Day: March 3, 2024

PARIS: Global energy-related carbon dioxide (CO2) emissions rose less strongly in 2023 than the year before even as total energy demand growth accelerated, a new analysis by International Energy Agency (IEA) shows, with continued expansion of solar PV, wind, nuclear power and electric cars helping the world avoid greater use of fossil fuels. Without clean energy technologies, the global increase in CO2 emissions in the last five years would have been three times larger.

Emissions increased by 410 million tonnes, or 1.1%, in 2023 – compared with a rise of 490 million tonnes the year before – taking them to a record level of 37.4 billion tonnes. An exceptional shortfall in hydropower due to extreme droughts – in China, the United States and several other economies – resulted in over 40% of the rise in emissions in 2023 as countries turned largely to fossil fuel alternatives to plug the gap. Had it not been for the unusually low hydropower output, global CO2 emissions from electricity generation would have decl
ined last year, making the overall rise in energy-related emissions significantly smaller.

The new findings come from the IEA’s annual update on global energy-related CO2 emissions – and the inaugural edition of a new series, the Clean Energy Market Monitor, which provides timely tracking of clean energy deployment for a select group of technologies and outlines the implications for global energy markets more broadly.

Advanced economies saw a record fall in their CO2 emissions in 2023 even as their GDP grew. Their emissions dropped to a 50-year low while coal demand fell back to levels not seen since the early 1900s. The decline in advanced economies’ emissions was driven by a combination of strong renewables deployment, coal-to-gas switching, energy efficiency improvements and softer industrial production. Last year was the first in which at least half of electricity generation in advanced economies came from low-emissions sources like renewables and nuclear.

‘The clean energy transition has undergone a s
eries of stress tests in the last five years – and it has demonstrated its resilience,’ said IEA Executive Director Fatih Birol. ‘A pandemic, an energy crisis and geopolitical instability all had the potential to derail efforts to build cleaner and more secure energy systems. Instead, we’ve seen the opposite in many economies. The clean energy transition is continuing apace and reining in emissions – even with global energy demand growing more strongly in 2023 than in 2022. The commitments made by nearly 200 countries at COP28 in Dubai in December show what the world needs to do to put emissions on a downward trajectory. Most importantly, we need far greater efforts to enable emerging and developing economies to ramp up clean energy investment.’

From 2019 to 2023, growth in clean energy was twice as large as that of fossil fuels. The new IEA analysis shows that the deployment of clean energy technologies in the past five years has substantially limited increases in demand for fossil fuels, providing the oppo
rtunity to accelerate the transition away from them this decade.

The deployment of wind and solar PV in electricity systems worldwide since 2019 has been sufficient to avoid an amount of annual coal consumption equivalent to that of India and Indonesia’s electricity sectors combined – and to dent annual natural gas demand by an amount equivalent to Russia’s pre-war natural gas exports to the European Union. The growing number of electric cars on the roads, accounting for one-in-five new car sales globally in 2023, also played a significant role in keeping oil demand (in terms of energy content) from rising above pre-pandemic levels.

The Clean Energy Market Monitor shows that clean energy deployment remains overly concentrated in advanced economies and China, highlighting the need for greater international efforts to increase clean energy investment and deployment in emerging and developing economies. In 2023, advanced economies and China accounted for 90% of new solar PV and wind power plants globally, and
95% of sales of electric vehicles. Not all clean energy technologies progressed in 2023. Heat pump sales fell marginally as squeezed consumers held back on purchases of big-ticket items, highlighting the importance of continued policy support for equitable transitions.

Source: Emirates News Agency

ABU DHABI: The third edition of Investopia (Investopia 2024) ended on a high note after laying out a new investment roadmap, particularly for those in the new economic sectors, for the business communities, decision-makers, investors and global financial institutions. The latest edition of the event discussed key themes surrounding sustainable economic development and contributed to strengthening dialogue between the government and private sectors to find solutions to the current global economic challenges. The fourth edition of Investopia will take place in 26 and 27 February 2025.

The speakers and panelists at Investopia 2024 highlighted the importance of exploiting capital flows in emerging industries in promising markets, and directing global investment flows to human capital, infrastructure sector, fintech, clean energy, circular and creative economies and health sector and AI. The acceleration of economic diversification and the development of legislation and policies that support the flexibility and c
ompetitiveness of economies around the world also formed part of discussions.

