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.
