DAE Receives Additional US$282 million from Settlement of Insurance Claims
Dubai Aerospace Enterprise (DAE) Ltd (“DAE”) today announced that it had recently received cash proceeds totaling approximately US$282 million from settlements with selected insurance companies with respect to aircraft previously on lease to airline carriers in the Russian Federation. DAE and its relevant affiliated entities have released their claims against these insurance and reinsurance companies.
DAE has now received cumulative cash proceeds of US$601 million including settlements announced in 2023 and 2024 with various parties.
DAE will continue to actively pursue its litigation in the English courts under its own insurance policies. DAE will also continue its efforts to seek to mitigate its losses in respect of its aircraft that were previously leased to airline carriers in the Russian Federation.
Dubai Investments Shareholders Approve 18% Dividend at the 29th Annual General Meeting
Dubai Investments
Dubai Investments, the leading diversified investment company listed on the Dubai Financial Market (DFM), has announced the distribution of 18% cash dividend, amounting to AED 765.36 million, for the financial year ended December 31, 2024. The proposal was approved by shareholders during the Company’s 29th Annual General Meeting (AGM) held on April 16th, 2025.
The Group reported a net profit before tax of AED 1.3 billion for FY 2024, marking a 21% increase over the previous year. This performance reflects Dubai Investments’ continued focus on delivering value to shareholders through strategic growth and operational excellence.
In line with regulatory best practices and a commitment to robust governance, the AGM also witnessed the approval of a new Dividend Distribution Policy.
Arabian Travel Market to gather global AI experts to explore new frontiers in travel
The transformative power of Artificial Intelligence (AI) will be under the spotlight at Arabian Travel Market (ATM), which takes place from 28 April to 1 May at the Dubai World Trade Centre. The international travel event will gather experts and thought leaders in AI from around the world to explore how AI is changing the landscape of leisure and business travel, streamlining operations and improving the customer journey.
According to recent research by Statista, AI and machine learning have accounted for approximately two-thirds of global technology investment deals by travel and mobility companies since 2020. Across the travel industry, AI is being embraced at every level, from customers using AI-powered tools to plan their journeys to tourism providers leveraging AI to improve resource management and deliver more personalised guest services.
Danielle Curtis, Exhibition Director ME, Arabian Travel Market, said: “At ATM 2025, we are thrilled to announce an exciting lineup of visionary speakers. Attendees can expect engaging discussions that delve into the latest technological advancements, ethical considerations, and real-world applications. In addition, we will showcase groundbreaking developments across the exhibition, from sophisticated booking solutions to data analysis tools that empower organisations to make informed decisions. This is an unparalleled opportunity for travel industry professionals to be at the forefront of AI and gain actionable insights that can drive business success.”
Cassie Kozyrkov, CEO of Kozyr and a globally renowned speaker in AI
On the opening day of ATM, Cassie Kozyrkov, CEO of Kozyr and a globally renowned speaker in AI, will lead an insightful session on “AI adoption: From Buzzwords to Business Strategy”, where she will outline how companies in the travel industry can identify genuine opportunities to improve their businesses. Kozyrkov will delve into why organisations struggle, uncover the biggest threats in the field and discuss what AI means for the future.
Best known for founding the field of ‘Decision Intelligence’ and serving as Google’s first Chief Decision Scientist, where she spearheaded the tech giant’s AI-first transformation, Kozyrkov is a sought-after AI advisor and speaker who has transformed how organisations such as Gucci, NASA, Spotify, Meta and GSK approach AI strategy. She has presented on some of the world’s most prestigious stages, including the United Nations (UN), and the World Economic Forum and is set to inspire and empower audiences at ATM on how to navigate the future with confidence and innovation.
Speaking ahead of the event, Kozyrkov said: “I am delighted to be attending Arabian Travel Market 2025. There is a lot of hype around AI, but it can sometimes be difficult to separate the fact from the fiction. My session will help attendees see the opportunities to apply AI to their business, while also improving their lives and the lives of those around them.