Held over the course of two days, 28 and 29 February in Abu Dhabi, the third edition of Investopia hosted more than 40 panel discussions and roundtables bringing together leaders, ministers, decision-makers, major investors, entrepreneurs and economists to contribute to shaping the future of the global investment landscape. More than 80 speakers addressed over 2,700 participants from different corners of the world, engaging them on investment trends, opportunities and challenges in future economy sectors.

Furthermore, Investopia signed more than 15 agreements and MoUs with national and global institutions and companies with the aim of exchanging experiences and best practices in innovative and creative fields and enhancing cooperation for Investopia 2025.

Another highlight was the launch of the second edition of the Future 100 initiative, a joint initiative by the Ministry of Economy and the Government Development and the Future
Office, to foster businesses operating in the future economy sectors. Investopia 2024 offered the Future 100 participants an ideal platform to connect with global investors and learn about latest investment trends.

The third edition of Investopia was held in cooperation with Mubadala Investment Company, ADQ, Crypto.com, Standard Chartered, Citibank, First Abu Dhabi Bank, Emirates Development Bank, the Global Forum for Entrepreneurship and Investment SALT and the iConnections platform.

Source: Emirates News Agency

DUBAI: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has reviewed the UAE Government’s financial achievements and initiatives for the year 2023. The outcome included 151 Cabinet decisions related to the financial sector, covering the launch of new policies and initiatives, legislations and laws, as well as the approval of international agreements.

H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, said, ‘The policies, strategies, and programmes implemented, within the federal scope, in the financial sector, in line with the vision of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, have provided a great support to all sectors of development in the UAE, and to their development plan. This, in turn, supp
orts the objectives related to bolstering the efficiency and sustainability of resources in the Federal Government.’

He added, ‘The UAE was ranked first globally in 4 international indexes of competitiveness related to financial sector, and third in the General Government Gros Debt indicator, within the annual World Competitiveness Booklet 2023. This affirms the success of the implemented national financial policies and reflects the significant potential of sustainable improvement and progress. It, additionally, reflects the promising opportunities offered to the finance, economy, and investment organisations seeking benefit from the advanced financial ecosystem in the UAE which is boosted by a flexible legislative system and an advanced digital infrastructure’.

He said, ‘The Ministry of Finance will continue in the next phase its support to enhance economic performance, in line with the UAE Economic Principles Document. The Document serves as a road map stipulating the characteristics and pillars of the pe
rformance of all federal entities. It features preparing the necessary legislation, laws, policies and frameworks to protect the stability of the country’s financial systems, ensuring its sustainable development and commitment to high international standards in efficiency and safety. This tremendously bolsters the investors’ confidence. The country’s financial systems enjoy a continuous process of development and modernisation, within a framework that consolidates the role of the federal financial system in achieving comprehensive and sustainable development in the UAE.’

The UAE ranked 1st globally in 4 international competitiveness indexes

The government’s financial policies and efforts introduced in the sector have contributed to the UAE winning the top rank globally in 4 international competitiveness indicators. The UAE was ranked first globally in the indicator of ‘Efficiency of government spending’ in the Prosperity Index report in 2023. It was ranked first in the index of ‘the government budget balanc
e with the GDP’ in the report of the same indicator for the same year, and ranked first in the index of ‘the adaptability of the government policy’, in the World Competitiveness Booklet 2023, and ranked first in the index of ‘financial openness’ in the Travel and Tourism Development Report 2023, published annually by the World Economic Forum. The UAE was ranked third globally in the index of ‘general government total gross debt’, in the World Competitiveness Booklet 2023.

Legilation, projects and national initiatives to strengthen public finance

During the year 2023, the UAE Cabinet approved the issuance of 15 federal laws in the financial sector, 62 regulatory decisions enhancing the efficiency and effectiveness of managing the financial position and cash flows in the Federal Government, signed 8 international agreements and approved 9 projects and main national financial initiatives.

