Abu Dhabi Global Market’s Registration Authority has imposed financial penalties totalling $144,000 on businessman Mohammed Wasim Nazir and two of his ADGM-registered companies for violating the financial centre’s regulations.
The businessman and his ADGM-registered companies, HSQ Holdings and PL1 Holdings, were fined for exceeding the scope of their special purpose vehicle licence, contravening ADGM’s company regulations administered by the RA and providing false information, the authority said in a statement on Wednesday.
HSQ and PL1 were registered by the RA in 2019 to carry out the business activities of an SPV, which is a passive entity and not an operational one.
However, the RA found that both the companies had exceeded the scope of their licence by acting as managers of two residential investment properties located in the UAE.
ADGM also said Mr Nazir had filed the applications in 2021 to voluntarily strike the two companies’ names off the RA register and knowingly provided false information to the authority, claiming that the companies did not have any liabilities or prospective liabilities, even though there were ongoing claims and disputes with the investment properties’ apartment owners.
Further, the RA found that PL1 had continued conducting business even after the submission of the voluntary strike-off application, which is a contravention of ADGM’s companies regulations administered by the RA.
Mr Nazir also concealed material information and documents in response to the RA requirement notices for conducting an investigation into the activities of the companies, it said.
Following the investigation, the RA imposed fines of $114,000 on Mr Nazir, $15,000 on HSQ and $15,000 on PL1, according to the statement.
“The fines imposed demonstrate the RA’s intolerance to the misconduct of concealing relevant information and documents during lawful investigations,” said Hamad Al Mazrouei, chief executive of the Registration Authority at ADGM.
“The RA expects complete transparency from registered directors, especially during the course of its investigations. ADGM-registered companies must also reflect the true scope of their commercial licence to prospective clients or investors to protect their interests and to ensure that the integrity of ADGM is protected.”
ADGM, opened in 2015, aims to connect the emirate with international markets in the Middle East, Africa, South Asian and East Asian economies, and is part of Abu Dhabi's efforts to diversify its economy.
It grew its assets under management by 56 per cent last year as it welcomed more businesses and expanded its workforce, retaining its status as one of the fastest growing financial centres in the Mena region.
Total active licences at the financial free zone grew by 30 per cent annually to 5,546, including permits for both financial services and non-financial companies, while ADGM Square’s workforce rose by about 29 per cent annually to 10,954, it said in March.
Last month, it was announced that the free zone will be expanded tenfold with Reem Island added to its jurisdiction, increasing the district's combined geographic area to about 1,438 hectares.
The move will make it one of the world’s largest international financial districts, ADGM said.
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Founder: Abdulla Almoayed
Based: UAE
Founded: 2017
Number of employees: 35
Sector: FinTech
Raised: $13 million
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Cultural Excellence: Hoor Al Qasimi (UAE)
Environmental Development and Sustainability: Bkerzay (Lebanon)
Environmental Development and Sustainability: Raya Ani (Iraq)
Humanitarian and Civic Services: Women’s Programs Association (Lebanon)
Humanitarian and Civic Services: Osamah Al Thini (Libya)
Excellence in Education: World Innovation Summit for Education (WISE) (Qatar)
Outstanding Arab Woman: Balghis Badri (Sudan)
Scientific and Technological Achievement: Mohamed Slim Alouini (KSA)
Young Entrepreneur: Omar Itani (Lebanon)
Lifetime Achievement: Suad Al Amiry (Palestine)
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FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT)
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Manchester City v Napoli
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Wednesday
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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.
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Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
The biog
Name: Dhabia Khalifa AlQubaisi
Age: 23
How she spends spare time: Playing with cats at the clinic and feeding them
Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need
Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman
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Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
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- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
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THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
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Where to buy art books in the UAE
There are a number of speciality art bookshops in the UAE.
In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show.
In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.
In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.
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