“AI has so much potential to unlock a better world. I hope I will be able to inspire attendees and show practical ways to harness the power and the beauty of data for automation.”
Elsewhere at ATM, Futurist and travel expert John Duffield will share fascinating insights on how AI and smart systems are reshaping the industry by enabling hyper-personalised experiences, seamless connectivity and innovations. During his presentation, Duffield will also discuss how travel providers can act now to prepare for these technologies, while addressing challenges such as data privacy and resistance to change.
As technology continues to evolve, travel companies are identifying innovative ways to use human-centric technologies to connect with their customers. On 30 April, a panel of thought leaders, including Robin Lawther, VP Expedia TAAP, Expedia Group, will examine how the travel industry can use human-centric technology, addressing the ethical considerations surrounding AI, privacy and the importance of maintaining the human touch in an increasingly automated world.
Dorothee Anjos, General Manager, Middle East at Multilem, will also touch on the importance of the human element in a thought-provoking discussion on the relationship between human connection and AI in the events industry. During this session, she will explore how integrating both is revolutionising the planning, execution, and experience of events, as well as addressing the challenges posed by the rise of AI.
On 30 April, Paul Griffiths, CEO, Dubai Airports will provide a comprehensive overview of what’s next for aviation in the age of transformation and global disruption, touching on how AI, among several other factors, is reshaping the future of flight. The session will discuss the role of artificial intelligence in optimising operations, predictive maintenance and passenger experience.
Finally, Graham Pope, Vice President, Sales Supplier and Venue Solutions at Cvent will host a session titled Future-proofing 2025: Trends, AI and shifts in business and MICE travel, exploring how business event organisers can measure the impact of their events using a blend of strategic planning, effective data collection and robust analysis, of which AI plays a key role.
Held in conjunction with Dubai World Trade Centre, ATM 2025’s strategic partners include Dubai’s Department of Economy and Tourism (DET), Destination Partner; Emirates, Official Airline Partner; IHG Hotels & Resorts, Official Hotel Partner; and Al Rais Travel, Official DMC Partner.
Arthur D. Little: Saudi Arabia Positioned to Lead $8 Billion Feeder Shipping Boom
Saudi Arabia is positioned to capture up to 45 percent of Red Sea and 35 percent of Gulf feeder trade as regional volumes rise to 41 million TEUs by 2030.
Feeder shipping delivers returns on assets of 17 to 23 percent, outperforming other logistics sectors and aligning with Saudi Arabia’s growth priorities.
The 8 billion dollar feeder market across MEEAT and South Asia centers on Saudi Arabia, with geography, infrastructure, and policy all aligned.
Red Sea container volumes are set to nearly double by 2030, reinforcing Saudi Arabia’s role as a key East West logistics hub.
As global logistics undergo rapid transformation, new research from Arthur D. Little (ADL) positions Saudi Arabia as a future powerhouse in feeder shipping, a high-potential segment of maritime trade set to grow to $451 billion globally by 2030. The Middle East, East Africa, Turkey (MEEAT), and South Asia region alone is forecast to account for $8 billion of that total, making it one of the most strategically valuable feeder markets in the world.
At the heart of this regional surge is the Kingdom of Saudi Arabia. According to ADL’s latest Viewpoint, Unlocking Opportunities in the Feeder Shipping Sector Saudi ports are poised to capture up to 45 percent of Red Sea feeder trade and 35 percent of Gulf trade, driven by infrastructure investment, geographic advantage, and Vision 2030’s logistics transformation agenda. Red Sea throughput alone is projected to nearly double from 12 million TEUs in 2021 to 23 million by 2030, positioning the Kingdom as a linchpin for intra-regional and East–West container movement.
Feeder shipping, the practice of transporting containers between smaller regional ports and major global hubs, is attracting growing interest from operators and investors due to returns on assets of 17 to 23 percent. This performance significantly outpaces returns in other freight and logistics segments such as rail, trucking, and traditional maritime transport. While historically overlooked, the sector has become an increasingly vital part of the global shipping ecosystem.
