Latest news with #MaktoumBinMohammed
Arabian Business
25-05-2025
- Business
- Arabian Business
Dubai announces workplace rules for government employees under new committee system
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum has issued Decision No. (4) of 2025 approving operational procedures for the Central Violations Committee and the Grievances Committee under the Financial Audit Authority in Dubai. The First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE issued the decision in his capacity as Chairman of the Financial Audit Authority. The operational procedures apply to employees and senior officials, including CEOs and those in higher executive positions of entities within the Authority's purview, the Dubai Media Office said in a statement. Maktoum bin Mohammed issues a Decision approving the operational procedures for the Central Violations Committee and the Grievances Committee under the Financial Audit Authority in Dubai. The Decision ensures that disciplinary penalties are fair and proportionate to the offence,… — Dubai Media Office (@DXBMediaOffice) May 25, 2025 Dubai establishes operational procedures for financial violations and grievances committees The Decision ensures disciplinary penalties are proportionate to offences through objective and impartial procedures designed to protect employee rights and reinforce accountability. The measures seek to protect public funds and ensure employees comply with workplace regulations whilst offering them the right to appeal decisions affecting their legal status or job conditions. The framework promotes fairness, job satisfaction, and stability in work environments across covered entities. The Decision stipulates who can serve on the Central Violations Committee, its responsibilities, and procedures for addressing financial and administrative violations. Clear criteria for disciplinary penalties ensure investigations remain objective and allow employees to provide written statements in their defence. Dubai stops double punishment for workplace mistakes The regulations prohibit multiple penalties for the same offence and require penalties to be proportionate to violation severity. All disciplinary action must be justifiable and limited to penalties allowed by law. The Decision outlines the scope and powers of the Grievances Committee and establishes a 15 working day deadline for employees to submit grievances from the date they receive notification of contested decisions. Grievances submitted after this period will be considered invalid. Compliance requirements Both employees and entities concerned must comply with Grievances Committee rulings. Entities must enforce rulings and inform the Financial Audit Authority once implementation is complete. The Decision requires both committees to maintain confidentiality of all sessions, discussions, records, and information. Disclosures are permitted only with approval from the Director General of the Financial Audit Authority and when serving the public interest. Dubai authority to provide help for new workplace committees The Financial Audit Authority will provide administrative and technical support to both committees to help fulfil their designated legal duties. This support operates pursuant to provisions of Law No. (4) of 2018, under which the Authority was established, and the newly promulgated Decision. The measures apply to all entities falling within the Financial Audit Authority's jurisdiction in Dubai.
Emirates 24/7
14-05-2025
- Business
- Emirates 24/7
Maktoum bin Mohammed meets with Minister of Finance of Luxembourg
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, today met with Gilles Roth, Minister of Finance of Luxembourg. The meeting took place at the offices of the Investment Corporation of Dubai (ICD) in One Za'abeel. The meeting discussed ways to strengthen cooperation between the UAE and Luxembourg, particularly in the fields of finance, trade, innovation, education and emerging technologies. The two sides noted the strong alignment between both countries' strategic priorities in developing resilient and future-ready economies and financial ecosystems. Discussions focused on advancing bilateral ties through enhanced cross-border investment, digital finance linkages, and fintech collaboration. The UAE's advanced financial infrastructure, progressive regulatory environment, and world-class business-enabling services were highlighted as key strengths that make it an ideal platform for Luxembourg-based firms seeking regional and global expansion. The UAE's emergence as a strategic gateway to international markets for international financial institutions was also underscored. The meeting reviewed existing bilateral frameworks and initiatives aimed at deepening financial sector cooperation. Opportunities for collaboration in sustainable finance and financial innovation were explored, building on the growing momentum of engagement between leading institutions in both countries. Discussions also covered avenues to strengthen institutional ties between sovereign wealth funds and financial centres in the UAE and Luxembourg. The meeting was attended by H.H. Sheikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority, Chairman of Dubai Airports, and Chairman and Chief Executive of Emirates Airline and Group; Reem bint Ebrahim Al Hashimy, Minister of State for International Cooperation; Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; Mohammed Ibrahim Al Shaibani, Director General of His Highness The Dubai Ruler's Court, and Managing Director of the Investment Corporation of Dubai; and Essa Kazim, Governor of the Dubai International Financial Centre (DIFC). Follow Emirates 24|7 on Google News.
