Latest news with #Dh190
Al Etihad
14-07-2025
- Business
- Al Etihad
Securities and Commodities Authority Board reports record first-half milestones
14 July 2025 11:51 ABU DHABI (WAM) The Securities and Commodities Authority (SCA) Board of Directors convened its third meeting of 2025 and reviewed the authority's key performance indicators for the first half of the meeting, the Board approved a series of strategic decisions that reaffirm the SCA's commitment to accelerating the development of the financial markets sector and aligning its regulatory framework with global best practices. These decisions are intended to enhance the UAE's market competitiveness and support the country's broader vision for economic meeting was chaired by Mohamed Ali Al Shorafa and attended by Deputy Chairman Faisal Yousef Sulaitin, CEO Waleed Saeed Al Awadhi, and Board Members Dr. Ali Mohammed Al Rumaithi, Hamad Sayah Al Mazrouei, Rashed Abdulkarim Al Blooshi, Arif Mohammed Amiri, and Rashid Ali Al Shorafa commented on this milestone, 'Our vision is grounded in a firm belief in the UAE's role as a global hub for future economic transformation, driven by the development of an integrated financial ecosystem built on innovation and regulatory excellence. This approach strengthens the UAE's role as a key financial player actively shaping the global economic landscape.'Al Awadhi reaffirmed the SCA's commitment to driving a transformative shift in the global economic system, positioning the UAE as a benchmark for regulatory innovation and investor H1 2025, The SCA recorded exceptional growth, with a 55 percent increase in newly issued licences and a 60 percent rise in the total number of licensed companies compared to the same period in 2024. Licensed local investment funds increased by 79 percent, driving a record 230 percent growth in total assets under registered foreign investment funds grew by 54 percent, and the value of registered bond and Sukuk programmes rose by 35 percent compared to H1 2024. These figures highlight the SCA's capacity to attract global investment and solidify the UAE's strategic position on the global investment part of its ongoing commitment to investor protection and market transparency, the Board reviewed progress on unclaimed dividends and dormant account balances held by brokerage the end of the second quarter of 2025, approximately Dh190 million had been disbursed to rightful Board also approved the formation of a coordinating Committee chaired by the SCA, with members from the Financial Services Regulatory Authority (FSRA), Dubai Financial Services Authority (DFSA), Dubai Virtual Assets Regulatory Authority (VARA), and a distinguished group of industry experts, namely Bryan Stirewalt, Sahar Badran, and Saeed Mansour Al committee is tasked with reviewing draft legislation, evaluating existing regulatory frameworks, and proposing amendments to enhance harmonisation between regulatory initiative strengthens the resilience and agility of the financial ecosystem and positions the UAE as a leading strategic hub in international financial meeting also reviewed key outcomes from the landmark launch of the region's first-ever Finfluencer registration and authorisation framework, marking a transformative milestone in the digital economy's regulatory framework. This groundbreaking initiative is designed to reinforce transparency and safeguard investors, aligning with the rapid evolution of the digital financial the Board approved a new regulatory framework governing goodwill in public joint-stock companies, recognising it as an intangible asset that includes brand strength and corporate reputation. The framework aims to promote compliance with international accounting standards and establish clear valuation principles to support boards of directors, audit committees, and external auditors, while enhancing transparency and investor disclosure practices. These decisions underscore the SCA's impactful regulatory leadership and its role in advancing the integration of the global financial system through innovative practices that promote transparency and sustainability.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
UAE: Higher premiums, no rains benefit insurance sector as profits jump to 24%
The UAE insurers' net profit increased by Dh190 million or 24 per cent to Dh987 million in the first quarter of 2025 compared to Dh797 million in the same period last year, due to increased premiums and the absence of heavy rains, which hit the country early last year, according to Badri Management Consultancy. "The first quarter of 2025 has remained bright and sunny for the UAE insurance industry. There was an absence of rains, which impacted profits slightly in the first quarter and heavily in the second quarter of 2024," said Hatim Maskawala, managing director at Badri Management Consultancy The UAE recorded heavy rains in the second week of March last year as the country recorded about 6 months of rain over two days, prompting work from home and remote learning due to flooding. This impacted the insurers as businesses and the automobile sector were hit during the heavy downpour. Following record rains last year, the UAE insurers raised motor premiums to combat the rising costs of damages. It is estimated that around 100,000 vehicles were damaged during the record rains in March and April. "The absence of rains coupled with rising premium rates has led to insurance revenue growing by 21 per cent in the first three months of 2025, reaching Dh11.9 billion versus Dh9.8 billion in the same period last year," he said. Maskawala added that the growth is expected to continue, driven by rising premiums both for motor and medical, the key lines impacting the net. Data showed that insurance service results for the analysed listed companies experienced a 70 per cent increase from Dh447 million to Dh762 million. The leading five companies recorded a 43 per cent increase collectively, moving from Dh440 million to Dh629 million during the same period last year. "The increasing concentration of revenue and profit among leading companies reflects a changing market dynamic, where scale and efficiency are key to sustainability and expansion. Going forward, the industry must align premium growth with stronger underwriting and better claims controls to maintain long-term profitability," added Maskawala. CBUAE's regulatory actions have been key in enhancing market discipline and curbing the sale of underpriced policies by financially weak insurers. Still, the industry must stay alert to increasing reinsurance costs and the lagging financial effects tied to some treaty arrangements.
