Latest news with #HamadSayahAlMazrouei
Al Etihad
22-05-2025
- Business
- Al Etihad
ADGM's Registration Authority joins IFIAR Enforcement Working Group
22 May 2025 18:54 ABU DHABI (WAM) The Registration Authority (RA) of ADGM has officially joined the Enforcement Working Group (EWG) of the International Forum of Independent Audit Regulators (IFIAR), making it the only member in the group from the Middle Eastern follows the previous announcement of the RA becoming the 56th full member of IFIAR in early ADGM's RA is the competent authority for audit oversight, with responsibilities including taking regulatory action against audit firms and principals when needed. As a member of IFIAR EWG, the RA joins leading audit regulators from around the world, including the Financial Reporting Council (FRC) of the UK, Public Company Accounting Oversight Board (PCAOB) of the USA, Financial Services Authority (FSA)/Certified Public Accountants and Auditing Oversight Board (CPAAOB) of in 2013, the IFIAR EWG seeks to promote stronger coordination around enforcement, including investigations, in order to enhance stakeholder protection and improve audit RA's membership in the EWG underpins its commitment to enforcing the highest audit quality and corporate reporting standards, as well as recognising the importance of regulatory collaboration and knowledge sharing between regulators in today's highly globalised line with the RA's regulatory priorities for 2024-2025, the RA is committed to promoting high standards of audit quality and taking timely, decisive and proportionate enforcement action. Effective enforcement is vital to ensure that those who fall short of the high standards expected to maintain the integrity of ADGM's financial ecosystems are penalised appropriately and decisively. As a member of the IFIAR EWG, the RA will contribute at a global level to continuously improve enforcement practices across different jurisdictions, addressing emerging enforcement issues and strengthening bilateral on the RA's membership of the IFIAR EWG, the CEO of the RA of ADGM, Hamad Sayah Al Mazrouei, said, 'As one of the region's fastest growing jurisdictions in terms of the number of audit firms and audited entities, effective audit regulation in ADGM is fundamental for fostering a well-functioning business ecosystem, boosting investor confidence, and ensuring investor protection."The RA is committed to seamless regulatory information sharing, improving the flow of information between authorities, and strengthening its relationship with regulators across the world. Joining a world-class working group such as the IFIAR EWG provides a forum to promote information and knowledge sharing for more timely, effective and impactful enforcement actions.' The chair of the IFIAR Enforcement Working Group, Elizabeth Barrett, stated, 'On behalf of the IFIAR Enforcement Working Group, I am delighted to welcome the ADGM as a member of the Group and to the expansion of the jurisdictional reach and insights this will bring for the benefit of all IFIAR members'.
Arabian Business
24-04-2025
- Business
- Arabian Business
TAQA Distribution signs exclusive digital billing solution deal with ADGM
TAQA Distribution and ADGM (Abu Dhabi Global Market) have joined hands to enhance utility management services for residential tenants within its jurisdiction on Al Maryah and Al Reem Islands. TAQA Distribution will manage billing, payment processing, and customer relationship management (CRM) services related to ADGM fees, streamlining the tenancy experience for over 16,000 residents across both islands. Streamlined tenant services By integrating tenancy-related fees into a bespoke power and water utilities bill within the ADGM system, TAQA Distribution will simplify the process from lease application to bill payments and account closures. As tenants transition to the new system over the next 12 months, they will benefit from enhanced service efficiency and digital-first solutions. As part of the agreement, TAQA Distribution will also manage the collection and administration of Authority fees related to tenancy contracts. Omar Alhashmi, Chief Executive Officer of TAQA Distribution, commented: 'This partnership with ADGM emphasises our commitment to delivering innovative, customer-centric solutions that enhance operational efficiency and improve service delivery. 'By integrating technology and automation, we are transforming how residents interact with their utilities, by gradually combining a host of other services rendered for the customer across Abu Dhabi within a unified bill. This will make the process of payments in the emirate simpler and faster.' The initiative aligns with the Abu Dhabi Program for Effortless Customer Experience, ensuring a seamless, fully automated journey at every stage of the tenancy lifecycle. Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, added: 'Our strategic collaboration with TAQA Distribution introduces a structured, efficient approach to utility management for Al Maryah and Al Reem Islands. 'By integrating TAQA Distribution's expertise within ADGM's ecosystem, we are enhancing resident experience and service standards. This partnership reflects our broader commitment to strategic initiatives that strengthen Abu Dhabi's urban infrastructure and support its long-term growth.' Established in 2015, ADGM is the international financial centre of the capital. It governs the entirety of Al Maryah Island and Al Reem Island, collectively designated as the financial free zone of Abu Dhabi.
