Latest news with #Maktoum
Emirates 24/7
4 days ago
- Business
- Emirates 24/7
Maktoum bin Mohammed chairs Dubai Judicial Council meeting, approves appointment of judicial inspectors
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Chairman of the Dubai Judicial Council, chaired a meeting of the Dubai Judicial Council as part of his regular follow-up on matters related to the judicial authority and its members, as well as the authority's strategic plans. During the meeting, H.H. Sheikh Maktoum approved the appointment of several judicial inspectors within the Judicial Inspection Authority under its notified appointments plan for 2025, and in line with the Authority's growing role as a supervisory entity that supports the Dubai judiciary. H.H. Sheikh Maktoum also approved the enrolment of 14 judicial trainees into the Judicial and Legal Studies programme, part of Dubai Courts' initiative to induct qualified Emirati judges. Sheikh Maktoum approved a resolution on the secondment of judiciary members as part of efforts to help them enhance their qualifications and exposure to judicial best practices. The budget outlays for judicial appointments and promotions for 2026 were also approved during the meeting. He also reviewed results of the Community Confidence in Dubai Judicial System survey for 2024, which elicited feedback from diverse segments and sectors and mirrored an increase in public confidence to 86%. H.H. Sheikh Maktoum said, 'Under the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, Dubai has established an advanced judicial system to meet future demand and ensure swift justice and the rule of law. The appointment of judicial inspectors, the development of secondment programmes for judiciary members, and the enrolment of judicial trainees in the Judicial and Legal Studies programme are all part of ongoing efforts to enhance the judicial system's efficiency and empower national talent.' The section of the survey that rated public satisfaction in terms of access to legal information showed that 92 percent of respondents were pleased with responses they received when interacting with judicial bodies. This data underscores the effectiveness of services offered by judicial departments and their digital channels in providing legal information, as these represent the public's preferred modes of accessing legal services. As for the role of judicial entities in upholding justice and protecting rights and freedoms, 87% of survey respondents affirmed that Dubai's judicial entities ensured respect for cultural diversity, while 89 percent acknowledged the efforts of these entities to ensure universal justice within the community. Furthermore, 90.41 percent of respondents affirmed the judiciary's role in safeguarding rights and freedoms, and 86 percent expressed the belief that reliable mechanisms are in place to audit the effectiveness of the judicial system. Among those surveyed, 87 percent stated that the judiciary treats all segments of society equally and impartially, reflecting high public confidence in Dubai's judicial system. Dr. Abdullah Saif Al Sabousi, Secretary-General of the Dubai Judicial Council, stated, 'The overall improvement reflected in the survey stems from several factors, most notably in the form of key legislative measures and the constant efforts exerted by the Judicial Council and other judicial entities to innovate, develop, and modernise projects aimed at enhancing the judicial system.' Dr. Al Sabousi emphasised the ongoing coordination among various judicial entities in Dubai, under the constant supervision and guidance of H.H. Sheikh Maktoum in his capacity as Chairman of the Judicial Council, to evaluate and further improve services provided by the judicial bodies in line with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum to showcase Dubai as a global model for swift and efficient justice. The meeting was attended by Mohammed Ibrahim Al Shaibani, Director-General of H.H. The Dubai Ruler's Court and Deputy Chairman of the Judicial Council; Counsellor Essam Issa Al Humaidan, Attorney General of Dubai; Judge Dr. Saif Ghanem Al Suwaidi, Director-General of Dubai Courts; Judge Dr. Abdulla Saif Al Sabousi, Secretary-General of the Judicial Council; and members of the Council. The Dubai Judicial Council strives to realise Dubai's vision for a robust and independent judiciary, fostering ethical conduct and ensuring the dignity, integrity, and competence of its members. Committed to upholding justice, equality, and the rule of law, the Council endeavours to support Dubai's sustainable development through a fair, impartial, modern, and effective judicial system. Follow Emirates 24|7 on Google News.
