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As part of the visit made by H.E. Eng. Sultan bin Saeed Al Mansoori, Minister of Economy, to Japan to promote bilateral cooperation in economy, commerce, and investment, a SCA delegation made thorough discussions and held several meetings with the Japanese counterpart to discuss mechanisms and initiatives and review the necessary procedures to realize SCA's strategic plan to promote the UAE markets from emerging to developed over the next five years.
Headed by H.E. Abdullah Al Turifi, CEO of SCA, the delegation visited the Japanese-based Financial Services Agency (FSA) (an entity responsible for overseeing banking, securities and exchange, and insurance) to review a number of regulatory matters relevant to the development of markets and financial service providers. During the visit, the mechanisms linking FSA with other UAE institutions, such as the Central Bank of the UAE, has been identified. Besides, the legislations governing primary and secondary markets, mutual funds, training, and information exchange between SCA and FSA have been discussed. The two sides agreed to start coordinating for the purpose of organizing the exchange of information and expertise and supporting the combined training efforts.
Al Turifi said that during the meetings, expertise was exchanged and the Japanese experiment in a number of investment and business fields was also reviewed, especially that the Japanese financial markets are among the most distinct worldwide and represent an example of active markets, given that the number of listed companies amounts to 3500.
Al Turifi indicated that the meetings aimed at maximizing mutual benefit as they highlighted the investment opportunities the UAE provides and the attractive investment environment, which may constitute a platform for many Japanese companies and institutional and individual investors, taking into account the regulatory infrastructure and the robust legislative system of the UAE markets, as well as the long way the UAE has come in adopting the knowledge economy and innovation economy and raising its competitiveness, according to the global competitiveness report released recently.
Al Turifi added that the delegation, consisting of Dr. Obaid Al Zaabi, Deputy CEO for Legal Affairs and Issuance, and Dr. Mounther Barakat, Senior Studies and Research Advisor, made a field visit to Japanese financial markets and met with senior officials and experts and identified the means followed to achieve market integration, as well as coordination mechanisms. The delegation also reviewed the advanced trading mechanisms, as well as the settlement, clearing, and registration mechanisms. The FSA experts reviewed the mechanisms regulating the work of financial markets and regulatory authorities, especially in relation to the initial and secondary public offerings. Al Turifi explained that the two sides agreed on the importance of mutual cooperation to make use of the technical aspects when SCA prepares the necessary upgraded systems to develop UAE markets and upgrade them during the next period.
