UAE Cabinet approves restructuring of Securities and Commodities Authority’s Board of Directors

The Cabinet has approved a decision to restructure the Board of Directors of the Securities and Commodities Authority, under the chairmanship of Mohamed Ali Al Shorafa Al Hammadi.

The decision is part of developing the system and workflow in the federal government in support of the UAE’s vision, and enabling the Securities and Commodities Authority to perform its plans and roles in promoting the performance of the financial markets in the country, according to systems that lay the foundations for flexibility and legislative sustainability, as part of the country’s directives to support and develop highly efficient and flexible financial markets.

As part of its duties, the Board will work to strengthen and develop the legislative and administrative system for the financial markets in the country, and support the supervisory and regulatory systems in accordance with best practices, to consolidate the UAE’s stature and its global leadership in this field.

The three-year membership includes Dr. Ali Mohammed Bakheett Al Rumaithi, Board Member of Central Bank of the UAE; Dr. Abdulla Al Khatib, Assistant Dean for Research and Graduate Studies at the College of Law – UAE University; Alyazia Ali Saleh Al Kuwaiti, Executive Director-Upstream & Integrated Business at Mubadala Investment; and Faisal Yousef bin Sulaiten, Executive Director of the Economic Security Centre of Dubai, along with representative of the youth category to be nominated by the General Secretariat of the Cabinet.

WAM/Esraa Ismail/Lina ibrahim