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Dubai, November 19, 2005: On behalf of the UAE government, Ministry of Finance and Industry (MOFI) today signed a memorandum of understanding (MOU), in cooperation with Emirates Telecommunications Corporation (Etisalat) with Microsoft Gulf. The MOU aims at supporting the federal government’s forts to implement the e-government project, as well as maintaining UAE’s technological leadership in the region.
H.E. Dr. Mohamed Khalfan bin Khirbash, Minister of State for Finance and Industry commented during the signing ceremony at the Ministry’s head quarters in Dubai: “This comes as part of the Federal Government efforts, under the leadership of H.H. Sheikh Kalifa Bin Zayed, to adopt the most advanced technologies available to help facilitate UAE’s progress and development. It is a reflection of our commitment to advancing the IT sector in the UAE, including building the capacity of our people across the nation.”
Mr. Charbel Fakhoury, General Manager of Microsoft Gulf said: “Microsoft is very pleased to have signed this agreement with the Ministry of Finance and Industry and Etisalat. We look forward to working with them to develop innovative new solutions to continue the UAE's drive for e-government. Microsoft technology has enabled some of the most exciting e-government projects in the world, and by partnering with the Ministry and eCompany, we are confident that our technology will continue to help the Middle East and the UAE to lead the way in e-government.
Under the MOU , the parties have agreed to various activities including the use of Microsoft technology to support the e-government initiative. Microsoft would also provide all available support to meet the requirements of e-government initiative, including training to government employees working on the e-government initiative.
Mr. Ahmed Abdulkarim Julfar, General manager of eCompany, has signed the MOU on behalf of Etisalat. He said: "We are excited at the immense potential of this alliance in delivering huge efficiency and effectiveness to the work of the Federal Government employees as eCompany being the Implementation partner to The UAE Federal e-Government, would also be facilitating the program management under this alliance on a timely and innovative manner."
Moreover, as part of “Partners in Education” initiative, will establish a Help Desk to support government schools and train school teachers on the use of personal computers. In coordination with eCompany Microsoft would also implement social responsibility projects that aim at increasing the use of personal computer at homes, schools and places of work.
On its part the UAE, as per the MOU, would encourage the use of technology throughout its operations and would work on raising awareness across the nation on the need for the protection of intellectual property, as stipulated by the UAE constitution and laws.
Dr. Khirbash heads UAE delegation to 69th meeting of Financial and Economic Committee in GCC States
Abu Dhabi, October 17th 2005: Dr. Mohammed Khalfan bin Khirbash, UAE Minister of State for Finance and Industry, is leading a UAE delegation to the 69th meeting of the Financial and Economic Committee in GCC States. The meeting, which is taking place today (Tuesday, October 18, 2005) in Jeddah, Saudi Arabia, is expected to discuss enhancing economic ties and unifying the currency in the Gulf region.
The Financial and Economic Committee of GCC states will also hold a meeting with a committee comprising of governors of central banks and funds and the Director General of the International Monetary Fund (IMF). Both committees will debate improving economic relations between GCC states as well as implementing the adequate standards on this level.
Developing and enhancing performance of financial markets in the GCC will also be among the issues scheduled to be discussed by Ministers of Finance in GCC states. In addition to that, discussions will cover recommendations made by the GCC ministers of health to unify prices of exporting medicine between their countries, and the report on free trade agreement between GCC states and other economical blocs.
MOFI spreads e-Dirham service to the Department of Immigration and Citizenship in the West region
Abu Dhabi, September 26, 2005: The Ministry of Finance and Industry (MOFI) has introduced the e-Dirham service in the Department of Immigration and Citizenship in the West region (Zayed City). This step comes in line with the Ministry’s policy of raising the standards of service provision, and the efficiency of government fees collection and management.
Khalid Al Bustani, Assistant Under Secretary for Revenue and Budget at the Ministry of Finance and Industry (MOFI) said, “ Launching this service in the West region comes in accordance with our efforts to introduce the e-Dirham service all across the UAE and to be widely accessible.”
He also noted that “ since the implementation of the this system, the amount of e-Dirham cards sold and recharge process have increased significantly. Therefore, governmental agencies were encouraged to adopt this system to collect their fees. This also induced the Ministry of Finance and Industry to increase the number of E-Sarraf machines distributed within governmental buildings. These machines provide the customers with the flexibility to purchase e-Dirham cards at convenience”.
“The Ministry has established a branch for a bank that sells e-dirham cards in Abu Dhabi Educational City, in order to keep pace with the increasing demand on e-cards in all the services the Ministry of Education provides, especially at the beginning of a new scholar year”, Al Bustani added.
State Property Department’s Seminar Highlights Attributes of Assets Storage Management System
Dubai, September 18, 2005: The State Property Department at the Ministry of Finance and Industry (MOFI) recently organized a seminar in Dubai to highlight the second phase of implementing the storage and encoding management system, services classification, and assets recording for all ministries and federal departments. Were present at the seminar directors of financial and administrative affairs in the ministries and federal authorities.
