Fifth edition

United Arab EmiratesMoFMinistry of FinanceIndexMoF e-Newsletter 5 th Edition October 2011Abu Dhabi Hosts ExceptionalMeeting for the Council of ArabMinisters of Finance

MoF e-Newsletter 5 th Edition October 2011Statistics and ReportsMoF NewsMinistry of Finance Releases2nd Quarter Federal BudgetReport for FY 2011The Ministry of Finance (MoF)recently released its 2nd quarterfederal budget report for fiscal year(FY) 2011. In accordance withFederal Law No (2) issued thisyear, the general federal budget andthe budget for independent bodieswas divided as AED 41,105 millionfor expenditure and AED 38,047million for revenues during Q2of FY 2011. The specified budgetincluded additional funds worthAED 105 million.making up 52% of the average budget.The report also shed light on thedifference between forecasted andactual revenue and spending figuresduring Q2 of FY 2011, where thevariance stood at AED 17,278 millionfor revenue and AED 19,876 millionfor spending expenditures.The Federal Budget report issued byMoF reflects the efforts applied bythe UAE government in preparingand monitoring the implementationof the federal budget, due to theimportant role it plays in enhancingfuture economic performance. In linewith these efforts, MoF emphasizes thenecessity of continuing to rationalizeexpenditure and organising prioritiesMoF signs MoUwith the AbuDhabi Fund forDevelopmentIn line with its efforts to developstrategic partnerships, the Ministry ofFinance (MoF) signed a memorandumof understanding (MoU) with theAbu Dhabi Fund for Development(ADFD) to enhance joint effortsbetween both parties. The agreementestablished the grounds forcollaboration, and addressed efforts tocreate an environment that promotesexternal development initiatives in theUAE. The document also highlightedthe importance of establishing achannel for exchanging informationbetween both parties, particularlyregarding aid strategies providedby international state institutions,and on enhancing the sharing ofThe signed agreement falls in linewith common strategic goals setby MoF and ADFD, reflectingthe UAE’s economic policy andhighlighting its role in achievingsustainable development for thecountry and in positioning it asa leading nation both regionallyand globally. The MOU also aimsto enhance international financialrelations with regional and globalcountries, institutions, organizations,and development funds to improveperformance and financial systems.between the UAE’s different federaland local authorities, who worktogether in sharing capabilitiesand expertise in areas of commoninterest. Furthermore, this MoUreflects MoF’s strategy of cooperatingwith local and federal authorities tosupport and develop private projectsand investments and realize MoF’sstrategy of achieving a sustainableand balanced growth for the UAE.”The report highlighted that the federalHE Mohammad Saif Al Suwaidi,revenues during the period fromActing Director General of ADFD,1/4/2011 to 30/6/2011 amounted toadded that the MoU was an importantAED 20,760 million, which makesCommenting on the MoU, HE Younis step in enhancing cooperationup 55% of the average budget. TheHaji Al Khoori, Undersecretary of between both parties and inexpenses for the same period wereMoF, said: “This agreement reflects encouraging the exchange of expertise,recorded at AED 21,229 million, for the remaining period of FY 2011.technical and technological expertise. the spirit of cooperation present data and statistics pertaining >89 98

MoF e-Newsletter 5 th Edition October 2011MoF NewsThe UAE participates in the36th IDB Board of GovernorsAnnual MeetingA delegation from the Ministry ofFinance (MoF) participated in the36th annual meeting of the IslamicDevelopment Bank’s (IDB) boardof governors which took place inJeddah; KSA on the 29th and 30thof June, 2011.Headed by HE Obaid Humaid AlTayer, Minister of State for FinancialAffairs, the delegation included HEMusabah Mohammed Al Suwaidi,Assistant Undersecretary of SupportServices Sector, Ali Hamdan Ahmed,Director of International andRegional Financial OrganizationsDepartment, Hamad Essa Al Zaabi,Director of the Minister’s office,in addition to a number of MoFspecialists and experts.The meeting also addressed the issueof adopting and approving the 2010financial statements and balancesheets of IDB and its affiliates. 