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ADGM FSRA Promotes ESG-Focused Investment Vehicle Guidance Initiatives at ADSFF 2024

by rachel
written by rachel

Marking a significant step in reinforcing ADGM’s commitment to fostering sustainable finances and combating greenwashing in the financial sector, the Financial Services Regulatory Authority (FSRA) of ADGM revealed its sustainability-related initiatives, including guidance for ESG-focused investment vehicles.

ADGM FSRA revealed these initiatives during the Abu Dhabi Sustainable Finance Forum (ADSFF), part of the Abu Dhabi Finance Week (ADFW).

Supporting the FSRA’s claim to be dedicated to aligning with global best practices, the latest guidance ensures transparency, accountability, and the integrity of ESG-focused investment products. It forms a key component of ADGM’s broader sustainable finance vision, aimed at supporting investors, issuers, and market participants in driving positive environmental, social, and governance outcomes. 

“The issuance of our guidance for ESG-focused investment vehicles marks an important step in ADGM’s journey to establishing leading sustainable finance practices within its ecosystem”, said Emmanuel Givanakis, CEO of the FSRA of ADGM.

“The issuance of our guidance for ESG-focused investment vehicles marks an important step in ADGM’s journey to establishing leading sustainable finance practices within its ecosystem. Through initiatives like this, we aim to strengthen the trust that the financial services sector and investors have placed in our robust regulatory framework, while also empowering stakeholders to contribute meaningfully to the global sustainability agenda.”

The FSRA has undertaken a number of initiatives to further ADGM’s leadership in sustainable finance. These include the implementation of a comprehensive Sustainable Finance regulatory framework and the release of the UAE Sustainable Finance Working Group’s Third Public Statement.

Besides guidance to address risks of greenwashing, ADGM’s robust regulatory framework for sustainable finance includes the region’s most comprehensive ESG disclosure requirements for appropriate entities within ADGM, a markets framework that includes Environmental Instruments and designations for green and climate transition funds and portfolios, and green and sustainability-linked bonds.

Through leveraging ADSFF’s platform, which facilitates dialogue by bringing together policymakers, industry leaders, and innovators to explore actionable strategies for addressing pressing environmental and social challenges, the FSRA has heightened ADGM’s collective efforts and proactive role in advancing the UAE’s sustainability agenda.

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Latest NewsPolicy & Finance

ADGM FSRA Releases a Series of Regulatory Advancements at ADFW

by rachel
written by rachel

As part of Abu Dhabi Finance Week (ADFW) 2024, ADGM, the international financial centre of Abu Dhabi and its Financial Services Regulatory Authority (FSRA) showcased a series of recent regulatory advancements.

The developments include a comprehensive framework for the issuance of Fiat-Referenced Tokens (FRTs) within ADGM, broadening the range of digital assets available in a regulated environment, the release of detailed guidance addressing IT Risk Management and a consultation paper on proposed updates to the Virtual Asset framework, further strengthening ADGM’s position as a leading hub for digital innovation and financial regulation. 

The regulatory framework introduced for FRTs supports their issuance, expanding the suite of digital assets offered within a secure and regulated environment. Developed following extensive industry consultations, the framework incorporates key components such as stringent reserve asset requirements, governance measures, transparency in disclosures, prudential safeguards, and clear redemption rights for token holders. By designating FRT issuance as a distinct regulated activity, the framework ensures high standards must be met by those issuing FRTs, reflecting global best practices. 

The FSRA’s guidance on IT risk management enhances its regulatory approach by providing insights into what it considers to be critical aspects of sound and robust risk management in that area.

It also highlights the importance of IT risk in business operations, introducing measures such as comprehensive, rules on standardised incident reporting, and the introduction of RegTech solutions. These measures aim to further enhance IT resilience and ensure adaptability to evolving technological and regulatory needs. 

“ADGM’s advancement as a progressive international financial centre is underpinned by the various and comprehensive initiatives it takes on the regulatory front”, said Emmanuel Givanakis, CEO of the FSRA of ADGM.

“As a forward-thinking jurisdiction, every new regulatory framework and amendment introduced reflects ADGM’s and the FSRA’s commitment to staying ahead of the curve. We continuously assess and address the evolving risks as well as the needs of the digital asset ecosystem, as we remain committed to fostering responsible innovation within the financial landscape.”

