Page 83 - SAMENA Trends - December 2023

REGULATORY & POLICY UPDATES SAMENA TRENDS

TDRA Obtains the International Public Sector Accounting Standards

Certification (CERT IPSAS)

The Telecommunications and Digital achievement, H.E. Mohammad Al Kitbi, of finance by providing comprehensive
Government Regulatory Authority (TDRA), TDRA Deputy Director General for Support guidance on the practical implementation
represented by the Human Capital Services Sector, said: “At TDRA, we adhere of International Public Sector Accounting
Department, obtained the International to the directives of our wise leadership, Standards, reaching a mastery stage
Public Sector Accounting Standards (CERT recognizing that the pursuit of excellence that helps improve financial operations
IPSAS) certification from the Association is a continuous journey. Thus, we at TDRA and enhance comprehensive financial
of Chartered Certified Accountants (ACCA), strive to instill a culture grounded in the management. The program strives to offer a
one of the leading and globally recognized principles of leadership and excellence hands-on understanding of the application
international organizations in the field of across all operational domains. Our of these standards, globally acknowledged
accounting. TDRA is the first federal entity success in this endeavor is attributed to the as benchmarks for financial reporting
to obtain such certificate, which reflects the robustness of our national workforce, the excellence. Objectives encompass
advanced capacities and expertise within teamwork, and an unwavering commitment explaining the functions of the International
TDRA's workforce in the field of finance. to realizing TDRA’s highest objectives, in Public Sector Accounting Standards Board
It also underscores TDRA's leadership, line with "We the UAE 2031" vision, which (IPSASB) and detailing the developmental
its dedication to excellence in financial emphasizes a Forward Ecosystem.” The methodology. Participants will gain
management, and its preparedness to International Public Sector Accounting a comprehensive perspective on the
establish new benchmarks for financial Standards Program (IPSAS), which TDRA widespread utilization of IPSAS across the
transparency and accountability in has successfully adopted, aims to enhance globe. This global perspective will enable
the public sector. Commenting on this and support employees’ skills in the field TDRA to align its financial procedures
with international best practices, fostering
transparency and credibility. It underscores
TDRA's dedication to implementing best
practices and upholding the utmost
standards of financial integrity within the
public sector. It is noteworthy that TDRA's
embrace of the "IPSAS" program is part
of its steadfast dedication to fostering a
culture of ongoing learning and aligning
its procedures with international best
practices. This commitment extends to the
integration of innovation and excellence
in financial management, driven by
TDRA's recognition of the essential role of
financial practices in fulfilling its mission
of promoting a prosperous and transparent
digital ecosystem.

State Selling 25% in Yettel Hungary to PPF, Enabling e& to Take Control Next
Year

Hungarian state-owned Corvinus Times, the ministry did not disclose a sale Czech Republic) to UAE-based telecoms
International Investment has signed price, whilst it underlined that Corvinus will group e& (formerly Etisalat Group) in a
agreements to sell its 25% stake in continue to hold a 29.5% stake in Yettel’s deal expected to close in or before Q1
mobile operator Yettel Hungary and 20% rival Vodafone Hungary. Yettel Hungary 2024. This deal would already give e& local
in infrastructure company CETIN Hungary is currently 75% owned by PPF Telecom majority stakes in PPF’s Bulgaria, Serbia
to Czech-backed, Netherlands-based Group, part of PPF Group, although the and Slovakia divisions, and with this week’s
private investment company PPF Group, latter has agreed to sell a 50% plus-one- news of the Corvinus-PPF agreement it
the Economic Development Ministry share interest in its Central and Eastern appears that e& can take majority control
announced. As reported by the Budapest European telecoms division (excluding the in Hungary too.

83 DECEMBER 2023