Business | Banking
Transparency key to financial sector, says Saud
RAK Crown Prince and Deputy Ruler delivers keynote address at conference.
- By Nasouh Nazzal, Staff Reporter
- Published: 23:02 November 9, 2008
Ras Al Khaimah: Shaikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, said on Sunday that the global financial crisis has highlighted the need for clear and accurate economic information and more transparency among all stakeholders in the financial sector.
Delivering the keynote address at the international conference on 'The Impact of Information and Integrated Statistical Systems on Socio-Economical Development' Shaikh Saud said, "The financial crisis that has affected many countries across the world reflects the interconnected nature of the global financial system. There is now greater need for clear and accurate economic information and transparency in order to help tackle this crisis".
The three-day conference is being conducted by the Ras Al Khaimah Econ-omic Development Department in association with the College of Business and Economics (CBE) of the UAE University. Shaikh Nahyan Bin Mub-arak Al Nahyan, Minister of Higher Education and Scientific Research and Chancellor of UAE University, and Sultan Bin Saeed Al Mansouri, Minister of Economy, attended the conference.
Shaikh Saud said the coherence and stability of companies and other entities in the public and private sectors will be closely linked to their access and use of critical information systems.
He added that the Government of Ras Al Khaimah has taken steps to make available comprehensive and accurate statistics on the emirate's economy to enable investors and other stakeholders to make informed decisions.
Shaikh Nahyan said that a reliable information and statistical system was vital for the government to make sure that its development plans and projects are drawn up on the basis of accurate and objective data, along with efficiency in the implementation of those projects.
He also called upon the experts to make sure that the information and statistical systems used in the UAE conform to global standards of accuracy, transparency and quality.
Aim
Shaikh Mohammad Bin Kayed Al Qasimi, Vice-Chairman of the RAK Economic Development Department, said the conference aimed at recognising the role and importance of information systems and integrated statistical systems in socio-economic development as well as reviewing the practices and experiences of local, regional and international official statistical agencies.
As many as 38 papers will be presented during the conference.
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