A consultation paper, proposing amendments to the FSRA’s regulatory framework for Virtual Assets (VA) was also announced at ADFW. These changes aim to refine processes for accepting VA within ADGM, further refine capital requirements and fees, and address emerging business models like staking.

The FSRA is seeking stakeholder feedback to ensure the framework aligns with industry developments while maintaining robust regulatory standards. The published paper also invites input on criteria for accepting non-ADGM-issued Fiat-Referenced Tokens and proposes expanding investment opportunities for Venture Capital Funds.

The FSRA, through its regulatory approach, has aimed to balance innovation with strong regulatory oversight. The announcements at Fintech Abu Dhabi during ADFW were well received by the delegates which included financial leaders, experts and executives, investors, entrepreneurs, and start-ups from the global and regional financial services industry. 

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Innovation & EducationLatest News

Abu Dhabi Launches Hub71+ AI to Support Start-Ups Advancing AI Innovation

by rachel
written by rachel

In an effort to support start-ups harnessing cross-sector AI innovation, Hub71, Abu Dhabi’s global tech ecosystem, has launched Hub71+ AI.

The platform was launched during Abu Dhabi Finance Week (ADFW), providing start-ups with the necessary infrastructure and resources to thrive in a rapidly evolving global economy. The Initiative underscore’s Abu Dhabi’s commitment to advancing AI across priority sectors , aligning with the UAE’s capital’s broader economic vision.

Between 2021 and 2023, the number of AI companies in Abu Dhabi increased at a compound annual growth rate (CAGR) of 67 per cent. Furthermore, studies indicate that, on average, one AI company was established every two days in Abu Dhabi during the first half of 2024. Hub71+ AI is set to accelerate this momentum by supporting startups and developing the infrastructure required to drive AI adoption across various sectors.  

AI71 joins as an anchor partner of Hub71+ AI and will offer compute power credits for their API Hub, which provides pay-as-you-go access to the globally ranked Falcon series of Large Language Models and other tools. AI71 will also provide access to their team of AI researchers.  

In addition, Core42 joins Hub71+ AI as an anchor partner, empowering regional startups with preferential access to Core42’s advanced products and solutions. Core42 will offer startups cloud credits that can leverage the deployments of next-generation digital infrastructure for AI including current deployments of training and inference capacity in the UAE, USA, and a growing global footprint.  

Additionally, Core42’s Sovereign Public Cloud offering which leverages Microsoft Azure, can be utilised for startups that are in need to offer a sovereign implementation for regulated industries and the public sector. Core42 will also support startups in accessing relevant facets of the broader G42 ecosystem including Presight, M42, AIQ, CPX, Space42, and others where relevant.   

Hub71+ AI is supported by a network of leading partners, including Amazon Web Services (AWS), Google for Startups, Nvidia, Hewlett Packard Enterprise (HPE), Mohamed Bin Zayed University of Artificial Intelligence (MBZUAI), and 42 Abu Dhabi. Together, these strategic partners aim to support the specialist ecosystem and advance the growth of AI startups, contributing to Abu Dhabi’s economic transformation, underpinned by advanced technology. 

Through these partnerships, startups will gain access to technical and industry expertise, digital infrastructure, strategic market entry pathways, and hands-on regulatory guidance. Hub71’s collaborations with global technology leaders will further benefit startups, providing opportunities to pilot new technologies in real-world settings. Additionally, startups will be exposed to a network of investors and corporate partners that can help accelerate their growth from Abu Dhabi. These partnerships will enable Hub71+ AI startups to leverage digital infrastructure and cloud credits to strengthen the AI ecosystem and expand their business from Abu Dhabi to the world. 

“AI is transforming industries and rapidly shaping the future of our world”, said Ahmad Ali Alwan, Chief Executive Officer of Hub71. “Abu Dhabi is not just keeping pace but setting the standard as a global leader in advancing AI for meaningful impact.”

“Hub71+AI is our commitment to bold, pioneering founders, providing startups with unparalleled access to resources, mentorship, and collaboration opportunities with tech giants and national champions. We aim to scale and drive AI innovation that resonates globally from Abu Dhabi’s dynamic tech ecosystem.”

