In line with its ongoing efforts to enhance relations and the exchange of expertise with various financial parties in GCC, the Ministry of Finance (MoF) recently received a delegation from the Capital Market Authority (CMA) in the Kingdom of Saudi Arabia at its headquarters in Abu Dhabi. The delegation was briefed on MoF’s unique experience in the preparation and implementation of zero-based budgeting systems.
Younis Haji Al Khouri, Undersecretary of MoF, received the visiting delegation, which included Ahmed Al Rajeh, the Director of Services of CMA, Hindi Al Suhaimi, CFO of CMA, along with a number of CMA employees.
The meeting was also attended from MoF’s side by Saeed Rashid Al Yateem, Executive Director of Revenue and Budget, Mariam Al Amiri, Assistant Undersecretary for the Management of Financial Resources, Musabah Mohammed Al Suwaidi, Assistant Undersecretary of Support Services Sector, in addition to a number of directors and managers of the Ministry.
Through a presentation led by Sumayya Thani Al Hamli, Project Manager of Budget Automation System in MoF, the Saudi delegation viewed MoF’s experience in launching the zero-based budgeting system and its automation in 2010 and the completion of the medium term budget for the years 2011 to 2013.
The presentation clarified the most important challenges faced by the Ministry in the implementation of this project and how it overcame them. In addition, the budget management team and revenue development management team of MoF presented an analytical presentation to clarify the results achieved to date in this regard.
l Khouri welcomed the visiting delegation and said: “This visit falls within a series of meetings that we are holding with various ministries and financial institutions in the GCC. These meetings aim to strengthen bilateral financial relations and the exchange of expertise and knowledge on the best financial practices adopted by GCC countries.
Additionally, the outstanding achievement of MoF through the development of zero-based budgeting system has formed a model in the development and modernisation of financial practices, leading it to become a pioneer in the area.”
“The Ministry of Finance succeeded during the last stage in launching a number of projects and innovative initiatives at the local and regional levels, such as the automated budget system for consolidating accounting and financial reporting used by various ministries and federal bodies. This system earned MoF a prominent position in the region for the development of financial flow schemes according to leading global practices,” Al Khouri added.
From Gulf Today