Gulf Business
26-05-2025
- Business
- Gulf Business
Dubai issues new guidelines to ensure accountability in public finances
Image: Dubai Media Office Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, has issued Decision No (4) of 2025 in his capacity as Chairman of the Financial Audit Authority. The move establishes operational procedures for the Central Violations Committee and the Grievances Committee under the authority, aiming to enhance The decision applies to all employees and senior officials — including CEOs and those in higher executive positions — within entities falling under the authority's jurisdiction. It lays out clear and structured procedures for addressing financial and administrative violations while ensuring that any disciplinary action is fair, proportionate, and legally justified. Safeguarding rights and ensuring due process A key component of the decision is the establishment of the right to appeal, with the aim of promoting workplace stability and job satisfaction. It stipulates that employees can contest decisions affecting their legal status or working conditions, providing a 15-working-day window from the date of notification to file a grievance. Appeals submitted beyond this timeframe will be deemed invalid. The decision also clarifies the composition and responsibilities of the Central Violations Committee. It requires disciplinary procedures to be objective and impartial, prohibits multiple penalties for the same offence, and ensures employees are given an opportunity to submit written statements in their defence. Penalties must align with the severity of the violation and be limited to those authorised by law. We have issued a decision approving the operational procedures for the Central Violations and Grievances Committees within the Financial Audit Authority in Dubai, to ensure fairness in disciplinary processes, empower employees to defend their rights, reinforce principles of… — Maktoum Bin Mohammed (@MaktoumMohammed) Public finances guidelines: Confidentiality and oversight To maintain integrity in the proceedings, all sessions, records, and deliberations of both the Central Violations Committee and the Grievances Committee must remain confidential. Disclosure of information is only permitted with the approval of the Director General of the Financial Audit Authority and must serve the public interest. The Grievances Committee, whose rulings are binding, is empowered to address complaints within the stipulated framework. Once a ruling is issued, the concerned entity is obligated to implement it and notify the Financial Audit Authority of the action taken. In support of these functions, the Financial Audit Authority will provide the necessary administrative and technical backing to both committees, in line with Law No (4) of 2018, which governs the authority's operations. Officials say the new procedures reinforce a culture of compliance and transparency, strengthening the UAE's ongoing efforts to safeguard public resources while protecting employee rights.
Gulf Today
22-05-2025
- Business
- Gulf Today
Dubai to protect public employees who report financial or administrative violations
In his capacity as Chairman of the Financial Audit Authority, Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, has issued Decision No. (2) of 2025 regarding the protection of public employees who report or disclose information related to financial or administrative violations, or who cooperate with the Financial Audit Authority in Dubai. Sheikh Maktoum said on X, 'We have issued a decision regarding job protection for public employees who report financial and administrative violations in entities subject to the Dubai Financial Audit Authority. 'This decision protects employees entrusted with the nation's wealth from any arbitrary action, preserves the confidentiality of reports and investigations, and guarantees job security and institutional justice for whistleblowers. 'We have established a comprehensive legal framework that encourages reporting and enhances employee confidence in our oversight role. 'Dubai protects those who protect the trust, Dubai protects those who protect it, and Dubai does not forget the loyal.' The Decision is issued pursuant to Law No. (4) of 2018 on the establishment of the Financial Audit Authority and its amendments, and applies to employees of entities overseen by the Authority. The Decision aims to safeguard public funds and uphold the financial and economic integrity of the Emirate. It enables employees to report financial and administrative violations, as defined by Law, and to provide testimony during investigations conducted by the Financial Audit Authority in Dubai, without being subject to any form of pressure. The measure supports the effective detection and disclosure of such violations. The Decision also aims to safeguard the employment status of whistleblowers who submit reports or provide testimony during administrative investigations conducted by the Authority. It defines the procedures and conditions for requesting protection and establishes the legal and procedural frameworks necessary to encourage employees to report violations within entities under the Authority's oversight. The provisions of the Decision apply to employees of entities under the Financial Audit Authority in Dubai whose reports or statements regarding violations are accepted by the Authority in accordance with the Law No. (4) of 2018. They also extend to employees requested to provide testimony during administrative investigations related to such violations. Under the Decision, all reports submitted to the Authority are treated with strict confidentiality. Employees of the Financial Audit Authority in Dubai are strictly prohibited from disclosing, sharing, or revealing any data or information contained in these reports under any circumstances. Investigators tasked with conducting administrative investigations must possess the necessary expertise relevant to the nature and procedures of such cases. They are also required to fully uphold the principle of confidentiality to ensure that whistleblowers are not exposed to any harm. The Director-General of the Financial Audit Authority in Dubai will issue the required decisions to implement this Decision. The Decision is effective from the date of its issuance and will be published in the Official Gazette.