The important national financial initiatives and projects presented by the Federal Government in 2023 include the plan to
sustain the Federal Government Budget, Sukuk (Islamic Bonds) restructuring, the project of electronic invoicing, updating the Federal Government Public Debt Strategy of 2021-2023, restructuring the Federal Government franchising fees for the firms operating in the telecommunication sector in the UAE, creating a database for the real estate assets with the cost of around AED62 Billion, enhancing the development and supply chains in the Federal Government, and the project of supporting the GCC Customs Union (GCCCU).

The regulatory decisions approved by the Cabinet in 2023 included 10 decisions regulating tax affairs in the UAE, 17 decisions regulating government services and fees, as well as 6 decisions on other financial policies.

Signing 8 international agreements

The UAE government continued to enhance the country’s competitiveness and consolidate its international relation, signing and ratifying 8 different international agreements, including 4 international agreements on incentivising and protecting inv
estment with the Republic of Côte d’Ivoire, Republic of Mozambique, Barbados, Cooperative Republic of Guyana, and 4 international agreements regarding the avoidance of double taxation and the prevention of financial evasion related to taxes on income with the Republic of Côte d’Ivoire, Czech Republic, the United Republic of Tanzania, the Cooperative Republic of Guyana. This brings the total number of agreements to avoid double taxation to 147 agreements, and 112 international agreements to encourage and protect investment.

Consolidating the strategic partnership with institutions of the international community

The Ministry of Finance has been conducting the necessary preparations for the country to host the annual meeting of the Board of Governors of the European Bank for Reconstruction and Development and the Business Forum in 2026, to consolidate the UAE’s position as an attractive and sustainable destination for foreign direct investment, and a major axis on the global investment landscape.

The UAE gove
rnment successfully completed measuring its financial position, by applying the accrual basis of accounting, in accordance with the standards of the International Public Sector Accounting Standards (IPSAS). The total value of assets reached AED481.5 billion until quarter 3 of the year 2023. The UAE maintained its effective strategic partnerships with organisations of the international community, participated in the Poverty Reduction and Growth Trust (PRGT) and IMF’s Resilience and Sustainability Trust (RST), and financially contributed to the 12th Replenishment of the International Fund for Agricultural Development (IFAD).

Source: Emirates News Agency

NAIROBI: Material extraction is expected to rise by 60 per cent by 2060 and could derail efforts to achieve not only global climate, biodiversity, and pollution targets but also economic prosperity and human well-being, according to a report published by the UN Environment Programme (UNEP)-hosted International Resource Panel.

Extraction of the Earth’s natural resources tripled in the past five decades, related to the massive build-up of infrastructure in many parts of the world and the high levels of material consumption, especially in upper-middle and high-income countries.

The 2024 Global Resource Outlook, developed by the International Resource Panel with authors from around the globe and launched during the sixth session of the UN Environment Assembly, calls for sweeping policy changes to bring humanity to live within its means and reduce this projected growth in resource use by one third, while growing the economy, improving well-being, and minimizing environmental impacts.

The report finds that growt
h in resource use since 1970 from 30 to 106 billion tonnes – or from 23 to 39 kilogrammes of materials used on average per person per day – has dramatic environmental impacts. Overall, resource extraction and processing account for over 60 per cent of planet-warming emissions and for 40 per cent of health-related impacts of air pollution.

The extraction and processing of biomass (e.g., agricultural crops and forestry) accounts for 90 per cent of land-related biodiversity loss and water stress, as well as one-third of greenhouse gas emissions. Similarly, extraction and processing of fossil fuels, metals and non-metallic minerals (e.g., sand, gravel, clay) together account for 35 per cent of global emissions.

‘The triple planetary crisis of climate change, nature loss and pollution is driven from a crisis of unsustainable consumption and production. We must work with nature, instead of merely exploiting it,’ said Inger Andersen, Executive Director of UNEP. ‘Reducing the resource intensity of mobility, housing
, food and energy systems is the only way we can achieve the Sustainable Development Goals and ultimately a just and liveable planet for all.’

At the heart of global resource use are fundamental inequalities: low-income countries consume six times less materials and generate 10 times less climate impacts than those living in high-income countries. Upper middle-income countries have more than doubled resource use in the past 50 years due to their own growth in infrastructure and the relocation of resource intensive processes from high-income countries. At the same time, per capita resource use and related environmental impacts in low-income countries has remained relatively low and almost unchanged since 1995.

