Day: October 10, 2022

ABU DHABI, Younis Haji Al Khoori, Under-Secretary of Ministry of Finance (MoF), recently met with Naadir Hassan, Seychelles Minister of Finance, Economic Planning and Trade; and Devika Vidot, Seychelles Minister of Investment, Entrepreneurship, and Industry; and their accompanying delegation. The meeting, which took place at the ministry’s headquarters in Dubai, sought to discuss means of enhancing the UAE-Seychelles strategic partnership in areas of common interest.

Al Khoori praised the strong ties between both countries, and emphasised the need to keep advancing the UAE-Seychelles relations in all areas, particularly in commercial, economic, and financial sectors. “The Ministry of Finance is keen to continue strengthening financial and economic cooperation with all countries of the world, especially the Republic of Seychelles, to advance bilateral ties and take advantage of various promising opportunities that are of benefit to both countries,” he stated.

The meeting sought to discuss the ministry’s experience in the full automation of the UAE Federal Government Budget preparation and approval and the Federal Budget Law issuing steps. It also discussed systems utilised for budgeting purposes, as well as the mechanisms in place for budget monitoring and control of spending through the Procure-to-Pay cycle. Furthermore, the meeting showcased the latest updates of the Federal Government Digital Procurement Policy, the automation of the Federal Government financial statements, and business intelligence and dashboards used by the Ministry of Finance’s Senior Management to oversee budget and revenue controls.

Source: Emirates News Agency

DUBAI, ENOC Group today announced its partnership with QMF Energy in Nigeria in line with the Group’s wider strategy to expand its global marine lubricants network.

ENOC Marine Lubricants will supply its Strata product range across all the ports in Nigeria. The ENOC Strata marine lubricants is comprehensive and covers all marine applications across a wide range of marine vessels such as offshore supply vessel, oil rigs, tankers, bulk carriers, container ships and gas carriers.

Saif Humaid Al Falasi, Group CEO at ENOC, said, “As a leading integrated international energy player, ENOC Group is committed towards expanding its global footprint. Our latest partnership with QMF Energy is another step in this direction as we continue to support the overall growth of the maritime and shipping sector globally. We are confident that this partnership will elevate our marine lubricants business across international markets.”

Currently, ENOC’s Strata marine lubricants global supply network covers 200 marine ports across 20 countries and has supplied 1,700 vessels with lubricants (in 2021). These include the wider GCC countries, Africa including Northern Africa & Mediterranean, and CIS countries. Within Africa, the Group’s network covers South-Africa, Angola, Namibia, Ghana, Togo, Mauritania, Egypt, Kenya and now Nigeria with the QMF partnership.

Recently, ENOC Group announced its Strata marine lubricants arm recorded 350 percent sales growth during the period of 2019 to 2021 citing its expanding global footprint and supply chain and distributors in key marine markets contributing to its substantial sales growth. In the last two years, ENOC has extended its network of indirect channel partners in key markets and has plans to expand its global Strata marine lubricants presence by adding 20 new ports to its existing network over the course of 2022.

Operating within the field of international trading and logistics, QMF Energy supplies and trades marine fuels to the oil and shipping industries. With more than two decades of experience, they function as a trusted and competent partner and facilitator for all ENOC customers. QMF Energy offers a diverse range of services including marine bunkering, trading and are official distributors for marine lubricants.

Source: Emirates News Agency

ABU DHABI, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, chaired the UAE Cabinet meeting at Qasr Al Watan Abu Dhabi, in the presence of H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance; and H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior.

His Highness Sheikh Mohammed bin Rashid Al Maktoum said, “I chaired the Cabinet meeting at Qasr Al Watan in Abu Dhabi. We approved the federal budget 2023-2026 with a total estimated expenditure of AED252.3 billion and estimated revenues 255.7 billion dirhams… The Federal Budget is a major driver of the government’s development ambitions and plans.”