5%of IDB’s net income was allocatedto providing technical assistance,while 2% of the net income wasallocated to the scholarship programfor outstanding individuals.“The 36th annual meeting of theIDB Board of Governors is vital tothe implementation of programsrequired to develop the bank’sgroup and to enhance developmentoperations among its memberstates that correspond with theirneeds and aspirations. This canbe accomplished by developingIDB’s portfolio to discover ways ofincreasing the group’s contributionin the development of member stateeconomies. We also need to adoptthe necessary plans for activatingand developing mechanisms ofjoint Islamic efforts,” HE Al TayerHE Al Tayer called on the IDB toincrease its operations to bettermeet the needs and requirementsof member states, stressing theimportance of moving towardsinnovating, modernizing anddeveloping IDB’s services, projectsand activities. HE also emphasizedthe need to move forward withreform efforts launched in 2007to ensure that the aspirations ofthe Muslim community are met.HE also asked the IDB to launchnew financing channels in addition todeveloping existing ones to promotepartnership and cooperation andprovide a positive socioeconomicenvironment to raise living standardsin the Muslim world.on a number of key areas includingmitigating poverty, ensuring foodsecurity, developing infrastructure,and promoting regional cooperationand Islamic financing. Last year, thetotal funds provided by the groupamounted to 6.96 billion USD whichwere used in financing 363 projects.The total credit that has beenapproved since the establishmentof the bank has reached 70.3 billionUSD dollars, and has been investedin 6895 projects.The IDB’s net income amountedto 161.3 million Islamic Dinars;recording a strong increase of29.35%. For the 7th year in arow, IDB also ranked at (“AAA”),which is the highest rank possiblefor any institution. This reflectsthe strong support the IDB enjoysfrom member states and the solidfinancial position and conservativefiscal policies utilized by the bankwith regards to risk management.The meeting featured discussionsThe Islamic Development Bankregarding the agenda and approvalrecorded strong financial results inof IDB’s financial statements, in2010 where it was able to maintainaddition to highlighting prominenta high rate of credit operations fordevelopments and financial issuesthe second consecutive year. IDB’sof interest to the Muslim world.said.activities in 2010 had been focused12 13 13 12

MoF e-Newsletter 5 th Edition October 2011MoF NewsMoF Signs Agreement to EstablishRegional ICIEC Office in the UAEUAE Signs Initial Agreementwith Republic of Kenya to AvoidDouble Taxation on IncomeAn agreement regarding theestablishment of a regional officefor the Islamic Corporation forthe Insurance of Investment andExport Credit (ICIEC) in the UAEwas signed during the 36th AnnualIslamic Development Bank (IDB)Board of Governors Meeting whichtook place on 29-30 June 2011 inJeddah, KSA. The document wassigned by HE Obaid Humaid AlTayer, Minister of State for FinancialAffairs and HE Dr. Ahmad MohamedAli, President of the IDB.The move mirrored adjustmentsmade to the original agreementsigned between both parties in 2007,which saw the establishment of aheadquarters for the ICIEC regionaloffice in the Dubai InternationalFinancial Centre.and providing the corporation’sservices to companies, banks andbusinesspeople operating in theUAE. The corporation’s servicesinclude export and insurance creditfacilities in line with Islamic Shariaprinciples. Furthermore, the officeprovides services to neighboringregions due to the strategic locationthat the UAE occupies in its capacityas an international financial hub.Commenting on the agreement,HE Al Tayer emphasized that theagreement reflected the UAE’scommitment towards initiatingdevelopmental and investmentprojects and to implementing allpossible mechanisms to enhanceshared Islamic operations amongIDB member states. HE addedthat that these operations aimed atmeeting the needs and requirementsof Muslim states in order to achievetheir sustainable growth and raise“By establishing the regional ICIECoffice, we hope to better addressthe economical challenges facingIDB member states by aidingsmall and medium enterprisesand supporting initiatives to helperadicate unemployment,” HE AlTayer said.The main roles of the office willinclude finalizing contracts andagreements on behalf of the ICIECaccording to the corporation’spolicies, procedures