Sheikh Muhammad Bin Thani Al Maktoum, Director of the State Property Department said: “We aimed through this seminar to keep all parties informed about this important management system and the status of its implementation”.
Participants were also informed of the required procedures from their end in implementing the second phase of the project. Specific implementation targets during this phase including warehouse and sites data entry and classification, and the fixed assets data entry were outlined.
“The participants were exposed to the workings of this integrated system for electronic storing that aims at establishing a central database for all federal departments and ministries according to the measures of The United Nations Standard Products and Services Code UNSPSC, which provides an open, global multi-sector standard for efficient, accurate classification of products and services,” added Al Maktoum.
As for the procedures the ministries and federal departments have to take in order to implement the second phase of the project, Al Maktoum pointed at the importance of assigning specific implementation and follow up teams in the ministries for better coordination with the MOFI team of the management and inventory system.
OPEC Fund approves a US 52 million loan to six developing nations
Funds will be channeled to key sectors including Education, Health and Energy.
Dubai, September 10, 2005: H.E Jamal Lutah, Chairman of the Board of Governors of the OPEC Fund, and Assistant Undersecretary for Industrial Affairs at the Ministry of Finance and Industry has recently approved a US 52 million loan to finance projects in six developing nations.
After signing the agreement, Lutah said that loans will be used to finance various projects in transportation, health, education, social welfare services as well as water and energy supply. The loans will include an allocation of $ 8 million for a transportation project in Vietnam, $ 10 million to the health sector in Angola, and $ 5 million to the energy sector in Djibouti. Bangladesh will receive $ 15 million for water development projects, Mali $ 10 million to the transportation sector and finally $ 4.5 million will be allocated for an educational project in Chad.
Lutah noted that these agreements come in line with OPEC Fund policy aiming at financing projects in key economic and social sectors among developing countries.
The OPEC Fund for International Development was established in January 1976 by the member countries of the Organization of the Petroleum Exporting Countries (OPEC). The Fund was established to support low-income countries in their efforts to make economic and social progress. It aims to promote cooperation between member countries of OEPC and other developing nations.
Beside the UAE, the countries that contribute to the OPEC Fund for International Development are; Saudi Arabia, Kuwait, Iran, Indonesia, Libya, Iraq, Algeria, Qatar, Nigeria, Venezuela and Gabon.
MoFI to implement second phase of asset storage management system
Abu Dhabi, September 6th 2005: The Ministry of Finance and Industry (MOFI) has commenced the implementation of the second phase of a storage and encoding system to record assets of all ministries and federal departments.
The project is being carried out under the supervision of the State of Property Department. Sheikh Muhammad Bin Thani Al Maktoum, Director of the State of Property Department in the Ministry of Finance and Industry said “Implementing this project is in line with MOFI’s strategy aimed at improving the government's performance to mirror the overall economic growth of the country”.
Sheikh Muhammad Bin Thani Al Maktoum, called upon all ministries and federal authorities to cooperate with the State of Property Department in the Ministry of Finance and Industry to work towards the successful implementation of this project. He also pointed out that a committee will be formed consisting of the members from all the governmental authorities taking part in this phase of the project.
In the first phase of the project, training sessions were conducted for warehouse officers in the federal ministries and departments, with an aim to introduce the Annual Inventory and Assets data entry system to them.
The phase also saw the setting up of an integrated programme to preserve the data that has been stored and to provide reports that can be accessed on the Internet. These procedures are important for the role they play in protecting the assets of the government.
The Rules of Origin National Committee reaches agreement that will facilitate FTA talks
Dubai, July 23rd, 2005: In a meeting held recently at the Ministry of Finance and Industry (MOFI) in Dubai, the Rules of Origin National Committee agreed upon various elements including the official forms that will be adopted in the Free Trade Agreements (FTAs) that are currently under negotiation between the UAE and other countries.
The meeting was attended by representatives from the Ministry of Finance and Industry (MoFI), the Ministry of Power, the Ministry of Agriculture and the Federal Customs Authority. All the participants urged the GCC General Secretariat to abide by the general regulations of the GCC Rules of Origin.
HE Saeed Abdullah Al Rukn, Deputy Director of the Department of Industrial Development (DID) at MoFI, said "Upholding the country's vision is critical in all that we do and this will therefore form the basis for any agreement that we intend to conclude."
He also added that the Rules Of Origin general regulations stipulate three main conditions for classifying a product as a “national product”. Firstly, all the ingredients should be locally made, secondly the value added onto the product should not be less than 40%, and thirdly when a finished product is made in the country even though it is manufactured from imported raw material, it is considered a local product.
Al Rukn confirmed that unifying the forms for the Rules of Origin for all agreements that UAE is negotiating, will help unify the mechanism of work, so that the UAE has a clear basis when conducting negotiations.
Al Rukn also clarified that the Ministry of Finance and Industry has held several meetings with the Industrial sectors to take into consideration their points of view and suggestions regarding the Rules of Origin as the private sector is the main partner in industrial development.