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EnvironmentInnovation & EducationLatest News

Leading Scientists Hosted by Second ADIA Lab Symposium

by rachel
written by rachel

ADIA Lab, the independent Abu Dhabi-based institute dedicated to basic and applied research in data and computational sciences, hosted its second annual symposium in Abu Dhabi in November, with an agenda focussed on the power of research and technology to address global challenges.

The event took place at Abu Dhabi Global Market (ADGM) as part of ADIA Lab’s commitment to playing an active role in the international data and computational science community, contributing to Abu Dhabi’s digital ecosystem and raising opportunities for collaboration between the UAE and global organisations.

The event brought together some of the world’s most respected scientists, thought leaders and researchers to confront critical issues like climate change and the need for trustworthy AI, while discussing how AI is transforming key industries.

“At the symposium, some of the world’s brightest minds in science and technology, will explore how AI and data science can be harnessed to solve critical societal issues”, said Dr Horst Simon, Director of ADIA Lab, ahead of the event.

“This year’s symposium has expanded not only in scope, but also in our potential impact, as wee look deeper into the technological advances and innovations that are shaping our future.”

The 2024 symposium explored three themes over three days, such as trustworthy AI, which explored the need to address the urgent need for secure and reliable ecosystems. The event also included discussions based on the environment, with a focus on sustainability in AI, and topics ranging from climate monitoring to risk modelling.

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Food & WaterLatest News

Abu Dhabi to Develop Unified Water Strategy

by Madaline Dunn
written by Madaline Dunn

In a statement on the sidelines of the World Utilities Congress 2024 this week, Awaidha Murshed Al Marar, Chairman of the Department of Energy (DoE), announced that the department will imminently issue a new unified water management strategy.

The strategy will reportedly integrate all stages of the water cycle, from production and delivery to consumption.

According to Al Mara, the strategy seeks to increase transparency and define strategic measures to support national strategies.

It was shared that the water management strategy has been developed in cooperation with various stakeholders and will monitor the value added by water, assess water loss rates, and identify the best methods for optimising usage and promoting conservation.

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EnvironmentLatest News

EAD, Dendra Partner for Abu Dhabi Environmental Study

by Madaline Dunn
written by Madaline Dunn

The Environment Agency – Abu Dhabi (EAD) has partnered with Dendra Co. for an environmental study to assess the state of natural terrestrial habitats in Abu Dhabi, in the largest-ever field research project in the region.

Implemented and facilitated in collaboration with Dendra Co—an environmental technology company which uses artificial intelligence methodologies and data collection programs via smart sensors provided to drones— the programme covered 11,000 hectares, measuring the extent and dynamics of changes in the diversity and the distribution of local plants linked to human uses and anthropogenic influences.

Indeed, HE Dr. Shaikha Salem Al Dhaheri, EAD Secretary-General, explained that the programme enabled a representative survey of the critical vegetation cover most vulnerable to environmental threats resulting from human use and climate change.

“The detailed data resulting from the programme will contribute to giving clearer guidance, which will enhance the decision-making process to deal with the increasing pressures proactively,” said the EAD Secretary-General.

Ahmed Al Hashemi, Executive Director of the Terrestrial and Marine Biodiversity Sector at EAD, said that employing advanced technologies, including innovative techniques powered by artificial intelligence and the use of drones in environmental research, is “extremely effective,” and has enabled the agency to accomplish coverage of areas that are “inaccessible through traditional methods.”

“The environmental and financial impact of these techniques is considered small compared to the negative effects on the environment resulting from traditional field work methods resulting from the use of vehicles to reach research areas,” said Al Hashemi.

Adding: “This is in addition to the clear rationing of operational administrative costs. A standard comparison showed that this approach contributed to saving time and costs by up to 90 percent, compared to traditional methods, and therefore this programme is considered an important qualitative addition to the work methods followed by EAD.”

The environmental study programme also included photographic documentation of wildlife distribution areas and an assessment of the extent of their relationship with wild plant species.

In addition to field monitoring and research, a smart geographic database platform was developed to document all project information to produce instant reports and accurate statistical analysis, it was shared.

EAD also implemented an operation to disperse seeds of local plant species using drones capable of carrying a total weight of 70 kg, dispersing them in three areas in Abu Dhabi.

