The Ministry of Finance (MoF) recently held a two-day workshop to explore economic decision making and expected future impacts at its headquarters in Dubai. The workshop falls within the Ministry’s framework to profile the economic interests of the Gulf states, promote joint GCC economic work and develop employees competencies in areas of gulf economic work.
The workshop witnessed the participation of representatives from the Ministry of Economy (MoE), the Securities and Commodities Authority, UAE Central Bank, and a number of executive directors and heads of departments and divisions at MoF.
HE Mariam Mohammed Al Amiri, Assistant Undersecretary for the Management of Financial Resources highlighted the transformations witnessed by the global economy and the political, social and security trends in a region of severe turmoil. This has resulted in the overall challenges facing economic decision makers, and has led to establishing a solid and clear methodical base, which will be the reference for economic decision makers.
HE Al Amiri said: “The Ministry of Finance seeks to forecast and respond to the rapid changes in the global economy, and continues to train teams working in the government sector to meet and overcome challenges, by enhancing economic decision-making skills, assessing and quantifying its impacts. These are important foundations to the economic and development process, and the transition to a knowledge- based economy which falls within the country’s vision for 2021.”
HE stressed that the Ministry of Finance is keen to achieve its strategic objectives which serves the financial and economic interests of the Nation, and push forward the opportunities and advantages of joint action to deepen Gulf economic integration. HE also noted that the Ministry holds annual workshops and specialized training courses to develop the skills and competencies of the employees concerned with the GCC economic work.
The workshop presented by Prof. Dr. Saad Mohamed Othman, Economic Advisor at Al Istishari Strategy Centre for Economic and Future Studies discussed a number of topics, foremost of which are decision-making mechanisms and its latest methods, the right steps for making the right decision, as well as reviewing the practical models of decision-making and analysis. The course also taught how to decide between predictions with positive, negative or future impact by adopting SAM14 methodology. SAM14 methodology determines the type of problem, the nature of the decision, and its conformity to the goals and plans drawn, as well as the obstacles to the decision-making process.
The workshop was also designed to enhance participants skills in adopting innovative non-traditional creative mechanisms in making any economic, financial or strategic decision regarding planning for the future, by combining the two cognitive styles and skills, the flow of information, the study and analysis of past experiences, and the presentation of practical cases to participants.