ABU DHABI // Federal National Council members are calling on the stockmarket regulator to improve investment literacy among Emiratis.
In a critical report released last week scrutinising the Securities and Commodities Authority (SCA), the FNC said there was a lack of awareness among the investment community regarding governance.
This had led to some investors turning to short-term investments and speculation, in turn ignoring market studies and the possible long-term effects on the country, the council’s finance committee said.
There was also a lack of confidence in the market by Emirati investors, it said.
The report revealed that following a full review of the SCA’s 2014/2016 strategy, the committee found the authority was not addressing the lack of investment awareness.
When the committee questioned senior SCA officials, they said they had already conducted programmes to raise investment literacy.
Over the past three years, they said, 84 lectures and events had been held. These were aimed at the general public, financial analysts and university students.
They also held annual conferences and workshops with market experts, explaining technical information and listening to public concerns.
The SCA said it distributed several publications that simplified market concepts and included clear illustrations with real-life examples.
The authority has also been streaming YouTube videos explaining the local stock market. A number of TV programmes were presented in partnership with CNBC and Dubai TV.
Despite these efforts, turbulence in the market had caught out many, prompting Ali Al Nuaimi (Ajman), the finance committee’s rapporteur, to say: “Investors need to be made more aware.
“They should not easily panic and sell shares and cause problems in the market so easily. They need more awareness. They need to be more educated. Market speculation needs to be built on a foundation, not based on rumours.”
He said Emiratis trading in the stock market needed to know that the “Government cannot always protect you”.
Last month, Sultan Al Mansoori, the Economy Minister and SCA head, urged investors to base their investment decisions on logic and reason rather than emotions.
osalem@thenational.ae
Ways to control drones
Countries have been coming up with ways to restrict and monitor the use of non-commercial drones to keep them from trespassing on controlled areas such as airports.
"Drones vary in size and some can be as big as a small city car - so imagine the impact of one hitting an airplane. It's a huge risk, especially when commercial airliners are not designed to make or take sudden evasive manoeuvres like drones can" says Saj Ahmed, chief analyst at London-based StrategicAero Research.
New measures have now been taken to monitor drone activity, Geo-fencing technology is one.
It's a method designed to prevent drones from drifting into banned areas. The technology uses GPS location signals to stop its machines flying close to airports and other restricted zones.
The European commission has recently announced a blueprint to make drone use in low-level airspace safe, secure and environmentally friendly. This process is called “U-Space” – it covers altitudes of up to 150 metres. It is also noteworthy that that UK Civil Aviation Authority recommends drones to be flown at no higher than 400ft. “U-Space” technology will be governed by a system similar to air traffic control management, which will be automated using tools like geo-fencing.
The UAE has drawn serious measures to ensure users register their devices under strict new laws. Authorities have urged that users must obtain approval in advance before flying the drones, non registered drone use in Dubai will result in a fine of up to twenty thousand dirhams under a new resolution approved by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.
Mr Ahmad suggest that "Hefty fines running into hundreds of thousands of dollars need to compensate for the cost of airport disruption and flight diversions to lengthy jail spells, confiscation of travel rights and use of drones for a lengthy period" must be enforced in order to reduce airport intrusion.
Notable cricketers and political careers
- India: Kirti Azad, Navjot Sidhu and Gautam Gambhir (rumoured)
- Pakistan: Imran Khan and Shahid Afridi (rumoured)
- Sri Lanka: Arjuna Ranatunga, Sanath Jayasuriya, Tillakaratne Dilshan (rumoured)
- Bangladesh (Mashrafe Mortaza)
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Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
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UAE athletes heading to Paris 2024
Equestrian
Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).
Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).
Cycling
Safia Al Sayegh (women's road race).
Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).
Athletics
Maryam Mohammed Al Farsi (women's 100 metres).
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Director: Brandt Andersen
Starring: Omar Sy, Jason Beghe, Angeliki Papoulia
Rating: 4/5
The biog
Name: Abeer Al Shahi
Emirate: Sharjah – Khor Fakkan
Education: Master’s degree in special education, preparing for a PhD in philosophy.
Favourite activities: Bungee jumping
Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.
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Name:+Dukkantek
Started:+January 2021
Founders:+Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based:+UAE
Number of employees:+140
Sector:+B2B Vertical SaaS(software as a service)
Investment:+$5.2 million
Funding stage:+Seed round
Investors:+Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office