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Mid East Info
6 days ago
- Business
- Mid East Info
Director-General of Federal Tax Authority lauds 3 wins at Sharjah Public Finance Award - Middle East Business News and Information
H.E. Khalid Al Bustani: 'Awards reflect the FTA's institutional excellence and an environment of optimum innovation' Sharjah,May 2025: Following the 3rd edition of the Sharjah Public Finance Award, H.E. Khalid Ali Al Bustani, Director-General of the Federal Tax Authority (FTA), said that winning three Arab Region awards in both institutional and individual categories is another important achievement – adding to the Authority's track record of accomplishments under its innovation strategy. The FTA's innovation strategy was established with the aim of achieving global leadership in tax revenue collection, establishing a culture of voluntary compliance to support financial sustainability, developing innovative solutions to continuously improve the services provided to customers, and promoting an institutional environment that supports and encourages creativity and innovation. The three accolades awarded to the FTA included one institutional and two individual awards. The FTA won in the category of 'Institution Distinguished in Financial Innovation,' with two FTA employees picking up individual awards for 'Outstanding Arab Tax Manager' and 'Outstanding Arab Procurement and Contracts Manager'. During a ceremony, held recently at the Sharjah Cultural Palace Theatre, Sheikh Mohammed bin Saud Al Qasimi, Chairman of the Sharjah Finance Department, congratulated and presented H.E. Khalid Ali Al Bustani with the FTA's institution award, in the presence of H.E. Sheikh Rashid bin Saqr Al Qasimi, Director of SFD and Secretary-General of the Award, along with a number of senior officials from government and private entities in Arab countries, local departments, and representatives of the financial sector from across the UAE. The individual awardees included Saida Kaddoumi Osman, Tax Policy Consultant at the FTA, who took first place for the 'Outstanding Arab Tax Manager' award. This category awards outstanding individuals working in Arab government entities responsible for managing tax affairs, and is dedicated to mid-tier tax administration leaders. Sulaiman Abdullah, Director of the Administrative Affairs Department at the FTA, was the other individual award winner, coming first in the 'Outstanding Arab Procurement and Contracts Manager' award category. This award recognises individuals with outstanding performance in the public finance departments of Arab government entities, specifically mid-tier tax administration leaders who are responsible for procurement, tendering and contract management processes that are carried out with a high level of excellence and transparency. Following today's announcement, the FTA Director-General said: 'We are proud to win these prestigious awards, especially given the strong competition from many well-established entities with great expertise in public finance – from across the Arab world. 'Through continuous efforts to develop and update our technology infrastructure and human resources, the FTA has shown itself a clear leader across multiple award categories. This reflects our continuous efforts to implement development plans that maintain the highest standards and enhance both leadership and deliver excellence in the tax sector – both regionally and internationally.' His Excellency added, 'This milestone is further testament to the FTA's advanced organisational maturity – despite being a relatively new institution. By adopting the concept of innovation as a core pillar for the sustainable growth and efficiency of the UAE's tax system, the FTA demonstrates its commitment to excellence and its growing role as a global leader in the field of tax administration. The Director-General also praised the wider team at the FTA for their ongoing dedication to fostering a culture of creativity and innovation, ensuring that the Authority maintains its position as a leading global tax authority that supports financial sustainability in accordance with the highest standards of governance and transparency.' The Sharjah Public Finance Award 'Institution Distinguished in Financial Innovation Award' category is presented to a government entity that has developed innovative solutions to enhance financial operations or address challenges encountered by the financial sector. It was noted that the digital system implemented for the refund of Value Added Tax (VAT) to tourists was one of the primary submissions under consideration for this category. The FTA successfully overcame a significant challenge by transitioning from conventional, paper-based procedures for tourist VAT refunds, which were time-consuming and labour-intensive. The FTA's solution was to launch the world's first integrated digital VAT refund system for tourists, which has overcome many procedural and processing obstacles, thereby delivering an exceptional experience for tourists, while supporting the digital transformation and sustainability goals of the UAE government. The VAT refund system also reinforces the UAE's leadership in innovation and smart government services. Launched in 2016, the Sharjah Award in Public Finance, is the first Arab award specialising in government financial excellence. It was initiated by the Sharjah Finance Department in cooperation with the Arab Administrative Development Organisation of the League of Arab States. The of this was to help consolidate a regional culture of excellence, developing administrative ideologies and creating a collective identity of efficiency and excellence among different government entities. The award also aims to encourage the optimal use of financial resources, the implementation of the most effective financial and administrative systems, and the development of government budgets to achieve sustainable development.
