Finance Departments of five Emirates sign strategic charter
Ras Al Khaimah’s Finance Department has launched a Strategic Charter in collaboration with finance departments in the emirates of Sharjah, Ajman, Umm Al Quwain and Fujairah, in a bid to promote effective partnership and collaboration across financial and accounting activities, ultimately enhancing financial performance and boosting competitiveness across the participating emirates.
The charter was launched to fulfil a vision and objective to enhance institutional best practices in various areas of government work, including the economic and financial sectors. It was developed as a collaboration between finance departments from several emirates to serve as a reference that regulates the relationship between the departments that signed the agreement.
The finance departments of these five Emirates aim to significantly enhance institutional and financial performance by setting frameworks for cooperation and boost financial and institutional performance, relying on competitive benchmarking. The charter also seeks to promote the exchange of knowledge, experiences, and competencies between entities in an effort to strengthen relationships and support the UAE’s agenda.
The signatories of the charter also aim to strengthen mechanisms for monitoring trends in the development of financial and institutional performance by designing a unified scorecard to track a set of indicators and standards. A joint strategic committee will be formed to implement the agreement, identify necessary mechanisms, spot challenges, and periodically re-evaluate the Charter and offer recommendations for further development.
A series of activities and common goals will be pursued as part of the Charter in order to support institutional performance. The agenda includes meetings, seminars and joint conferences to participate in various local, regional and global financial excellence programs, which will, in turn, support and strengthen the financial and accounting systems in the UAE, and enhance the country’s competitiveness in this regard both in the Arab region and globally.
