The two MoUs will launch various programmes and certifications. Credit: Smile Studio AP/Shutterstock.

The United Arab Emirates (UAE) Ministry of Finance (MoF) has signed two memoranda of understanding (MoUs) with the American University in Dubai (AUD) and the Association of Chartered Certified Accountants (ACCA).  

These agreements are part of a project aimed at enhancing financial sustainability and accounting capacity building among federal government financial staff, according to a press release posted on Zawya.  

The project falls under the Ministry’s framework for government partnership and integration, which aims to forge strategic partnerships with international and local organisations and institutions.  

Under the first MoU, the AUD will launch the executive diploma programme in Government Financial Policy Sustainability in 2024 and 2025.  

This programme is set to support the UAE government’s vision of developing national talent and strengthening financial and accounting expertise. 

The programme aims to equip participants with concepts and skills, promote principles of financial sustainability, explore future trends in government financial management. 

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It also intends to examine the impact of artificial intelligence and digital transformation on financial statement analysis. 

Meanwhile, the second partnership between the Ministry of Finance and the UK-based ACCA will focus on building financial and accounting capacities. 

It will launch the Certificate in International Public Sector Accounting Standards and the Certificate in Sustainability for Finance (Cert SF) in 2024 and 2025. 

Law firm Sarie-Eldin clarified that the Cert SF will enable chief financial officers to acquire the skills and knowledge necessary to lead initiatives related to financial sustainability within federal agencies.  

MoF undersecretary Younis Haji Al Khoori said: “We are committed to collaborating with top universities and institutions to offer education that not only meets the demands of our modern economy but also supports the enduring strength of our public finances.  

“These partnerships  will undoubtedly play a vital role in preparing our financial management team for the future, encouraging innovation and integrating cutting-edge technologies like artificial intelligence and digital transformation.” 

The MoU aims to help accountants and finance professionals adapt to challenges associated with accrual-based international accounting standards and financial statement preparation.  

Through specialised educational programmes, MoF seeks to help professionals master the application of International Public Sector Accounting Standards. 

Earlier in November 2024, the UAE Ministry of Finance unveiled a Financial Sustainability and Accounting Capacity Building Programme.