Latest news with #financialsustainability
Al Bawaba
4 days ago
- Business
- Al Bawaba
KIB celebrates graduation of three staff members from Harvard Executive Leadership Program
In line with its ongoing commitment to developing national talent and investing in the next generation of banking leaders, Kuwait International Bank (KIB) celebrated the graduation of three employees from the prestigious 'Strategic Leadership in the Age of Financial Sustainability' program, delivered and certified by Harvard Business executive managers, the six-day intensive program marked the sixteenth cohort of this executive education initiative, held under the Central Bank of Kuwait's (CBK) 'Kafa'a' program in collaboration with local banks and the Kuwait Institute of Banking Studies (KIBS).Commenting on the achievement, Feras Al-Darmi, General Manager of the Human Resources Department at KIB, said: 'We are incredibly proud of our colleagues for successfully completing one of the most respected executive leadership programs in the world. Their participation reflects our strategic focus on human capital development and our belief that investing in our people is the most effective way to achieve future readiness. This achievement reaffirms our commitment to ensuring our workforce is equipped with world-class expertise and global perspectives, in line with our comprehensive strategic plans.'Al-Darmi elaborated that the Harvard program focused on two core themes: financial strategy and leadership. Through Harvard's case-based methodology, participants were equipped with advanced tools and frameworks to navigate the complexities of today's financial markets, drive innovation, and lead effectively in a climate of digital transformation and organizational change. The sessions highlighted strategic foresight, decision-making, and the growing role of executive leadership in ensuring financial added: 'This graduation marks yet another significant milestone in KIB's journey toward realizing its vision of becoming the Islamic bank of choice in Kuwait. It reflects our long-term strategy to cultivate a highly skilled workforce that excels across all areas of Islamic banking, from Sharia-compliant financial services to exceptional customer service. By consistently investing in training and development, we enhance our service quality, drive operational performance, and build stronger, more lasting relationships with our customers. At the core of this progress are empowered employees, whose expertise forms the backbone of a distinctive and trustworthy banking experience.' It is worth noting that KIB's involvement in this program is part of its broader strategy to empower Kuwaiti talent and elevate the competencies of its leadership teams. In line with its dedication to social responsibility and the advancement of environmental, social, and governance (ESG) practices, the Bank remains committed to providing its employees with impactful learning experiences that support both institutional excellence and the broader vision of advancing Kuwait's financial sector.
Zawya
28-05-2025
- 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:
South China Morning Post
22-05-2025
- Business
- South China Morning Post
Education University of Hong Kong to nearly double master's admissions to 5,000
Hong Kong's largest teacher training institute is set to increase admissions to its self-financed taught master's programmes in the new school year to almost twice the previous number, as part of a broader initiative to ensure financial sustainability amid a declining birth rate. Professor John Lee Chi-kin, president of the Education University of Hong Kong (EdU), revealed at a media briefing on Thursday that the intake would increase to 5,000 for the coming academic year – up from 2,700 last year and 2,100 in 2023-24 – and generate a total gross income of HK$800 million (US$102 million). In the university's strategic plan for 2025 to 2031 , released earlier this month, financial sustainability was identified as one of the risks faced by the institution due to the city's declining birth rate and demand for teachers, with a 'concerted effort' being launched to formulate mitigation plans and risk management. 'We seek to increase our financial reserve to prepare for the rainy days, now we are seeing some drizzles,' Lee said on Thursday. 'There are both risks and opportunities as it prompts us to exercise more financial prudence and explore new sources of income which align with local and national development.' The expansion was also part of an effort to make Hong Kong an international hub for post-secondary education.
Asharq Al-Awsat
22-05-2025
- Business
- Asharq Al-Awsat
Saudi Arabia Grants Civil Aviation Authority Financial Independence
The Saudi government has approved a new regulatory framework for the General Authority of Civil Aviation (GACA), granting it expanded powers to achieve financial sustainability and operate independently from the state budget. Under the new structure, approved recently by the Council of Ministers, GACA will gradually transition to self-funding through revenue generated from its services. While it will initially receive allocations from the state budget, the long-term goal is for the authority to maintain its own independent annual budget and a reserve fund equal to twice its previous year's expenditures. The move is part of Saudi Arabia's broader strategy to modernize and privatize key sectors, in line with the national transport and logistics strategy. GACA's updated mandate includes regulating and developing the civil aviation sector, improving oversight, and making the industry more attractive to private investment. GACA is now authorized to invest its revenues to support its financial goals. The Minister of Transport and Logistics—who also chairs the authority's board—and the Minister of Finance will jointly oversee how these investments are managed. The authority can also impose service fees for activities and operations it oversees. However, these fees must be coordinated with the Ministry of Finance and the Center for Non-Oil Revenue Development, until a broader regulatory framework for government service charges is finalized. The new structure empowers GACA to set policies, draft regulations, and monitor compliance across the aviation sector. This includes oversight of airport operations, enforcement of safety and performance standards, and ensuring alignment with the civil aviation strategy. GACA will also handle flight permits for scheduled, charter, military, and diplomatic flights, and approve commercial agreements involving domestic and international carriers. It will set unified standards for smart airport technologies to improve passenger experience, in collaboration with the Communications, Space and Technology Commission. Environmental protection will also fall under GACA's jurisdiction, including the design and supervision of aviation-related sustainability programs, while agreements between Saudi and foreign airlines operating to and from the Kingdom must comply with international treaties and reflect economic, social, and security priorities.
South China Morning Post
20-05-2025
- Business
- South China Morning Post
Education University of Hong Kong unveils plan to combat financial pressures
The largest teacher-training institution in Hong Kong has launched a 'concerted effort' to develop strategies to ensure its financial sustainability, pointing to pressures caused by the city's low birth rate as a chief concern. Advertisement In a recent announcement of its strategic plan extending to 2031, the Education University of Hong Kong (EdU) said it would consider ending ineffective programmes, schemes or initiatives to deploy resources to other strategic areas. EdU stressed its planning needed to take into account a number of challenges facing the city, such as the declining birth rate, the need to provide the workforce with future-ready skills and the affordability of housing. It said the university had already started to address financial concerns caused by the low birth rate. 'Considering the growing financial pressure on funding allocated to manpower-planned programmes amid a continual trend of low birth rates in Hong Kong, [the] university management has identified financial sustainability as one of the six principal risks for the institution,' it said in the plan. Advertisement '[EdU] launched a concerted effort across the university to formulate mitigation plans and risk treatment. Financial projections and stress tests are being performed on an ongoing basis to assess financial resilience in coping with potential future funding challenges.'
