Abu Dhabi’s Department of Finance (DoF) has unveiled its Strategic Plan for 2008-2012.
Incorporating financial best practices and advanced fiscal tools, the five-year plan complements the socio-economic development objectives outlined by the Abu Dhabi Policy Agenda.
The DoF Strategic Plan constitutes a new set of financial priorities, guidelines and a framework aimed at ushering in a new era of prosperity for residents of Abu Dhabi.
The new strategy was unveiled by DoF undersecretary, and Executive Council member Hamad Al Hurr Al Suwaidi and DoF’s Executive Director Mohammed Sultan Al Hameli at a high-profile event held at the Emirates Palace last night.
“The Strategic Plan is an all-encompassing financial approach to leverage all resources and capabilities of both the private and public sector. Through teamwork, and the adaptation of new technology, methods and international best practices, the plan aims to support the efficient use of financial resources for Abu Dhabi's future growth,' said Al Suwaidi.
'The DoF Strategic Plan supports Abu Dhabi Government’s Policy Agenda to achieving economic growth by providing financial best practices. It signals the proactive participation of DoF in the overall developmental goals of Abu Dhabi, which will be marked by the three key pillars of competitiveness, excellence and pioneering initiatives”, he said.
Al Suwaidi said in 40 years of existence of the Department, the DoF has had an impeccable track-record of supporting the government.
“The coming days mark an era of new challenges and opportunities in meeting the emerging financial needs and fostering stronger Public-Private Partnerships (PPP) for the highest possible value added to the welfare of the community.”
The DoF Strategic Plan encompasses 12 priorities that call for implementing the latest technologies for the allocation of financial resources, further boosting the skills of DoF’s employees, adopting world-class financial and accounting systems, providing fiscal policy advice to government entities to ensure their proactive participation in financial stability, and aligning strategy with financial planning and budgeting.
Al Suwaidi said the launch of the 2008-2012 Strategic Plan heralds a new era for the Department while highlighting its commitment towards change, development and progress in line with Government initiatives.
“The coming years require mutual collaboration with our stakeholders to attain the objectives. We are confident that with the skills, experience and the dedication of our employees, we can achieve the targeted goals, implement the plan as conceptualized and convert them into reality as per our leadership’s aspiration for the overall prosperity of the community,” he said.
Al Hameli underscored the department’s pioneering role in supporting governmental initiatives for the socio-economic development of the Abu Dhabi community, creating a stronger financial basis and boosting private sector involvement.
“The launch of the Strategic Plan is a reflection of the Department’s aspirations to support the government’s strategic goals of achieving a decentralized financial model, higher degree of financial stability and flexibility, and a stronger role of the private sector,” he said.
“The Strategic Plan reiterates the importance of modern methodologies to prepare governmental budgets by aligning financial resource use with strategic plans of all entities, activating the financial decentralization model for all government-funded entities, developing comprehensive and standardized systems for financial management, and actively advising on fiscal policies and financial frameworks,” said Al Hameli.
The DoF Strategic Plan has been developed by a dedicated Strategic Planning team at the department constituting senior management and representatives from all directorates, in close co-ordination with the General Secretariat of the Executive Council.
DoF has already embarked on some of the initiatives of the Strategic Plan including the Treasury Single Account, and the development of the new state-of-the-art budgeting system. Following the launch, workshops for each directorate will be held to brief employees on strategic priorities, targets, initiatives, and the action plan for each initiative. – TradeArabia News Service