In addition, Al Rukn said that the policies of the committee aim at supporting the UAE's industrial sector in order to guarantee healthy competition for goods and products from the UAE in the market place.
The participants at the meeting also discussed the items on the agenda that the technical team will be addressing while participating in the meetings to be held with the European Union, in Riyadh on July 25th, as part of the ongoing GCC-Europe Free Trade Agreement (FTA) negotiations.
The Ministry of Finance and Industry holds meetings with the UAE Industrial Sector
The Rules of Origin Committee holds meetings in Abu Dhabi, Dubai and Riyadh
Abu Dhabi, July 17th: As part of the ongoing Free Trade Agreement (FTA) talks between the UAE and the USA, Australia and China, the Rules of Origin Committee, recently held meetings with the UAE Industrial Sector to discuss issues related to the rules of origin on products.
HE Jamal Nasser Lootah, Assistant Under Secretary for Industrial Affairs at the Ministry of Finance and Industry (MoFI), held a meeting in Abu Dhabi recently with representatives from the Food Sector.
HE Saeed Abdullah Al Rukn, Deputy Director of the Department of Industrial Development (DID) at the Ministry of Finance and Industry said that the meetings were aimed at working with the private sector to protect products from the UAE in external markets.
“We have held successive meetings with representatives from several industrial sectors within the UAE. In addition, a meeting was also held in Riyadh with the GCC rules of origin committee. These meetings are being held in order to reach a common vision that will benefit our country”.
Al Rukn stressed the importance of supporting the UAE's industrial sector and mentioned that the FTA agreement will benefit national industries while facilitating the export of goods and products from the UAE into global markets.
Phase One of Products and Services Classification Project Over, MOFI Officials Say
Abu Dhabi, July 4, 2005: The Ministry of Finance and Industry has finalized the first phase of the products and services classification project, which consists of labeling and coding supplies and services as well as tracking fixed assets. It is to start working on phase two of the project, Ministry of Finance and Industry (MOFI) officials said.
According to Mr. Awad Ali Abdullah Al Nyadi, director of the Purchases Department at MOFI, the department has finalized the coding and tracking system and that all ministries will be asked to stop placing purchasing orders for the next two weeks pending the distribution of the new forms that will include a labeling and coding section.
He said that “MOFI seeks to improve mechanism of work throughout the different sectors in line with its vision of being a leading ministry in the country’s progression and development. This project guarantees efficiency and proficiency which are necessary for maintaining and safekeeping the government’s assets.”
Sheikh Mohammad Bin Thani Al Maktoum, Director and the State Property Department (SPD), said that the first phase focused on setting up an electronic coding and tracking system (e-asset) to monitor ingoing and outgoing supplies at ministries. SPD employees have been trained to operate the system.
This is an advanced tracking mechanism, he said, adding that the second phase of the project will consist of finalizing an inventory guide and actually coding and labeling all supplies at the various ministries.
He added that this phase requires cooperation between both the ministries and MOFI’s SPD so that all coding and labeling is done uniformly and in accordance to the inventory guide.
UAE and US Officials Discuss Rules of Origin on goods
Talks Part of FTA Negotiations
Dubai, July 3, 2005: UAE and US officials recently discussed issues related to the rules of origin on their respective goods and products, as part of ongoing Free Trade Agreement (FTA) negotiations between the two countries.
The meeting is aimed at reaching an agreement regarding the rules of origin on goods and products to qualify for preferential treatment under the future FTA between the US and the UAE, said Mr. Saeed Abdullah Al Rukun, Deputy Director of the Department of Industrial Development (DID) at the Ministry of Finance and Industry (MOFI).
He added that during the meeting headed by H.E. Saeed Khalifa Saeed Al Mirri , Deputy Director General at the Federal Customs Authority, the officials reviewed similar agreements the US has with other countries, namely Bahrain and Australia, to draw on their experiences. The operation of rules of origin followed under UAE-Gulf and UAE-Arab trade agreements was also looked at.
Al Rukn explained that the rules of origin committee that was formed as part of the FTA negotiating team aims at reaching an agreement that guarantees a healthy competition for UAE goods and products in the vast US market.
He stressed the importance of supporting the UAE industrial sector and ensuring that an FTA with the US will benefit national industries- a very crucial element in the country’s economic diversification policy.
UAE's policy of joining blocs braces economy
Abu Dhabi, July 2, 2005: H.E. Dr. Mohamed Khalfan bin Khirbash, the UAE Minister of State for Finance and Industry, and H.E. Sheikha Lubna Al Qassimi, the Economy and Planning Minister, on Saturday jointly stressed that the UAE’s liberal economic and free trade policy stems from a clear understanding of the challenges and opportunities posed by the global economy.
In a joint statement to the Emirates News Agency (WAM), the Ministers agreed the policy had led to sustained economic growth, high living standards for UAE nationals and seen its economic standing reach unprecedented heights regionally and internationally.
The figures support their view. Official statistics show the country’s GDP climbed from AED 4.7 billion in 1972 to AED 279. 4 billion last year ‑ an annual average growth of 14 per cent, one of the most impressive globally. Personal incomes reflect this growing prosperity and the average now stands at AED 60,000. The Ministers said this proves the policies adopted by the government have achieved their intended results.