Emirates 24/7
12-05-2025
- Business
- Emirates 24/7
Maktoum bin Mohammed chairs meeting of Higher Committee for Development of Economic and Financial Sector in Dubai
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Chairman of the Higher Committee for the Development of the Economic and Financial Sector in the emirate of Dubai, chaired a meeting of the committee during which he reviewed its upcoming plans, programmes, and strategic objectives. H.H. Sheikh Maktoum stated, 'Dubai enjoys a prime position among global economic centres thanks to the vision and guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. Continued efforts to expand the economic and financial sectors build on this relentless quest to solidify the emirate's position as a global economic and financial hub that offers the best possible business environment for the private sector.' He added, 'The role of the Higher Committee for the Development of the Economic and Financial Sector in Dubai complements and aligns with all ongoing initiatives and projects aimed at enhancing the efficiency of the economic and financial ecosystem. The committee seeks to constantly enhance the performance of Dubai's economic and financial systems to ensure they are aligned with international best practices and responsive to rapid shifts in the global economic landscape. "The committee will be responsible for approving high-level economic and financial policies and strategies, reviewing and updating sectoral laws and regulations, enhancing transparency and governance, encouraging listings on financial markets, and attracting investments in high-value, innovative sectors. 'The committee represents a key step in elevating the financial and economic sectors to a new phase of qualitative development aligned with our futuristic aspirations and reinforcing Dubai's position among the world's leading economic and financial centres. Our goal is to set still more ambitious benchmarks with an integrated vision and policies that support Dubai's competitiveness and strengthen its standing as a key growth hub in the global economy.' H.H. Sheikh Maktoum stated, 'Dubai continues to inspire with its exceptional showing on various global economic and financial indicators, which places a greater responsibility on us to maintain this leadership and continue to excel in the future.' H.H. Sheikh Maktoum directed committee members to devise innovative mechanisms that would further enhance Dubai's economic and financial standing and contribute to making it the most dynamic, vibrant and attractive development model globally. 'The committee will submit a comprehensive vision for the development of the financial sector in the emirate of Dubai, including high-impact initiatives and policies to be approved by His Highness Sheikh Mohammed bin Rashid Al Maktoum as part of the emirate's drive toward global leadership in this vital sector,' he said. The Higher Committee for the Development of the Economic and Financial Sector in the Emirate of Dubai includes the following members: Mohammad bin Abdullah Al Gergawi as Vice Chairman; Mohammad bin Hadi Al Husseini; Omar Sultan Al Olama; Helal Saeed Al Marri; Essa Abdulfattah Kazim; Faisal Yousef bin Sulaitin; Fadel Abdulbaqi Al Ali; Saeed Al Attar; and Huda Sayed Naim AlHashimi as Secretary-General of the Committee. During the meeting, H.H. Sheikh Maktoum reviewed the committee's strategic plan, which includes developing a comprehensive and long-term agenda for the advancement of the financial sector in the emirate of Dubai. The agenda focuses on several key pillars, including: strengthening Dubai's position as a leading centre for asset and wealth management by boosting its attractiveness for global capital; supporting the growth of startups and scale-ups, and attracting unicorn companies; developing a competitive and innovative banking and investment environment; and accelerating digital transformation within the financial sector by promoting the role of virtual assets and financial technology, and attracting global fintech innovators. H.H. Sheikh Maktoum instructed members of the Higher Committee for the Development of the Economic and Financial Sector in the Emirate of Dubai to: review and update relevant laws, regulations, and policies governing the economic sector, financial services sector, financial markets, stock exchanges, and relevant courts; enhance transparency and governance within the sector; and support the development of a modern, advanced, and integrated digital infrastructure to improve the sector's efficiency and accelerate its economic and developmental role. H.H. Sheikh Maktoum also directed the committee to take steps to promote listings on financial markets and to simplify related procedures while working toward positioning Dubai as a global and regional hub for economic, financial, and investment activities. This includes attracting companies and investors from diverse economic sectors and promoting diversity across economic and financial fields. Focus will also be placed on developing and attracting investments and projects across a range of areas, such as the digital economy, financial technology (FinTech), advanced industries, virtual assets, entrepreneurship, and innovation – particularly in future-focused, high value-added sectors. During the meeting, H.H. Sheikh Maktoum discussed the committee's role in endorsing high-level economic and financial policies and strategies that support the realisation of the Dubai Economic Agenda D33. The committee is also tasked with coordinating efforts among relevant economic and financial entities to ensure integration of activities, promote sectoral development, and support the achievement of Dubai's overarching economic and financial strategy. Additionally, the committee will monitor and anticipate future opportunities and challenges with the potential to impact the sector and frame appropriate recommendations to address them or leverage them. These efforts aim to ensure the long-term success of strategic goals in coordination with relevant stakeholders. A key priority is enhancing Dubai's economic and financial competitiveness regionally and globally by streamlining policies and enablers. This includes developing an integrated ecosystem for conducting economic activities that boosts Dubai's rankings in global competitiveness indices and ensures that the emirate remains attractive to investors, talent, and innovation. H.H. Sheikh Maktoum also outlined the committee's objectives, which include launching innovative economic and financial initiatives aligned with global transformations and the structural shifts they require in operational models. These initiatives are designed to empower investors to expand their capital presence, ensure the free flow of funds and investments, and provide the necessary incentives and facilities to individuals and institutions alike. The aim is to encourage them to leverage the investment opportunities available in Dubai, and to place such initiatives before the relevant authorities for implementation. Furthermore, the committee will develop and implement plans to promote Dubai as a premier destination for investors, portfolio managers, and entrepreneurs, both locally and internationally, and will oversee the execution of these plans in collaboration with stakeholders across the emirate. In parallel, it will review data and performance indicators from the economic and financial sectors and use them as a reference point to strengthen and elevate Dubai's standing locally, regionally, and globally. Follow Emirates 24|7 on Google News.