“Saudi Arabia sits at the intersection of macroeconomic shifts in global trade, regional port infrastructure growth, and heightened investor appetite for logistics assets that deliver strong, stable returns,” said Paolo Carlomagno, Partner at Arthur D. Little “Its ability to combine geographic proximity to high-growth corridors with government-backed investment strategies creates a uniquely scalable feeder shipping environment that few markets globally can match.”
ADL’s analysis outlines a phased strategy for capturing this opportunity. New entrants to the Saudi market are encouraged to adopt asset-light models, chartering vessels and building lean, responsive operations before scaling through asset ownership and deeper integration with major liners, freight forwarders, and regional exporters. This approach helps reduce capital risk while allowing operators to adapt quickly to demand and align with specific Saudi trade flows in the Red Sea, Gulf, and Arabian Sea.
“Saudi Arabia offers a rare combination of volume potential, policy alignment, and port readiness that makes it a natural launchpad for feeder shipping operations,” said Alexandre Sawaya, Principal at Arthur D. Little, Middle East. “The Kingdom is no longer a peripheral player in maritime trade. It is fast becoming a focal point for regional connectivity and a strategic base for operators seeking scale and resilience.”
The report also highlights feeder shipping’s compatibility with Saudi Arabia’s environmental priorities. Feeder vessels, being smaller and more agile, are easier to retrofit for clean fuels such as methanol, biodiesel hybrids, or hybrid-electric propulsion. This flexibility supports the Kingdom’s goals to reduce carbon emissions by 25 percent by 2030 and reach net-zero by 2060.
With container volumes rising, infrastructure expanding, and consolidation accelerating across the shipping landscape, ADL concludes that Saudi Arabia is uniquely positioned to lead the next phase of growth in feeder shipping.
Kilow, a Saudi Health Tech Startup, Launches Offering the
First All-in-One Weight Loss Platform
Kilow (www.kilow.app), a Saudi-born digital health startup, officially launches today, introducing a new, science-backed approach to weight loss. Built by local experts for local needs, the platform offers a seamless, all-in-one program that brings together lifestyle coaching, health tracking, and, where appropriate, access to modern medical treatments like GLP-1 medications.
Designed specifically for the Saudi population, the application is only available in Saudi Arabia and in Arabic, with other languages to be added at a later stage.Kilow helps users lose weight in a safe, sustainable, and personalized way, whether they need expert medical support, habit-building tools, or targeted intervention options.
A One-Stop Shop for Weight Loss in Saudi Arabia
With obesity and chronic lifestyle-related conditions on the rise across developed nations, more people are searching for effective, personalized solutions. Kilow is built to meet that need- in Saudi Arabia, for Saudi lifestyles. The platform removes the friction, guesswork, and overwhelm from weight loss by offering:
Personalized nutrition, sleep, and exercise coaching
At-home lab testing and real-time health tracking
Home delivery of medications and health essentials Access to licensed medical consultations and optional GLP-1 medications
A Saudi-focused lifestyle modification program built for long-term results
Getting started is simple: users download the app, fill in a few health details, and receive a free medical consultation. After approval, they choose from flexible, affordable plans ranging from one to six months.
Homegrown Innovation, Global Experience
Kilow is founded by digital health expert and four-time startup founder Fahed Al Essa, whose career spans five countries and two decades across healthcare, biotech, and digital health. But Kilow is rooted in Saudi Arabia-developed locally, and designed for the unique needs of Saudi users.
This isn’t just another weight loss app,” said Al Essa. “It’s built by people who understand the Saudi lifestyle and the health challenges we face. For me, Kilow is deeply personal-after years of struggling with my weight, I finally feel like I’ve found a solution that works, and I wanted to share that with others.
What makes Kilow stand out is its practical, culturally relevant approach to change.
