JEDDAH/ABU DHABI – A delegation from the Saudi Capital Market Authority (CMA) held talks with the UAE officials of the UAE Ministry of Finance (MoF) 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, Director of Services of CMA; Hindi Al Suhaimi, CFO of CMA; along with a number of CMA employees. The meeting was also attended 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 MoF. “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 modernization of financial practices, leading it to become a pioneer in the area,” Al Khouri said. “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,” he added. – SG
