Latest news with #financialgovernance
The Herald
4 days ago
- Business
- The Herald
Several successful projects unveiled by MDBA
Since it was established in 2003, the MBDA flourished and it did so due to an enabling and stable political environment, an era predating coalition government. It is important to remember that the MBDA is intrinsically linked to its shareholder through several accountability measures, and all of these are founded on two key pieces of legislation, the Municipal Finance Management Act No 56 of 2003, the Municipal Systems Act and various regulations that set the tone for accountability. The legislation gives council the authority to appoint the accountability structures, the board of directors, the members representative committee and equally important, the independent audit committees, and council has the sole means to hold them to account. The establishment of audit committees in municipalities and municipal entities is a critical requirement under the Municipal Finance Management Act (MFMA) to ensure sound financial governance. As part of their responsibility for financial administration, accounting officers (CEOs) must take all reasonable steps to establish and maintain effective, efficient and transparent systems of financial and risk management, internal control and internal audits that adhere to prescribed norms and standards (sections 62 and 95 of the MFMA). Furthermore, Section 166 (1) of the MFMA mandates that every municipality and municipal entity must have an audit committee, which plays a crucial oversight role. It is evident that these structures and accountability measures are at the disposal of the parent municipality to exercise control over the entity. In addition, the Acts also encourage meaningful public participation and stakeholder engagement in the activities of local government, and that is why platforms such as this are necessary, to keep the citizens and ratepayers informed and involved. When I joined the MBDA in June 2023, the entity's plans for the 2023/2024 financial year were already set and in motion. I accepted that I would work with what I inherited while rebuilding and refocusing the entity for the following year, 2024/2025, the financial year we are currently in. Our goals for 2024/2025 are lofty, and that is to achieve record institutional performance in terms of budget expenditure and service delivery focused key performance indicators ( KPIs). We adopted the 95% budget expenditure performance framework as it applies in our sector, and I am happy to report that we are firmly on track. However, there are only two impediments that are now beyond our control, they are the termination of the construction contract related to Moore Dyke due to disputes with the contractor, and the capital funds earmarked for multipurpose centres that are wholly inadequate and cannot be spent fruitlessly. As evidenced this week, on Tuesday we held the official handover of the Helenvale Extension 12 community park developed at a cost of nearly R4m from a co-funding agreement between the municipality and the German Development Bank, KFW. The park is set up to promote safety and peace and planted with indigenous fauna that is self-sustainable. The work included the construction of a seated pavilion area, paved pathways, a five-a-side and netball court, children's play area and outdoor gym facility. This milestone was achieved due to improved focus on project delivery and accountability we introduced, known as the 'war-room' with one main objective, to unblock and troubleshoot project management. On June 11, we will unveil yet another key community development project that has reached completion and is ready for use. The New Brighton community waste drop-off site came from pleadings by the community through the ward councillor and was facilitated with the assistance of the public health directorate. The project is a solution to rampant illegal dumping in the area which creates health hazards. We also recognised this as an opportunity to turn waste into economic potential, so we trained community co-operatives that will be managing the site in partnership with the municipality. Built at a capital cost of R5.5m, the project created much-needed work opportunities in that community and will provide a lasting solution to illegal dumping. On the tourism asset development front, the St Peters Rainbow Village will finally open to receive local, national and international visitors. By securing the property, the MBDA could protect the heritage of the area and restore some dignity for those who called South End home for decades. The remains of the church represent one of the last remaining structures from the 1960s forced removals. Going beyond the restoration of the old church, we have created a unique and must-see tourism offering that will appeal to all markets. The rehabilitated St Peters Rainbow Village now offers a space for outdoor events, educational and community activities, a small amphitheatre, and the opportunity for guided tours celebrating South End's rich history and culture. Also, in June, as part of initiatives to commemorate 22 years of urban redevelopment, we intend to honour a former leader and founding member of the first democratic local government of the Bay. An individual that played a leading role in shaping the vision that enabled the existence of the MBDA, someone who represents a cohort of collective leadership that provided a conducive environment for the MBDA to flourish. The phrase 'Without vision, the people perish' is from Proverbs 29:18 in the Bible. It means that without a clear goal or direction, people become unrestrained, cannot focus and cannot reach their goals. The phrase emphasises the importance of having a clear vision or goal, and currently it is difficult to identify what the current vision is for the Bay. The Herald
Zawya
6 days ago
- Business
- Zawya
Brazil officially removes UAE from list of jurisdictions with preferential tax regimes
Mohamed Bin Hadi Al Hussaini: The UAE applies global best practices and international standards in tax and financial policies Abu Dhabi: The Ministry of Finance announced that the United Arab Emirates has been officially removed from the Federative Republic of Brazil's list of jurisdictions with preferential tax regimes, a significant step that reflects the UAE's strong commitment to the highest standards of tax transparency and global financial governance. This development also underscores the depth and maturity of the economic and trade relations between the two countries. This achievement stems from the official visit of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, to the Federative Republic of Brazil in November last year, and the constructive cooperation between Brazil's Ministry of Finance and the relevant UAE entities. Dedicated technical teams from both sides worked closely to fulfil all requirements related to tax transparency and investment standards adopted by the Brazilian authorities. The announcement represents the culmination of a long-standing technical dialogue founded on strategic alignment and partnership. New Horizons His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, affirmed that removing the UAE from Brazil's list of jurisdictions with preferential tax regimes reflects the UAE's unwavering commitment to implementing best practices and international standards in its tax and financial frameworks. 'This step is a testament to the success of UAE diplomacy in building partnerships based on transparency and mutual trust,' he said. H.E. added: 'We view this achievement as a launchpad for further strengthening economic cooperation with Brazil and unlocking new opportunities for mutual investment that serve both nations' ambitions for comprehensive and sustainable economic development. We will continue working to deepen bilateral ties and activate strategic initiatives that benefit the economies and people of both countries.' Shared Opportunities It is worth noting that the UAE is the leading destination for Brazilian exports among Arab countries, with bilateral trade exceeding USD 4.3 billion in 2024, making Brazil the UAE's largest trading partner in South America. Both sides remain committed to leveraging all avenues of cooperation and shared opportunities to enhance their economic ties. The removal of the UAE from Brazil's list is expected to further accelerate bilateral cooperation, particularly in priority sectors such as trade and investment. This development supports sustainable development goals and strengthens the UAE's position as a global business hub. This announcement marks a pivotal milestone in UAE-Brazil relations and reflects the two countries' shared vision of building a strong economic partnership grounded in tax transparency, governance, and support for initiatives that drive sustainable growth and shared prosperity.