and decisions.It will also be responsible forfollowing up on the progress ofIDB development operationsconcerning technical cooperationto promote investment in memberstates, in addition to organizingand participating in conferences,symposiums, workshops and trainingprogrammes pertaining to any ofthe IDB’s goals or scope of work.In line with its continuous efforts toenhance its financial and economicrelations with other countries andto ensure its sustainable growth,the UAE has signed an agreementwith the Republic of Kenya toavoid double taxation on income.Signed by the Ministry of Finance(MoF) on behalf of the UAE, theagreement is expected to furtherdevelop financial cooperationbetween both parties. It also aims atsupporting investment opportunitiesand financial development effortsbetween the UAE and the Republic ofKenya, in addition to implementingprogress goals set by the UAEleadership.Coinciding with the UAE’s efforts toenhance its participation in the globaleconomy, the signed agreementsupports UAE leadership effortsin facilitating the free movementof factors of production, increasingpromoting import and exportactivities, in addition to developingtrade practices and exports.Commenting on the agreement,HE Younis Haji Al Khouri,Undersecretary of (MOF),emphasized that it would shapethe legal framework for tax relationswith the Republic of Kenya andwould administer financial andeconomic interactions with Emiratiand Kenyan investors in bothcountries.“The UAE will be receiving a rangeof benefits as a result of the signedagreement. Such agreements areimportant as they allow Emiratiinvestors to obtain tax reductions andexemptions on income and capital inboth the public and private sectors.Furthermore, these agreements aimat protecting UAE investments fromadditional taxation in the future,investors’ rights in withdrawing theirinvestment capital from any of thecountries that have entered theseagreements,” HE Al Khouri said.Agreements of this kind are alsoimportant in diversifying income,as they result in the reduction oftax costs for UAE internationalinvestments while working onenhancing bilateral trade, attractingforeign investments, and increasingcapital flow.The UAE has signed 57 similaragreements to date to promote theUAE’s regional and internationaleconomical and financial role, andto avoid double taxation through thecreation of a conducive investmentclimate in both the public andprivate sectors. These agreementsalso support efforts to enhance theUAE’s air transport industry andincrease trade and tourism practices.An ICIEC representative office wasestablished in the Centre on May24, 2010 in aims of promoting their standards of living.available investment opportunities, while also maintaining Emirati14 15 15 14

MoF e-Newsletter 5 th Edition October 2011MoF NewsMinistry of Finance Publishes StatisticalReport on The Gulf Common Market – 2010The Ministry of Finance (MoF) hadpublished its annual statistical report onthe Gulf Common Market (GCM) for theyear 2010 earlier this year. Results presentedin the report indicated an increase in thenumber of registered traded real estateheld by GCC nationals within the UAE.While the number of registered propertycontracts amounted to 4,024 contracts in2009, the number had increased to 4,604in 2010. Consequently, gross cumulativerates of GCC citizens owning property inthe UAE rose to 34,029 in 2010 comparedto 29,425 in 2009.The ministry’s report also highlighted acumulative increase in the rates of licensesgranted to GCC citizens to practice economicactivities within the UAE, where 26, 223licenses were issued in 2010 comparedto 24,109 in 2009. GCC bank branchesin the UAE also witnessed a noticeablestability in growth rates, where 7 bankswere registered in 2010.the UAE, which have all been registered inthe social security system pertaining to thecountry, where they amounted to 4,190employees in 2010 in comparison to 3,589in 2009. These numbers reflect the UAE’scommitment towards the implementationof the GCM, placing the UAE as a pioneerin GCC integration efforts.Furthermore, the report registered anoticeable rise in the rate of GCC citizensworking within the federal public sectorby a number of 184 employees, where thefigure recorded in 2009 was 605 employees,compared to 789 in 2010. Results point,however, to a decline in the rate of GCCindividuals employed within the privatesector from 