Dr. Khirbash said there has been recognition from the most influential global organizations for the economic achievements of the UAE and the success of its policies. He said the latest report from the International Monetary Fund (IMF) on the UAE had hailed the Emirates’ economic policies as “successful”.
The IMF report clearly recognised that the growth the UAE had achieved was due to its liberal economic policies. A high growth rate of five to seven per cent, according to the report, projects GDP will reach about AED 314.81 billion in the current year. The report also turned the spotlight on the success of the UAE’s diversification policy, which has led to non-oil industries increasing their contribution to 72 per cent of GDP.
Dr Khirbash said: “It is clear that a liberal and open economic policy that safeguards national interests and ensures the progress of the different sectors has a positive impact on our nation. This is why the UAE actively pursues a policy of extending its markets by joining economic blocs. This ensures the continuing growth of the national economy and its progress towards becoming a major global influence.
“In an extension of this immensely successful policy the UAE has started negotiations for a Free Trade Agreement (FTA) with the US, the world’s largest economy. An agreement would open new doors to our national products and services. UAE manufacturers would be encouraged to compete on quality and price, a better set of circumstances for our consumers and industries.
“An agreement would open the door to the biggest market of them all. Through our negotiations, we are seeking a formula that will guarantee UAE producers and products a strongly competitive opportunity within the US market.”
Dr Khirbash said the first step in this direction took place in April of last year, when the UAE Cabinet approved signing an accord to strengthen trade and investment ties with the US and form a joint trade and investment board to look at consolidating economic relations and paving the way towards a FTA.
The Cabinet then formed the high-powered Negotiation Council, which included 15 specialist groups to look at all aspects of the proposed the agreement. These included: Intellectual properties, customs and certificates of origin, market penetration, services, agriculture, labour, environment, textile, government procurement, telecommunications and electronic trade, investment, financial and banking services, insurance, and the legal system.
The team was entrusted with formulating a negotiation stance that would safeguard our national interests and offer the best results to each and every sector of our economy, the Minister said.
This team is supported by one of the best consultancy firms in the world and it provides technical support, relevant studies and research material. It also provided the team with a study on the effect of the FTA on all sectors of the UAE economy. The study report was drafted following extensive meetings with numerous representatives in both the private and public sectors. This, he said, was followed by more meetings between the negotiation team and parties from the different economic bodies.
The government sought the participation of all involved or potentially affected by an agreement, in line with its commitment to transparency and belief that the private sector is indeed the driving force behind economic growth. It was this commitment that led the negotiating team to respond to the private sector’s request to form representative groups to follow up on the developments in the FTA talks. The participation of these groups enabled the negotiating team to reach a clear view of the national interests that would be served by an agreement.
A directive from the highest level ensured the private sector is continuously briefed on the progress of the talks and its views heard and considered.
Shiekha Lubna said: “Reaching agreement on an FTA with the US is very important to the national economy. It would help improve the standard of local industries by offering them the chance to enter the biggest consumer market in the world and benefit from the advanced technology and expertise this market has to offer.
“Entering negotiations with the US to reach a FTA is a national prerequisite if we are to maintain the liberal economic policies that have been so fruitful for our nation.”
She added that an accord would lead to an increase in the volume of trade between the two countries – which now stands at US$5 billion ‑ and allow UAE products to enter the US market under preferential terms.
Sheikha Lubna said the investment sector would be the main beneficiary of an agreement, as it would lead to an influx of capital from Arab and international interests alike, eager to capitalize on all the perks the FTA would offer. This, in turn, would increase the contribution of the non-oil sector to the UAE’s GDP.
She said: “The UAE has become one of the top three Arab economies because of its leadership’s ability to deal with challenges. Innovation, openness and progress continue to be the basis of policy. We are on the right track and must pursue it to maintain our success.”
MOFI and TRA sign e-Dirham agreement
TRA to use e-Dirham for revenue collection
Abu Dhabi, June 27, 2005: The Ministry of Finance and Industry (MOFI) on Monday singed an agreement with the Telecommunications Regulatory Authority (TRA) endorsing the use of government client cards (e-Dirham) for the Authority’s revenue collection.
Signing the agreement on MOFI’s part was its Assistant Under Secretary for Revenue and Budget H.E. Khalid Ali Al Bustani, while the TRA was represented by its general manager Mr. Mohammad Nasser Al Ghanem.
Under the accord, MOFI is to supply the Authority with Electronic Points of Sale (EPOS) as well as the software and the cards, while the TRA will facilitate linkage communication lines with the Ministry
The e-Dirham, an offshoot of MOFI’s e-government initiative, has proved very successful with many local governments, semi-governmental and independent organizations adopting it as a major payment method.
The project, which was launched in February 2001, is part of the government’s policies aimed at utilizing Information Technology (IT) innovations to facilitate a secure and convenient payment method for the government and the public alike.
