Issac John
DUBAI —The Government of Dubai on Sunday set up a finance team to draw up a four-year financial plan and to make recommendations on the fiscal needs of the emirate.
The new body will operate under Dubai’s Department of Finance and report to the Supreme Fiscal Committee chaired by Shaikh Ahmed bin Saeed Al Maktoum.
The finance team will be headed by Jamal Hamed Al Marri, Director of Central Accounts at the Department of Finance, the Dubai government said in an e-mailed statement on Sunday.
The team will include representatives from the Department of Finance, Dubai Police, Dubai Municipality, the Roads and Transport Authority, Dubai Customs, Dubai Health Authority and the Dubai Airports Authority.
The team is being established to emphasise “the need for further cooperation and coordination between the various components of Dubai’s financial system”, said the statement.
“This step comes as part of a series of financial reforms aimed at enhancing efficiency of government spending, both capital and operational, and bolstering the rules that form the basis of Dubai’s fiscal policy,” it said.
Abdulrahman Al Saleh, Director General of the Department of Finance, stressed the importance of cooperation of between Dubai government departments and authorities and the government finance team.
Analysts see the move as crucial in allocating state funds for future finance requirements as Dubai makes headway in supporting its state-owned conglomerates by restructuring their debts.
On March 15, the government pumped in $9.5 billion in new funding to help Dubai World and property firm Nakheel restructure their debt.
Announcing the cash injection last month, Shaikh Ahmed said the Government of Dubai would support the state-owned entities’ restructuring proposals with significant financial resources.
Khaleej Times