3080 in 2009 to 2906 in 2010.Secondary school enrollment showed aslight decline, where there were 2,888GCC students in 2009, and the numberfor 2010 was 2,886.The rates for GCC student enrollment inprivate schools in the UAE also reflected arise for the primary level from 1,475 pupilsin 2009 to 1,507 in 2010, whereas privateschools have recorded a decline in the numberof GCC pupils in the preparatory phasewhere the number was 751 in 2009 and749 in 2010. GCC students enrolled inthe secondary level in private UAE schoolsreflected an increase from 465 in 2009 to552 in 2010.The report also indicated that the numberof GCC students enrolled in UAE publichigher education institutions amountedto 723 students in 2010, compared tothe number of students enrolled in UAEprivate higher education institutions in thesame year, which was equivalent to 6,843.Field VisitsMoF Delegation Visits AviationAuthority to Exchange InternalAudit Expertise and KnowledgeIn line with its efforts to develop internalauditing practices implemented ingovernmental entities according to globalbest practices, a delegation from the JointInternal Audit Sector at the Ministry ofFinance (MoF) visited the headquartersof the General Civil Aviation Authority(GCAA) located in Abu Dhabi. The aimof the visit was to enhance coordinationbetween the two parties and to exchangeinformation and expertise pertaining tointernal auditing practices. The delegationexperience in the areas of risk assessment andinternal auditing. The two parties reviewedimportant internal auditing principles, suchas objectivity and independence.and elaborated on GCAA’s methodologyof determining accountability for the IAUto the higher board through the auditingcommittee.Commenting on the visit, Massoud HusseinAl Marzouqi, Head of Financial ControlOffice at MoF, confirmed the need tostrengthen cooperation between MoF andGCAA. He called for establishing a jointworking team between the two entities,which would exchange information andhelp disseminate knowledge regardinginternal auditing practices.“MoF seeks to enhance communicationwith various internal audit and financialcontrol units at local and federal governmentauthorities; due to the vital role thesecollaborations play in ensuring the optimumutilization of financial resources and activatinga sustainable and balanced developmentin the UAE. The delegation’s visit falls inline with MoF’s ongoing commitment toimprove practices applied at governmentauthorities to be on par with global practices”,In relation to the education sector, the A decline was noticeable; however, inThe MoF delegation was also introducednumbers of GCC students enrolled in GCC investments in public shareholdingto auditing methodologies applied by theUAE public schools present varying results. companies which are registered in theInternal Audit Unit (IAU) at GCAA, and wasStudents enrolled at the elementary level Emirates Securities and Commoditiesbriefed on how to prepare and update thehave increased to 4,891 in 2010 compared Authority (SCA) with shares accessiblerisk management archive based on internalto 4,752 in 2009, while preparatory level to GCC nationals. The decrease in theand external event probabilities. The visitFurthermore, the report highlighted a rise enrollment rates have remained consistent number of GCC investors was recorded atshed light on methods to evaluate these16 17in the rate of GCC citizens working within at 4,314 students for 2009 and 2010. 208,316 in 2010 from 276,805 in 2009.was briefed on GCAA’s distinguished events in line with objectives and results Al Marzouqi added.17 16

MoF e-Newsletter 5 th Edition October 2011Field VisitsWorkshops and Training SessionsMinistry of Finance receives delegationfrom the Financial and AdministrativeAffairs Department - Ajman to exchangeexpertise on the selection of suppliersand consultantsPresentations were given by eachof MoF’s Policies and AccountingStandards Department, DevelopmentRevenue Department and FinancialResources Department highlightingthe fact that UAE ministries referto MoF’s official supplier list whenselecting required suppliers. The visitalso included a discussion on thestandards and procedures appliedby MoF when choosing suppliersand consultants which involved athorough study of the informationsubmitted by consultancy companiesand an evaluation of their respectiveproposals.In efforts to achieve sustainablegrowth