Gulf Today
01-05-2025
- Business
- Gulf Today
UAE deepening ties with global financial institutions: Maktoum
Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and President of the Dubai International Financial Centre (DIFC), on Thursday met with Masahiro Kihara, President and Group CEO of Mizuho Financial Group, one of Japan's largest financial institutions. The meeting took place at The Ruler's Court in Dubai. During the meeting, Sheikh Maktoum reaffirmed the UAE's commitment to deepening ties with leading global financial institutions as part of its strategic vision to expand its role as a pivotal player in the international financial industry. Sheikh Maktoum noted that the UAE's robust infrastructure, streamlined regulations and progressive business environment offer global financial firms an ideal platform to tap into fast-emerging growth opportunities across the Middle East, Africa and South Asia (MEASA) region. The discussions highlighted Dubai's ambitious roadmap for the growth of its financial sector, including plans to enhance capital market depth and liquidity, and establish the city as one of the world's top four financial centres, in line with the Dubai Economic Agenda D33. The meeting also highlighted Dubai's pro-business policies, which continue to attract leading financial institutions and foster new partnerships across the world. Furthermore, the meeting discussed potential pathways for expanding Mizuho Financial Group's engagement in the region and opportunities to collaborate in vital financial sectors, including emerging areas driven by new financial and digital technologies. They also discussed Dubai's growing role as a gateway for Japanese companies seeking to scale their global footprint, particularly in the MEASA region. The meeting was attended by Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs; Helal Almarri, Director General of the Dubai Department of Economy and Tourism (DET); Essa Kazim, Governor of DIFC; and Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD. Mizuho Financial Group, headquartered in Tokyo, provides integrated financial and non-financial solutions combining banking, securities and asset management capabilities through its global network spanning major international markets. The Group serves a diverse client base including large corporations, financial institutions, public sector entities and individuals. As of December 31, 2024, Mizuho Financial Group reported total assets of approximately ¥285 trillion. The Group employed over 52,000 employees as of 31st March 2024. Mizuho's operations in Dubai are anchored by its subsidiaries, Mizuho Bank and Mizuho International, both of which have offices in DIFC. Last month, Sheikh Maktoum received C S Venkatakrishnan, Group Chief Executive of Barclays, one of the world's leading financial institutions. The meeting was held at His Highness's office in Dubai. During the discussions, Sheikh Maktoum highlighted the UAE's goal to further enhance its financial ecosystem to ensure it remains one of the world's most innovative, resilient, and competitive. The meeting explored how enhanced collaboration with Barclays could unlock new growth opportunities, particularly by capitalising on the emirate's strengths in infrastructure, regulations, and digital transformation. He also emphasised Dubai's role as a strategic base for international financial institutions seeking to expand their reach in regional and emerging markets. 'We are focused on cultivating long-term strategic partnerships with global financial institutions like Barclays that advance the UAE's financial ecosystem and accelerate our broader economic objectives. We are also committed to supporting them in expanding their business in regional and international markets using the UAE as a strategic platform. This strategy is aligned with the goals of the Dubai Economic Agenda D33 to double the city's GDP and position it among the world's top three urban economies and top four global financial hubs by 2033,' Sheikh Maktoum said. Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management. With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 85,000 people. The company's Middle East hub is based in the Dubai International Financial Centre (DIFC), The meeting was attended by Abdulla Al Basti, Secretary-General of The Executive Council of Dubai; Abdulrahman Saleh Al Saleh, Director-General of Dubai Finance; Helal Saeed Almarri, Director-General of the Dubai Department of Economy and Tourism; and Essa Kazim, Governor of the Dubai International Financial Centre. WAM
