MoF signs two MoUs with American University in Dubai, UK-based Association of Chartered Certified Accountants

DUBAI, 7th November, 2024 (WAM) -- The Ministry of Finance (MoF) has signed two Memoranda of Understanding (MoUs) with the American University in Dubai (AUD) and the Association of Chartered Certified Accountants (ACCA).

The agreements fall under the umbrella of a project dedicated to enhancing financial and accounting capabilities among federal government financial staff. The project is part of the Ministry's framework for government partnership and integration, which aims to establish strategic partnerships with leading international and local organisations and institutions.

The Ministry, through such projects, seeks to foster proactive partnerships and achieve excellence in public finance and sustainable development, while also keeping abreast of global best practices in the financial sector.

The signing ceremony was held at MoF's headquarters in Dubai and attended by Younis Haji Al Khoori, Undersecretary of the Ministry of Finance; Mariam Mohammed Al Amiri, Assistant Undersecretary for the Government Financial Management Sector; Dr. Kyle Long, President of the American University in Dubai; Malik Sarieddine, Regional Director of Public Affairs for the Middle East at ACCA; and several members of the Financial Policies and Government Accounting Standards Department.

Younis Haji Al Khoori stressed the importance of the two agreements, saying, "With these two MoUs, we're stepping up our efforts to enhance financial skills across the Federal Government by introducing specialised training that's designed to enhance our team's capabilities, keeping them in sync with the latest global financial trends.

"We are committed to collaborating with top universities and institutions to offer education that not only meets the demands of our modern economy but also supports the enduring strength of our public finances. These partnerships will undoubtedly play a vital role in preparing our financial management team for the future, encouraging innovation and integrating cutting-edge technologies like artificial intelligence and digital transformation. We want to build a government finance team that makes smart, data-driven decisions based on the latest global standards," Al Khoori added.

For his part, Dr. Kyle Long said that the strategic partnership with the Ministry of Finance aims to promote the level of financial expertise among specialists across various sectors within the federal government.

"Today, we're witnessing a major transformation in financial management, driven by artificial intelligence and advanced financial technology," he added. "Through this collaboration, we look forward to enhancing financial management and decision-making processes, directly benefiting the government and all stakeholders.
"We're confident that this partnership will bring significant positive impacts, not only for finance professionals but also for the government as a whole," Long noted.

Meanwhile, Malik Sarieddine said, "The CERT IPSAS and Cert SF certifications are designed to equip participants with the essential skills and knowledge needed to meet the challenges of implementing accrual-based IPSAS for preparing financial statements. Accountants and financial professionals play a key role in helping federal agencies adopt sustainable practices to prevent resource depletion, ensure long-term success, and build a more sustainable future."

Sarieddine clarified that the Certificate in Sustainability for Finance (Cert SF) will enable CFOs to acquire the skills and knowledge necessary to confidently lead initiatives related to financial sustainability within federal agencies.

Under the first MoU, signed by Younis Haji Al Khoori and Dr. Kyle Long, the American University in Dubai will launch the Executive Diploma Programme in Government Financial Policy Sustainability in 2024 and 2025. This programme is set to significantly support the UAE government's vision of developing national talent and strengthening financial and accounting expertise.

Recognising the importance of integration in developing national leaders at the state level, the programme aims to equip participants with essential concepts and skills. It also seeks to promote principles of financial sustainability, explore future trends in government financial management, and examine the impact of artificial intelligence and digital transformation on financial statement analysis.

Meanwhile, the second partnership was inked by Younis Haji Al Khoori and Malik Sarieddine, where the Ministry of Finance and the UK-based Association of Chartered Certified Accountants (ACCA) will collaborate on building financial and accounting capacities by launching the Certificate in International Public Sector Accounting Standards (CERT IPSAS) and the Certificate in Sustainability for Finance (Cert SF) in 2024 and 2025.

The MoU aims to help accountants and finance professionals adapt to challenges associated with accrual-based international accounting standards and financial statement preparation. Participants will be equipped with essential skills to handle future challenges effectively.

These initiatives fall under the umbrella of a project to strengthen the financial and analytical skills of accountants and financial managers across the federal government. Through specialised educational programmes, MoF seeks to help professionals develop the expertise they need to work with international standards, including mastering the application of International Public Sector Accounting Standards (IPSAS).

To support this, the Ministry has benchmarked several local and international universities and institutions, ensuring it provides high-quality executive programmes and professional diplomas in government accounting and financial sustainability.

The Ministry also focuses on equipping the federal government with the latest in artificial intelligence and digital transformation technologies, making it easier to prepare and analyse financial data in today's rapidly evolving world.