and development for theUAE, MoF is adamant on hostingvisits with various local and federalentities, to enhance cooperationefforts and to share informationpertaining to different financialissues and services. These visits andmeetings also play an important rolein reinforcing government excellenceprinciples which are important toachieve optimum usage of financialresources, and reflect MoF’s effortsin promoting international bestMoF OrganizesTimeManagementTrainingProgrammeThe Ministry of Finance (MoF)launched its Time Managementtraining programme in its Abu Dhabiand Dubai offices, in line with itscontinuous efforts to enhance anddevelop its employees’ management,financial and accounting skills.All MoF employees took part in theprogramme, which was created tohelp staff members acquire importantskills needed to manage their timeefficiently, reduce time wastingpractices and prioritize their tasks bothat work and in their personal lives.faced with different work tasksand pressures. The programme alsohighlighted time wasting practices andemphasized their negative effects onproductivity rates and on customersatisfaction. Methods of reducingfactors that lead to wasting time werealso emphasized, which can be appliedon both personal and societal levels.Commenting on the programme,Fatima Saif Al Sawaya, Director ofHR at MoF, said: “MoF continuouslyseeks to develop its employees’ abilityto manage their time efficientlyand wisely, to best correspond withworkload. This programme waslaunched in line with the ministry’sthat its employees play in determiningand implementing strategic plans andabiding by set deadlines in order toachieve a sustainable and balancedgrowth for the UAE.”During the programme, participantswere familiarized with traditionaland modern techniques for timemanagement, and were taught thedifferent methods available for dealingwith workload and for managing timevia a comprehensive system. Doing sowill increase customer satisfaction, andwill increase awareness among MoFemployees of the importance of timemanagement in career development.In line with its overall strategy of recently received a delegation from theenhancing its cooperation efforts Financial and Administrative Affairsand the exchange of information and Department - Ajman. Taking placeexpertise with various local federal and at its Dubai headquarters, the visitlocal entities to achieve sustainable aimed at sharing MoF’s experiencesThe programme included discussionsand balanced growth for the UAE in the process of selecting suitableregarding the different methods, the Ministry of Finance (MoF) suppliers and consultants. practices among government entities.utilized for managing time when understanding of the important role20 21 21 20

MoF e-Newsletter 5 th Edition October 2011Workshops and Training SessionsCSR InitiativesMinistry of Finance Holds TimeManagement Workshop for EmiratiSecondary School StudentsIn line with its objective to contributeto the sustainable development ofthe UAE and to ensure optimumuse of the country’s resources, theMinistry of Finance (MoF) recentlyheld a Time Management Workshopfor Emirati scholarship students.employees from MoF’s HumanResources Department. One of themain goals behind the course was toprovide participants with the toolsnecessary to implement effectivetime management methods whichcould enable them to organize theirtasks and priorities, allowing themto effectively deal with workload.Possessing those skills will allowemployees to enhance their workDuring the workshop, a numberof prominent time managementtheories and skills required to managetime effectively were presented,Discussions were also held on thebest methods used to arrange workand personal priorities and on settinglong-term goals.In 2010, MoF provided universityscholarships to 29 university studentsfrom across the UAE. This initiativewas launched in line with MoF’scommitment in contributing in thedevelopment of skills among Emiratistudents, and in implementingdecision (3/232) of the MinisterialMOF launches staffcampaign to reduce energyand water consumptionIn line with its efforts to participatein initiatives related to preserving theUAE environment and natural wealthand in projects pertaining to globalclimate risks, the Ministry of Finance(MoF) launched a campaign at itsoffice in Dubai in partnership with theDubai Electricity & Water Authority(DEWA). The campaign aimed