The e-Dirham card is intended for customers who use government services frequently and can be obtained by individuals or businesses. The advantage of this card is that it is personalized and secure in such a way that it can only be used by the card holder
The electronic card provides flexibility to institutions and companies that need the service; it can be recharged with any value at the agent’s convenience, and its balance can be transferred to any other card belonging to the same agent. The card itself is free of charge.
E-Dirham is one of many electronic based services provided by MOFI. These include the Automated Teller Machine (ATM) banking services and e-postal among others.
IDB approves International Islamic Organisation for Trade Finance
Abu Dhabi, June 26, 2005- The Islamic Development Bank (IDB) has recently approved an UAE and Saudi proposal to set up The International Islamic Organisation for Trade Finance (IIOTF).
The approval came during the IDB’s annual meeting in Malaysia last week after the UAE delegation, headed by State Minister for Finance and Industry, Dr. Mohammad Khalfan bin Khirbash presented a paper highlighting the importance of such an organization with regards to increasing trade volume between member nations, in line with the tasks of the Bank.
The IIOTf will be founded with a capital of three billion dollars, with an Initial Public Offering (IPO) of 500 million dollars. The headquarters will be in Jeddah, Saudi Arabia, while its main branch in the UAE.
Also during the meeting, attended by 56 finance ministers of Arab and Moslim states, the participants discussed the long term strategy for economic cooperation. The information technology sector also faired high on the agenda of the talks.
During the IDB’s last meeting and in recognition of the UAE’s leading role in consolidating partnership among Islamic countries, Dr. Khirbash was appointed as a member of the High Committee entasked with overseeing the Bank’s vision for the year 2020.
Dubai will host the first meeting of the committee in September with the participation of a host of economists and finance ministers from Arab and Moslim countries.
Moroccan Delegation reviews MOFI’s Total Quality Management (TQM) initiative
Dubai, 25 June, 2005- The Ministry of Finance and Industry (MOFI) recently shared its experience on Total Quality Management (TQM) with a visiting Moroccan delegation, currently in the UAE to draw on the government’s expertise on performance and quality-related projects.
The delegation was briefed on theTQM initiative as well as other projects undertaken by MOFI with the purpose of promoting higher productivity and improved quality of services offered by the government and federal entities.
The initiative is aimed at enhancing the quality of the government’s performance through more focused allocation of funds and resources and adherence to global quality standards, according to Hussein Al Hussani, member of MOFI’s Performance Development Unit (PDU).
The programme, now going into its seventh year of implementation, has left its mark on many federal government and related bodies, which have attained the International Standards Organisation (ISO) certification. They now offer better services with the minimum amount of time and procedures, Hussani said.
In a presentation by PDU members, the visiting delegation was introduced to other performance enhancement initiatives driven by MOFI; these include e-government, e-dirham, Executive Training Programme (ETP), and Performance Based Budgeting (PBB).
On their part, members of the delegation praised the UAE’s economic achievements, saying that it has become a role model for the region. It has managed to successfully utilize modern technology, while giving special attention to equipping human resources with the best and most advanced tools for growth, they said.
The government’s performance enhancement initiatives and their increasingly positive results on the overall function of the public sector have established the UAE as a regional role model in terms of change and and development across the board,
thus attracting public and private sector groups from different countries eager to benefit from the UAE’s experience.
MOFI Holds E-Messaging Workshop
Abu Dhabi, June 19, 2005- As part of its efforts to introduce users to the numerous e-government services and their function, the Ministry of Finance and Industry (MOFI) on Sunday held a workshop on e-messaging in cooperation with e-Company and federal government technical managers.
The workshop aims at educating users on the different functions and advantages of the e-messaging service. It is, in tandem with other e-government projects, aimed at upgrading the efficiency of government services, according to Maha Al-Aidarous, Deputy Director of the Information Systems Department at MOFI.
The government’s collaboration with e-Company in all e-government services will also ensure that the project is supported with the most secure and advanced software, Al-Aidarous said, praising the firm as “a pioneer is offering technical services.”
E-messaging is a project of the e-government initiative launched by MOFI. It is aimed at providing unique identities for employees within Federal Government for official email communication.
The service, according to Al-Aidarous is currently linked to the e-portal, which will be the single access channel to UAE Federal Government services and information for residents, businesses, visitors and federal employees.
E-messaging guarantees fast and efficient communication between government employees and different federal entities, thus ensuring prompt decision-making and problem solving when needed, Al-Aidarous noted. It will, as such, be linked to other e-government projects and services.
The e-government steering committee met last week to follow up on the progress of implementation of the initiative, which, according to MOFI officials, is going according to plan.
E-government is one of several initiatives undertaken by MOFI to upgrade and develop government services as well as promote public-private sector partnership.
OPEC Fund for International Development elects UAE as President of the OPEC Council
Austria, Seefeld, June 15th, 2005: The OPEC Fund for International Development has elected the UAE as President of the OPEC council for the third consecutive time. This is a result of the effective role that the UAE has played in assisting developing countries to implement reforms and development programmes, as well as in financing these programmes.
