In line with its strategic directives to build an integrated network of bilateral relations, the Ministry of Finance (MoF) recently signed a memorandum of understanding (MoU) with the Department of Finance and Administration in the Emirate of Umm Al Quwain in order to support coordination initiatives and cooperation between the two parties. The MoU also aims to support the Federal Government’s strategy to maintain bilateral relations with various federal institutions in the UAE.

The MoU was signed by HE Younis Haji Al Khouri, Undersecretary of MoF and by HE Khalifa Saeed Ghanim, Director General of the Department of Finance and Administration in the Emirate of Umm Al Quwain; in the presence of Abeer Al Abdooli, Director of the Financial Policies Coordination Department, along with a number of staff from the Ministry and Department.

In addition, the agreement stipulates the commitment of both parties to participate in a number of of activities, including a review of the best practices and successes in the financial sector, the exchange of knowledge, information and relevant data, as well as the organisation of events. The two parties will also start working together to promote the development of strategic partnerships and strengthen the work environment.

Commenting on the signing of the agreement, HE Younis Haji Al Khouri, said: “MoF continues to work on strengthening its ties with various federal government entities in the UAE, which reflects its belief in the importance of having these relationships to further improve efficiency in the management of financial resources on a local level and in turn support the Federal Government’s strategy and achieve UAE Vision 2021.”

HE added: “The MoUs and the agreements signed by MoF reflect the various federal government entities’ commitment to promote cooperation between them, particularly in the field of government financial affairs which is the most prominent foundation required in developing and building the UAE across various sectors.”

Furthermore, the MoU focuses on the importance of encouraging cooperation across the various institutes operating within the financial sector, in areas such as the development of legislation, the adopted financial systems, setting budgets and following up on their implementation, the preparation of accounts, financial and closing statements, and organising workshops for employees, along with encouraging technical cooperation between the two parties.

MoF previously signed several similar MoUs with the Department of Finance in Dubai, Central Finance Department in Sharjah, Fujairah Finance Department and the Department of Finance in Ajman.
 

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