atemployees regarding the importanceof energy and water consumption.Through implementing this campaign,MOF informed its employees of thevision and mission of DEWA, inaddition to increasing their awarenesson methods of rationalizing energy andwater usage, and encouraging themto apply best practices to conserveStressing the importance of leveragingnatural resources responsibly, H.E.Younis Haji Al Khoori, Undersecretaryof MoF, said: “The campaign launchedby MoF to promote energy and waterconsumption falls in line with ourefforts to enhance environmentalknowledge and awareness amongmembers of the community, andreinforce values of protecting theUAE’s natural resources. Furthermore,the campaign aims at improvingour environmental practices andat addressing the different threatsfacing the planet.”The campaign received significantsupport from DEWA, where theauthority provided MoF with relevantbooklets and publications, motivationalprizes and CDs containing articlesand materials that promote theconservation of natural resources andaim at establishing environmental bestpractices as a permanent behavioralThe workshop took place overtwo days at MoF’s Abu Dhabi andDubai offices and was attendedby 15 students and a number of performance.Council for Services, issued in 2008.promoting awareness among MoF the UAE’s natural resources. pattern among the UAE community.22 23 23 22

MoF e-Newsletter 5 th Edition October 2011CSR InitiativesMinistry of Finance Hosts Iftarfor its Employees, Members of theMedia and Children from the ZayedHouse for Family Carereinforce a sense of team spirit, whichis important in raising the overalllevel of performance among staff.The event also aimed at promotingrelations with the local communityand members of the UAE media,to reflect existing strong ties andreiterate MoF’s commitment to allgroups and members of society.Children from the Zayed House forFamily Care joined MoF employeesand other attendees at the Iftarevent, and left a positive impressionon staff members, guests, andjournalists alike.Commenting on the event, HEMusabah Mohammed Al Suwaidi,Assistant Undersecretary of SupportServices Sector at MoF said: “Theannual Iftar event aided in enhancingties between MoF employees and itssenior management. It also reflectedour recognition of the UAE mediaand the respect MoF holds for them,reiterating our communicationstrategy with journalists, which isbuilt on clarity and transparency. Wewere also pleased to have childrenfrom the Zayed House for FamilyCare with us during the Iftar, whichreflected our continued commitmenttowards all members of our localMoF holds Osteoporosis awarenesscampaign in line with CSR effortsThe Ministry of Finance (MoF) by HE Obaid Humaid Al Tayer,The Ministry of Finance (MoF) bone density tests free of charge. were also urged to visit specialists.held an annual Iftar event for its Minister of State for Financialrecently held an Osteoporosisemployees and senior management Affairs, HE Younis Haji Al Khouri,awareness campaign urging Doctors and experts from the Commenting on the campaign,to reflect the spirit of the holy month Undersecretary of (MOF), and HEparticipants to undergo regular Dubai Bone and Joint Center Saif Ali Al Khatri, Director ofof Ramadan, where it was attended Musabah Mohammed Al Suwaidi,medical checkups at its headquarters discussed the results of the tests Government Communicationsby children from the Zayed House Assistant Undersecretary of Supportin Dubai. In addition to educating with each participant in detail and Department at MoF said: “Thefor Family Care and a select group Services Sector at MoF.attendees and raising their awareness provided them which health tips Osteoporosis awareness campaignof journalists and members of the In addition to reinforcing Ramadanon different aspects pertaining and specialized diet plans to suit coincides with MoF’s efforts to playmedia. Held at the Hilton hotel in values, the Iftar was held to enhanceto Osteoporosis, employees and their different medical conditions. a positive role in society throughAbu Dhabi on Monday August 15, relations between MoF employeescustomers were also provided Participants that demonstrated holding campaigns that are beneficial2011, the event was also attended and the senior management and to community.”with the chance to perform low bone density percentages to all members of the community.”25 2425 24

