The Central Bank has issued draft corporate governance guidelines to all commercial bank directors in the country in a bid to restore confidence in the sector.
"Commercial banks are leading contributors to a successful UAE economy and are expected to show the way on high management standards and corporate governance," Sultan al Suwaidi, the Central Bank Governor wrote in the report released yesterday.
Banks in the UAE have come under increasing scrutiny during the financial crisis, with investors calling for more transparency and greater disclosure.
Banking regulators worldwide have moved to improve regulation of the sector and ensure banks are adequately capitalised.
Barack Obama, the US president, has announced plans to overhaul the US financial regulatory system this week as the European Central Bank warned that banks in the euro zone could lose a further US$283 billion (Dh1.03 trillion) by the end of next year.
"If a bank fails, it affects the whole economy so [bank] directors are the guardians of financial stability," Mr al Suwaidi said.
The new guidelines, the first for local lenders in seven years, call for action to improve disclosure and manage conflicts of interest. They also recommend new committees to monitor executive pay and bonuses, audits and risks to the system.
"Such improvements will be value-adding and will reinforce the international competitiveness of UAE banks," Mr al Suwaidi said.
Analysts welcomed the guidelines in a week where the Dubai market regulator was forced to intervene in a long-running feud over a $1.5bn convertible bond issued by Shuaa Capital to Dubai Banking Group in 2007.
Investors around the region have also called for greater transparency among banks that have had loan exposure to the troubled Al Gosaibi and Saad groups, after their accounts were frozen by the Saudi central bank last month. Central bank chiefs in the UAE and Oman expressed their concern about the issue this week.
"Some countries in the region have been criticised for their lack of corporate governance and transparency," said Ali Khan, a director of Arqaam Capital in Dubai. "The Central Bank's proactive approach helps in differentiating the UAE from these countries."
International investors and depositors seeking to invest in the region demand strong governance before entrusting their money to a bank, Mr al Suwaidi said.
The new guidelines are based on international regulations, but the Central Bank emphasised they "are firmly rooted in and tailored to the national environment".
"Central Bank supervisors will help you [the directors] and they will be monitoring your progress towards full compliance as part of their risk-based supervision," Mr al Suwaidi said.
skhan@thenational.ae
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
Killing of Qassem Suleimani
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
The%20specs
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
My Country: A Syrian Memoir
Kassem Eid, Bloomsbury
Company%C2%A0profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EPyppl%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEstablished%3A%20%3C%2Fstrong%3E2017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EAntti%20Arponen%20and%20Phil%20Reynolds%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20financial%20services%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20%2418.5%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEmployees%3A%3C%2Fstrong%3E%20150%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%20stage%3A%3C%2Fstrong%3E%20series%20A%2C%20closed%20in%202021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20venture%20capital%20companies%2C%20international%20funds%2C%20family%20offices%2C%20high-net-worth%20individuals%3C%2Fp%3E%0A
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
The%20Emperor%20and%20the%20Elephant
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Fire and Fury
By Michael Wolff,
Henry Holt
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Teenage%20Mutant%20Ninja%20Turtles%3A%20Shredder's%20Revenge
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Indoor cricket in a nutshell
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
COMPANY%20PROFILE
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