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Emirates News Agency – “Economy” signed a memorandum of understanding with “Securities” and “Dubai Economic Security” to improve the supervision of auditors in the country.

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Emirates News Agency – “Economy” signed a memorandum of understanding with “Securities” and “Dubai Economic Security” to improve the supervision of auditors in the country.

ABU DHABI, 24th October / WAM / The Ministry of Economy has signed a memorandum of understanding with the Securities and Commodities Authority and the Dubai Center for Economic Security with the aim of strengthening the supervision and oversight of auditors working in listed public joint-stock companies. Supporting the development of the audit profession in the country’s financial markets and local investment funds, in accordance with the best international practices followed in this regard.

Undersecretary of the Ministry of Economy His Excellency Abdullah Ahmad Al Saleh, CEO of the Securities and Commodities Authority His Excellency Dr Maryam Buti Al Suwaidi and Executive Director of Dubai Center Faisal Youssef Bin Sulaydeen signed the agreement. For economic security.

His Excellency Al Saleh stressed that the UAE considers the file of auditors highly important due to its important role in regulating and regulating the business sector and improving corporate governance. professional regulations, and increased confidence in the country’s financial and business markets in a manner that supports and supports… its prestigious business position globally.

This Memorandum represents an important step in strengthening joint national efforts to support the oversight of the country’s auditors, helping to develop the audit profession to new, more competitive levels and strengthen the competence. The human skills of the citizen in this profession, as well as the increasing need to train the citizens of the country and attract international skills and expertise.

For her part, Her Excellency Dr. Maryam Buti Al Suwaidi said: “Through this memorandum, we seek to promote joint cooperation to improve the quality of work of auditors in the country in line with international best practices. This is aimed at ensuring the sustainability of listed public joint-stock companies, safeguarding their assets and ensuring their integrity.” Work is impactful. Rapid changes and technological developments are taking place in the country’s economic environment, which requires supervisory and regulatory bodies to keep pace with global challenges and coordinate efforts to improve the integrity and reliability of financial statements issued by companies. In line with the aspirations of our wise government to achieve investor confidence and economic growth and prosperity. .

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For his part, His Excellency Faisal Youssef Bin Sulaydeen said: “The memorandum has been signed which aims to improve the supervision and control of auditors of public joint-stock companies and local investment funds. Applying the highest standards of quality and transparency in financial markets and providing a safe and stable investment environment, economic growth and Specifies a framework for mutual cooperation in the development of, and sets the foundations and rules for, coordination between parties to verify the quality of auditors’ work in accordance with international auditing standards and international standards for auditing quality and professional ethics.

He added: “Through this memorandum, we expect to achieve significant improvements in the disclosure and transparency of public joint-stock companies and local investment funds and achieve greater protection for investors and all parties involved. We are taking a decisive step forward to promote integrity and stability in the financial markets, and we reaffirm our commitment.

This memorandum aims to create a joint working group to verify the quality of work of auditors working for public joint-stock companies listed in the country’s financial markets and local investment funds in accordance with international auditing standards, professional conduct and ethics. Extent of compliance with International Financial Reporting Standards and related International Accounting Standards.

The memorandum includes organizing training programs in the financial services sector, auditing accounts, and developing and improving professional and technical levels in the sector from a supervisory and regulatory perspective. Information and data between the signatory parties to the memorandum regarding the auditors’ performance and complaints received regarding violations. To organize conferences, seminars and awareness workshops for auditors to contribute to the achievement of the objectives of the existing principles and memorandum in this regard.

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Through the memorandum, the Ministry aims to strengthen the governance and supervision of auditors of companies listed in the country’s financial markets, to increase market stability and confidence of investors, and to create a specific framework related to this supervision that will enhance efficiency and effectiveness. The activities and practices of those institutions will also be shared and harmonised.This is an effort to monitor and review, which will help enhance the reputation of the country’s financial markets and enhance the quality of services provided by professionals.

Dina Omar

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Mohammed bin Rashid: UAE’s sustainability and climate change efforts are constant in our comprehensive development journey

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Mohammed bin Rashid: UAE’s sustainability and climate change efforts are constant in our comprehensive development journey

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, chaired the Cabinet meeting held in conjunction with the COP28 conference at Dubai’s Expo City.
In a blog post on the “X” site, His Highness said: At the beginning of the “Cabinet Meeting”, we reviewed the results of the state’s national efforts in the field of environment, including more than 120 decisions on sustainability, climate change, The development of our natural resources published by the Council over the last five years… and we launched more than 60 new decisions in 2023 alone, creating a coherent set of policies, legislation, strategies and initiatives. Efforts to participate with the world in addressing the effects of climate change and its file.
His Highness added: National strategies and policies in the field of environment and climate change have yielded results, as the country ranks second in the world in energy transition, in the Global Green Future Index 2023 “GFI”, and the sixth in the world per capita solar energy consumption rate, and it is worth 50 billion dollars. It has invested over .70 billion in clean energy projects in countries, pledging to invest an additional $50 billion in the sector over the next decade.
His Highness continued: The UAE continues to be active and proactive in the field of sustainability and climate change, and our efforts in this field are parallel to those of economic development, and are an essential and sustainable component of our comprehensive and continuous development. Process, God willing.