MoF e-Newsletter 5 th Edition October 2011CSR InitiativesMinistry of Finance launches“Sa’ed” initiative to providehumanitarian support for UAEworkersA delegation from the CorporateExcellence Department at MoForganized field visits to numerousconstruction sites throughout thecountry, to meet with workers andacknowledge their efforts, in additionto providing them with water andjuices bottles. The ministry’s sitesvisits reflect its interest in thewellbeing of all members of theUAE community and its efforts inpromoting humanitarian initiativesand volunteer work among its staffmembers.Commenting on this initiative,Sheikha bin Zaal, Director ofCorporate Excellence Department,said: “This initiative reiterates MoF’scommitment in implementingsustainable strategic plans to achievegovernment excellence by enhancingrelations between the Ministry ofFinance and various segments of thecommunity. We have chosen to visitUAE workers at their different sitesin recognition of their efforts andto acknowledge the important rolethey play in developing the UAE’sinfrastructure and constructionprojects, thereby aiding in theMoF Employees Introducee-Dirham to ‘Watani’ SummerCamp Childrenwere also informed about the varioushistorical developments that the UAEcurrency underwent and about trademechanisms practiced in past andpresent times. Furthermore, the visitalso highlighted recent developmentsapplied to payment methods usedfor a number of transactions. Inline with global technologicaladvancements, payment for thesetransactions was being conductedvia electronic currency as opposedto physical money.Commenting on the visit, AlMansouri said: “Our aim behindorganizing visits such as this one isto educate and inform the youngergeneration about the e-Dirham andthe important role that the Ministryof Finance plays in developing andenhancing its services at a nationallevel. All initiatives implemented byMoF have the common underlyinggoal of ensuring that financialresources are managed wisely.”The Revenue Development Department at MoF, was held toDepartment at the Ministry of inform the children about the The children also had a chance toIn line with its ongoing corporate meant to encourage MoF employeesFinance (MoF) recently organized e-Dirham.practically experience using thesocial responsibility (CSR) efforts to interact with members of thea visit at its headquarters in Dubaie-dirham system and its related ATMwhich aim to support the UAE community and to support workersfor children participating in the During the visit, the children were machines. They also participatedcommunity, the Ministry of Finance in the UAE, especially during hot and‘Watani’ summer camp. The visit, introduced to the different ministries in a trivia competition about the(MoF) has recently launched its difficult climate conditions exhibitedheaded by Faisal Al Mansouri, existent in the UAE and briefed system and received souvenirs at“Sa’ed” initiative. The initiative is during the summer months. overall growth of our country.”Director of Revenues Development about MoF’s role. The children the conclusion of the visit.27 2627 26

MoF e-Newsletter 5 th Edition October 2011CSR InitiativesMinistry of Finance OrganizesRamadan Charity Drive as Partof its CSR EffortsThe Ministry of Finance (MoF)recently held a Ramadan charity drivein partnership with Human AppealInternational-UAE for clothes andsecond hand items over the periodof three days at its headquartersin Abu Dhabi and Dubai. Theinitiative was held in line withMoF’s ongoing Corporate SocialResponsibility (CSR) efforts andits goal of positively contributing tothe local community and enhancingthe spirit of charity and givingduring the holy month of Ramadan.The organization ensured theirdistribution to those in need bothwithin and outside the UAE.Commenting on the drive, Saif AliAl Khatri, Director of GovernmentCommunications Department atMoF said: “Our Ramadan charitydrive falls in line with our CSRefforts within the local community,and reflects the humanitariansentiments of our employees, andtheir willingness to participatein charitable events. MoF’s CSRinitiatives aim at enhancing andstrengthening ties between differentmembers of the UAE community.”MoF employees were encouragedto join in the drive, where theirdonations were placed in designated29 26Human Appeal International boxes.27 28

MoF e-Newsletter 5 th Edition October 2011TalentMarwa Al-Sueidi31 27 3026