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DFSA and FSRA sign Memorandum of Understanding

posted on 24/08/2016

The Dubai Financial Services Authority, DFSA, yesterday signed a Memorandum of Understanding with the Financial Services Regulatory Authority, FSRA, of the Abu Dhabi Global Market, ADGM.

The MoU was signed on behalf of the DFSA by Chief Executive, Ian Johnston, and on behalf of the FSRA by Chief Executive Officer, Richard Teng, at the offices of the DFSA.

Mr. Johnston said, "The DFSA is pleased to engage with its counterparts in the GCC and especially with a fellow regulator in the United Arab Emirates. As regulators of financial centres, founded on Common Law principles, we embrace best practice and apply regulation which meets the requirements of the international standard-setters, the Basel Committee on Banking Supervision; the International Organisation of Securities Commissions; the International Association of Insurance Supervisors; and the Financial Action Task Force. Signing this MoU demonstrates a mutual willingness to co-operate and share information to those standards."

Mr. Teng said, "The MoU with the DFSA underscores FSRA's commitment to foster greater investor protection and support the development and innovation of regulations and supervision in the UAE and wider region. ADGM will continue to work closely with our fellow GCC counterparts and global like-minded regulators to foster high regulatory standards, advance financial development and safeguard financial market integrity in our jurisdictions. As a member of the IOSCO, the FSRA will play its part to co-operate and maintain fair, efficient and responsible markets in Abu Dhabi and beyond." – Emirates News Agency, WAM -


Emirati company achieves highest rating assigned to a Takaful operator worldwide

posted on 24/08/2016

Abu Dhabi National Takaful Company (ADNTC), an Emirati company and one of the most progressive insurers in the UAE and a leading provider of Shari'a compliant insurance products, has announced that global rating agency A.M. Best has upgraded its financial strength rating to A- (Excellent) from B++ (Good) and its issuer credit rating to "a-" from "bbb+".

Distinctly, this is the highest rating assigned to a Takaful operator by A.M Best worldwide.

These significant rating upgrades reflect ADNTC's excellent risk-adjusted capitalisation, consistently strong technical performance, and niche market profile as a leading Takaful operator in the United Arab Emirates.

In addition to being accredited with the highest rating by A.M Best out of all Takaful operators worldwide, it also prominently stands among the highest rated conventional insurance companies in the region. – Emirates News Agency, WAM -


Twenty outstanding Eritrean students enrol at ZU

posted on 24/08/2016

Twenty distinguished Eritrean students, 14 males and six females, have been awarded Bachelor degree scholarships at the Zayed University (ZU) in the UAE to study Information technology.

Professor Reyadh AlMehaideb, Vice President of ZU, Dr. Marilyn Roberts, Acting Provost, and Dr. Fatima AlDarmaki, Assistant Provost for Student Affairs, met the students on the Abu Dhabi campus and welcomed them to Zayed University.

"Welcome and congratulations on joining Zayed University to complete your undergraduate studies. I wish all of you a bright future. Zayed University offers a wide range of options and challenges, and I encourage all of you to optimise and maximise your potential to make your experience at the university as personally enlightening as it is academically rewarding," Professor AlMehaideb said.

Dr. Roberts advised new students to regularly meet their professors and get in deeper contact with them. "Their doors are wide open for your requests," she added.

She also encouraged students to share ideas and start discussion with faculty members at Zayed University as well as colleagues. "These discussions and insights will strengthen your personality," Dr. Roberts said.

During the meeting, students expressed their gratitude for the warm welcome and support they received at Zayed University.

Zayed University welcomed a total of 2,098 freshmen students and around 61 international students, who bring with them their experience, background, and cultures to its campuses. – Emirates News Agency, WAM -


ERC initiatives in Mali hailed by ministers

posted on 24/08/2016

BAMAKO: A number of Malian ministers have hailed the Emirates Red Crescent, ERC, initiatives to enhance living conditions and alleviate the suffering of people in areas affected by conflict in northern Mali.

This came when an ERC delegation, led by Saeed Suhail Al Mazroui, Director of International Aid Management, held separate meetings with Mali's Minister of Energy and Water, Minister of Women, Children and the Family, Minister of Religious Affairs and Worship, Minister of National Reconciliation and Minister of Solidarity, Humanitarian Action and Reconstruction of the North.

The ministers highlighted the ERC's efforts to enhance human solidarity with the victims and the affected people which emphasises the charitable objectives and the noble values, as well as the humanitarian approach established by the UAE's wise leadership.

They also lauded projects implemented by the authority and their direct impact on enhancing development fields in Mali. The delegation briefed the ministers on the future projects planned by the authority in cooperation with the Mali Red Cross in Timbuktu and Kidal in the north of Mali. – Emirates News Agency, WAM -


Sharjah Book Authority announces 35th SIBF in November

posted on 24/08/2016

The Sharjah Book Authority, SBA, has announced that the 35th edition of the Sharjah International Book Fair, SIBF, will take place in November at the Expo Centre Sharjah.

This year's edition of SIBF has a special significance as it is not only marking 35 years since its inception, but also celebrates 2016 being declared as the UAE's Year of Reading.

"The SIBF exemplifies the wise vision of H.H. Dr. Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, to make reading a means to nurture minds and build human culture and knowledge. The forthcoming event will be particularly significant as it takes place during the nation's Year of Reading," said Ahmed bin Rakkad Al Ameri, Chairman of the SBA.

He noted that the Ruler has always strived to ensure that Sharjah remains a global beacon of culture, a goal that SIBF has contributed to throughout its previous 34 editions.

"SIBF's prestigious stature is further evidence of the leading cultural role played by the Emirate of Sharjah and the UAE, with the fair being an invaluable asset that places the Emirati nation among the most successful in the world. SIBF is a tangible example of the cultural renaissance enjoyed by the UAE thanks to the support and guidance of our wise leadership," Al Ameri added.

The 11-day fair attracts numerous visitors to Sharjah to buy books, meet with their favourite authors and celebrities and participate in its extensive programme of activities. – Emirates News Agency, WAM -


Warsaw hosts 10th round of Sheikh Zayed Purebred Arabian Horses Cup

posted on 24/08/2016

WARSAW: Sluzewiec Horserace Track in the Polish capital, Warsaw, hosted yesterday the 10th round of the Sheikh Zayed Bin Sultan Al Nahyan Cup for Purebred Arabian Horses for the third category - the third and final round of the European Triple Crown of Zayed Cup, and the 14th and last round of H.H. Sheikha Fatima Bint Mubarak Apprentice World Championship (IFAHR), held under the umbrella of the eighth edition of the H.H. Sheikh Mansour bin Zayed Al Nahyan Global Arabian Horse Flat Racing Festival.

Following the conclusion of the competitions, Dr. Youssef Issa Hassan Al Sabri, UAE Ambassador to the Republic of Poland, presented the prizes to the winners in the presence of Lara Sawaya, Executive Director of the H.H. Sheikh Mansour bin Zayed Al Nahyan Global Arabian Horse Flat Racing Festival.

The event was also attended by senior diplomats from sisterly Arab and foreign countries, as well as Polish officials and businessmen, and a large audience of Arabian horses' fans. – Emirates News Agency, WAM -