Financial Sustainability Conference Urges Stronger Financial Sustainability, Tech Innovation
Doha, November 11 (QNA) - The Financial Sustainability Conference for Economic Sectors recommended bolstering financial sustainability and technological innovation across economic enterprises and sectors, into line with Qatar National Vision 2030 and the Third National Development Strategy (2024-2030).
The conference, organized Wednesday by the Qatar Association of Certified Public Accountants (QCPA), called on economic enterprises to pursue an integrated approach to financial management grounded in financial sustainability, spending efficiency, revenue diversification, risk management, governance and digital transformation.
It pointed out that leveraging digital transformation and artificial intelligence in financial management is quite important to substantially strengthening its role in predicting risks and capitalizing on long-term opportunities. It also advocated establishing a financial sustainability committee representing all economic sectors and sponsored by a professional body, such as QCPA.
In his opening remarks, QCPA Board Member Mohamed Sultan Al Ali affirmed the association's belief in financial sustainability as a bedrock of institutional stability and economic sector growth. He noted its efforts to encourage the exchange of knowledge and expertise, strengthen dialogue and cooperation among relevant stakeholders, and develop efficient and responsible financial practices capable of meeting present needs and supporting the aspirations of generations to come.
Financial sustainability is a shared responsibility that requires concerted efforts among government entities, financial enterprises and various economic sectors through efficient resource management, revenue diversification, enhanced innovation, and a balance between present needs and future aspirations, Al Ali underlined.
The conference featured two panel discussions. During the first session, Director of the Financial Policies Department at the Ministry of Finance, Sheikh Ali bin Hamad Al-Thani, addressed 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 its obligations, continue providing essential services, and invest in national development over the long term.
Achieving financial sustainability is quite important to long-term economic stability and helps ensure intergenerational equity, Sheikh Ali explained.
Senior Vice President - Fixed Income at QNB Group, Talal Abdulrahman Al Mulla, delivered a presentation on sustainable finance and the banking sector's role in supporting the economy, while financial consultant Dr. Labeeba Al Anzi addressed the role of governance and transparency in achieving financial sustainability.
For his part, Head of the Industrial Finance Department at Qatar Development Bank (QDB), Walid Saleh Hadid, outlined the bank's experience in sustainable finance and promoting economic diversification during the second session, stressing that financial sustainability is built through cooperation among financing and development institutions, regulatory and professional bodies, and an active private sector equipped with the tools and capabilities needed to grow.
Hadid highlighted that QDB prioritizes building the capabilities of Qatar-based companies in accounting, cash-flow management and digital transformation. Through its advisory services, he noted, the bank supports companies in improving their financial decision-making, substantially raising their operational efficiency and achieving financial sustainability.
He also noted that QDB continues to develop its programs and forge strategic partnerships that support the development of more efficient and resilient companies capable of contributing to a more diversified and competitive economy in the State of Qatar.
For his part, accounting expert and financial consultant Abdullah Al Mansoori addressed sustainability disclosure, international standards and their impact on investment decisions.
Meanwhile, Head of Partnerships for the Middle East, Africa and South Asia at the Institute of Chartered Accountants in England and Wales (ICAEW), Malek Sarieddine, spoke about the efforts of the association and ICAEW to promote financial sustainability. (QNA)