HH Sheikh Hamdan inaugurates Ministry of Finance Innovation Lab

Innovation Lab will help staff develop new ideas for government financial systems

Tags: InnovationMinistry of Finance and Industry - UAEUnited Arab Emirates
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HH Sheikh Hamdan inaugurates Ministry of Finance Innovation Lab HH Sheikh Hamdan bin Rashid Al Maktoum and HE Obaid Humaid Al Tayer at the opening of the Innovation Lab.
By  Mark Sutton Published  November 23, 2016

HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and the Minister of Finance of the UAE has inaugurated the Ministry of Finance's new Innovation Lab.

The Innovation Lab, which was launched as part of the UAE's Innovation Week, aims to create an environment for staff to develop ideas for the government's financial systems and to support the Ministry's strategic goals.

During his visit, HH Sheikh Hamdan also participated in the Innovation Lab's first brainstorming session, which was organized by the Government Innovation team, on the theme of ‘Sustainable financial management for the youth of the future'. The session discussed frameworks of sustainable financial management, and how to introduce them to the youth and have them apply these frameworks in their fields within the Ministry.

HH Sheikh Hamdan said: "Successful countries are ones able to stimulate the minds of the youth towards creativity and innovation, and provide them with an environment with the latest tools to become active and successful leaders who are able to achieve excellence in their fields.

"In our next phase, we aim to focus on creating a culture of innovation within the community and activating its role and contributions into the process of building the future. This can be achieved by introducing ideas and visions that contribute to the achievement of the government's directives on a professional and societal level. The youth are our future leaders, and it is our duty to provide them with our expertise and capabilities and support their talents to prepare them for that role."

HE Obaid Bin Humaid Al Tayer, Minister of State for Financial Affairs, added: "The UAE has achieved important milestones in global innovation indicators, in which the country ranked first regionally and forty-first worldwide. Due to its important role in building the future and achieving sustainable economic and social development, the UAE has worked towards instilling a culture of innovation in the work environment and within daily tasks. Our aim during this festival was to focus on societal innovation and encourage the community to participate in launching innovative ideas and initiatives."

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