Ras Al Khaimah Finance Department Launches Joint Strategic Charter to Boost Competitiveness

The Finance Department of Ras Al Khaimah has launched the Joint Strategic Charter in collaboration with the finance departments of the emirates of Sharjah, Ajman, Umm Al Quwain and Fujairah, with the aim of promoting effective partnership and collaboration between financial and accountants, thereby improving financial performance and boosting competitiveness in the participating emirates.

The launch took place during a meeting held today (November 8, 2021) at the Waldorf Astoria Ras Al Khaimah, which brought together His Excellency Yousuf Ali Mohammed, Deputy Director General of RAK’s Finance Department; HE Waleed Ibrahim Al Sayegh, Director General of Sharjah Central Finance Department; HE Marwan Ahmed Al Ali, Director General of Finance Department of Ajman; HE Khalifa Saeed Ghanim, Director General of Finance and Administration Department of the Emirate of Umm Al Quwain; HE Ali Mustafa Mohammed, Director General of Fujairah Finance Department; and HE Dr. Mohamed Abdullatif Khalifa, Secretary General of the Executive Council of the Emirate of Ras Al Khaimah.

The charter was launched to achieve a vision and purpose to improve institutional best practices in various areas of government work, including the economic and financial sectors. It was developed as a collaboration between the finance departments of several emirates to serve as a reference that regulates the relationship between the departments that signed the agreement.

The Charter aims to significantly improve institutional and financial performance by setting cooperation frameworks and boosting financial and institutional performance, based on competitive benchmarking. It also aims to promote the exchange of knowledge, experience and skills between entities with the aim of strengthening relationships and supporting the UAE agenda.

In addition, the Charter aims to strengthen mechanisms for monitoring trends in the evolution of financial and institutional performance by designing a unified dashboard to monitor a set of indicators and standards. A joint strategic committee will be formed to implement the agreement, identify necessary mechanisms, identify challenges and periodically reassess the Charter and offer recommendations for further development.

A series of common activities and objectives will be pursued under 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 in turn will support and strengthen the financial and accounting systems of the United Arab Emirates and improve the country’s competitiveness in this respect both in the Arab region and in the world.