UAE Unveils New Strategy to Combat Financial Crime for 2024-27

The UAE Cabinet has approved a new National Strategy to tackle money laundering, terrorism financing, and proliferation financing for 2024-2027. This new plan, which has been ratified by the Higher Committee overseeing it, aims to strengthen the UAE’s financial system against illegal activities.

Key Points:

  1. Strategic Goals: The strategy focuses on 11 main goals, introducing legislative and regulatory reforms to address financial crimes.
  2. Global Standards: It aligns with the latest National Risk Assessment and international standards, reflecting feedback from the private sector.
  3. Enhanced Security: The UAE’s proactive stance aims to maintain its reputation as a top international financial center, safeguarding the global financial system.
  4. Recent Advances: This initiative follows the UAE’s removal from the FATF Grey List in February, showcasing the country’s commitment to global financial standards.

Leadership Insights:

  • Sheikh Abdullah bin Zayed Al Nahyan: Praised the new strategy and emphasized the UAE’s commitment to enhancing its AML/CFT framework.
  • Khaled Mohamed Balama: Highlighted the strategy’s alignment with international standards and its focus on protecting both the UAE and global financial systems.
  • Hamid Al Zaabi: Pointed out the strategy’s comprehensive approach to emerging risks, including cybercrime and trade-based money laundering.

Strategy Highlights:

  • Coordination: Improved collaboration between national and international bodies for better information sharing and partnerships.
  • Supervision: Enhanced supervision of AML, CFT, and CPF obligations within the private sector.
  • Detection and Investigation: Better mechanisms for identifying and disrupting illicit financial activities.
  • Resource Investment: Increased investment in human and technical resources, along with updated legal frameworks.
  • Focus Areas: Addressing virtual assets, cybercrime, and other evolving threats.

The General Secretariat of the National Committee will oversee the implementation of this strategy, ensuring it meets UAE objectives and aligns with international standards. Regular progress reports will be submitted to maintain effectiveness and alignment.

Knightsbridge at Meydan: Dubai’s New Luxury Development Blends British Elegance with Climate-Adaptive Design

Knightsbridge at Meydan District 11, crafted by Leos Developments, is redefining luxury living in Dubai with its groundbreaking climate-adaptive residential offerings. This prestigious project features a selection of 4-bedroom townhouses and 5 & 6-bedroom villas, all designed with a forward-thinking approach to sustainability.

The development stands out for its fusion of British architectural elegance and cutting-edge technology, providing an unmatched living experience in the heart of Dubai. The striking façade of Knightsbridge showcases superior design and meticulous planning, seamlessly blending comfort and sophistication to cater to the most discerning tastes.

The architectural design of Knightsbridge draws inspiration from traditional British aesthetics, featuring undulating lines and bay windows that bathe the interiors in natural light. The use of yellow stone and metal cladding enhances the visual appeal while harmonizing with the surrounding natural landscape.

Inside, the homes combine natural materials with modern technology to create a luxurious and tranquil atmosphere. Each residence boasts exclusive features such as private pools, elevators, and dedicated wellness spaces. The integration of smart home technology ensures convenience and efficiency, while the natural materials used in the interiors complement the lush greenery and serene water features outside.

Knightsbridge’s private amenities are designed to enhance the residents’ lifestyle. The community includes a waterfront wellness center with Japanese Rapha yoga facilities, a swimmable lagoon, a running track, and a re-oxygenating waterfall. Additionally, residents can enjoy an outdoor cinema, stargazing areas, and other amenities focused on physical activity, relaxation, and social engagement.

Key Highlights:

  • Luxurious 4, 5, and 6-bedroom homes
  • Located in Meydan District 11 with direct highway access
  • British architectural design with modern climate-adaptive features
  • Dubai’s first climate-adaptive wellness community
  • Emphasis on holistic wellness with exclusive amenities
  • Smart home technology and private pools

 

Firas Al Msaddi: Visionary Leader in Dubai’s Real Estate Market

Firas Al Msaddi, CEO and founder of fam Properties, is a transformative figure in Dubai’s real estate sector. His journey from a determined youth in Homs, Syria, to leading one of the UAE’s most successful real estate firms exemplifies ambition, resilience, and innovative leadership.

Early Life and Career Beginnings

Born in Homs, Syria, Firas Al Msaddi attended the Institute Knowledge Village and showed entrepreneurial spirit from an early age, trading items like shoes and firecrackers. At 21, he moved to Dubai with limited English skills, but his dedication to learning and perseverance soon paid off. After working as a mall security staff in Doha and a salesman at an Armani retail shop in Dubai, he distinguished himself by becoming the top salesman and earning a Bulgari watch.

 

Breakthrough and Founding of fam Properties

In 2009, amidst the global financial crisis, Firas Al Msaddi acquired a bankrupt real estate company and transformed it into fam Properties. His initial success in real estate was marked by his quick adaptation and ability to close multiple leasing deals in just 30 days. Despite challenges, including a legal battle with partners, Al Msaddi’s vision and hard work led to the establishment of fam Properties in the Executive Towers, Dubai.

Growth and Expansion

Under Al Msaddi’s leadership, fam Properties has grown into one of the largest and most technologically advanced real estate firms in the UAE. The company now operates from a 7000-square-foot office in Bay Square, with over 200 employees across five branches, including two retail locations. The company’s portfolio includes diverse ventures such as FAM Automedia, FAM Holiday Homes, and FAM Living.

FAM Properties has expanded to Hong Kong, capitalizing on the strong synergy between UAE and Chinese governments. Al Msaddi’s strategic vision aims to bridge the cultural and business gap between the Chinese market and Dubai real estate.

Innovative Approach and Services

Fam Properties offers a comprehensive range of services including off-plan sales management, detailed walk-through inspections, investment advisory, and interior decoration. They provide instant property valuations, listing photography, 3D and video tours, and manage investment portfolios worth over $1.2 billion USD. The company caters to a broad spectrum of clients, from first-time homebuyers to luxury property investors.

Since 2012, fam Properties has been recognized as the top-performing property brokerage for Dubai Properties Group (DPG) and earned accolades such as the Platinum Agent award from Emaar Properties in 2017. The Dubai Land Department also named them the highest transacting agency in Dubai for 2017-2018.

Leadership and Training

Firas Al Msaddi’s leadership extends beyond business operations. He is dedicated to fostering a positive and motivated work environment. Through FAM Academy, he trains agents in two phases—initial training by company trainers and advanced training led by Al Msaddi himself. He emphasizes the importance of maintaining a positive attitude and provides etiquette training to enhance professional interactions.

Al Msaddi’s business partner and best friend, Tarek, plays a crucial role in sales and agent management, while Firas’ brother, Fateh, oversees technology and online marketing. Their collective efforts have significantly contributed to the company’s success.

 

Personal Life and Philosophy

A father of four, Firas balances his demanding career with family life. His daily routine includes early morning prayers, family time, and a rigorous work schedule that includes meetings, client sourcing, and social media engagement. He values fitness, considering gym visits as crucial as business meetings.

Despite his success, Al Msaddi has never had a suit tailored, preferring to shop at high-end stores like Zegna and Armani. He defines luxury as having things his way and credits his mother for inspiring his values of honesty, kindness, and cleanliness.

 

Firas Al Msaddi’s journey from a young entrepreneur in Syria to the leader of a major real estate firm in Dubai highlights his exceptional vision, determination, and innovative spirit. Through fam Properties and his various ventures, Al Msaddi continues to set new standards in the real estate industry, blending traditional values with modern technological advancements to drive success