‘We should not accept that meeting human needs must be resource intensive, and we must stop stimulating extraction-based economic success. With decisive action by politicians and the private sector, a decent life for all is possible without costing the earth,’ said Janez Potocnik, the International Res
ource Panel’s Co-Chair.

Source: Emirates News Agency

DUBAI: H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Integrated Economic Zones Authority (DIEZ), announced today that DIEZ’s operating profit surged by 64.6 percent from the previous year, underscoring its pivotal impact on the Dubai economy.

With the market value of its net assets exceeding AED20.8 billion, DIEZ succeeded in reinforcing growth in earnings before interest, taxes, depreciation, and amortisation by 49.2 percent, alongside an 8.1 percent increase in total revenues. These figures underscore the role of DIEZ as a key contributor to Dubai’s economy.

Economic zones overseen by DIEZ including the Dubai Airport Free Zone, Dubai Silicon Oasis, and Dubai CommerCity have seen an increase of 15.3 percent in companies registered under their umbrella. The total number of personnel working in DIEZ economic zones saw a marked rise of 30.5 percent to reach 70,000.

These accomplishments highlight DIEZ’s direct contribution to Dubai’s GDP, which stood at 5.1 percent according to the latest 202
1 statistics. Moreover, economic zones affiliated to DIEZ have experienced substantial growth across six key sectors, which collectively represent 95 percent of total companies hosted. The wholesale and retail trade sectors have shown a substantial 24.4 percent increase, while the professional services, scientific solutions and services sectors have seen an impressive growth of 89.6 percent. The information and communications technology sector saw an 18.1 percent increase, and the financial and insurance sector soared by an astounding 106.9 percent. Additionally, the administrative and support services sector surged by 93 percent, and the transportation and storage sector registered a 48.3 percent increase.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, said, ‘Since its launch by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, DIEZ has implemented ambitious strategies to encourage investment, enhance gross domestic product, and bolster non-oil fore
ign trade in Dubai. These strategies reflect the authority’s commitment to fostering sustainable growth for Dubai and contributing to the Dubai Economic Agenda D33 by anticipating future trends, and proactively preparing for them. DIEZ remains dedicated to solidifying Dubai’s position as a leading global investment destination across various sectors as the positive results in 2023 demonstrate.’

He added, ‘The record-breaking results achieved within two years since the inception of DIEZ mirror Dubai’s rapid economic growth. They exemplify DIEZ’s steadfast focus on supporting Dubai’s overall economy by creating an economic ecosystem that caters to vital strategic sectors, while enhancing the quality of services provided to the business community. DIEZ’s achievements are aligned with the leadership’s vision to establish Dubai as a centre for economic and investment excellence, offering promising opportunities for local and foreign companies alike, in addition to strengthening the contribution of the private sec
tor, a key partner in Dubai’s ambitious journey, in line with DIEZ’s recently launched strategy.’

Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, said, ‘The positive results achieved in 2023 showcase DIEZ’s commitment to advancing Dubai’s economy and strengthening its competitive position globally. These efforts support Dubai’s aspirations to build one of the world’s best economies in line with the strategy outlined in the UAE Centennial 2071 and the ‘We the UAE 2031′ vision.’

‘Integrated economic zones in Dubai continue to grow in significance, offering promising opportunities across various sectors and fostering the emergence of new industries based on knowledge, creativity and innovation. This dynamic environment has allowed economic zones to achieve these exceptional results and lay a strong foundation for future contributions to Dubai’s growth. DIEZ’s achievements are aligned with the strategic vision of our wise leadership, and the goals of the Dubai Economic Agenda D33 to double the size of Duba
i’s economy over the next ten years and establish it as one of the world’s top three urban economies,’ he added.

‘Our commitment to providing an ideal environment for small and medium-sized enterprises and new sectors was clearly demonstrated through the launch of a venture capital (VC) fund worth AED500 million. This move represents a significant step forward in our efforts to support entrepreneurs, investors and emerging companies, which will play a major role in the growth of Dubai’s economy in the next decade,’ Al Zarooni noted.

The fund is the first investment programme launched under the name of Oraseya Capital, the venture capital arm of DIEZ specialising in venture investment operations in startups. It will play a pivotal role in supporting startups, starting from the pre-seed stage, and extending all the way to the Series B investment stage. The fund addresses existing gaps in corporate finance, particularly during these crucial developmental stages. The initiative reflects Dubai’s commitment to ke
eping pace with the world’s leading economies in startup investment, recognising the potential contributions of entrepreneurial ventures to the growth, advancement and prosperity of the national economy.

