UAE financial shocks legislation reviewed



A draft law designed to boost the resilience of the UAE to financial shocks has been reviewed by Central Bank officials.

The planned Financial Services Law will overhaul existing rules on the regulation of banks and other financial institutions dating from 1980.

The Central Bank's board on Thursday discussed the latest amendments to the draft law, according to a press release from the regulator yesterday.

The board agreed the technical team that was assigned to review financial rules should now discuss the changes.

Plans were announced last year to move oversight of the financial system to a so-called twin-peak model, requiring both a prudential regulator and a conduct-of-business regulator.

Nobody was available from the Central Bank to comment further yesterday. In a country report released last week by the IMF, the Washington-based fund said along with proposed insolvency and public debt legislation, the new law was "crucial" in modernising financial legislation.

The board meeting also reviewed changes to proposed ratios governing how much banks can lend to government-related entities. Officials approved the new limits, which were not specified, after slight amendments, according to the press release.

In April last year, the Central Bank set out limits for commercial lenders' exposure to government departments and holding companies, giving banks six months to comply.

The move met resistance from banks including National Bank of Abu Dhabi, Emirates NBD, Abu Dhabi Commercial Bank and Noor Islamic Bank, which said they were in breach of the limits.

However, no solution had been found by the time the law came into effect, leading the Central Bank to say in October it would put its implementation on hold pending a review.

Last month, the UAE Banks Federation submitted a final proposal on amending the large exposure limits to the Central Bank, calling for bonds and sukuk to be excluded from the cap and asking for five years to implement the plan.

"From the banks' perspective the most important thing is time because it's going to take a long time to bring down their exposures," said Catherine McDougall, a senior legal consultant at DLA Piper.

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

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Wednesday, April 3

Arsenal v Luton Town, 10.30pm (UAE)

Manchester City v Aston Villa, 11.15pm (UAE)

Thursday, April 4

Liverpool v Sheffield United, 10.30pm (UAE)

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Rating: 4.5/5

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There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc. 
  3. Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway. 
  4. Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
  5. Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
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  • Patients with the condition are prone to lung infections and often suffer from chronic coughing, wheezing and shortness of breath.
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

MATCH INFO

Uefa Champions League semi-final:

First leg: Liverpool 5 Roma 2

Second leg: Wednesday, May 2, Stadio Olimpico, Rome

TV: BeIN Sports, 10.45pm (UAE)

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

SPEC SHEET: APPLE IPAD PRO (12.9", 2022)

Display: 12.9-inch Liquid Retina XDR, 2,732 x 2,048, 264ppi, wide colour, True Tone, ProMotion, 1,600 nits max, Apple Pencil hover

Chip: Apple M2, 8-core CPU, 10-core GPU, 16-core Neural Engine

Memory: Storage – 128GB/256GB/512GB / 1TB/2TB; RAM – 8GB/16GB

Platform: iPadOS 16

Main camera: Dual 12MP wide (f/1.8) + 10MP ultra-wide (f/2.4), 2x optical/5x digital, Smart HDR 4

Video: ProRes 4K @ 30fps, 4K @ 24/25/30/60fps, full HD @ 25/30/60fps, slo-mo @ 120/240fps

Front camera: TrueDepth 12MP ultra-wide (f/2.4), 2x, Smart HDR 4, Centre Stage, Portrait, Animoji, Memoji; full HD @ 25/30/60fps

Audio: Four-speaker stereo

Biometrics: Face ID, Touch ID

I/O: USB-C, smart connector (for folio/keyboard)

Battery: Up to 10 hours on Wi-Fi; up to nine hours on cellular

Finish: Silver, space grey

In the box: iPad, USB-C-to-USB-C cable, 20-watt power adapter

Price: WiFi – Dh4,599 (128GB) / Dh4,999 (256GB) / Dh5,799 (512GB) / Dh7,399 (1TB) / Dh8,999 (2TB); cellular – Dh5,199 / Dh5,599 / Dh6,399 / Dh7,999 / Dh9,599

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Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

EXPATS

Director: Lulu Wang

Stars: Nicole Kidman, Sarayu Blue, Ji-young Yoo, Brian Tee, Jack Huston

Rating: 4/5

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Equestrian
Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).
Judo
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Cycling
Safia Al Sayegh (women's road race).

Swimming
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Athletics
Maryam Mohammed Al Farsi (women's 100 metres).

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Company name: CarbonSifr
Started: 2022
Based: Dubai
Founders: Onur Elgun, Mustafa Bosca and Muhammed Yildirim
Sector: Climate tech
Investment stage: $1 million raised in seed funding

The specs

Price, base / as tested Dh135,000

Engine 1.6L turbo

Gearbox Six speed automatic with manual and sports mode

Power 165hp @ 6,000rpm

Torque 240Nm @ 1,400rpm 0-100kph: 9.2 seconds

Top speed 420 kph (governed)

Fuel economy, combined 35.2L / 100km (est)

The specs

Engine: 4-cylinder 2-litre
Transmission: 9-speed automatic
Power: 252 brake horsepower
Torque: 352Nm
Price: from Dh146,700
On sale: now

Biog

Mr Kandhari is legally authorised to conduct marriages in the gurdwara

He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada

Father of two sons, grandfather of six

Plays golf once a week

Enjoys trying new holiday destinations with his wife and family

Walks for an hour every morning

Completed a Bachelor of Commerce degree in Loyola College, Chennai, India

2019 is a milestone because he completes 50 years in business

 

The specs: 2019 BMW X4

Price, base / as tested: Dh276,675 / Dh346,800

Engine: 3.0-litre turbocharged in-line six-cylinder

Transmission: Eight-speed automatic

Power: 354hp @ 5,500rpm

Torque: 500Nm @ 1,550rpm

Fuel economy, combined: 9.0L / 100km

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Starring: Amanda Seyfried, James Norton

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Name: Kinetic 7
Started: 2018
Founder: Rick Parish
Based: Abu Dhabi, UAE
Industry: Clean cooking
Funding: $10 million
Investors: Self-funded

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

Infobox

Western Region Asia Cup Qualifier, Al Amerat, Oman

The two finalists advance to the next stage of qualifying, in Malaysia in August

Results

UAE beat Iran by 10 wickets

Kuwait beat Saudi Arabia by eight wickets

Oman beat Bahrain by nine wickets

Qatar beat Maldives by 106 runs

Monday fixtures

UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain

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  • Always check the weather forecast before setting off
  • Make sure you have plenty of water
  • Set off early to avoid sudden weather changes in the afternoon
  • Wear appropriate clothing and footwear
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