If you tell someone in the GCC to stop eating rice, they probably won’t. But if you teach them how to eat rice better, that’s where we specialize. We don’t want to overhaul your life. We give you small, practical tools-like having vinegar before your rice meal to reduce blood sugar spikes. Tiny changes. Big effect.
Looking Ahead
Kilow’s launch comes at a time when Saudi Arabia is placing wellness at the heart of Vision 2030. With regional expansion on the horizon, the company is also preparing to announce its first funding round in the coming weeks.
“We believe Saudi Arabia can lead the future of digital health,” said Al Essa. “With Kilow, we’re proud to show what local innovation can do- meeting real patient needs with real solutions.”
Future product plans include AI-powered meal tracking, personalized real-time coaching based on real-time activity and biometrics, and precision health features such as:
Genetic and hormonal testing to personalize treatment paths
Smart meal feedback using wearable glucose and activity data
Adaptive habit coaching powered by behavioral science Voice-guided check-ins to improve engagement and emotional well-being
Predictive health scoring to identify weight loss plateaus before they happen
Diriyah Company sets a Guinness World Record for the largest construction safety lesson
2,864 workers gathered for a construction safety lesson in Wadi Safar development, Diriyah.
Diriyah Company has achieved a Total Recordable Incident Rate of 0.015 for ongoing infrastructure projects
Diriyah Company has set a new Guinness World Record for the largest construction safety lesson, with the participation of 2,864 workers in Diriyah’s Wadi Safar development. The record was achieved in collaboration with Al-Rashid Trading & Contracting Company (RTCC).
The World Record certification ceremony was held at Diriyah Company’s head office on 14 April 2025. Jerry Inzerillo, Group CEO of Diriyah Company, attended the ceremony alongside official representatives from Guinness World Records.
The 30-minute safety lesson focused on the “Top Five Critical Safety Hazards in the Construction Industry” and was conducted by a single safety instructor. Touching on key health and safety measures directly relevant to their daily tasks, the lesson highlighted the importance of safe working practices and personal responsibility on-site and is part of a broader commitment to safety training. Ongoing assessments will be conducted on-site, and additional training will be provided by Diriyah Company’s Occupational Health, Safety, & Security program.
To accommodate the scale of the exercise, a dedicated outdoor venue was constructed with a specially designed stage, creating an environment conducive to learning while also supporting the official record attempt. To accurately measure participation and uphold the integrity of the record attempt, a structured entry and exit system using special gates was implemented. This method provided a precise number of attendees, ensuring compliance with the record requirements. Through this initiative, Diriyah Company not only set a new benchmark in construction safety training but also reinforced its solid commitment to workers’ well-being.
Jerry Inzerillo, Group CEO of Diriyah Company, said: “This new world record, in which Diriyah’s project staff gathered in Wadi Safar, one of Diriyah Company’s masterplans covering an area of over 62 sq km demonstrates our unwavering commitment to safety and our goal of ensuring everyone returns home safely to their families. Our Health & Safety management system goes above and beyond to ensure and protect the welfare of employees, contractors and on-site teams working across the Diriyah project.”
Diriyah Company upholds the highest safety standards across its construction and development sites, reinforced by regular training sessions for both internal teams and external contractors. To date, Diriyah Company has achieved a Total Recordable Incident Rate (TRIR) of 0.015 for ongoing infrastructure projects. Wadi Safar, one of Diriyah Company’s masterplans, is an exclusive sanctuary of refinement and wellbeing built from a rich cultural heritage. It features a range of exclusive residential options and internationally renowned hospitality, retail and leisure venues. In July 2024, a $2.13 billion joint venture construction contract was awarded for the development of the Royal Equestrian & Polo Club, Wadi Safar and world-class hotels Aman Wadi Safar, Six Senses Wadi Safar, The Chedi Wadi Safar, and the Faena Wadi Safar. Wadi Safar is additionally the location for the prestigious Royal Golf Club, Wadi Safar, and the 27-hole signature championship golf course designed by golf legend Greg Norman.
