UAE Cabinet Approves New Board Of Directors For Securities And Commodities Authority

The UAE Cabinet has decided to reform the Board of Directors for the Securities and Commodities Authority (SCA) with a new three-year term. Mohamed Ali Al Shorafa Al Hammadi will lead as Chairman. The board includes Dr. Ali Mohammed Bakheet Al Rumeithi, Rashed Abdul Karim Al Blooshi, Faisal Yousuf Selaitin, Arif Mohammed Hadi Amiri, Hamad Sayah Al Mazrouei, and a youth representative nominated by the General Secretariat of the Cabinet.

The SCA Board is tasked with overseeing and enhancing the UAE’s financial and commodities markets. Its responsibilities include ensuring transparency, fairness, and strong investor protection. By establishing policies and strategies, the board aims to improve market efficiency and drive economic growth while ensuring adherence to relevant laws and regulations.

In its efforts to maintain financial stability and global competitiveness, the board aligns its regulatory framework with international standards. This approach fosters a dynamic marketplace that is both resilient and innovative. The board also focuses on developing legislation that governs market operations and promotes financial innovation.

To ensure the UAE's markets remain leaders in global financial advancements, the SCA Board prioritises strategic partnerships with local and international entities. These collaborations facilitate knowledge exchange and help maintain the integrity of financial transactions. By doing so, they strengthen market confidence and uphold commercial practices.

The board actively works on enhancing investment awareness among stakeholders. It plays a crucial role in monitoring market performance to ensure compliance with established regulations. This vigilance helps in maintaining robust investor protection while promoting fair trading practices across all sectors.

By focusing on these key areas, the SCA Board contributes significantly to creating a secure environment for investors. Their commitment ensures that the UAE's financial markets continue to thrive on both local and international fronts.

With inputs from WAM