impact on financial operations and transparency. Huda Hassan Al Yasi, Director of the Financial System Department at the Sharjah Finance Department (SFD), presented the success story of Sharjah’s digital transformation in revenue collection, enhancing the efficiency of government financial systems. Abdullah Al Hammadi, Head of Public Revenue Development at Dubai’s Finance Department, shared Dubai’s success story in implementing the Almas programme to calculate government service costs. Symposium The forum’s agenda also featured an introductory symposium on the Sharjah Award for Public Finance. Dr. Azzam Al-Rmaili, Advisor to ARADO and Board Member of the Award, and Nasser Abdulaziz Kashwani, Secretary-General of the Award for Excellence in Financial Performance at Sharjah's Central Finance Department participated in the symposium, where they outlined the award’s objectives, categories, application criteria, and evaluation standards for selecting entities and individuals nominated for the award. They also highlighted the award's role since its inception in enhancing performance and financial innovation within government institutions across Arab countries. The Sharjah Award for Public Finance represents an open invitation for all Arab institutions and entities to adopt best financial practices and to work towards strengthening collaboration for a better financial future, enhancing financial performance in the Arab region in line with national and regional development objectives.
