MoF Signs MoU with DIFC Authority to Promote Cooperation and Exchange of ExpertisePress Release24 Oct 2010 10:36 am
As part of its efforts to develop and strengthen its relations with various government and federal authorities, the UAE Ministry of Finance (MoF) signed a Memorandum of Understanding (MoU) with the Dubai International Financial Centre Authority (DIFC Authority) to promote the cooperation and exchange of expertise around financial and economic policies and strategies. The MoU aims to put in place a framework to help the two entities cooperate and accomplish their objectives while assisting the UAE in achieving a sustainable and balanced development and strengthening its leadership as a regional and international economic hub.
The MoU was signed at the ministry's offices in Dubai by HE Younis Haji Al Khoori, Director General of MoF, and Abdullah Mohammed Al Awar, CEO of DIFC Authority in the presence of members of senior management from both sides.
The agreement aims to strengthen cooperation between MoF and DIFC Authority in relation to developing the national talent pool working in the economic and financial sectors, as well as promoting best corporate governance practices. Both parties will collaborate to establish corporate governance policies and practices. Implementing such practices will help increase the corporate value of companies and attract foreign investments which in turn will further develop the local financial market. The MoU also aims to study best international practices and adapt current local economic policies to reflect these.
Commenting on this MoU, HE Younis Haji Al Khoori, Director General of MoF, said: "The MoU's importance can be seen in exchanging ideas, consultations and studies between the MoF and DIFC Authority regarding financial and economic policies. It will help us prepare and formulate strategies, develop financial markets and promote and develop national talent in the economic and financial sector. It will help achieve our joint strategic objectives and contribute to economic stability. It is another example of the steps taken by the Ministry to enhance cooperation and coordination with government and federal authorities. It will ultimately increase transparency and confidence levels and reinforce the UAE's financial and economic development projects."
For his part, Abdullah Mohammed Al Awar, CEO of DIFC Authority, said: "Our agreement with the Finance Ministry complements DIFC's efforts to stimulate and grow the financial and business sectors both locally and regionally. We believe that this strategic cooperation will help to further develop local fiscal policies and financial markets, which in turn contribute to the country's economic stability."
The MoU includes taking advantage of the two parties' relationships with regional and international institutions and transfer of learning from the international to the local economic environment. The MoF and DIFC Authority will exchange their experience in the establishment of a data center for economic, financial and statistical information. It also encourages organizing joint financial and economic seminars, conferences and workshops at the local, regional and international levels.
The agreement will be executed by the International Financial Organizations Department at MoF and DIFC Authority's Department of Economic and External Relations. They will hold regular meetings, follow up on implementation of programs and conduct periodic evaluations to upgrade the level of cooperation between the two parties.