Doha:The Financial Sustainability Conference for Economic Sectors has put forth recommendations to enhance financial sustainability and technological innovation within Qatar's economic enterprises and sectors. These recommendations align with the Qatar National Vision 2030 and the Third National Development Strategy (2024-2030).
According to Qatar News Agency, the conference, organized by the Qatar Association of Certified Public Accountants (QCPA), emphasized the importance of an integrated approach to financial management. This approach should focus on financial sustainability, spending efficiency, revenue diversification, risk management, governance, and digital transformation. Additionally, the use of digital transformation and artificial intelligence in financial management was identified as crucial for predicting risks and seizing long-term opportunities. The establishment of a financial sustainability committee, representing all economic sectors and sponsored by a professional body like QCPA, was also advocated.
QCPA Board Member Mohamed Sultan Al Ali stressed the association's commitment to financial sustainability as a foundation for institutional stability and economic sector growth. He highlighted efforts to promote knowledge exchange, dialogue, and cooperation among stakeholders, as well as the development of efficient and responsible financial practices that meet current needs and future aspirations. Al Ali also noted the shared responsibility of financial sustainability, requiring collaboration among government entities, financial enterprises, and various economic sectors to manage resources efficiently, diversify revenue, enhance innovation, and balance current needs with future goals.
The conference featured two panel discussions. Sheikh Ali bin Hamad Al-Thani, Director of the Financial Policies Department at the Ministry of Finance, discussed financial sustainability in the government sector and public resource management amid global changes. He defined financial sustainability in the public sector as the state's ability to maintain long-term financial solvency and stability, meet obligations, provide essential services, and invest in national development over the long term.
Talal Abdulrahman Al Mulla, Senior Vice President - Fixed Income at QNB Group, gave a presentation on sustainable finance and the banking sector's role in supporting the economy. Financial consultant Dr. Labeeba Al Anzi addressed governance and transparency's role in achieving financial sustainability. Walid Saleh Hadid, Head of the Industrial Finance Department at Qatar Development Bank (QDB), shared the bank's experience in sustainable finance and promoting economic diversification, emphasizing cooperation among financing and development institutions, regulatory and professional bodies, and an active private sector.
QDB's efforts to build Qatar-based companies' capabilities in accounting, cash-flow management, and digital transformation were highlighted, along with its advisory services to improve financial decision-making and operational efficiency. Hadid noted the bank's ongoing development of programs and strategic partnerships to support efficient and resilient companies contributing to a diversified and competitive economy in Qatar.
Accounting expert and financial consultant Abdullah Al Mansoori discussed sustainability disclosure, international standards, and their impact on investment decisions. Malek Sarieddine, Head of Partnerships for the Middle East, Africa, and South Asia at the Institute of Chartered Accountants in England and Wales (ICAEW), spoke on the efforts of the association and ICAEW to promote financial sustainability.