The Sharjah Finance Department (SFD) and the Sharjah Investment and Development Authority (Shurooq), recently signed a memorandum of understanding to enhance communication and joint cooperation in a bid to support Shurooq’s financial and electronic work system. As part of the agreement, Sharjah Finance Department will provide an electronic payment gateway (Tahseel) for (Shurooq), which will contribute to enhancing its investment, commercial, and tourism role in the emirate, in line with the strategic vision of digital transformation set out by the Sharjah government.
The memorandum was signed by HE Waleed Al Sayegh, Director General of SFD and HE Marwan bin Jassim Al Sarkal, Executive Chairman of Sharjah Investment and Development Authority (Shurooq), at the Sharjah Finance Department’s headquarter s, in the presence of Huda Al Yasi, Director of Financial System Department at SFD and Hassan Basha, Head of Decision Support Unit at the SFD and a number of senior employees from both parties.
The agreement will see both entities exchange experiences and knowledge, in a bid to build a cooperative partnership and serve society and other institutions, whilst contributing to the development of a technical system which reduces costs associated with re-engineering processes and procedures. Additionally, the agreement will benefit the organization of conferences, seminars, and forums, as well as improving technical training opportunities for the financial investment sector.
Provide support for other departments and institutions
HE Waleed Al Sayegh, Director General of SFD said, "The Memorandum of Understanding comes within the framework of developing prospects for cooperation between the Sharjah Finance Department and the Sharjah Investment and Development Authority. Under the directives and vision of His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi, Member of the Supreme Council, Ruler of Sharjah, the SFD is keen to provide support for other departments and institutions within the emirate of Sharjah. We extend this support through the development of joint financial programs and systems which will advance the process of achieving sustainable economic development."
HE Waleed Al Sayegh added, "The memorandum is an important strategy which works to expand the horizons of cooperation in all sectors across the emirate. The platform will support financial development, staff development, and Shurooq’s advances in digital transformation while facilitating and simplifying procedures. We have made use of modern technologies and interactive training based on artificial intelligence, in order to keep pace with the modern advances of technology in Sharjah."
H.E. Marwan bin Jassim Al Sarkal, Executive Chairman of Sharjah Investment and Development Authority (Shurooq) said: "Efficient and safe financial services form the backbone of businesses and investments in every economic sector. This MoU is, therefore, timed perfectly to add to the appeal of doing business in Sharjah, and accelerate the pace of growth and diversification in the Emirate. Simultaneously, this partnership will push the Emirate’s agenda of digital transformation and the creation of a comprehensive digital ecosystem with the inclusion of a range of financial services."
"This new decision reflects on Shurooq’s consistent efforts to empower its business infrastructure with latest innovations. As markets worldwide continue upgrading to stay relevant in the current business scenario, Shurooq is committed to elevate Sharjah’s investment ecosystem to match top global standards. Going forward, staying ahead of unexpected shifts in the business landscape by practicing adaptability and innovation will be key to accelerate the global economic recovery," he added.
According to the agreement, the two parties will work together and hold regular meetings to coordinate work and joint efforts and share knowledge and ideas. The Sharjah Finance Department will assist in identifying the financial and support programs and systems owned by the government and the electronic systems that Shurooq needs to develop certain procedures.
In addition, the vision of the Sharjah Finance Department is to lead the way as a global financial leader, through the development of innovative technologies. This will add to the achievement of financial stability and sustainability and the Department’s goals which lie in managing, developing, and providing cash liquidity; developing a performance budget system; implementing and effective financial policies, building a global model in public finance; enabling smart transformation; and implementing seven-star services.