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5 Top Priorities to Combat Climate Change in Africa

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5 Top Priorities to Combat Climate Change in Africa

African civil society has identified five key priorities for combating climate change: adaptation, losses and damages, food and land use systems, and forest conservation and restoration.

This was announced by UNANDA Third World Executive Secretary Chekov Sir during an event held on the sidelines of the United Nations Climate Conference “COP28” in Dubai.

The “Anda Third World” organization represents a group of African non-governmental organizations, and these organizations met within the framework of a common platform, which was launched during the “COP”, an alliance of the African Development Bank Group and civil society. Climate and Energy.

African Development Bank president Akinwumi Adesina said: “The continent must benefit from its natural wealth. African economies should not be measured by their GDP, while Africa’s wealth should be assessed by its natural capital.”

“The continent’s vast mineral resources, forests and renewable energy must play a part in the balance,” he added, pointing out that the Congo Basin is the world’s largest carbon reserve, but is not taken into account in the overall assessment. Domestic production of countries in the region.

The coalition supports calls by African leaders to transfer special drawing rights on climate finance to Africa, including the African Development Bank.

The coalition calls on the international community, governments and development partners to comprehensively implement best practices, innovations and technologies and engage farmers and local communities, especially women and youth, in an approach that integrates science and traditional knowledge without harming biodiversity. or compromising community resilience.

He called on parties to ensure that adaptation and resilience are at the heart of African economies vulnerable to climate change.

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The Bank’s Vice President, Agriculture, Human and Social Development, Beth Dunford, confirmed during a discussion with civil society that the alliance is “very important” for Africa, noting that the Bank allocates 64% of its funding to adapt to climate change. continent, and it has now opened a window for climate action aimed at providing specific resources and technical assistance to least developed countries on the continent.

For his part, Alliance President Augustine Njamanshi praised the relationship between development finance institutions, civil society and the private sector in combating climate change in Africa.

“Doubling adaptation financing will not be enough for the continent because governments have already spent a lot of money,” he said, adding that civil society and the private sector, especially banks, must work together for the continent’s benefit.

In turn, Ecotrades Fund Executive Director Pauline Nantungo Kalunda said, “Civil society and the private sector’s collaborative work has enabled 15,000 smallholder farmers to plant trees to increase carbon storage,” calling for the removal of barriers. Prevent communities from accessing climate finance.

Mithika Mwenda, President of the Pan-African Climate Justice Alliance, a strong network of over 1,000 African climate organizations, emphasized the catalytic role of civil society and praised the partnership with the Bank.

“Government, the private sector and civil society are forming a ‘parallel’ in the fight against climate change in this coastal country,” said Roger Barrow, Burkina Faso’s environment minister.

• The African Development Bank allocates 64% of its financing to climate change on the continent.

5 Priorities:

– adaptation.

– Losses.

– Damages.

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– Food and land use systems.

– Conservation and restoration of forests.

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The UAE has long-term strategies for environmental sustainability

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The UAE has long-term strategies for environmental sustainability

According to a study conducted by the Regional Center for Strategic Analyzes in Abu Dhabi, sustainability strategies and tackling climate change are at the top of the national action agenda in the UAE. The UAE’s contributions and initiatives during COP 28 gained greater regional and international momentum, support for achieving a better harmonized formula for environmental protection and sustainability, and international pledges to allocate hundreds of billions of dollars to finance climate and sustainable projects.
Interregional said the UAE is making progress in strengthening its environmental leadership by investing tens of billions of dollars and providing legislation, regulatory frameworks, initiatives and policies to address climate change. Participation in dozens of contracts and initiatives around the world.
In this context, Interregional released the “UAE Environmental Achievement Index 2023” to monitor and track the performance of the country’s environmental initiatives in the field of environment and climate, measuring and monitoring 32 sub-indicators since its inception. “UAE Vision 2021” in 2010 to 2022. He also gave predictions till the year 2030.
The Environmental Performance Index is the arithmetic mean of four sub-indicators, namely: climate change, biodiversity, maintenance of a healthy and clean environment and environmental awareness and behaviour, as per the guidelines for developing composite indicators issued by the Organization for Economic Co-operation and Development (OECD).
The center emphasized that the UAE’s approach to climate change has become a priority for government action, in an effort to be “zero climate neutral” and invest in green resources. In this aspect. He explained that there are many motives and reasons behind the UAE’s high priority of addressing the phenomenon of climate change. This comes in the backdrop of the state’s keenness to achieve its strategic plans on climate change. Among the key concepts that have made climate change a government priority are the catastrophic effects worldwide, in particular: droughts and floods, inundation of cities, waves of displacement, damage to agriculture and infrastructure, and degradation. Global food security crises.
The UAE has adopted a comprehensive approach to addressing the climate change crisis, seeking to achieve environmental sustainability through an integrated legislative and regulatory framework, in coordination and cooperation with the international community in this regard. Approach: Localize clean energy, adopt peaceful nuclear energy and support climate legislation and knowledge frameworks, and coordinate with the international and regional community to support international efforts to address climate change. To achieve climate neutrality by 2050, the UAE has won the trust of the international community to host COP28 from here.

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