Dubai financial regulator to implement oversight changes after Abraaj collapse

Agencies
March 3, 2019

Mar 3: The Dubai Financial Services Authority (DFSA) could make changes to its oversight procedures following last year’s collapse of private equity group Abraaj, its chief executive said in a report published on Sunday.

Dubai-based Abraaj was the largest buyout fund in the Middle East and North Africa until it collapsed last year in the aftermath of a row with investors, including the Gates Foundation, over a $1 billion healthcare fund.

“The collapse of this firm will influence our thinking on corporate governance, on the allocation of responsibilities amongst the senior management of firms, and on the best way to assign responsibility for compliance within regulated firms,” DFSA Chief Executive Bryan Stirewalt said in the report.

Abraaj, filed for provisional liquidation in the Cayman Islands last year. One of Abraaj’s entities was licensed by the DFSA.

If “the DFSA concludes, following our investigations, that there are lessons to be learned, we will take steps to strengthen our supervisory oversight,” Stirewalt said.

“We will also be reviewing our risk-based approach to supervision to ensure that it properly captures some of the features of the particular case.” Last August the DFSA stopped Abraaj Capital Limited (ACL) from taking on new business or moving money to Abraaj Investment Management (AIML) as part of an investigation into the group.

In Sunday’s report, Stirewalt said “the DFSA has for some time been investigating a range of matters in relation to ACL”.

He said the DFSA had taken regulatory action and had assisted liquidators, but that it did not regulate Abraaj Holdings, AIML, or Abraaj’s private equity funds, because they were domiciled in the Cayman Islands.

“We will examine whether our regime addresses correctly the situation where firms locate legal entities providing services to each other in different locations, which can complicate supervision,” Stirewalt said.

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KT
April 14,2020

Dubai, Apr 14: Saudi Arabia reported 435 new cases of coronavirus, bringing the total number of infections in the country to 5369, the Ministry of Health announced on Tuesday.

According to the ministry of health the number of recoveries today are 84 cases, making total of recoveries in the kingdom 889.

The ministry also confirmed 8 deaths bringing the total number of deaths in the kingdom to 73.

Saudi Arabia imposed a 24-hour curfew and lockdown on the cities of Riyadh, Tabuk, Dammam, Dhahran and Hofuf and throughout the governorates of Jeddah, Taif, Qatif and Khobar. This week the curfew was extended until further notice.

Containment efforts
Saudi authorities are racing to contain an outbreak of coronavirus in the Islamic holy city of Mecca.

The total number of coronavirus cases reported in Mecca, home to 2 million people, reached 1,050 on Monday compared to 1,422 in the capital of Riyadh, a city more than three times the size. Mecca’s large number of undocumented immigrants and cramped housing for migrant workers have made it more difficult to slow the infection rate.

Saudi Arabia has reported one of the lowest rates of infection in the region, with around 5,000 cases in a population of over 30 million.

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News Network
April 18,2020

Dubai, Apr 18: Saudi Arabia has reported 1,132 new coronavirus cases, taking the total number of confirmed COVID-19 patients to 8,274, the Ministry of Health revealed on Saturday.

The ministry has also announced five more deaths from the virus, taking to 92 the Kingdom’s death toll.

Recoveries
As for recoveries, 280 new recoveries were reported, pushing the total number of patients recovered to 1,329.

The ministry revealed that 79 per cent of today’s cases are expatriates and that 65 per cent of the cases were detected through intensified and active COVID-19 screening in densely-populated areas.

A total of 201 patients of Saturday’s cases have contracted the disease due to being in contact with existing cases, the ministry added.

The new infected cases have been placed under complete isolation and they are receiving necessary medical care, an official from the ministry said.

He affirmed that medical teams are intensifying efforts and screening tests in workers' neighbourhoods and accommodations in order to limit the spread of the disease.

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Agencies
March 23,2020

Riyadh, Mar 23: King Salman on Sunday issued an order imposing a curfew across Saudi Arabia from Monday evening to control the spread of the COVID-19 disease.

A royal court statement carried by the Saudi Press Agency (SPA) said the curfew will start at 7 p.m. until 6 a.m. every day for 21 days from the evening of 28 Rajab 1441 in the Hijri calendar, equivalent to March 23, 2020 in the Gregorian calendar.

King Salman's order followed an announcement by the Health Ministry of 119 new coronavirus cases on Sunday, raising the total number in the Kingdom to 511.

The order enjoins citizens and residents alike to stay in their homes during the curfew hours for their own safety.

The statement said the Ministry of Interior will undertake the necessary measures to implement the curfew, and all civil and military authorities are ordered to cooperate fully.

Exclusions

A subsequent statement issued by the Ministry of Interior and carried by SPA said those excluded from the curfew are workers from the following vital industries and government services:

• Food sector (points of sale) such as catering and supermarkets And poultry and vegetable shops, meat, bakeries, food factories and laboratories;

• Health sector, such as pharmacies and the like, medical clinics (dispensaries), hospitals, laboratories, factories, factories and materials and medical devices;

• Media sector in its various means;

• Transportation sector, such as those transporting goods, parcels, customs clearance, warehouses, warehouses, logistics services, supply chains for the health sector, the food sector, and port operations;

• E-commerce activities such as those working in the electronic procurement applications for the excluded activities and those working in the delivery applications of the excluded activities;

• Accommodation services activities such as hotels and furnished apartments;

• Energy sector such as gas stations and emergency services for the electric company;

• Financial services and insurance sector, such as direct accidents (Najm), urgent health insurance services (approvals), and other insurance services;

• Telecom sector as Internet and communication network operators;

• Water sector, such as the water company emergency services and home drinking water delivery service (graying).

Additional exclusions

The Interior Ministry statement also said movement during the curfew time will be allowed for security, military and health cars, government regulatory services vehicles, and activity vehicles excluded in the vital industries and services mentioned above. 

Delivery services through smart device applications (express delivery services) during the curfew will be allowed for food and drug needs and other essential goods and services that are excluded and delivered to homes. Excluded activities can be known by calling the toll-free number in all regions of the Kingdom 999, except for the Makkah Al-Mukarramah region, which is called at 911.

Muezzins will be allowed to access mosques to lift the call to prayer at the time of the curfew.

Workers in diplomatic missions and international organizations and the like residing in the Diplomatic Quarter will be allowed to move during the curfew period to and from their business headquarters in the neighborhood.

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