The UAE's election was announced during the 26th annual meeting of OPEC in Seefeld, Austria. HE Dr. Mohamed Khalfan bin Khirbash, UAE Minister of State for Finance and Industry, praised the efforts of the OPEC member countries in supporting developing nations
Dr. Khirbash called upon the international community to allocate additional financial resources to developing countries. He also requested the G7 countries to assist the UN in implementing its goals by assigning 0.7 of their GDP in helping achieve the UN's target of reducing poverty by 50 per cent, by 2015.
Dr. Khirbash also added that the total transactions of the OPEC Fund reached $ 5845.7 Million in 2004. 91 developing countries have benefited from the 1024 loans advanced by the OPEC Fund.
46 African Countries received 583 loans totalling $ 2911.4 million and 30 Asian Countries received 272 loans totalling $ 2074.4 million. In addition 22 South American countries as well as the Caribbean have received 158 loans with a total value of $ 741.1 million.
Dr. Khirbash stated that the Ministerial Council of OPEC has approved a new plan for the 16th Loans Programme, which has designated $1.2 billion to developing countries for three years starting January 2005. Moreover, $300M has been assigned to expand the current loans programmes for three years.
The OPEC Council has recently elected HE Jamal Nasser Lutah, Assistant Undersecretary for Industrial Affairs at the Ministry of Finance and Industry, as Chairman of the Board of Governors of the OPEC Fund for the second consecutive time.
E-Government High Committee reviews project’s implementation
Abu Dhabi, June 13, 2005 - The e-Government High Committee on Monday expressed satisfaction with the progress made on the implementation of the initiative to date and discussed future implementation phases.
“What has been achieved so far is a boost to the project and a vote of confidence that the remaining phases of the project will be successfully and speedily implemented, “ said H.E Khalid Bustani, Assistant Under Secretary for Revenue and Budget at the Ministry of Finance and Industry (MOFI) during a meeting for the High Committee here, attended by a number of officials.
Saying that “ cooperation between all parties concerned is vital for achieving the goal of a high performance government,” Bustani stressed that “the United Arab Emirates” advanced regional and global performance in areas of trade, finance, and infrastructure should be complemented by a competitive e-environment, which has, in this day and age, become a pre-requisite for successful and efficient servicing and management.”
The initiative aims at providing more responsive, more efficient, more effective and more personally inclusive government services. It is to cater for civil servants and the public alike, with servicing the business community being at the forefront of its objectives. It hopes to improve interaction and collaboration between the public and private sectors through a number of e-services using various communication channels that include Internet, mobile phones, and specialized service centers throughout the country.
The general plan of the e-government also includes special training programmes for government employees to familiarize them with the new and challenging technology that this environment will introduce.
As well as reviewing the progress of the e-government initiative, the meeting also addressed the phases to be completed this year, which include e-portal, e-project, the Human Resources Management System (HRMS) and the Financial Management Integration System (FMIS) projects.
According to a review of achievements, in addition to the official launch of e-portal, numerous workshops were held to explain the initiative and the technology update needed by ministries and federal entities to accommodate it, ahead of launching the Content Management System in November 2005
The review also showed the notable progress made in implementing the first phase of the e-projects initiative, with the initial phase completed in nine weeks rather than the 3 to 4 months originally slated for its conclusion. Also, two out of the 15 agreed upon e-services, will be launched this year.
Similarly, several workshops were held to familiarize officials with the HRMS initiative, and work is currently underway to identify and specify services related to the project, which aims at providing services for the federal employee, to include, this year, the posting of the UAE civil service law and civil servants’ individual information.
The committee also reviewed the latest developments regarding the implementation of the FMIS initiative, considered to be the backbone of the Standards and Procedures (PSP) project. Relevant Information Technology (IT) infrastructure, security and administrative framework of the initiative was completed, according to the presentation.
The meeting also addressed the steps taken to implement e- messaging, which is aimed at routing urgent messages from officials to senior administrative employees through the effective use of technology.
Also, presented during the meeting were the Policies Standards and Procedures (PSP) project. It, according to the presentation, aims at developing and maintaining a set of essential standards and policies that would regulate all e-government projects, as well as updating these regulations when the need to do so arises.
In addition, the e-government team will work in cooperation with e-company to issue a quarterly newsletter aims at highlighting the latest issues related to e-government and the services it provides as well as increase awareness about the efficiency of the e-services.
The Emirates Telecommunications Corporation, Etisalat, is a partner in implementing the e-government initiative, providing technical and administrative expertise in IT and communications, such as identifying appropriate IT software, hardware, specifications and infrastructure to ensure efficient integration between different system as well as ministries and external parties.
E-Government is one of four ambitious initiatives MOFI is undertaking to reengineer government systems with the best international standards. The other three are: Total Quality Management (TQM), Performance-Based Budgeting (PBB), and Executive Training Programme (ETP).