Developed on the outskirts of the capital, Riyadh, Diriyah is one of Saudi Arabia’s giga-projects, backed by one of the world’s largest sovereign wealth funds, the Public Investment Fund (PIF). As part of this transformative urban development, Diriyah aims to provide homes for nearly 100,000 residents, create an estimated 178,000 jobs, attract approximately 50 million annual visits, and contribute a remarkable $18.6 billion directly to Saudi Arabia’s GDP once completed.
SRMG Media Solutions (SMS) Signs an Exclusive Representation Agreement with thmanyah Advancing the Future of Digital Advertising
SRMG Media Solutions (SMS), announces its exclusive partnership as the media representative for thmanyah, the largest and most influential podcast network in the Arab world. This strategic partnership empowers SMS to fully leverage the podcast giant’s vast products and platforms, offering innovative advertising opportunities that connect brands with thmanyah’s audience, enhancing both reach and impact.
As a next-generation, data-driven media solutions company, SMS delivers innovative, results-focused advertising strategies. By utilizing proprietary first-party data, advanced AdTech solutions and AI-driven audience segmentation, SMS creates personalized campaigns that drive growth, innovation and profitability. As the exclusive media partner for SRMG’s prestigious brands, SMS manages a distinguished media portfolio that includes Asharq Al-Awsat, Asharq News, Asharq Business with Bloomberg, Al Eqtisadiah, Akhbaar24, Arab News, Hia, Sayidaty, Billboard Arabia and Manga Arabia. With a global reach of more than 170 million users, SMS delivers engaging content across a diverse range of platforms, including digital and social media, websites, apps, newsletters, TV, audio channels, podcasts, print, and experiential IPs.
thmanyah has established itself as a leader in the region’s creative industry with over 6.2 billion impressions, more than 700 million views and listens of its productions, over 124 million views of their documentaries and an exceptional newsletter open rate of 45%. thmanyah has gained widespread recognition for its more than 30 programs, newsletters, documentaries, and films, covering engaging topics such as culture, business, sports, and lifestyle. Recently, the company set a Guinness World Record for an episode of its “Fnjan” podcast, achieving the highest viewership in YouTube history, underscoring its substantial impact on the content industry. In a strategic move, thmanyah expanded its business scope, transforming from a content company into a media tech company, focusing on developing innovative tools to support Arab content creators and enable them to enrich online engagement.
Renowned for producing impactful content, thmanyah reaches millions of listeners globally, resonating with the interests of the new generation. This makes it an ideal partner for brands seeking to connect with a conscious and engaged digital audience. The partnership between thmanyah and SMS promises exciting opportunities for both regional and global brands, allowing them to capitalize on thmanyah’s expansive audience and high engagement levels through advanced digital solutions.
Ziad Moussa, Managing Director of SMS & Faisal AlGhamdi, Chief Business Officer at thmanyah
Ziad Moussa, Managing Director of SMS, said: “We are thrilled to become the exclusive media representative for thmanyah, which has forged a strong bond with audiences both in Saudi Arabia and beyond. The exceptional Arabic content thmanyah offers aligns perfectly with the aspirations of today’s digital audience, providing brands and advertisers with valuable engagement and interaction opportunities.”
For his part, Faisal AlGhamdi, Chief Business Officer at thmanyah, commented “Our commercial offerings have seen significant growth, thanks to our loyal and highly engaged audience,” emphasizing that the agreement with SMS “will enable us to expand further, continue delivering high-quality Arabic content, and empower brands to stay ahead of the future of digital media consumption.
ADGM’s RA Imposes Fines of USD 3.6 Million on Special Purpose Vehicle AC Holding and Christopher Flinos, Bans Him as a Director
The Registration Authority (RA) of ADGM announced that it has concluded its investigation into the Special Purpose Vehicle (SPV), AC Holding Limited (AC Holding), and its sole shareholder and director, Christopher Flinos.
