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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News Network
July 18,2020

Dubai, July 18: An NRI student who passed away in Dubai shortly after shortly after attempting his Central Board of Secondary Education (CBSE) Grade 12 papers in March, has scored an impressive 91.4 per cent on his board examinations, including 100 in his media studies paper.

Ahmed Ziyad, a student of GEMS Our Own Indian School in Al Qouz, Dubai, died on March 19, suffered a heart condition called Hypertrophic cardiomyopathy (HCM) that stopped him from being active in sporting activities.

Ziyad's parents, teachers, and classmates remember him as a very ambitious pupil, who wanted to launch his own business and achieve great things in his life. His board results are - mass media studies 100, Marketing 97, English 84, Entrepreneurship 82, and Home Science 94.
 
Ziyad's father, Shanavaz Manangath, a real estate professional who has been a resident of Dubai for over two decades said, "Six months ago, he had collapsed while playing with his friends. Since there was an irregularity in his heartbeat, he could not take part in any strenuous activities." He added, "Ziyad had just started playing with his friends on March 19 when he suddenly collapsed and died shortly after. My family has not been able to overcome his loss."

Unable to hold back his tears, an emotional Manangath said Ziyad wanted to do his BBA and launch his own business, "He was very ambitious. Honestly, I haven't looked into his board exam results, but, I know he had studied very hard for the exams."

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News Network
June 23,2020

Riyadh, Jun 23: Authorities in Saudi Arabia have decided to allow a limited number of citizens and residents who are already in the Kingdom to do this year’s Haj.

In a statement on Monday, the Ministry of Haj and Umrah said that in light of the continuation of the coronavirus pandemic and the risks of infections spreading in crowded spaces and large gatherings, it has been decided that Haj for this year (1441 H/ 2020 AD) will be held whereby a very limited number of pilgrims from various nationalities who already reside in Saudi Arabia, would be able to perform it.

“The decision was taken to ensure Haj is performed in a safe manner from a public health perspective while observing all preventative measures and the necessary social distancing protocols to protect human beings from the risks associated with this pandemic and in accordance with the teachings of Islam in preserving the lives of human beings, the statement added.

“The government of the Custodian of the Two Holy Mosques is honored to serve millions of Haj and Umrah pilgrims annually and it confirms that this decision stems from the top priority it accords maintaining the safety of pilgrims on its land until they depart to their home countries.”

“We ask Allah the Almighty to protect all countries from this pandemic and keep all humans protected and safe, the statement said.

Saudi Arabia’s top priority is to always enable Muslim pilgrims to perform Haj and Umrah rites safely and securely and the Kingdom has been keen since the beginning of the pandemic to take all necessary precautionary measures to protect pilgrims, including by suspending the entry of Umrah pilgrims while ensuring the safety of the pilgrims already present at the holy sites, the statement further added.

Commenting on the Haj decision, the Saudi Human Rights Commission said that Saudi Arabia believes in the universal right to health. Limiting Haj not only protects the Kingdom but also many pilgrims and the communities they call home around the world.

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News Network
January 10,2020

Dubai, Jan 10: Iran denied on Thursday that a Ukrainian airliner that crashed near Tehran had been hit by a missile, Iranian government spokesman Ali Rabiei said in a statement, according to state TV.

"All these reports are a psychological warfare against Iran. All those countries whose citizens were aboard the plane can send representatives and we urge Boeing to send its representative to join the process of investigating the black box".

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