MOFI Launches ‘Made in the UAE’ Competition
Dubai, June 12, 2005 – As part of its efforts to support local products and encourage the United Arab Emirates’ manufacturing industry, The Ministry of Finance and Industry (MOFI) has launched the ‘Made in the UAE’ competition, which seeks a logo to distinguish UAE products from others in the market.
According to His Excellency Jamal Nasser Lutah, Assistant Undersecretary for Industrial Affairs at the Ministry of Finance and Industry, the competition is aimed at supporting local industries as well as improving the quality of products through giving them a more competitive edge in Arab and international markets. It is a tool used by many other countries, he said.
He added that logos are also useful for consumers to distinguish local goods from others.
“The competition, ‘Made in the UAE’, is part and parcel of the Ministry’s efforts to support and encourage local products as well as create an attractive economic and industrial climate. We conducted a thorough study which showed that a unique logo is very important for industries,” Lootah explained.
More importantly, the logo’s use is conditional to subscribing to the UAE’s standards specification mechanism, which is another tool for improving quality of local goods. It is also a tool to market UAE goods both at home and abroad, he said.
Lutah stressed that a committee within the Ministry will be set up to look at as many ideas and designs as possible before endorsing a suitable logo. The winner of the competition will be awarded financially, and the ownership rights will be transferred to MOFI.
UAE Elected as President of the International Islamic Commercial and Arbitration Centre
Abu Dhabi, July 6, 2005 – The United Arab Emirates was on Monday elected to preside over the International Islamic Commercial and Arbitration Centre (IICAC) for the next three years, while the Islamic Development Bank was voted as vice-president.
Representing the UAE is His Excellency Hameed Abdullah Al Nua’imi, chairman of the Centre’s board of trustees.
During the meeting for the board, which was held the Rotana Hotel, Al Nua’imi hailed the progress the Islamic banking system has made over the past years, saying that its “great development has enabled it to compete in Arab and Islamic markets remarkably,” adding that it is also “making its way to International markets.
Nua’imi stressed the important role the IICAC plays in diffusing disputes among institutions that adopt the Islamic banking system, saying that it has helped fill a considerable void in that area.
Thanking the board for their vote in favour of the UAE as president of the IICAC, he pointed to the country’s solid economic, political and social infrastructure which, he said, enabled it to provide the appropriate climate for the Centre’s success. He cited as proof the success of many international institutions and organizations based in the UAE.
Also during the meeting, members of the board discussed several amendments to the Centre’s bylaws, yet to be ratified by the general council. They also appointed members of the executive committee, in addition to discussing the Centre’s work plan and preliminary budget for the first year.
The IICAC aims at diffusing commercial and monetary disputes that may arise among different institutions through speedy arbitration and reconciliation, while guaranteeing confidentiality. It is hoped to help institutions that adopt the Islamic banking system, which are on the rise, settle their disputes when civil legislation fails to do so.
The UAE and the general council of Islamic Banks and Institutions had signed an agreement to establish the IICAC on the sidelines of the Islamic Development Bank group annual meeting, which was held in Tehran last September.
OPEC Fund extends $38 million loan to four developing countries
Funds to be channeled to key sectors including Education, Health and Social Welfare
Abu Dhabi: June 4, 2005: The OPEC Fund for International Development has recently approved a $38.6 million loan to finance projects in four developing countries. India, Mauritania, Turkmenistan and Paraguay will be the beneficiaries of the loans and the funds will be used to finance projects in health, education, infrastructure development and social welfare services.
The loans will include an allocation of $15 million to India to be used for an educational project, $6.6 million for a water development project in Mauritania and $5 million to the health sector in Turkmenistan. Paraguay will receive $12 million in free financing.
H.E Jamal Nasser Lutah, Chairman of the Board of Governors of the OPEC Fund, and Assistant Undersecretary for Industrial Affairs at the Ministry of Finance and Industry said, "The OPEC Fund is working consistently to fund key economic and social sectors, among developing countries. OPEC member countries will contribute $3.435bn for this purpose of which $2.93bn has been paid".
H.E. Lutah also noted that the total funding obligations of OPEC have reached $7.524bn out of which $4.945bn has been distributed to developing countries as of March this year. This includes 1826 loans in total.
119 countries have benefited from the loans advanced by the OPEC fund. 50 of these countries are in Africa, 40 in Asia, 25 in South America and 4 in Europe.
The OPEC Fund for International Development was established in January 1976 by the member countries of the Organization of the Petroleum Exporting Countries (OPEC). The Fund was established to support low-income countries in their efforts to make economic and social progress. It aims to promote cooperation between member countries of OEPC and other developing nations.
Beside the UAE, the countries that contribute to the OPEC Fund for International Development are; Saudi Arabia, Kuwait, Iran, Indonesia, Libya, Iraq, Algeria, Qatar, Nigeria, Venezuela and Gabon.
Industry Statistics Yearbook for 2005 published by Ministry of Finance and Industry
"The publishing of the yearbook emphasizes the role of statistical data in economic planning and policy making"- Lutah
Dubai, May 29, 2005: The Ministry of Finance and Industry (MOFI) today published the UAE Industry Statistics Yearbook for 2005. The yearbook includes data and information on a wide variety of sectors.
