UAE, Seychelles discuss means of enhancing strategic partnership

Younis Haji Al Khoori, Undersecretary of Ministry of Finance (MoF), recently met with Naadir Hassan, Seychelles Minister of Finance, Economic Planning and Trade; and Devika Vidot, Seychelles Minister of Investment, Entrepreneurship, and Industry; and their accompanying delegation.

The meeting, which took place at the ministry’s headquarters in Dubai, sought to discuss means of enhancing the UAE-Seychelles strategic partnership in areas of common interest.

Younis Haji Al Khoori praised the strong ties between UAE and Seychelles, and emphasised the need to keep advancing the relations between the countries in all areas, particularly in commercial, economic, and financial sectors.

“The Ministry of Finance is keen to continue strengthening financial and economic cooperation with all countries of the world, especially the Republic of Seychelles, to advance bilateral ties and take advantage of various promising opportunities that are of benefit to both countries,” he stated.

The meeting sought to discuss the ministry’s experience in the full automation of the UAE Federal Government Budget preparation and approval and the Federal Budget Law issuing steps.

It also discussed systems utilised for budgeting purposes, as well as the mechanisms in place for budget monitoring and control of spending through the Procure-to-Pay cycle. Furthermore, the meeting showcased the latest updates of the Federal Government Digital Procurement Policy, the automation of the Federal Government financial statements, and business intelligence and dashboards used by the Ministry of Finance’s Senior Management to oversee budget and revenue controls.

The UAE Ministry of Finance (MoF) announced its participation in the 42nd edition of Gitex Global 2022, which will be held from Oct.10 to 14, 2022 at Dubai World Trade Centre.

The ministry’s participation comes with the aim of highlighting its pioneering experience in digital transformation, as well as its latest smart and innovative projects and initiatives in financial fields.

The ministry is also participating to exchange experiences and enhance communication and partnerships with active technology entities.

Younis Haji Al Khoori, Undersecretary of Ministry of Finance, emphasised the ministry’s keenness to participate in the annual event that brings together bodies and companies from around the globe. noted that the tech show is a great opportunity to boost cooperation ties with technology solution providers, investors, and strategic partners from the public and private sectors, to benefit from the most prominent solutions and disruptive technologies such as artificial intelligence, blockchain, the Internet of things, among others.

This, in turn, will help the ministry be better able to continue devising proactive services that meet future needs and support the UAE’s vision for the next 50 years.

Al Khoori also mentioned that Gitex Global is an ideal platform to exchange the best experiences and practices in digital transformation.

It is also an opportunity to connect with customers to improve the efficiency, quality, and speed of services, in line with the objectives of the UAE Strategy for Government Services and the UAE Centennial 2071.

The Ministry of Finance (MoF) participated in the third Framework Working Group (FWG) meeting within the G20 Finance Track for 2022.

The meeting was held in a hybrid format in September 2022 in Bali, Indonesia, and sought to discuss key global economic issues.

Ali Abdullah Sharafi, Assistant Under-Secretary of the International Financial Relationship Sector at Ministry of Finance; and Shamma Abdelghani, Project Manager and Deputy Chief Innovation Officer at Ministry of Finance, attended the meeting.

In attendance also were G20 members, invited countries, invited non-G20 member countries, and representatives of international organisations including the World Bank, the International Monetary Fund (IMF), and the Organisation for Economic Co-operation and Development (OECD).

The UAE team praised the key role played by the group in following up on the economic repercussions of the COVID-19 pandemic, and in setting key priorities to ensure the continuity of economic recovery and the stability of financial systems.

The team also emphasised that the significance of coordinating international efforts to mitigate the effects of rising food prices, and drawing effective policies to develop long-term solutions that are commensurate with the challenges brought on by climate change.

The meeting also discussed global economic outlook and focused on the risks including high inflation, weak economic growth and means of preserving energy security, health risks, in addition to food security and macroeconomic implications of the climate change.