The investigation found that AC Holding exceeded the scope of its ADGM SPV commercial license by purporting to be an investment company offering financial services for clients and processing wire transactions to convert Cryptocurrencies into Fiat currencies and vice versa. Moreover, AC Holding submitted four false annual accounts to the RA for the financial years 2019 to 2022.
The RA also found that Christopher Flinos engaged in fraudulent trading, where AC Holding facilitated (unlicensed) cryptocurrency conversion transactions and a number of parties were misled about the transactions. Christopher Flinos also facilitated the falsification and provision of hundreds of company documents to fraudulently maintain bank accounts.
As a result, the RA has imposed the following financial penalties totalling USD 3,615,000:
USD 15,000 against AC Holding for exceeding the scope of its license in contravention of ADGM Commercial Licensing Regulations 2015;
USD 300,000 against AC Holding for filing false annual accounts about its balances with the RA and various fraudulent schemes in contravention of the ADGM Companies Regulations 2020; and
USD 3.3 million against Christopher Flinos for providing false information to the RA, engaging in various fraudulent schemes and the falsification of company documents in contravention of the ADGM Companies Regulations 2020.
The RA also disqualified Christopher Flinos from being the director of any ADGM-based company for the maximum allowed period of 15 years. The RA considers Christopher Flinos unfit to serve as a company director in ADGM due to his intentional misuse of AC Holding’s passive SPV commercial licence as a payment facilitator, as well as the fraudulent actions taken to facilitate such misuse.
Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, said, “Maintaining business integrity and safeguarding business confidence in ADGM are at the forefront of the Registration Authority’s objectives. We remain committed to preventing and deterring conduct that may harm businesses, their clients and investors. Where non-compliance is identified, the Registration Authority will take effective, proportionate and dissuasive disciplinary action to protect ADGM participants. This includes banning individuals who lack fitness and propriety and pose an unacceptable risk to investors from holding leadership positions within companies in ADGM.”
The RA acknowledges and thanks the ADGM’s Financial Services Regulatory Authority (“FSRA”) for their cooperation during the course of the RA’s investigation in relation to this matter.
To access a copy of the Final Notices describing the contraventions, click on the following links:
ADGM’s FSRA Imposes Fines of USD 8.85 Million on HAYVN Group, Cancels Licence of AC Limited Hayvn ADGM and Bans Founder Christopher Flinos
The Financial Services Regulatory Authority (“FSRA”) of ADGM has taken enforcement action following an investigation into serious regulatory breaches and misconduct related to the Hayvn Group of Companies, which operated under the name ‘HAYVN’, its former CEO, Christopher Flinos and related entities.
The FSRA’s investigation found serious breaches and misconduct concerning the operations of three related party companies and Christopher Flinos. As part of its investigation, the FSRA took steps to ensure that no ADGM client assets or money were lost as a result of the relevant misconduct.
The enforcement action has resulted in the cancellation of Hayvn ADGM’s Financial Services Permission (“FSP”), the prohibition of Christopher Flinos indefinitely from performing any function in a financial services business in ADGM, as well as financial penalties totalling USD 8.85 million being imposed across the four parties involved. Details of the total fines imposed are as follows:
USD 3.6 million against AC Holding Limited registered in the Cayman Islands (“Hayvn Cayman”), the parent company of a group of entities operating under the name ‘HAYVN’ that provided financial services related to Virtual Assets.
USD 3 million against AC Limited (Hayvn) (“Hayvn ADGM”), an ADGM-based subsidiary of Hayvn Cayman, licensed and regulated by the FSRA to conduct specific financial services activities in relation to Virtual Assets.
USD 1.5 million against AC Holding Limited (“AC Holding”), a Special Purpose Vehicle (“SPV”) registered with the Registration Authority (“RA”) of ADGM and not licensed by the FSRA to carry out any form of financial services activity in ADGM; unconnected to Hayvn Cayman and Hayvn ADGM.
