Abu Dhabi financial law underscores transparency, accountability

A new law in Abu Dhabi is intended to ensure transparency and accountability in all of the city’s government work done with public funds, the Abu Dhabi Chamber of Commerce reported recently.

The law was issued by Khalifa bin Zayed Al Nahyan, ruler of Abu Dhabi and president of the United Arab Emirates.

The law makes the city’s finance department responsible for “designing and executing a comprehensive financial system with high economic effectiveness and efficiency,” the chamber said. It covers treasury management, bank account regulation, public debt management, pricing requests, budgeting and more.

Ownership policy for government institutions and businesses, issuance of expected performance statements, and the monitoring of financial performance also fall under the law’s reach.