The Abu Dhabi Global Market is one of the world's fastest-growing financial districts, and its reputation as a step-ahead regulator is reflected in its strategy when it comes to digital assets.
On Friday, its Financial Services Regulatory Authority signed a preliminary agreement with the UAE Ministry of Interior to boost its fight against crimes in this sector.
The points of collaboration include information exchange, boosting risk mitigation frameworks and supporting the UAE's national strategy to protect the financial system against evolving threats in the digital asset landscape, in addition to joint training programmes and enhanced investigative efforts. it said.
“The FSRA is focused on collaboration with UAE authorities to proactively fight against financial crime. Financial crime is constantly evolving and it is crucial that regulators stay ahead of potential threats," Emmanuel Givanakis, chief executive of the FSRA, said in a statement.
That is also the latest in a long list of programmes designed by ADGM to encourage and protect investors in the growing space, helping the FSRA to become one of the first jurisdictions worldwide to implement a comprehensive and robust regulatory framework for crypto and digital asset activities since 2018.
Detailed guidance
Part of ADGM's mission is to support the development of digital assets under a comprehensive and progressive regulatory framework, "as part of its holistic approach".
In its multipronged guiding principles governing its approach to virtual asset supervision, the FSRA has made it clear that only the "high[est] level" of regulations and co-operation are to be implemented to ensure the credibility of the sector.
These principles include a robust and transparent risk-based regulatory framework, high standards for authorisation, preventing money laundering and other financial crime, risk-sensitive supervision, commitment to enforce on regulatory breaches and international co-operation. These have been the basis of Abu Dhabi's numerous initiatives rolled out to encourage the use of digital assets.
These, in turn, are helping address the "full range" of risks associated with digital asset activities, including risks relating to money laundering and financial crime, consumer protection, technology governance, custody and exchange operations, according to the FSRA.
Tailored events
Abu Dhabi Finance Week, which held its third edition at ADGM earlier this month, has become a fixture in the capital's financial scene, attracting the world's biggest industry players and thought leaders.
The summit is one of the ways ADGM is able to tap experts to provide insights on the state of digital assets and where they are headed.
The capital also hosted the inaugural Abu Dhabi Business Week and Bitcoin Mena earlier in December, where cryptocurrencies and other digital assets were front and centre.
In addition, ADGM also helped launch the Middle East, Africa and Asia Crypto and Blockchain Association, a non-profit organisation comprising industry majors such as Binance and Crypto.com to help draw up strategies addressing the industry's challenges.
Operational licence grants
Several global cryptocurrency players have sought to establish a foothold in the UAE and ADGM's efforts have been able to attract some of the biggest names, such as eToro and M2, allowing these companies to operate as a brokers for securities, derivatives and crypto assets, and platforms institutional and retail investors to buy, sell and hold custody of virtual assets.
The rising stock of virtual assets has prompted governments to figure out rules to rein in the largely unregulated industry. ADGM has continuously sought to address this in order for Abu Dhabi to become an attractive destination.
Never-ending improvement
ADGM continuously seeks to improve its already-robust digital asset strategies, keeping in step or even ahead of its peers globally. ADGM has rolled out a slew of updated guidelines to improve those already in place in order to further boost confidence in the sector.
Earlier this month, the FSRA introduced a regulatory framework for the issuance of fiat-referenced tokens – a category of stablecoins backed by high-quality and liquid assets denominated in the same currency – which expands the suite of digital assets that can be offered in a regulated environment.
The FSRA said this is aimed to ensure financial stability and investor protection in facets such as reserve assets, governance and integrity, and transparent disclosure, among others.
Gathering opinion
Public consultation is key in drawing up frameworks for regulation. For instance, earlier this month, ADGM announced the publication of a new consultation paper that sets out proposed amendments to its regulatory framework for authorised persons conducting regulated activities involving virtual assets.
In addition, ADGM is also seeking feedback on the criteria to be applied in determining whether non-ADGM issued fiat-referenced tokens should be accepted within ADGM. The paper also proposes to expand the scope of investments in which venture capital funds may invest. The consultation period for this paper will close on January 31.
Penalties for offenders
No sector is perfect, and there are instances in which financial services providers would run afoul of the law. ADGM takes this very seriously.
While no company directly engaged in digital assets has been fined for violations, ADGM has meted out penalties to financial companies such as Pyppl, Sarwa Digital Wealth and Aarna Capital for various breaches.
This serves as a deterrent for companies to ensure they uphold the highest standards and promote transparency in their operations, especially for those in digital assets, whose regulations are still evolving and trust needs to be strengthened.
Crime-fighting
Friday's announcement comes as virtual assets – known to be high-risk assets – have become an emerging favourite target for hackers: the value of cryptocurrencies stolen in 2024 hit about $2.2 billion, a 21 per cent leap from last year, as attacks hit a record 302, Chainalysis said in its 2025 Crypto Crime Report on Thursday.
Any threat to digital assets will cause severe reputational and financial consequences, which is why ADGM has pledged to "protect the financial ecosystem and lead regulatory efforts in line with international best practices and federal laws", Mr Givanakis said on Friday.
"Our goal is to build long lasting partnerships across the UAE to ensure prevention of financial crime … including the use of virtual assets. We also seek to raise awareness internally and locally to ensure proper understanding of financial crime risks and assist actively in the efforts conducted on a national level."
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
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Started: October 2015 in India, November 2016 in UAE
Founders: Harsh Dhand; Vaibhav and Purvashi Doshi
Based: Bangalore, India and Dubai, UAE
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Size: 40 employees
Investment: $2 million
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Company name: Overwrite.ai
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Sector: PropTech
Initial investment: Self-funded by founder
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Yashin Trophy (Best Goalkeeper – Men’s)
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Men’s Coach of the Year
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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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Living in...
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.
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Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
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How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
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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.”
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
BIO
Favourite holiday destination: Turkey - because the government look after animals so well there.
Favourite film: I love scary movies. I have so many favourites but The Ring stands out.
Favourite book: The Lord of the Rings. I didn’t like the movies but I loved the books.
Favourite colour: Black.
Favourite music: Hard rock. I actually also perform as a rock DJ in Dubai.
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The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.
The organisation said its name is best interpreted as ‘the best for women’.
Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.
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- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
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Price: From Dh126,000
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SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
Torque: 530Nm
Price: Dh329,000 (base model 4.0L EXR Dh215,900)
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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LIGUE 1 FIXTURES
All times UAE ( 4 GMT)
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Saturday
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
The bio
Academics: Phd in strategic management in University of Wales
Number one caps: His best-seller caps are in shades of grey, blue, black and yellow
Reading: Is immersed in books on colours to understand more about the usage of different shades
Sport: Started playing polo two years ago. Helps him relax, plus he enjoys the speed and focus
Cars: Loves exotic cars and currently drives a Bentley Bentayga
Holiday: Favourite travel destinations are London and St Tropez
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