Ahmed Ali Al Sayegh is UAE Minister of State and UAE Sherpa for the G20
February 27, 2024
Over the past four decades, there have been commendable and concerted global endeavours to strengthen the regulatory framework in response to the evolving risks associated with international financial crime. These collaborative efforts have established robust practices in the realm of combating money laundering.
The UAE is committed to addressing the risks posed by financial crime – whether to consumers, businesses, or the integrity of the financial system. The UAE’s leadership demonstrated its steadfast commitment across more than 90 government entities – along with the private sector – by making a high-level pledge to enhance the effectiveness of its defence against financial crime, setting out clear rules and expectations.
This was underlined this week when the Financial Action Task Force (FATF) announced that the UAE has completed all recommendations from its action plan and has been removed from FATF’s list of “jurisdictions under increased monitoring”, following a plenary meeting held from February 19-23 in Paris.
This announcement affirms the UAE’s proactive measures to combat financial crime and enhance the country’s approach to align with best international practices. Through such measures, the UAE aims to reinforce its leading position at the forefront of one of the world’s most diverse and fastest-growing economies and as a competitive economic, investment and financial hub that implements the highest standards of integrity and transparency.
The UAE will continue to collaborate with FATF and international partners to strengthen its collective defence systems against international financial crimes. These endeavours included creating effective tools to enhance financial compliance, and consolidating the work that has been achieved to combat money laundering and countering the financing of terrorism.
This announcement affirms the UAE’s proactive measures to combat financial crime and enhance the country’s approach to align with best international practices
This aligns with the UAE’s economic strategies, which are based on economic diversity, aimed at building a knowledge-based and diversified economy strengthened by scientific and technological advancement. The UAE’s economic business environment is characterised as dynamic, prosperous, and attractive to direct foreign investments, ranking first among Arab nations and holding an advanced position globally as a modern financial, trading and economic hub.
The UAE’s vision for the next 50 years is to become an international hub for investments and economic innovation, an inclusive system for entrepreneurship and an advanced lab for new economic opportunities and projects.
In just 52 years, the wise leadership has successfully transformed the UAE into a thriving global financial centre and international economic trading hub. Within this transformative period, the country has developed an environment conducive to business prosperity, marked by robust regulatory frameworks, unwavering government support, seamless physical and digital connectivity, and a workforce distinguished by its high skill levels and remarkable talent pool. This rapid evolution positions the UAE as not only a testament to visionary development but also as a testament to the nation's commitment to fostering an unparalleled ecosystem for businesses to thrive.
Furthermore, our Comprehensive Economic Partnership Agreements (Cepas) are establishing and deepening trade connections with dynamic, high-growth economies worldwide. The agreements aim to enhance the UAE’s economic competitiveness by aiming to attract $150 billion (Dh550 billion) of direct foreign investments over the next nine years. These investments will focus on sectors such as the digital economy, infrastructure, entrepreneurship, advanced skills, space and advanced technology. Together, Cepas will shape a dynamic and prosperous journey for the UAE and future generations across the region.
However, the country believes that the risks of global financial crime are continually evolving. Thus, the UAE is focused on maintaining the infrastructure and systems to address contemporary as well as future financial crime risks.
The UAE’s commitment to addressing financial crime is built on a clear understanding that it is a global problem, which therefore requires international effort. This recognition underscores the shared responsibility in preventing financial crime, money laundering and terrorist financing, involving a diverse array of stakeholders such as policymakers, regulators, law enforcement, financial intelligence agencies and private sector entities.
With globalisation and the progression of new technologies and digitisation, it is imperative to forge an equitable balance between fostering innovation and establishing a transparent and predictable regulatory framework.
That is why it is crucial that everyone knows the “rules of the game”, and equally important that adherence to these rules is unwavering. These regulations serve as a means to formalise expectations, seeking and ensuring compliance without stifling innovation. Ideally, such rules should be internationally agreed upon and implemented to foster a cohesive global approach.
In the UAE, we place great emphasis on robust multilateral partnerships and a collective dedication to attaining stability and prosperity. Through these principles, we aim to spearhead a new era in global exchange, safeguarding our role as a thriving global financial centre and an international economic trading hub.
By taking these proactive measures to fortify our economy, we not only enhance the safety and strength of the UAE but also secure its position as a pivotal player in this transformative phase of global exchange.
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
UAE currency: the story behind the money in your pockets
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), EsekaiaDranibota (Harlequins), Matt Mills (Exiles), JaenBotes (Exiles), KristianStinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), EmosiVacanau (Harlequins), NikoVolavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), ThinusSteyn (Exiles)
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The UAE squad for the Asian Indoor and Martial Arts Games
The jiu-jitsu men’s team: Faisal Al Ketbi, Zayed Al Kaabi, Yahia Al Hammadi, Taleb Al Kirbi, Obaid Al Nuaimi, Omar Al Fadhli, Zayed Al Mansoori, Saeed Al Mazroui, Ibrahim Al Hosani, Mohammed Al Qubaisi, Salem Al Suwaidi, Khalfan Belhol, Saood Al Hammadi.
Women’s team: Mouza Al Shamsi, Wadeema Al Yafei, Reem Al Hashmi, Mahra Al Hanaei, Bashayer Al Matrooshi, Hessa Thani, Salwa Al Ali.