Emirates 24/7
12-05-2025
- Business
- Emirates 24/7
Dubai FinTech Summit brings together global industry stalwarts, innovators and policymakers
- Under the patronage of Maktoum bin Mohammed, Dubai FinTech Summit brings together global industry stalwarts, innovators and policymakers Ahmed bin Saeed attends opening of third edition of Summit, which has drawn more than 1,000 investors, 300 speakers, and 200 exhibitors, besides participants from 120 countries Event highlights distinguishing factors in UAE's rise as a global financial powerhouse and hub for FinTech innovation Under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and President of the DIFC, the Dubai FinTech Summit kicked off its 3rd edition today with global industry leaders, innovators, and policymakers deliberating on the latest trends and insights driving the FinTech sector. His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority (DCAA), Chairman of Dubai Airports and the Chairman and Chief Executive Officer of Emirates Airline and Group, witnessed the opening of the two-day event, which highlights the UAE's global stature as a leading financial centre and hub for FinTech innovation, thanks to its flexible and attractive business environment, advanced legislation, and world-class digital infrastructure. Organised by the Dubai International Financial Centre (DIFC) under the theme 'FinTech for All,' the Summit commenced at Madinat Jumeirah, Dubai, with over 9,000 participants from 120 countries in attendance, alongside more than 1,000 investors, over 300 speakers and 200 exhibitors. His Highness Sheikh Ahmed later toured the exhibition being held as part of the Summit, where he was apprised about strategic initiatives that Dubai and DIFC have been driving to elevate the emirate's status as a leading global financial centre. Dedicated pavilions Dedicated start-up and country pavilions in the exhibition arena showcase cutting-edge solutions from emerging and established players. Additionally, the FinTech World Cup is providing promising FinTech start-ups a global platform to showcase their solutions to investors, venture capitalists, and strategic partners, and an opportunity for investors to identify the next big idea. Organised by DIFC as a global platform for the world's FinTech community, the Dubai FinTech Summit aligns with the Dubai Economic Agenda D33 and the DIFC's strategic goal of propelling Dubai to be a top-four global financial centre by 2033. The Summit facilitates the sharing of insights, strategic announcements, global collaborations, and the showcasing of groundbreaking innovations, all at once. A global platform During his opening remarks at the Summit, His Excellency Essa Kazim, Governor of DIFC, announced the Dubai Future Finance Week, which will premiere in 2026. An initiative led by DIFC, it will encompass events such as the Dubai FinTech Summit, Future Sustainability Forum, Private Capital Forum, Seamless Middle East, HODL Summit, and Dubai Future District Fund Annual General Meeting. 'The week-long event will be held under the theme, 'Pioneering tomorrow's financial landscape: Innovation, sustainability, and global connectivity' and is set to attract over 40,000 of the brightest, most influential minds to shape the future of the financial world,' His Excellency said. 'The launch of the Dubai Future Finance Week is part of DIFC's commitment to leading Dubai's future in both finance and innovation. This new global platform will further cement Dubai's position as the region's leading global financial centre. 