In 2023, DIEZ finalised its new strategic approach to fortify Dubai’s position as a premier regional and global investment destination. These efforts culminated in His Highness Sheikh Ahmed bin Saeed Al Maktoum approving the Authority’s new strategy for 2024-2026, which aims to amplify DIEZ’s contribution to empowering businesses and driving economic growth.

DIEZ’s strategic focus is based on three pillars: excel, growth, and enrich. The Authority seeks to achieve excellence by prioritising enhanced contributions to Dubai’s non-oil economy, fostering entrepreneurship, and delivering exceptional client experiences to facilitate growth and operational success for Dubai. DIEZ also aims to solidify its global presence in the economic zones sector, invest in leading companies within the value chain, and establis
h specialised economic zones tailored to promising industries. The theme of enriching economic life emphasises improving business benefits through innovative products and services, while promoting sustainability through responsible environmental, social and corporate governance practices.

DIEZ achieved record sustainability results in 2023 by adhering to responsible energy practices and reducing carbon emissions. Since its inception, DIEZ and its economic zones have prioritised sustainability, meeting international standards for energy efficiency and environmental design. These efforts support the nation’s Net Zero by 2050 goal. Notable achievements include increasing LEED-certified buildings to 30 with a platinum rating and a building with LEED Earth rating. These certificates include the recently obtained LEED Zero Energy and LEED Zero Carbon international certificates from the US Green Building Council for its headquarters at Dubai Airport Freezone. DIEZ is the first entity in the Middle East to attain th
ese significant certifications.

DIEZ also reduced energy consumption by 12 percent and increased solar energy generation by 30 percent, contributing to an annual production of about 5,000 MWh. Furthermore, the Authority implemented adaptive air conditioning control systems to reduce electricity consumption by 30 percent and transitioned to LED lighting, resulting in more than 50 percent savings in total consumption. These initiatives culminated in a 12 percent reduction in carbon emissions, equivalent to 5,280 metric tonnes compared with 2022, as well as a waste recycling rate exceeding 45 percent, solidifying Dubai and the UAE’s key position in global climate action.

In 2023, DIEZ intensified its efforts to embrace emerging economic trends, with a particular focus on AI, digital innovation, green initiatives and circular economies. These initiatives strengthened Dubai’s position as a thriving hub for global investments, entrepreneurship, and innovation. Notable accomplishments included significant advancem
ents in AI integration, innovation culture, sustainability practices, knowledge enrichment, and forging global partnerships.

In the realm of AI and smart mobility, DIEZ spearheaded experiments in 2023 at Dubai Silicon Oasis to facilitate product deliveries via drones, aligning with the ambitious ‘Dubai Programme to Enable Drone Transportation’ launched by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council. Moreover, DIEZ launched trials of Talabot self-driving robots in collaboration with the Roads and Transport Authority and Talabat. These trials, conducted in Dubai Silicon Oasis, a focal point of innovation and knowledge in the Dubai Urban Plan 2040, aimed to promote zero-emission transportation solutions and enhance operational efficiency. This initiative aligns with Dubai’s vision to transition 25 percent of transportation trips to self-driving means by 2030.

Furthermore, DIEZ forged a strategic partnership with the Massachusetts Institut
e of Technology (MIT) to inaugurate the MIT DesignX Dubai Accelerator programme. As the first of its kind for MIT in the region, this accelerator programme focuses on sustainability and the future of cities. It endeavours to expedite the development of innovative projects, empowering entrepreneurs in the region to devise effective solutions and pioneering designs to accelerate the growth of innovative projects to address the most pressing global challenges in an urban environment.

DIEZ aspires to solidify Dubai’s position as a regional and global investment destination across diverse sectors. By aligning with the emirate’s strategic priorities for integrated economic zones, DIEZ seeks to foster economic growth and pave the way towards an economic landscape characterised by diversity, multiple investment opportunities, and ease of conducting business.

