Sharjah24 - WAM: The UAE Cabinet has approved a resolution to reconstitute the Board of Directors of the Securities and Commodities Authority (SCA) for a three-year term, under the chairmanship of Mohamed Ali Al Shorafa Al Hammadi, Chairman of the SCA Board of Directors.
The Board of Directors of the Securities and Commodities Authority includes prominent individuals such as Dr. Ali Mohammed Bakheet Al Rumeithi, Member of the Board of Directors of the Central Bank of the UAE; Rashed Abdul Karim Al Blooshi, Undersecretary of the Abu Dhabi Department of Economic Development; Faisal Yousuf Selaitin, CEO of the Dubai Economic Security Center; Arif Mohammed Hadi Amiri, CEO of the Dubai International Financial Centre Authority; and Hamad Sayah Al Mazrouei, CEO of the Registration Authority at Abu Dhabi Global Market. Additionally, a youth representative will be nominated by the General Secretariat of the Cabinet.
Responsibilities of the board
The Board is responsible for regulating and advancing the UAE’s financial and commodities markets, ensuring transparency, fairness, and robust investor protection. It establishes policies and strategies that enhance market efficiency, drive economic growth, and ensure strict compliance with applicable laws and regulations.
Strengthening Market confidence
The Board plays a pivotal role in strengthening market confidence by monitoring performance and upholding the integrity of financial transactions and commercial practices. Its efforts are crucial in maintaining trust among investors and stakeholders.
Commitment to financial stability
Committed to financial stability and global competitiveness, the Board aligns its regulatory framework with international best practices. It fosters a dynamic and resilient marketplace, actively developing legislation that governs market operations, promotes financial innovation, and enhances investment awareness.
Strategic collaboration
Furthermore, the Board prioritizes strategic collaboration with local and international entities to facilitate knowledge exchange. This ensures that the UAE’s markets remain at the forefront of advancements in the global financial and commodities sectors.
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