'Since the launch of the Dubai FinTech Summit, DIFC has made significant strides up the Global Financial Centres Index - particularly in the FinTech category, where Dubai is now ranked among the top five global centres. This recognition underscores DIFC's role as a catalyst for innovation and highlights the strength of our thriving ecosystem, one that nurtures emerging technologies and empowers forward-thinking entrepreneurs.' Profound influence Dubai's influence as a global hub for FinTech continues to grow as evidenced by DIFC, with over 100 related partnerships and agreements with leading organisations across the world. DIFC-based start-ups have also raised over $4 billion in funding locally, regionally and globally. During the last decade, DIFC has attracted 1,304 AI, FinTech and innovation companies to establish a presence in Dubai. These companies operate out of 63 countries, reflecting the immense confidence placed by the international FinTech industry in the proposition developed by DIFC. Advanced ecosystem Arif Amiri, Chief Executive Officer of DIFC Authority commented: 'Dubai's intention to be the global capital of financial innovation is clear and we continue to attract start-ups, growth stage firms and unicorns at unprecedented rates because what we have done allows them to thrive.' Amiri continued: 'DIFC has built one of the most advanced financial ecosystems in the world. Dubai is not just shaping the FinTech landscape in the region. We have become a global launchpad for firms to test ideas, introduce technologies that disrupt, and policies that inspire.' The Future of Finance report At the Summit, DIFC unveiled 'The Future of Finance' report, the Centre's first-ever report that links AI and FinTech. Developed with the involvement of industry experts and clients, the report highlights AI's transformative impact on finance and innovation. It also offers bold insights on how the new market entrants and FinTech disruptors are challenging traditional banking models as digital connectivity expands globally, leading to a more dynamic and inclusive financial ecosystem. The report also highlights key opportunities for financial services firms, including expanding into high-growth markets through digital solutions like mobile banking and alternative lending, fostering collaboration with FinTech disruptors to develop hybrid products, and adopting cloud computing for agility and efficiency. Prioritising AI integration, strengthening cybersecurity, and upskilling workers in emerging technologies are also crucial. Discussion panels Dubai FinTech Summit offers a high-level platform for discussion panels and dialogue, allowing participants to share valuable insights on FinTech's key themes and future trends. Such sessions will be joined by prominent dignitaries including Her Highness Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, President and Chief Executive Officer, UAE Independent Climate Change Accelerators (UICCA); Her Excellency Dr. Amna bint Abdullah Al Dahak, Minister of Climate Change and Environment, UAE; and His Excellency Essa Kazim, Governor of DIFC. Notable speakers Prominent speakers on Day 1 of the Summit include Reid Hoffman, Co-Founder of LinkedIn, Inflection AI and Manas AI and Partner at Greylock, LinkedIn, Inflection AI and Manas AI; Matthew Koder, President, Global Corporate and Investment Banking, Bank of America; HE Caroline D. Pham, Acting Chairperson, US Commodity Futures Trading Commission; HE Jean-Claude Kassi Brou, Governor, Central Bank of West African States (BCEAO); Raman Bhatia, Group Chief Executive Officer, Starling Bank; Lori Schwartz, Global Head of Treasury Services, J.P. Morgan Payments; Dawn Miller, Chief Executive Officer, Lloyd's Americas; Diana Guzmán, Chair of the Prudence Foundation and Chief Sustainability Officer, Prudential PLC; and K. Rajaraman, Chairperson, International Financial Services Centres Authority (IFSCA). Speaking at Day 2 are John Schindler, Secretary General, Financial Stability Board; Sundararaman Ramamurthy, Managing Director and Chief Executive Officer, Bombay Stock Exchange; Eun-bo Jeong, Chairman and Chief Executive Officer, Korea Exchange (KRX); HE Hadi Badri, Chief Executive Officer, Dubai Economic Development Corporation; Arif Amiri, Chief Executive Officer, DIFC Authority; Ashok Vaswani, Managing Director and Chief Executive Officer, Kotak Mahindra Bank; and Saker Nusseibeh, Chief Executive Officer, Federated Hermes Limited. Follow Emirates 24|7 on Google News.