Zawya
7 days ago
- Business
- Zawya
Director-General of Federal Tax Authority lauds 3 wins at Sharjah Public Finance Award
Sharjah: Following the 3rd edition of the Sharjah Public Finance Award, H.E. Khalid Ali Al Bustani, Director-General of the Federal Tax Authority (FTA), said that winning three Arab Region awards in both institutional and individual categories is another important achievement – adding to the Authority's track record of accomplishments under its innovation strategy. The FTA's innovation strategy was established with the aim of achieving global leadership in tax revenue collection, establishing a culture of voluntary compliance to support financial sustainability, developing innovative solutions to continuously improve the services provided to customers, and promoting an institutional environment that supports and encourages creativity and innovation. The three accolades awarded to the FTA included one institutional and two individual awards. The FTA won in the category of 'Institution Distinguished in Financial Innovation,' with two FTA employees picking up individual awards for 'Outstanding Arab Tax Manager' and 'Outstanding Arab Procurement and Contracts Manager'. During a ceremony, held recently at the Sharjah Cultural Palace Theatre, Sheikh Mohammed bin Saud Al Qasimi, Chairman of the Sharjah Finance Department, congratulated and presented H.E. Khalid Ali Al Bustani with the FTA's institution award, in the presence of H.E. Sheikh Rashid bin Saqr Al Qasimi, Director of SFD and Secretary-General of the Award, along with a number of senior officials from government and private entities in Arab countries, local departments, and representatives of the financial sector from across the UAE. The individual awardees included Saida Kaddoumi Osman, Tax Policy Consultant at the FTA, who took first place for the 'Outstanding Arab Tax Manager' award. This category awards outstanding individuals working in Arab government entities responsible for managing tax affairs, and is dedicated to mid-tier tax administration leaders. Sulaiman Abdullah, Director of the Administrative Affairs Department at the FTA, was the other individual award winner, coming first in the 'Outstanding Arab Procurement and Contracts Manager' award category. This award recognises individuals with outstanding performance in the public finance departments of Arab government entities, specifically mid-tier tax administration leaders who are responsible for procurement, tendering and contract management processes that are carried out with a high level of excellence and transparency. Following today's announcement, the FTA Director-General said: 'We are proud to win these prestigious awards, especially given the strong competition from many well-established entities with great expertise in public finance – from across the Arab world. 'Through continuous efforts to develop and update our technology infrastructure and human resources, the FTA has shown itself a clear leader across multiple award categories. This reflects our continuous efforts to implement development plans that maintain the highest standards and enhance both leadership and deliver excellence in the tax sector – both regionally and internationally.' His Excellency added, "This milestone is further testament to the FTA's advanced organisational maturity – despite being a relatively new institution. By adopting the concept of innovation as a core pillar for the sustainable growth and efficiency of the UAE's tax system, the FTA demonstrates its commitment to excellence and its growing role as a global leader in the field of tax administration. The Director-General also praised the wider team at the FTA for their ongoing dedication to fostering a culture of creativity and innovation, ensuring that the Authority maintains its position as a leading global tax authority that supports financial sustainability in accordance with the highest standards of governance and transparency." The Sharjah Public Finance Award 'Institution Distinguished in Financial Innovation Award' category is presented to a government entity that has developed innovative solutions to enhance financial operations or address challenges encountered by the financial sector. It was noted that the digital system implemented for the refund of Value Added Tax (VAT) to tourists was one of the primary submissions under consideration for this category. The FTA successfully overcame a significant challenge by transitioning from conventional, paper-based procedures for tourist VAT refunds, which were time-consuming and labour-intensive. The FTA's solution was to launch the world's first integrated digital VAT refund system for tourists, which has overcome many procedural and processing obstacles, thereby delivering an exceptional experience for tourists, while supporting the digital transformation and sustainability goals of the UAE government. The VAT refund system also reinforces the UAE's leadership in innovation and smart government services. Launched in 2016, the Sharjah Award in Public Finance, is the first Arab award specialising in government financial excellence. It was initiated by the Sharjah Finance Department in cooperation with the Arab Administrative Development Organisation of the League of Arab States. The of this was to help consolidate a regional culture of excellence, developing administrative ideologies and creating a collective identity of efficiency and excellence among different government entities. The award also aims to encourage the optimal use of financial resources, the implementation of the most