The Financial Services Regulatory Authority of Abu Dhabi Global Market is rolling out a new initiative to boost the development of intelligent regulatory technology (RegTech) tools and help Artificial Intelligence achieve regulatory context and understanding.
The move comes amid higher usage of the new technology by financial services firms and other companies.
The Open Regulation (OpenReg) initiative provides a “training ground” for industry specialists, RegTech companies and the data science community to have access to FSRA’s AI models, data and research to create AI-enabled RegTech tools, ADGM said in a statement on Tuesday.
“Without regulatory context, AI applications will be limited in their potential to help financial services firms navigate the regulatory landscape. In this regard, OpenReg provides the regulatory context required by firms to develop their own AI solutions,” ADGM said.
The initiative “builds on the foundation of FSRA’s earlier project on digital regulation, by providing interested stakeholders an opportunity to engage with us on the further evolution of this important RegTech innovation”.
The UAE is launching a number of strategies as the Arab world's second-largest economy embraces the digital economy and positions itself as a global hub for innovation.
In April, the UAE Cabinet approved a strategy in which the digital economy will contribute 20 per cent to the gross non-oil national economy in the coming years.
The strategy aims to double the contribution of the digital economy to the UAE's GDP from 9.7 per cent to 19.4 per cent within the next 10 years, Wam reported at the time.
“This is the first time a regulator has tried to provide a regulatory context in the form of machine-readable regulations and AI models,” Emmanuel Givanakis, chief executive of the ADGM FSRA said.
“By working with the industry and developer community and providing access to the underlying data that we used to create our own AI model, we are looking toward building smarter AI and RegTech solutions that make financial regulation simpler, clearer, and more effective”.
The new move comes as FSRA, the regulator of Abu Dhabi’s financial hub continues to upgrade and amend regulations to mitigate risks and make ADGM an attractive space for home-grown, regional and international companies.
In September, it published guiding principles on its approach to virtual asset regulation and supervision to outline its expectations for the asset class and service providers in the sector.
FSRA also amended its capital market framework, implementing significant enhancements to improve the investment environment and boost growth opportunities in the emirate's financial hub.
ADGM, one of the fastest growing international financial centres in the Middle East and North Africa region, is part of Abu Dhabi's efforts to diversify its economy and connect the emirate with markets in the Mena and economies in South and East Asia.
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
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Fines for littering
In Dubai:
Dh200 for littering or spitting in the Dubai Metro
Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle.
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle
In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
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11 cabbie-recommended restaurants and dishes to try in Abu Dhabi
Iqbal Restaurant behind Wendy’s on Hamdan Street for the chicken karahi (Dh14)
Pathemari in Navy Gate for prawn biryani (from Dh12 to Dh35)
Abu Al Nasar near Abu Dhabi Mall, for biryani (from Dh12 to Dh20)
Bonna Annee at Navy Gate for Ethiopian food (the Bonna Annee special costs Dh42 and comes with a mix of six house stews – key wet, minchet abesh, kekel, meser be sega, tibs fir fir and shiro).
Al Habasha in Tanker Mai for Ethiopian food (tibs, a hearty stew with meat, is a popular dish; here it costs Dh36.75 for lamb and beef versions)
Himalayan Restaurant in Mussaffa for Nepalese (the momos and chowmein noodles are best-selling items, and go for between Dh14 and Dh20)
Makalu in Mussaffa for Nepalese (get the chicken curry or chicken fry for Dh11)
Al Shaheen Cafeteria near Guardian Towers for a quick morning bite, especially the egg sandwich in paratha (Dh3.50)
Pinky Food Restaurant in Tanker Mai for tilapia
Tasty Zone for Nepalese-style noodles (Dh15)
Ibrahimi for Pakistani food (a quarter chicken tikka with roti costs Dh16)
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
