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UAE Set to Tighten Noose on Bogus Fund Operators

ABU DHABI - The UAE Central Bank Law No 10 of 1980 on financial funds will be reviewed to ensure that depositors –both Emiratis and expatriates- are not entrapped in fictitious investment funds, Obaid Al Tayer, Minister of State for Financial Affairs, has said. He was addressing the Federal National Council (FNC) session Tuesday.

“The amendment to the law will be designed to plug the loopholes in the statute, especially with regard to control on companies in general,” he noted. Meanwhile, the UAE Central Bank Governor, Sultan Al Suwaidi, said the bank had published on its web site a list of the names of the companies licensed and permitted to invest.

He added that a new mechanism would be implemented shortly to name and shame the bogus fund companies, and make the public aware of them.

In reply to a question on the impact of the global financial crisis on the banking system in the country, Al Suwaidi said, “We are not isolated from

the world; the UAE is the second largest economy in the Arab world, with financial assets worth Dh1,300 billion.

“The UAE gross domestic product rose 21 per cent from 2003 to 2007, and the assets of the banking sector increased three fold; the banks’ credit grew five per cent,” he noted.

Al Suwaidi said the UAE was not undergoing a financial crisis, but rather a

liquidity problem, which it managed to contain by injecting Dh50 billion -by the Central Bank- as low-interest loans to the banks.

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