effective financial and administrative systems, and the development of government budgets to achieve sustainable development. About FTA The Federal Tax Authority was established by Federal Decree-Law No. (13) of 2016 to help diversify the national economy and increase non-oil revenues in the UAE through the management and collection of federal taxes based on international best practices and standards, as well as to provide all means of support to enable taxpayers to comply with the tax laws and procedures. Since its inception in 2017, the FTA has been committed to cooperate with the competent authorities to establish a comprehensive and balanced system to make the UAE one of the first countries in the world to implement a fully electronic tax system that encourages voluntary compliance, with simple procedures based on the highest standards of transparency and accuracy – beginning from registration, to the submission of tax returns, to the payment of due taxes through the Authority's website:
Emirates 24/7
20-05-2025
- Business
- Emirates 24/7
Dubai Press Club to honour winners of the 24th Arab Media Award on 27 May
- Under the patronage of Mohammed bin Rashid, Dubai Press Club to honour winners of the 24th Arab Media Award on 27 May Under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the Dubai Press Club (DPC), on behalf of the General Secretariat of the Arab Media Award (AMA), will host the award ceremony to honour winners of the 24th edition of the region's most prestigious media accolade on 27 May at the Dubai World Trade Centre. Scheduled for the second day of the Arab Media Summit and held in conjunction with the start of the opening of the Arab Media Forum, the ceremony will bring together prominent media leaders, journalists, editors-in-chief from local and regional media outlets, in addition to media professionals from across the Arab region. Earlier this month, the Board of Directors of the Arab Media Award, chaired by Her Excellency Mona Ghanem Al Marri, Vice Chairperson and Managing Director of the Dubai Media Council and Chairperson of the Award, convened to finalise the winners of the 24th edition. The selection was made by a judging panel following a rigorous set of criteria to ensure the highest standards of excellence. Her Excellency Mona Ghanem Al Marri highlighted that the 24th edition of the Arab Media Award underscores the UAE's pivotal role in enhancing regional media standards. She underscored the importance of recognising outstanding Arab media professionals whose contributions help promote development goals and enhance public awareness. Held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Award also reflects the DPC's dedication to fostering excellence and innovation amid a rapidly changing media landscape. Her Excellency highlighted that the award ceremony serves as a platform to honour Arab media professionals whose impactful work has reinforced the sector's role in driving development and fostering informed public discourse. She commended their accomplishments and voiced confidence in Arab media's capacity, especially through its energetic young leaders, to drive positive transformation and support the region's advancement. Dr. Maitha Buhumaid, Secretary General of the Arab Media Award, said that the award celebrates exceptional Arab media talent and content that blends strong journalistic values with awareness of current developments. She affirmed that the latest edition continues to reflect the award's dedication to impartial evaluation and solidifies its reputation as the Arab world's leading media accolade. Maryam Al Mulla, Acting Director of Dubai Press Club, said that the award remains a key platform recognising media creativity and excellence across the Arab world. She noted that it reflects the evolving media landscape and inspires professionals to innovate. She also stressed the club's commitment to keeping the award's standards aligned with the fast-changing media scene, supporting responsible journalism. Jasim Al Shamsi, Director of the Arab Media Award, highlighted that the award constantly strives to stay relevant to the fast-evolving media landscape. The 24th edition enhances evaluation accuracy by involving top Arab academics, experts, and media professionals to uphold fairness and credibility. He emphasised that the award recognises excellence while promoting creativity and media responsibility, showcasing work that elevates Arab media's global reputation. The Arab Media Award comprises three categories: Journalism, Digital Media, and TV. The Journalism category includes awards for Political Journalism, Investigative Reporting, and Economic Journalism. The TV category includes awards for Best Economic Programme, Best Social Programme, Best Cultural Programme, Best Sports Programme, and Best Documentary. The 'Media Personality of the Year' award, decided by the Board of Directors, honours an influential Arab media figure whose work has significantly shaped and enriched the media landscape in the region. The 'Best Columnist' award is also determined by the Board, based on a set of defined criteria. The Arab Media Award is being organised as part of the Arab Media Summit, which will also feature the third Arab Youth Media Forum on 26 May, followed by the 23rd edition of the Arab Media Forum on 27 and 28 May, along with the Arab Social Media Influencers Summit. The Summit features standalone honouring ceremonies for winners of the Arab Media Award, the Arab Social Media Influencers Award, and the Ibda'a – Arab Youth Media Award. Follow Emirates 24|7 on Google News.