Emirates 24/7
09-05-2025
- Business
- Emirates 24/7
Hamdan bin Mohammed chairs meeting of The Executive Council
- Hamdan bin Mohammed approves new policies and initiatives promoting healthcare, family welfare, education and smart buildings - His Highness chairs meeting of The Executive Council attended by Maktoum bin Mohammed and Ahmed bin Mohammed - His Highness: Guided by the vision of Mohammed bin Rashid, Dubai puts people at the heart of all its development plans - 'As we target the goals of the Dubai Plan, spurred by the Dubai Social Agenda 33 and Dubai Economic Agenda D33, our focus remains on delivering tangible, people-centric outcomes' A raft of new policy measures and initiatives introduced in Dubai seek to further enhance quality of life for residents in alignment with the objectives of the Dubai Social Agenda 33 and the Dubai Economic Agenda D33. Chairing a meeting of The Executive Council of Dubai today, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, approved new policies pertaining to the healthcare system, Emirati students in private education, family welfare services, and smart buildings. The meeting at Emirates Towers was attended by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, and His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai. His Highness Sheikh Hamdan said: 'Guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Dubai puts people at the heart of all its development plans. Our policies are designed to support individuals, families, and the wider society, which represent fundamental pillars to a more sustainable and inclusive future. As we target the goals of the Dubai Plan, spurred by the Dubai Social Agenda 33 and the Dubai Economic Agenda D33, our focus remains on delivering tangible, people-centric outcomes.' His Highness emphasised that the new policies are part of Dubai's holistic approach to promoting public wellbeing covering diverse aspects such as healthcare, education, social welfare, and smart infrastructure. 'We have approved a healthcare plan that will ensure Dubai ranks among the top 10 cities globally for healthy life expectancy. We are also enabling young Emiratis to thrive through education initiatives, strengthening family welfare systems through an integrated care model, and enhancing urban sustainability through a Smart Buildings Policy,' he added. Expanded healthcare network The plan to enhance Dubai's healthcare system, led by the Dubai Health Authority, aims to expand access to quality healthcare across the city in alignment with global best practices. It includes plans for three new hospitals and 33 primary healthcare centres, in addition to several specialised centres of excellence, by 2033. Priority will be accorded to newly developed residential areas including Al Yalayis, Al Awir, Hind City, Nad Al Sheba, Al Lisaili, and Lehbab. The new healthcare facilities will be established through public-private partnerships and backed by incentive packages to attract local and international investment. The strategy also includes a comprehensive review of healthcare supply and demand, improvements to insurance coverage for mental health and rehabilitative services, as well as initiatives to attract medical talent and expand scholarships for Emirati doctors. Emirati student empowerment The newly devised Policy on Empowering Emirati Students in Private Education, spearheaded by the Knowledge and Human Development Authority (KHDA), seeks to ensure that 100% of Emirati students are attending schools rated 'Good' or above, with parental satisfaction exceeding 90%. Key components of the policy include school improvement programmes, flexible education models tailored to the needs of Emirati students, and the expansion of the Dubai Distinguished Students Programme (DDSP). The policy also includes measures to increase the number of Emirati teachers, improve curriculum standards, and foster better engagement with parents. The initiative supports the goals of the Dubai Education Strategy 2033 and reinforces the role of education in preparing future generations to take up leadership responsibilities. Unified Centre for Family Care The Unified Centre for Family Care, managed by the Community Development Authority in Dubai, will serve to offer integrated services for family counselling, child protection, custody management, and social guidance, through a single platform. The initiative seeks to emphasise the family as the cornerstone of a cohesive society, supporting national values and fostering wellbeing and inclusion. Services will be delivered through two branches in Deira and Bur Dubai, well backed up by digital tools. Dubai Smart Buildings Policy The Dubai Smart Buildings Policy, led by Dubai Municipality, outlines standards for smart buildings that use renewable energy, intelligent water networks, smart parking, automated climate control, and real-time monitoring systems. The policy aims to reduce power consumption in buildings by 25%, water use by 15%, and operational costs by 20%, while enhancing resident satisfaction and quality of life. The policy supports the Dubai Integrated Energy Strategy 2030, the UAE Net Zero by 2050 Strategic Initiative, and contributes to the objectives of the Dubai Economic Agenda D33 by fostering innovation and attracting investment into Dubai's real estate sector. Adoption of the policy currently remains purely voluntary in new buildings, but it will be backed up by initiatives to encourage adoption by investors and developers in due course. Follow Emirates 24|7 on Google News.