Each 380-hectare area was monitored as a baseline to assess how these seeds respond to natural regeneration linked to rainfall rates and soil type.

The team will also conduct an annual study of the same sowing areas to measure data on the success of natural germination, it said.

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EnergyLatest NewsTransportation

Masdar, TotalEnergies Partner on Abu Dhabi SAF Project

by Madaline Dunn
written by Madaline Dunn

Masdar has signed an agreement with TotalEnergies to assess the viability of developing a commercial green hydrogen to methanol to SAF (Sustainable Aviation Fuel) project.

The project will capture and utilise CO2 from an “industrial source” to be used as a feedstock, in addition to green hydrogen from renewable energy-powered electrolysis, for the production of green methanol and SAF.

This agreement follows a test flight conducted by the two companies during  December 2023, which, the parties said demonstrated the potential for converting methanol to SAF.

According to the IEA, aviation has grown faster in recent decades than rail, road or shipping, and its emissions are growing, too.

The industry currently accounts for around 3 per cent of emissions, however, looking ahead to 2050, if aviation is left unmitigated, this could rise to 22 per cent.

While there has been significant emphasis on the role of SAF in aviation’s decarbonisation, according to the International Air Transport Association (IATA), in 2024, SAF production will reach just 0.53 per cent of aviation’s fuel needs.

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EnergyLatest News

EWEC: Request for Battery Energy Storage System Proposals Launched

by Madaline Dunn
written by Madaline Dunn

UAE-based EWEC (Emirates Water and Electricity Company) has issued a Request for Proposals (RFP) for the development of an independent greenfield 400-megawatt (MW) Battery Energy Storage System (BESS).

The request to qualified developers and developer consortiums relates to a power project in Abu Dhabi to provide up to 800 megawatt-hours (MWh) of storage capacity.

The RFP is being issued to bidders who passed the qualification process following the Expression of Interest (EOI) stage in April 2024.

A total of 93 companies and consortiums submitted EOIs, while 27 companies and consortiums qualified for the RFP stage after submitting Statements of Qualification.

The project will closely follow the model of the Emirate of Abu Dhabi’s successful Independent Power Producer (IPP) programme, it was shared, where developers enter into a long-term agreement with EWEC as the sole procurer.

It will involve the development, financing, construction, operation, maintenance, and ownership of the BESS system and associated infrastructure.

Othman Al Ali, Chief Executive Officer of EWEC, said: “As we commission the development of the UAE’s next-generation energy infrastructure, the 400MW BESS project marks a key milestone in EWEC’s strategic efforts to enhance the resilience and efficiency of the power network. Utility-scale BESS technology will facilitate our rapid integration of increased amounts of renewable energy from solar PV to the system and enables us to operate and manage peak demand more efficiently.

“Through this strategic project, we are strengthening Abu Dhabi and the UAE’s position as leaders of the global energy transition and accelerating the nation’s net-zero goals. We look forward to working with best-in-class partners to bring this vision to fruition, further advancing the energy sector into a more sustainable future.”

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FinanceLatest News

Whistleblowing Framework Published by Abu Dhabi Global Market

by Madaline Dunn
written by Madaline Dunn

Abu Dhabi Global Market (ADGM) has announced the publication of its whistleblowing framework, a coordinated initiative between ADGM Authorities.

The organisation outlined that entities within the centre will implement proportionate arrangements to support effective whistleblowing by 31st May 2025.

Further, according to ADGM, these arrangements will need to be captured in writing by companies over a certain size, or that carry additional financial crime risks.

The whistleblowing framework encompasses:

  • Dedicated regulations that recognise and protect good faith reporting of ‘protected disclosures’.
  • Availability of internal and external channels for reporting reasonably suspected breaches of ADGM legislation or financial crime.
  • Protection for anonymous reporting in good faith of reasonably suspected misconduct.
  • Non-retaliation protections integrated into existing employment regulations to guard employees of all ADGM entities against retaliation for speaking up.
  • Good governance requirements to support whistleblowing for all ADGM entities.
  • Written policies and procedures for firms licenced by the FSRA, designated non-financial businesses or professions (DNFBPs) and large ADGM entities.
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