Zawya
17-04-2025
- Business
- Zawya
ADGM launches game changing ‘Virtual Sell and Purchase' service for its real estate sector
The first of its kind service within the real estate sector virtually brings all stakeholders under a secure online platform to conduct a set of services in a single digital process, which redefines the sell & purchase journey. Abu Dhabi, UAE: ADGM, the international financial centre of the UAE capital, Abu Dhabi, proudly announces the launch of the Virtual Sell and Purchase, the first-of-its-kind real estate service, which allows multiple steps within property transactions to be completed virtually by buyers, sellers, and associated banks. ADGM's new service streamlines and consolidates three key real estate procedures – Discharge of Mortgage, Register a Transfer, and Register a Mortgage – into a single digital service. By bringing together all relevant parties to a secure online platform to perform a single transaction, the virtual sell and purchase service aims to deliver a significantly enhanced and effortless customer experience. The service is powered by a groundbreaking virtual presence feature, which enables all parties to complete their part of the transaction remotely. This feature is a major leap in digital innovation for real-estate services as it eliminates the need for physical meetings or document handovers, reducing processing time while maintaining the highest standards of security and compliance. The Virtual Sell and Purchase service is being launched via ADGM's state-of-the-art digital property platform AccessRP, which was started in collaboration with ADGM's strategic partner ADRES. AccessRP offers a comprehensive and enhanced suite of real estate transaction services, from selling and purchasing transactions to off-plan development and mortgage services, providing end-to-end solutions for developers, owners, and investors. Hamad Sayah Al Mazrouei, CEO of the Registration Authority (RA) of ADGM, commented, "The launch of the Virtual Sell and Purchase service marks a significant milestone in our ongoing efforts to enhance ease of doing business and reinforces customer experience in the real estate sector. We are not only making services simpler and faster, but we are also redefining what a real estate journey should look like in a modern, digital economy.' With this initiative, ADGM continues to set new standards for digital transformation and drive growth in the real estate and financial services sectors, reinforcing its position as a leading international financial centre and innovation hub. About ADGM ADGM is the international financial centre (IFC) of the capital city of the United Arab Emirates, which opened for business on 21 October 2015. ADGM augments Abu Dhabi's position as a leading financial centre and a business hub, serving as a strategic link between the growing economies of the Middle East, Africa, South Asia, and the rest of the world. Operating within an international regulatory framework based on the direct application of English Common Law, ADGM governs the entirety of Al Maryah Island and Al Reem Island, collectively designated as the financial free zone of Abu Dhabi. ADGM is ranked as one of the most preferred and top-ranking IFCs in the Middle East and Africa region. Its progressive and inclusive business ecosystem fosters growth, resilience, and optimism for global financial and non-financial institutions. Growing synergies between ADGM and multiple jurisdictions have positioned the centre as one of the world's most advanced, diverse, and progressively governed financial hubs. For more details on ADGM, please visit or follow us on LinkedIn and Instagram: @ADGM X: @adglobalmarket For media queries, please contact: Email: media@
Zawya
14-04-2025
- Business
- Zawya
ADGM's RA imposes fines of $3.6mln on Special Purpose Vehicle AC Holding
ABU DHABI - The Registration Authority (RA) of ADGM announced that it has concluded its investigation into the Special Purpose Vehicle (SPV), AC Holding Limited (AC Holding), and its sole shareholder and director, Christopher Flinos. The investigation found that AC Holding exceeded the scope of its ADGM SPV commercial licence by purporting to be an investment company offering financial services for clients and processing wire transactions to convert Cryptocurrencies into Fiat currencies and vice versa. Moreover, AC Holding submitted four false annual accounts to the RA for the financial years 2019 to 2022. The RA also found that Christopher Flinos engaged in fraudulent trading, where AC Holding facilitated (unlicensed) cryptocurrency conversion transactions and a number of parties were misled about the transactions. Christopher Flinos also facilitated the falsification and provision of hundreds of company documents to fraudulently maintain bank accounts. As a result, the RA has imposed financial penalties totalling US$3,615,000, including $15,000 against AC Holding for exceeding the scope of its licence in contravention of ADGM Commercial Licensing Regulations 2015; $300,000 against AC Holding for filing false annual accounts about its balances with the RA and various fraudulent schemes in contravention of the ADGM Companies Regulations 2020; and $3.3 million against Christopher Flinos for providing false information to the RA, engaging in various fraudulent schemes and the falsification of company documents in contravention of the ADGM Companies Regulations 2020. The RA also disqualified Christopher Flinos from being the director of any ADGM-based company for the maximum allowed period of 15 years. The RA considers Christopher Flinos unfit to serve as a company director in ADGM due to his intentional misuse of AC Holding's passive SPV commercial licence as a payment facilitator, as well as the fraudulent actions taken to facilitate such misuse. Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, said, 'Maintaining business integrity and safeguarding business confidence in ADGM are at the forefront of the Registration Authority's objectives. We remain committed to preventing and deterring conduct that may harm businesses, their clients and investors. "Where non-compliance is identified, the Registration Authority will take effective, proportionate and dissuasive disciplinary action to protect ADGM participants. This includes banning individuals who lack fitness and propriety and pose an unacceptable risk to investors from holding leadership positions within companies in ADGM.'
Zawya
24-03-2025
- Business
- Zawya
ADGM and Chainlink forge alliance to shape global blockchain standards and best practices
Abu Dhabi, UAE: ADGM, the leading International Financial Centre (IFC) of the UAE's capital, has signed a Memorandum of Understanding (MoU) with Chainlink, the standard for onchain finance, marking a major step in advancing compliant tokenisation frameworks. This alliance will support innovative projects under ADGM's Registration Authority by leveraging Chainlink's technical expertise, industry insights, and a suite of advanced services to maximise the utility of tokenised assets while ensuring regulatory compliance. Chainlink's market-leading services, including blockchain interoperability and verifiable data solutions, are facilitating liquidity across global markets, enabling over USD19 trillion in transaction value. Trusted by major financial market institutions, this alliance with Chainlink aligns with ADGM's vision to drive innovation, enhance connectivity, and establish a global approach to regulating the blockchain ecosystem. Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority said, 'This strategic alliance is a significant step in further solidifying ADGM's leadership in enabling blockchain innovation and enhancing alignment in the regulatory approach globally. By collaborating with Chainlink, we are aiming to set a global benchmark that spearheads transparency, security, and trust across the blockchain space. Under the MoU, ADGM and Chainlink will foster a dialogue on regulatory matters in blockchain, AI, and other emerging technologies. The agreement also outlines a series of events and workshops aimed at educating the UAE ecosystem on key topics related to blockchain and AI, such as tokenisation, cross-chain interoperability, proof of reserves, and emerging blockchain standards. Angie Walker, Global Head of Banking and Capital Markets at Chainlink Labs and Senior Executive Officer at Chainlink Labs Abu Dhabi said, 'ADGM has developed a robust environment where tokenisation projects can thrive. Our alliance will elevate the blockchain ecosystem in the UAE, driving greater innovation and adoption. We are excited to see projects under the purview of ADGM Registration Authority adopt the Chainlink standard, enabling seamless compliance, enhanced connectivity across markets, and highly secure on-chain services. This alliance strengthens ADGM's position as a global hub for technology-driven innovation. By building on the world's first DLT Foundations Regulations, ADGM has set new principles for blockchain adoption, enabling decentralised projects to scale within a regulated, interoperable, and secure ecosystem.