His Highness added, “We discussed the UAE-Egypt bilateral relations… Our countries maintain close ties thanks to my brother the President of the UAE and the Egyptian President… We directed to organise a celebration on the 50th anniversary of UAE- Egypt ties.”

His Highness said, “We reviewed the UAE Railway Programme… the largest infrastructure project in the UAE, linking 11 cities, 7 logistics centres and 4 international ports in the country… Under the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the follow-up of H.H. Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of Etihad Rail, this project will change the infrastructure map in the country.”

The Federal General Budget 2023-2026

The Cabinet meeting approved the Federal General Budget 2023-2026, with a total of estimated expenditure of AED252.3 billion and estimated revenues AED255.7 billion. A budget for the year 2023 has been allocated, with total estimated expenses of AED63.066 billion, and total estimated revenues of AED63.613 billion.

According to the budget, the UAE estimates growth in revenues in the fiscal year 2023 will reach 11 percent with a growth rate of 3.9 percent in expenditures.

The social development and benefits represent the largest proportion of the UAE Federal Budget 2023 at 39.3 percent, followed by the government affairs with 38 percent of the budget. The rest of the budget was distributed to the infrastructure and economic resources by 3.8 percent, and the financial assets and investments by 3.4 percent. Other federal expenses amount to 15.5 percent of the 2023 Federal Budget.

UAE and Egypt profound historic ties

The UAE announced organising a ceremony under the slogan “UAE and Egypt… One Heart”, which includes a three-day event in the Egyptian capital, Cairo, during the month of October. The event comes in celebration of the 50th anniversary of UAE- Egypt ties and brotherly relations between the two countries. The details of the event will be announced in the coming days.

The UAE Railway Programme

The UAE Cabinet reviewed the developments of the UAE Railway Programme, which will work continuously to reduce carbon dioxide emissions by 70-80 percent over the next 50 years, and support the country’s efforts to achieve carbon neutrality.

The UAE Cabinet meeting approved a number of decisions regarding the mechanisms adopted for implementing the Unemployment Insurance System. In addition, the meeting approved the UAE’s accession to the Gas Exporting Countries Forum (GECF), the High Ambition Coalition to End Plastic Pollution by 2040, and the Protocol Supplementary to the Convention for the Suppression of Unlawful Seizure of Aircraft issued in Beijing in 2010.

Also, the Cabinet approved several international agreements with a number of friendly countries, including Kuwait, Czech Republic, Republic of Bulgaria, Kingdom of Eswatini, and the Republic of the Congo.

Source: Emirates News Agency

DUBAI, The UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, approved the federal budget 2023-2026, with a total estimated expenditure of AED 252.3 billion and estimated revenues of AED 255.7 billion. A budget for the year 2023 has been allocated, with total estimated expenses of AED 63.066 billion, and total estimated revenues presented for approval amounted for AED63.613 billion.

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, noted that the government prioritises the happiness and prosperity of the UAE people. His Highness also mentioned that the UAE, under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, has laid solid foundations for the government work system to accelerate advancing sustainable development.

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum said: “The Federal Budget is an essential pillar in the UAE’s development process, and the directives of our wise leadership help us achieve our development and social requirements for the coming years.” His Highness emphasised that the Federal Budget is subject to continuous reviews in order to keep pace with all changes, trends, and directives. Our goal is to ensure that the Federal Government operates with the highest standards of financial efficiency.

“The financial resources of the Federal Budget are sustainable, and the budget’s main objective is to strengthen the Federal Government in pursuit of its developmental, economic, and social goals,” His Highness added.

Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, affirmed that the Draft of the Federal Budget for the Fiscal Year 2023 was approved based on the provisions of Federal Decree Law No (26) of 2019 on Public Finance, and in accordance with the best international standards and practices. This is to maximise the efficiency of government spending and the optimal use of financial resources in strategically important sectors, thereby supporting the achievement of the country’s development goals and policies.

He indicated that the largest share of the UAE Federal Budget 2023 was allocated to support the wise leadership’s directions in developing government services, raising the level of well-being, happiness, and security for all community members, providing the highest levels of social welfare, healthcare, and education, and enhancing the economic environment and investment infrastructure in the country.

