Latest news with #MaktoumBinMohammedBinRashidAlMaktoum
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.
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
Gulf Today
24-04-2025
- Business
- Gulf Today
Dubai continues to attract world's top hospitality brands: Maktoum
Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, on Thursday met with Paul Salem, Chairman of the Board of MGM Resorts International, a global leader in hospitality and entertainment. During the meeting, Sheikh Maktoum Bin Mohammed outlined the UAE's strategic vision to further raise its status as a top-ranked global tourism and hospitality hub, building on the country's profile as a unique destination for world-class travel, leisure, and cultural experiences. Sheikh Maktoum noted that Dubai's advanced infrastructure, business-enabling policies and regulations, combined with its exceptional global reputation in the industry, continue to attract the world's leading hospitality brands. He said the emirate is keen to deepen partnerships with global players like MGM Resorts to advance the Dubai Economic Agenda D33, which aims to position Dubai as a premier global hub for business and leisure, and one of the world's best cities to visit, live, and work. Discussions also touched on MGM Resorts' projects in the UAE, which His Highness said signal strong international confidence in the city's long-term growth prospects and investment attractiveness. Founded in 1986, MGM Resorts operates 31 premier hotel and gaming destinations worldwide. In 2024, the company reported record consolidated net revenues of $17.2 billion. The group is currently developing a series of major projects in the meeting was attended by Hesham Al Qassim, CEO, Wasl Asset Management Group and several senior officials of the group. Last week, Abdulla Bin Touq Al Marri, Minister of Economy and Chairman of the Emirates Tourism Council, highlighted the continued growth and robust performance of the UAE's tourism sector. He attributed this growth to the wise leadership's directives and forward-looking vision, which led to the development of sustainable policies, strategies, and initiatives that drive the sector's progress. Tourism remains a key pillar in strengthening the competitiveness and resilience of the national economy, supporting the country's transition toward an economy driven by knowledge and innovation, he noted. Minister Al Marri said that hotel revenues in the UAE reached approximately Dhs45 billion in 2024, reflecting a 3 per cent year-over-year growth. Hotel occupancy rates also climbed to 78 per cent last year, ranking among the highest both regionally and globally. This growth was supported by the opening of 16 new hotels across the seven emirates in 2024, taking the total number of hotels in the country to 1,251 by the end of the year. In addition, the number of hotel rooms also grew, reaching 216,966 by the end of 2024, up 3 per cent. Bin Touq added, 'The UAE continues to advance its national efforts to develop innovative tourism initiatives and projects, while strengthening collaboration with all relevant local and international tourism bodies. These efforts aim to elevate the UAE's status as the best tourism identity globally by the next decade, offering world-class experiences that further enhance the country's appeal to visitors from around the world. We are also focused on diversifying special interest tourism offerings, building the sector's capacities, fostering the participation of Emirati talent, and driving greater investment across all areas of the tourism ecosystem.' WAM