Argaam
15-05-2025
- Business
- Argaam
Al Arabia Chairman: Profit drops due to accounting standard, management reshuffle align with next phase
Mohamed Alkhereiji, the newly appointed Chairman of Arabian Contracting Services Co. (Al Arabia), said the company delivered positive financial performance in the first quarter of 2025, despite a year-on-year (YoY) decline in profit. He attributed the drop in profit to accounting standards that led the company to report high and inflated financing costs related to the Remat contract, which he said did not reflect the company's underlying profitability. Speaking to Al Arabiya TV, Alkhereiji said the company is seeing growth across multiple business segments, supported by its wide coverage in major cities across Saudi Arabia and the broader Arab region. He added that the company is continuing to expand its advertising network, particularly in digital advertising. The company's ongoing expansion is a natural progression of its strength in advertising solutions, Alkhereiji said, noting that Al Arabiya has broadened its footprint in recent years across Saudi Arabia and the region. He described recently signed contracts as a positive indicator of its strong annual client base. While overall growth in the advertising market has slowed, Alkhereiji said the company's offerings remain a top priority for advertisers, even amid tighter budgets and a more challenging market environment. Commenting on recent changes in senior management, Alkhereiji said the reshuffle was aimed at adding new expertise to the leadership team. 'These are positive steps intended to support the company's next phase, which includes potential partnerships and acquisitions in Saudi Arabia and the wider Arab region,' he said. Alkhereiji also said he would chair the company's executive committee, which will be formed after receiving the required approvals from the Capital Market Authority. According to data compiled by Argaam, Al Arabiya posted a 52% drop in net profit to SAR 48.2 million in Q1 2025, down from SAR 100.8 million in the same period a year earlier. On May 14, the board of directors accepted Alkhereiji's resignation as CEO, effective May 15, and appointed him Chairman through the end of the current board term on March 17, 2026. The company also named Mansour Al Obaikan as CEO, effective June 15, 2025.
