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Transparency ‘can Lessen’ Impact of Financial Crisis

DUBAI - Abdulqader Obaid Ali, Director, Group Internal Audit and Business Excellence, Dubai World, stressed the need for companies to practice maximum transparency in activities in order to lessen the impact of the current global financial crisis.

Taking part in a seminar on the “Psychology of Fraud” organised by the Internal Auditors Association, Abdulqader Obaid Ali, Chairman of the Association, said that the wise and forward-looking decisions taken by His Highness Shaikh Khalifa bin Zayed Al Nahyan, President of the UAE, and His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, shielded companies in the country from the consequences of the crisis and helped maintain the growth achieved by the public and private sectors.

He re-iterated that the Gulf Co-operation Council economies, particularly the UAE, have the necessary financial resources and sufficient reserves to cope with such situations.

He noted that the United Arab Emirates has a flexible economic system capable of adapting to similar economic fluctuations. ing the measures adopted by the Kingdom to gain competitive edge in the market.

The event will also provide an insight into investment opportunities in Saudi Arabia for local and international companies.

Around 20 panel discussions will take place during the three-day event.