Jamal Lutah, assistant undersecretary for Industrial Affairs said: "The Ministry of Finance and Industry aims at reflecting the growth of the industrial sector in the UAE. The publishing of the yearbook emphasizes the role of statistical data in economic planning and policy making".
“The publication of this yearbook is in the line with the policy of transparency adopted by MOFI. The objective of publishing this yearbook is to provide investors with all relevant data to help them plan their investments in the industrial sector. The yearbook displays accurate data about the industrial activity for the year 2004, the industries present, their location, and the number of workers. In addition it includes the investments made by every industrial unit in the industrial sector,” Lutah added.
The yearbook shows that the investments made in the industrial sector rose by 44.3% in the year 2004, to nearly AED 63bn as against AED 43bn for the year 2003. In addition, the number of the industrial units increased to 3036 in 2004 in comparison with 2795 units in 2003. The industrial sector also witnessed an increase of 8.7% in the number of employees, to reach 230,000 employees as compared to 212,000 for the same period.
In harmony with the state orientation towards shifting to e-Government
Dubai, May 17th, 2005: In a step towards fulfilling the e-Government project, the Ministry of Finance and Industry represented by the State Property Department, organized a number of training sessions for warehouse officers in the federal ministries and departments with an aim to introduce the Annual Inventory System and Assets Data entry in the computer.
Sheikh Muhammad Bin Thani Al Maktoum, director of the State Property Department in the Ministry of Finance and Industry stated that these training sessions aim at maximizing the benefit of the using the annual inventory and assets data entry systems.
He added that these programmes represent an integral project for storing system aiming at establishing a central database for all federal departments and ministries for better monitoring purposes. It is a step to preserve the stored data as this programme provides many analytic and statistical reports that can be accessed on the internet, in addition to being highly confidential and secure.
Sheikh Muhammad Bin Thani Al Maktoum also added that the Assets Data entry in the computer will facilitate following up with these assets and having access to them at any time with lesser cost and more efficiency.
He finally mentioned that the State Property Department and the Ministry of Finance and Industry consider the inventory procedures as important for the efficient role they play in protecting the governmental properties.
UAE negotiators review preparations for second round of Free Trade talks with the US
Sheikha Lubna leads high-powered Council’s discussions as private sector given key role
Abu Dhabi, May 2, 2005: Progress towards a free trade agreement between the UAE and the US stepped up a gear yesterday when the country’s main negotiating committee met to review preparations for the second round of talks, scheduled to take place in Washington DC on May 10-12.
Led by H.E. Sheikha Lubna Al Qassimi, Minister of Economy and Planning, the UAE’s FTA Negotiation Council held its fifth meeting at the Ministry of Finance and Industry (MOFI) premises in Abu Dhabi. With H.E. Sultan Bin Naser Al Suweidi, the Governor of the UAE Central Bank, also attending, the Council moved towards a clear statement of the UAE’s negotiating position.
A spokesman said: “The first priority was to review the main results achieved during the first round of talks that were held earlier this year. In addition, the Council reviewed the summaries of negotiations that took place with the public and private sectors.
“There was also discussion of the preparations made by the teams drawn from the public and private sectors for the second round of negotiations. The Council wanted to be clear about the expectations of team leaders and the position on specific issues raised in the first round of talks that will need to be followed up in the upcoming round.”
He added: “The Council has issued a resolution to coordinate the activities among all negotiating teams and the teams from the private sector. This is in accordance with the policy of treating the private sector as a key partner in these talks. The Council has constantly kept the private sector updated with the latest results of negotiations in order to reach a national agenda that satisfies the expectations of all sectors.”
The Council confirmed that after the completion of the first round, its negotiating teams have arrived at a clear vision of the issues that need to be resolved to ensure progress towards a Free Trade Agreement that will serve the interests of both countries.
The heads of the negotiating teams said that success in reaching a free trade agreement with the US would enable the UAE economy to continue growing at its current rate and emerge as the largest Arab economy. The agreement would grant the UAE access to the largest consumer market in the world as well as having a positive impact on its production and exports.
During the visit to the US, the FTA negotiating team will meet leading congressmen and private sector business leaders.
Ministry of Finance and Industry requests budget proposals by next May
MoFI aims to finalize 2006 budget by early January next year
Abu Dhabi, April 1st, 2005: The Ministry of Finance and Industry (MOFI) requested in a circular to all federal ministries and bodies today, the submission of their 2006 budget proposals no later than May 11th. The draft budget has to be below the budget ceiling of the approved 2005 budget.
“This circular is in line with the development plan adopted by MOFI to finalize the federal budget as early as possible. We finalized this year’s budget by March, and our target is to finalize next year’s budget by early January,” said H.E. Dr. Mohamed Khalfan bin Khirbash, Minister of State for Finance and Industry.
“We aim to enhance the performance of the federal government; therefore, we hope that the ministries will manage their expenditure and projects for the financial year 2005-2006 within the available allocation in order to avert a budget deficit” he added.