Times of Oman
14-05-2025
- Business
- Times of Oman
WTO roundtable highlights Oman's role in supporting multilateral trade system
Muscat: The 13th World Trade Organization (WTO) Accessions Roundtable concluded its sessions by underscoring Oman's pivotal role in advancing the organization's mission and the technical support it has provided to facilitate the accession of several countries. Held in Muscat, the meeting emphasized the Arab region's growing presence in the global economic landscape by addressing key issues related to WTO accession. As one of the foremost international forums, the roundtable shed light on the challenges and opportunities tied to integration into the multilateral trading system. In statements to Oman News Agency (ONA), officials and experts highlighted the WTO's role in strengthening member economies and fostering an attractive environment for trade and investment. They reviewed Oman's successful 25-year journey within the organization, noting its active role in technical coordination and sustained support among member states, which has helped drive investment-friendly policies. They emphasized that Oman's hosting of this international event reflects its unwavering support for global cooperation efforts, reinforcing its position as a key platform for economic dialogue at regional and international levels. The discussions also underscored the importance of Arab economic integration, investment promotion, and the growing need for fair and inclusive trade mechanisms that align with aspirations for sustainable growth and balanced partnerships. Dr. Saleh Said Masn, Undersecretary of the Ministry of Commerce, Industry, and Investment Promotion for Commerce and Investment, stated that the 13th WTO Roundtable's significance lies in fostering constructive dialogue and cooperation within the multilateral trading system. He noted that the roundtable served as a platform for exchanging views and experiences among WTO members, particularly as Oman has worked in recent years to modernize its legislative framework and business environment in line with WTO standards. Masn stressed that Oman has not merely joined the WTO but has been an active contributor to its development, providing technical support to several countries—especially Arab states—in their accession efforts. He added that Muscat's hosting of the event coincides with the 25th anniversary of Oman's WTO membership, reaffirming its commitment to strengthening its role in the organization, advancing global trade integration, and supporting Arab nations' accession to the international trading system. On his turn, Sheikh Khalifa Ali Al Harthy, Undersecretary of the Foreign Ministry for Political Affairs, emphasized that WTO accession is a strategic milestone that opens broad horizons for growth and investment while enhancing competitiveness. He stressed the importance of fostering a more transparent and fair trade environment, enabling developing and emerging economies to actively participate in global markets and strengthen international partnerships. He noted that public-private partnerships play a central role in achieving sustainable economic development, with the exchange of best practices and success stories helping aspiring nations overcome challenges and accelerate trade and economic reforms. He highlighted Oman's longstanding role in regional and international trade, leveraging its strategic geographic location and open economic policies. Meanwhile, Pankaj Khimji, Advisor for Foreign Trade and International Cooperation at the Ministry of Commerce, Industry, and Investment Promotion, stated that Oman's WTO accession was a strategic milestone, enabling the nation to achieve numerous objectives, capitalize on opportunities, and enhance its economic standing. He pointed out that Oman's investment environment has seen remarkable growth over the past 25 years since joining the WTO, with investments now exceeding $30 billion. These investments span diverse sectors, including food, logistics, oil and gas, and other areas that attract global capital. He affirmed that Oman has signed multiple free trade agreements, creating an attractive and conducive investment environment backed by incentives and facilitations. The establishment of integrated industrial and free zones has also been instrumental in attracting investors across economic sectors, particularly in promising industries that bolster Oman's regional and international standing. For her part, Hilda Ali Al Hinai, Secretary-General of the Arab-Swiss Chamber of Commerce and Industry in Geneva, emphasized Oman's vital role within the WTO, noting that its accession was a strategic step that supported the multilateral trading system and fostered a transparent, open investment climate. She explained that Oman's active presence in the organization reflects its ambitious economic vision and commitment to expanding global trade relations, aligning with its plans for economic diversification and sustainable development. Faisal Ali Al Hinai, Deputy Head of Oman's Mission to the WTO, highlighted the roundtable's importance as a high-level annual platform bringing together WTO members and aspiring nations. He noted Oman's initiatives in promoting Arab and international cooperation under the WTO's umbrella, solidifying its position as a hub for economic dialogue and trade diplomacy. Yan Dong, Vice Minister of Commerce of the People's Republic of China, praised Oman's prominent role in the WTO, stating that the roundtable's convening in Muscat—coinciding with Oman's 25th accession anniversary—offered a unique opportunity to discuss accelerating other nations' WTO integration. He commended Oman's rapid economic growth and sustained development, stressing the importance of trade flows and multilateral principles in enhancing global economic stability. China, he affirmed, stands ready to collaborate with all WTO members to safeguard and advance this system, contributing to global economic stability and shared development. Ambassador Xiangchen Zhang, WTO Deputy Director-General, lauded Oman's active contributions to the organization, noting that its 25th accession anniversary marks an important occasion to reflect on achievements and future prospects. He announced that the event compared Gulf Cooperation Council (GCC) members' economic visions and launched a joint Arab study highlighting best practices in completed and ongoing accessions. He also praised Oman's leadership in advancing economic diplomacy and regional prosperity. He emphasized the importance of expanding WTO membership to strengthen global trade ties, commending Oman's contributions to economic integration and constructive collective action. He concluded by stressing the value of knowledge-sharing among members and welcoming Oman's hosting of such collaborative forums.