Source: Emirates News Agency

ABU DHABI: The Central Bank of the UAE (CBUAE) affirmed that the Financial Action Task Force (FATF) announcement regarding the UAE’s completion of the requirements of the agreed Action Plan with the FATF and its exit from the enhanced monitoring process reflects the synergy of national efforts to combat money laundering and terrorism financing. It also reflects close cooperation with international partners and global institutions to safeguard the integrity of the financial system in the UAE and globally.

The UAE relies on a clear strategy to combat money laundering, terrorism financing, and the financing of illegal organisations through cooperation and coordination among national entities, such as law enforcement agencies and regulatory authorities, in addition to constructive partnerships between the public and private sectors. All effective measures and procedures are taken to enhance compliance and awareness among financial institutions, businesses, and designated non-financial professions in combating fi
nancial crimes and mitigating their risks.

The National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC), chaired by the Governor of the Central Bank, is one of the central pillars in the UAE’s AML/CFT national framework. It includes more than 32 entities in the country representing law enforcement agencies, regulatory authorities, the financial intelligence unit, and judicial authorities.

The National Committee has strengthened local efforts and implemented national action plans in line with international requirements and recommendations through the establishment of 8 specialised sub-committees operating according to the best global practices. It has developed and disseminated guiding manuals and policies to relevant entities, in addition to adopting a regulatory framework for information exchange between the public and private sectors and enhancing coordination and close cooperation with international entities.

The National Committee,
through projects and initiatives, has protected the financial infrastructure of the UAE from the risks of financial crimes. It has also invested in technology and artificial intelligence to facilitate reporting and expeditious analysis of suspicious transactions and submit necessary reports, including the platforms (goAML) and (Fawri Tick).

The commitment of the Central Bank of the UAE to combat money laundering, terrorism financing, and financing of illegal organisations is within its vital role in the national system by continuously enhancing the regulatory, supervisory, and organisational framework in line with international standards. This includes issuing necessary regulations and guidelines for compliance and guidance, governance of licensed financial institutions, risk management, conducting field examinations, implementing effective administrative and financial penalties, as well as building national capacities and strengthening the understanding of licensed financial institutions of risks and compli
ance, thereby enhancing the UAE’s position as a global financial centre.

The Central Bank has conducted 181 field examinations of licensed financial institutions in 2023, with plans for future expansion. Additionally, fines totalling AED 113.675 million were imposed on banks, exchange houses, insurance companies, and Hawaladars for non-compliance with regulatory requirements for combating money laundering and terrorism financing in 2023. Moreover, 40 awareness sessions were organised for the private sector with the participation of more than 35,000 attendees to exchange information and mitigate risks.

The Financial Intelligence Unit plays a pivotal role in representing the UAE in international forums in the context of verifying suspicious transactions and activities. It has achieved many accomplishments contributing to protecting the UAE and the global economy from money laundering, terrorism financing, and various financial crimes.

The Financial Intelligence Unit successfully processed over 8300 requests
from law enforcement authorities and public prosecution through the Integrated Enquiry Management System during the years 2022-2023. It sent 710 technical reports to the public prosecution, mostly comprising requests for search, freeze, and obtaining information from counterpart global financial intelligence units, in addition to other requests to support ongoing investigations into money laundering. The Integrated Enquiry Management System facilitated the exchange and utilisation of information among the UAE Financial Intelligence Unit, investigative authorities, and reporting entities. The number of memoranda of understanding and agreements signed between the Financial Intelligence Unit and counterpart global units reached 68.

The Financial Intelligence Unit focused on investing in national expertise and artificial intelligence technologies to accelerate communication and information exchange.

Khaled Mohamed Balama, Governor of the CBUAE and Chairman of the NAMLCFTC, said, “The FATF’s announcement of the
UAE’s completion of the required standards and recommendations, reflects the UAE’s steadfast commitment to combating money laundering and terrorism financing. It underscores the efforts made by various committees, entities, and national bodies to combat financial crimes, including the Central Bank and the National Committee for Combating Money Laundering, Terrorism Financing, and Financing of Illegal Organisations. We emphasise the continuation of radiant and supervisory efforts in this regard, and enhancing cooperation with the Financial Action Task Force in line with the UAE’s entrenched approach to combating financial crime and illicit financial flows, aiming to ensure the integrity and safety of the financial system in the UAE and globally.”

Source: Emirates News Agency