The Ras Al Khaimah (RAK) Finance Department has launched a Joint Strategic Charter with its counterparts in the Emirates of Sharjah, Ajman, Umm Al Qaiwain and Fujairah, to promote effective partnership and collaboration across financial and accounting activities.
The charter is designed to meet vision and objectives of improving institutional best practices in a variety of government areas, especially in the economic and financial sectors.
It was developed to serve as a reference that regulates the relationship between the departments that signed the agreement, ultimately enhancing financial performance and boosting competitiveness across emirates.
The charter also seeks to promote the exchange of knowledge, experiences, and competencies between entities to strengthen relationships and support the UAE’s agenda.
The launch was witnessed by Mr. Yousuf Ali Mohammed, Deputy Director-General of the RAK Finance Department, Mr. Waleed Ibrahim Al Sayegh, Director-General of the Central Finance Department of Sharjah, Mr. Marwan Ahmed Al Ali, Director-General of Ajman’s Department of Finance, Mr. Khalifa Saeed Ghanim, Director-General of the Department of Finance and Administration of Umm Al Qaiwain and Mr. Ali Mustafa, Director-General Fujairah Finance Department.
In addition, the charter seeks to boost methods for monitoring trends in financial and institutional performance by creating a unified scorecard that tracks a set of indicators and standards. A joint strategic committee will be formed to implement the agreement, identify suitable procedures, recognize challenges, and re-evaluate the charter and make proposals for future development on a regular basis.
Meetings, seminars, and joint conferences are on the agenda in order to participate in various local, regional, and global financial excellence programs, which will support and strengthen the UAE’s financial and accounting systems, as well as increase the country’s competitiveness in this area both in the Arab region and globally.
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