Arab News
20-05-2025
- Automotive
- Arab News
Ben Sulayem leads FIA to major financial recovery with best results in almost a decade
Dubai: The Federation Internationale de l'Automobile has reported its strongest financial performance in almost 10 years, marking a significant turnaround under the presidency of Mohammed Ben Sulayem. According to figures released this week, the global governing body for motorsport and mobility organisations achieved an operating result of €4.7 million ($5.2 million) for the fiscal year 2024, a dramatic recovery from the €24 million loss recorded in 2021, the year before Ben Sulayem took office. The turnaround is attributed to a wide-ranging strategic transformation led by the administration. Since taking office, Ben Sulayem has prioritized reforms in financial governance, transparency and operational efficiency across the organization. 'Upon my election as president of the FIA, I committed to ensuring a profitable operation,' said Ben Sulayem. 'Today, I am incredibly proud to show that we have achieved this mission, delivering the strongest set of financial results in eight years.' The FIA reported a total operating income of €182 million for 2024, a 17 percent year-on-year increase, with no outstanding financial debt and an equity ratio of 45 percent, signaling improved financial stability. Key reforms introduced since 2021 include strengthened procurement controls, the introduction of quarterly internal reporting and a robust financial steering model. These changes have improved budget oversight and allowed the FIA to better allocate resources in line with its strategic objectives across both motorsport and mobility. The federation also introduced a mid-year general assembly, ensuring more timely financial accountability, and will publish its second consecutive annual activity report ahead of the 2024 general assembly in June. The latest report will include a newly enhanced profit and loss presentation format aimed at increasing transparency. The improved financial position enables the FIA to reinvest in its core programs, including support for 245 member clubs worldwide and the development of the seven world championships under its governance. It also strengthens the FIA's ability to deliver on key objectives, including sustainability initiatives and grassroots motorsport development. A nonprofit organization, the FIA is now well positioned to build on its financial recovery and continue delivering on its broader mandate to promote safe, accessible and sustainable motorsport on a global scale.
Zawya
15-05-2025
- Business
- Zawya
Moody's upgrade boosts Cape Town's credit rating close to South Africa's sovereign level
Moody's Investors Service has upgraded the City of Cape Town's credit rating from Ba3 to Ba2, reflecting the city's strong financial governance and improving economic outlook. This upgrade positions Cape Town's credit rating just one notch below South Africa's sovereign rating of Ba1, highlighting its fiscal resilience and effective management. One of the big reasons driving the upgrade is that Cape Town has really stepped up its revenue-collection game. The City has rolled out prepaid electricity meters, which means fewer people are falling behind on payments—and that's improved the city's cash flow quite a bit. It's also been managing its finances wisely. Even while planning major upgrades, the City has kept debt levels low. Moody's expects Cape Town's financial performance to keep improving over the next year or so, even more than they initially thought. Infrastructure powers growth Then there's the city's massive investment in infrastructure—about R39.5 bn over the next three years. A lot of that funding will go into critical services like water, sanitation, and electricity. On top of that, the projects are expected to generate around 130,000 jobs in the construction sector. The implications of the upgrade include: Enhanced borrowing capacity: The improved credit rating is anticipated to lower borrowing costs, facilitating more affordable financing for infrastructure projects. Increased investor confidence: The upgrade signals to investors that Cape Town is a financially stable and well-managed municipality, potentially attracting more investment. Economic growth and job creation: The infrastructure investments are expected to stimulate economic growth and reduce unemployment, particularly in lower-income communities. This credit-rating upgrade underscores Cape Town's commitment to sound financial practices and its proactive approach to addressing infrastructure challenges, positioning the city for sustained economic development. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