The UAE Federal Budget 2023 was approved with total expenditures of AED63.066 billion and total revenues of AED 63.613 billion. The budget was allocated to the social development and social benefits sector, government affairs sector, financial investments sector, and other federal expenses:

-AED24.8 billion (39.3% of the total general budget) were allocated to the social development and social benefits sector.

-AED9.8 billion (15.5% of the total general budget) were allocated to public and university education programmes.

-AED4.8 billion (7.6% of the total general budget) were allocated to the healthcare and community protection.

-AED3.5 billion (5.6% of the total general budget) were allocated to the social affairs. AED 5 billion (8% of the total general budget) were allocated to the pensions.

-AED23.9 billion (38% of the total general budget) were allocated to the Government Affairs sector.

-AED2.4 billion (3.8% of the total general budget) were allocated to the Infrastructure and Economic resources.

-AED2.1 billion (3.4% of the total general budget) were allocated to the Financial Investments sector, including AED 753 million allocated to the Federal Investment projects.

-AED9.8 billion (15.5% of the total general budget) were allocated to other Federal expenses.

Source: Emirates News Agency

DUBAI, The CEOs Consultative Council of the UAE Banks Federation (UBF), the representative body and unified voice of the UAE banks, held its second meeting recently.

The meeting, which was chaired by Mohamed Omran Al Shamsi, Vice Chairman of the Board of Directors of UAE Banks Federation and Chairman of RAK Bank, discussed the Council’s strategy and plans to deepen its participation in decision-making to support UBF’s role in the development of the UAE banking and financial sector.

Participants in the meeting also deliberated on the cooperation with various committees under the federation to advance their work, and efforts being made to ensure the highest level of governance and transparency in the sector.

The Consultative Council, which was established following the decisions of UBF’s General Assembly and the Board of Directors meetings in December 2021 and April 2022, evaluated the strategies and plans for Emiratisation in the banking and finance sector in the country, as well as the programmes being implemented by the federation to enhance the skills and qualifications of Emirati youth to enable them to take on leadership roles in the industry.

The CEOs present at the meeting discussed the plan and topics of the training and technical sessions that the UAE Banks Federation plans to organise in the coming period to keep pace with the rapid developments in the banking and financial sector to ensure the adoption of the best banking practices.

Furthermore, the meeting also discussed the National Fraud Awareness Campaign, which is in its third consecutive year and has been successful in raising public awareness of the dangers of fraud over the past two years, especially given the increasing reliance on e-commerce, banking and digital transactions.

In addition, the meeting discussed the Cyber Wargame initiative, which is part of the Federation’s efforts to promote cybersecurity and best practices to increase the level of security and protection of digital infrastructure, as well as to enhance collaboration with the Ministry of Justice and the Cybersecurity Council.

Mohammed Omran Al Shamsi, Vice Chairman of UBF and Chairman of the Consultative Council, said, “The discussions at the Council’s second meeting reflect the commitment of the participating CEOs in supporting and strengthening the UAE Banks Federation’s role through the exchange of experiences and knowledge, as well as the Council’s enhanced cooperation and coordination with various committees under the federation.”

“The Consultative Council, in collaboration with the Advisory Council and Board of UAE Banks Federation, and the continued guidance and cooperation of the Central Bank of the UAE, is working on initiatives to develop innovative solutions that meet the needs of customers and build an integrated system that safeguards the interests of the banking and financial sector in the UAE,” he added.

For his part, Jamal Saleh, Director-General of UBF, shared an overview of the programmes and initiatives undertaken by the Federation this year, its plans for the last quarter of the year, and the initiatives that have been implemented in collaboration with various authorities in the country under the supervision of the Central Bank of the UAE.

He said, “The UAE Banks Federation, through these initiatives, supports the progress of the banking and financial sector in the UAE in developing, implementing and adhering to the latest systems and policies, especially those related to compliance, governance and transparency.”

Source: Emirates News Agency