“What if you could predict the future of your city’s financial landscape with pinpoint accuracy?” This question is no longer hypothetical for Sharjah, thanks to the Financial Foresight Platform. In an exclusive conversation at GITEX 2024, Husa Al Yasi, Director of Financial Systems Department of Sharjah, revealed how this groundbreaking tool is set to transform the way the emirate plans for its future, using cutting-edge technology to ensure sustainable growth and prosperity.
Driving Sharjah’s Strategic Vision for Growth
The Financial Foresight Platform is more than just a tool—it’s a critical element in achieving Sharjah’s long-term vision for sustainable economic growth. “This platform is a crucial part of Sharjah’s efforts to achieve sustainable economic growth. By providing accurate revenue and expense forecasts, we are enabling departments to make proactive, informed decisions that enhance the quality of life for Sharjah’s residents,” shared Husa Al Yasi.
With the platform, government entities can now forecast financial needs more effectively, ensuring that public services and infrastructure projects are timely and adequately funded. Al Yasi added, “Being able to predict future financial needs is essential for Sharjah to continue delivering high-quality public services.”
Leveraging over 20 years of historical financial data from systems like Tahseel and Takamul, the platform delivers unparalleled accuracy in forecasting. “This wealth of historical information allows us to provide robust, data-driven forecasts that guide long-term decisions,” noted Al Yasi. “It ensures Sharjah’s financial strategies are rooted in the past but look confidently towards the future.”
During testing, the platform has already helped improve revenue projections and budgeting processes across government departments. “We’re seeing significant improvements in how departments predict revenue and refine their budgeting processes,” said Al Yasi.
Multi-Model Approach for Holistic Financial Forecasting
A defining feature of the platform is its multi-model forecasting approach, combining moving averages, linear regression, and relative growth models. “By using different models, we ensure our forecasts account for multiple factors, giving us a comprehensive view of Sharjah’s financial future,” Al Yasi explained.
As the platform integrates new data, it adapts in real-time to reflect emerging trends, keeping forecasts relevant. “This adaptability is vital to help us navigate changing economic conditions,” Al Yasi added.
Sector-Specific Insights and Long-Term Growth
Tailored insights for various sectors, including infrastructure and social services, provide an edge in strategic resource allocation. “The platform allows us to understand the unique challenges and needs of each sector, ensuring we allocate resources where they will have the most impact,” said Al Yasi.
As more departments begin to utilize the platform, it’s expected to play a pivotal role in shaping Sharjah’s long-term economic and infrastructure development. “We’re just beginning to see the platform’s potential. It will become a cornerstone of our strategic planning moving forward,” Al Yasi commented.
The Future of Financial Forecasting in Sharjah
Looking ahead, Sharjah’s Finance Department plans to enhance the platform with more AI-driven capabilities and improved user experience. “Our goal is to continuously evolve the platform, ensuring it remains a key tool in Sharjah’s financial planning for years to come,” stated Al Yasi.
As Sharjah embraces this data-driven approach, the emirate is positioning itself for a future defined by economic resilience and sustained growth. “The Financial Foresight Platform marks a significant step forward in ensuring long-term prosperity for Sharjah and its citizens,” Al Yasi concluded.
This platform isn’t just about predicting numbers—it’s about shaping a prosperous future for the entire emirate.
