Ministry Of Finance Signs Two MoUs With American University And ACCA To Enhance Financial Expertise

The Ministry of Finance (MoF) has formalised two Memoranda of Understanding (MoUs) with the American University in Dubai (AUD) and the Association of Chartered Certified Accountants (ACCA). These agreements aim to boost financial and accounting skills among federal government staff. The initiative is part of the Ministry's strategy to establish strategic partnerships with leading organisations globally and locally.

Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, highlighted the significance of these MoUs. "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," he stated.

The first MoU involves launching an Executive Diploma Programme in Government Financial Policy Sustainability at AUD in 2024 and 2025. This programme aims to develop national talent and strengthen financial expertise. It will focus on essential concepts, promoting financial sustainability principles, and exploring future trends in government financial management.

Dr. Kyle Long, President of AUD, expressed optimism about this collaboration. He noted that it aims to elevate financial expertise among specialists within the federal government. "Today, we’re witnessing a major transformation in financial management, driven by artificial intelligence and advanced financial technology," he added.

The second partnership between MoF and ACCA focuses on launching certifications like CERT IPSAS and Cert SF in 2024 and 2025. These certifications are designed to equip participants with skills needed for implementing accrual-based IPSAS for preparing financial statements. Malik Sarieddine from ACCA emphasised their role in helping federal agencies adopt sustainable practices.

Sarieddine explained that the Certificate in Sustainability for Finance (Cert SF) will empower CFOs with necessary skills for leading initiatives related to financial sustainability within federal agencies. This initiative is crucial for adapting to challenges associated with international accounting standards.

Strategic Partnerships for Future Growth

The signing ceremony took place at MoF’s headquarters in Dubai. Attendees included Mariam Mohammed Al Amiri, Assistant Undersecretary for Government Financial Management Sector; Dr. Kyle Long; Malik Sarieddine; and other officials from the Financial Policies and Government Accounting Standards Department.

Al Khoori further elaborated on the Ministry's commitment to collaborating with top universities and institutions. He said these partnerships are vital for preparing a future-ready finance team capable of making smart decisions based on global standards. The focus is also on integrating technologies like artificial intelligence into public finance management.

Educational Programmes for Skill Development

The Ministry's project aims to strengthen analytical skills among accountants across the federal government through specialised educational programmes. By benchmarking local and international institutions, MoF ensures high-quality executive programmes are available for professionals working with international standards like IPSAS.

This initiative aligns with the UAE government's vision of developing national talent while ensuring sustainable development through excellence in public finance management. The Ministry is committed to equipping its team with cutting-edge technologies for efficient data preparation and analysis.

This comprehensive approach reflects a dedication to fostering proactive partnerships that support innovation while adhering to global best practices in finance.

With inputs from WAM