In a seminar organized by The Department of Finance in Dubai for the students of the Rochester institute of technology – New York "Dubai financial" affirms commitment to transparency and excellence
The Department of Finance in Dubai recently Established a seminar for a delegation from Rochester Institute of Technology in the United States during their visit to the branch of the institute in Dubai within the program (Exploring Global Finance), and the seminar aimed to introduce students to the functions of the Department of Finance and responsibilities, and inform them of the planning mechanism and the adoption and implementation of the budget in Government of Dubai, in addition to the review of funding mechanisms in the Government of Dubai and the way to meet the challenges facing the Department of Finance.
Abdul Rahman Al Saleh, Director General of the Department of Finance in Dubai confirmed that the organization of the symposium is part of the Municipality is keen to share its expertise with the world in the context of transparency adopted in all its operations, where succeeded department in the development of mechanisms of action within areas of core competence assigned to them and upgrading performance to keep up with aspirations and vision of leadership in government excellence.
Transparency and knowledge networking
-Also Al Saleh mentioned that the seminar contributed in the formation of an overview of the mechanisms of action of the governmental financial in Dubai to the visiting delegation from the United States, contributing to enhance the reputation of Dubai globally as the Emirate based on excellence service and excellence in government performance as well as transparency and knowledge networking with various agencies and institutions international.
-He pointed out that the symposium knew student delegation U.S. to see the circle which is based on the rational management of public money to the economy flourishes and generations prosperous, as well as mission-based financial control and transparency in the Government of Dubai, and the allocation of resources based on the Dubai Strategic Plan as well as to ensure efficiency and effectiveness in the implementation of financial operations.
The visiting students briefed on the strategic objectives of the Department of Finance in Dubai, according to Al Saleh, where include improving financial control through planning and reporting and control over spending and collection of the government, as well as the application of systems balancing requires responsibility at higher levels and enhance efficiency and the concept of performance in the government of Dubai, as well as preparing all consolidated financial reports to the Government of Dubai and in accordance with best international standards and to achieve greater transparency in the management of public funds
- Moreover the development of debt and cash management to ensure you get the best funding ways from the finance of government in Dubai and the effectiveness in using it as well as providing training programs to improve the management of public spending and achievement in the Government of Dubai.
- The seminar was attended by 19 of the bachelor students who are specialized in financial management and students of master's degree in addition to professors from Rochester Institute of Technology of the United States at the headquarters of the Institute in Dubai, came this event within the visit of the delegation's student from the main center of the Institute in New York to Dubai in order to inform students on the experience of the Middle East in the global economy, The UAE has been selected and specifically the city of Dubai because of witnessing a boom in the economy, represented in large-scale projects.
Functions of the Department of Finance
- Mona Bjman the Director of the general budget in the department gave a presentation about the functions of the department, planning mechanism and the adoption implementation of the Dubai Government budget plus the challenges that faces the department, Bjman explained during the seminar that the calendar of public budget includes several stages of a phase studies, research and workshops.
- The preparation phase and the analysis phase and then the stage version and the implementation phase pointed out that the department is keen to establish government workshops for the dissemination of culture and financial cooperation with international bodies to provide specialized certificates for government employees in addition to financial training at the government level.
Vision of the Supreme Committee
-From his part, Ahmed Director of Administrative accounts has pointed out that the administrative are subject to guidance of the Director General of the Department of Finance and the vision of the Supreme Committee of the fiscal policy towards the provision of the necessary financial resources to accomplish the governmental projects of strategic importance and which contribute to the economic development in the emirate.
-The main management objectives by reducing the cost of loans with the study of the risks related to debt, as well as to enhance opportunities for domestic debt market, pointing out that public debt management has the authority to issue bonds and instruments on behalf of the Government of Dubai, in addition to taking loans from banks and financial institutions in order to provide liquidity for strategic projects of the government.
-The main roles of the public debt management in the Department of Finance in Dubai is finance and analytical study of the capital market and debt management and management commitments and risk management as well as cash management, Director of Administrative accounts has pointed out that administration is divided into 3 sections, a division of funding and analytical studies of the capital market which administers and implementation debt through loans and the issuance of instruments and bonds.
-Add to observation and support the bond market to take any actions necessary to ensure the effectiveness of loan administration and implementation, as well as Department of debt management and risk analysis which guarantees timely to promulgate, implement and follow up the debt, in addition to the Department of Administrative Support, who oversees the support personnel and logistics management.