News

DFSA mulls new rules in wake of Abraaj collapse

DFSADubai’s financial services watchdog is considering new regulations to avoid a repeat of the events which led to the collapse of private equity group, Abraaj. A report from the Dubai Financial Services Authority (DFSA) stated the possibility of strengthened oversight as a result of the Abraaj case. "The collapse of this firm will influence our thinking on corporate governance, on the allocation of responsibilities amongst the senior management of firms, and on the best way to assign responsibility for compliance within regulated firms," said DFSA chief executive Bryan Stirewalt. Should the DFSA’s investigation conclude that “there are lessons to be learned, we will take steps to strengthen our supervisory oversight” added Stirewalt. "We will also be reviewing our risk-based approach to supervision to ensure that it properly captures some of the features of the particular case." The Dubai-based buyout firm was the largest of its kind in the Mena region but collapsed in June 2018 following a dispute with investors over the running of its $1 billion healthcare fund. ©2019 funds global mena

Executive Interviews

INTERVIEW: ‘Financing is the blood of Iran’s economy’

Amid a fresh wave of American sanctions, Romil Patel spoke to Meysam Hamedi, director of financial markets and instruments at Iran’s Securities & Exchange Organization (SEO).

INTERVIEW: Totally mega

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

Roundtables

South Africa asset management roundtable: Global rebound on ice

Experts discuss the investment implications of the coronavirus pandemic, a delayed rebound in global growth and dealing with South Africa’s energy issues head on. Chaired by Romil Patel in Cape Town.

South African roundtable: Taking the bull by the horns

Our panel discusses Chinese investment in Africa, financial institutions’ contribution to economic sustainability and regulatory concerns. Chaired by Romil Patel in Cape Town.