USD 750,000 against Christopher Flinos, the former Senior Executive Officer (“SEO”) of Hayvn ADGM, Chief Executive Officer (“CEO”) of Hayvn Cayman, sole owner and director of AC Holding.
The serious breaches and misconduct identified during the FSRA investigation included the following:
Hayvn ADGM exceeded the scope of its FSP by allowing client transactions to be routed through accounts held by AC Holding, the unregulated SPV entity registered in ADGM, without any appropriate protections being in place. It failed to establish and maintain adequate systems and controls to manage its operations and risks, as well as to recognise and record all of its client relationships, breaching the FSRA’s Anti-Money Laundering (“AML”) requirements.
Hayvn Cayman and AC Holding carried out significant unlicensed financial services activity in relation to Virtual Assets in ADGM from around October 2018 to around May 2024. Hayvn Cayman routed client transactions related to the conversion of Virtual Assets to fiat currency and vice versa through the accounts held and controlled by AC Holding, the SPV that was not licensed by the FSRA and therefore prohibited from conducting any form of financial services activity in ADGM. As a result, both Hayvn Cayman and AC Holding were found to have carried out unlicensed payments and arranging services in relation to Virtual Asset activities in ADGM.
Christopher Flinos played a central role in directing and controlling the unlicensed activity in ADGM and as SEO of Hayvn ADGM and CEO of Hayvn Cayman and as the sole director of AC Holding was found to have been centrally involved in the breaches and misconduct. Christopher Flinos lacked integrity and failed to take reasonable care to ensure that Hayvn ADGM operated in compliance with the applicable rules and regulations of ADGM, for which he was ultimately responsible as SEO.
Hayvn Cayman, AC Holding and Christopher Flinos created and disseminated false and misleading information about the nature of the transactions related to Virtual Assets routed through AC Holding’s accounts. This included the provision of over 200 false and misleading documents on AC Holding letterheads to AC Holding’s banking partners to open and then maintain the operation of these accounts. These documents were produced under the direction of Christopher Flinos with the involvement of both Hayvn Cayman and AC Holding.
Hayvn ADGM, Hayvn Cayman and Christopher Flinos provided false and misleading information to the FSRA in response to requests for information including the nature and scope of the business operations associated with each entity above and specifically AC Holding undermining the integrity of the regulatory process.
Emmanuel Givanakis, CEO of the FSRA of ADGM, said, “The FSRA will take robust and appropriate enforcement action against individuals and entities that violate our regulatory framework. In this case, the actions of the entities and individuals involved were particularly serious, as they conducted unauthorised Virtual Asset activities through an unregulated entity based in ADGM. Furthermore, Christopher Flinos was found to have provided false and misleading information and statements during the investigation. Such misconduct will not be tolerated and warrants strong regulatory penalties which send a strong message of deterrence. ”
Givanakis added, “To address this serious misconduct, the licence of Hayvn ADGM has been cancelled, significant fines have been imposed on the entities involved, and Christopher Flinos has been prohibited from holding any functions in relation to financial services in ADGM. The FSRA remains ever-vigilant and committed to holding entities and individuals accountable for their actions and ensuring the integrity of the financial system in ADGM.”
The FSRA of ADGM acknowledges and thanks ADGM’s Registration Authority and the Cayman Islands Monetary Authority (“CIMA”) for their cooperation during its investigation in relation to this matter.
The final notices issued to each of the four identified parties can be found below:
President El-Sisi Heads to Qatar, the First Leg of a Gulf Tour
Sunday
Today, President Abdel Fattah El-Sisi heads to the Qatari capital, Doha, at the start of a Gulf tour that will also include Kuwait.
Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said that during the visit, President El-Sisi is scheduled to meet with Emir of the State of Qatar, His Highness Sheikh Tamim Bin Hamad Al Thani, to discuss ways to enhance bilateral cooperation in various fields as well as regional developments, particularly those related to the Palestinian cause and efforts to achieve a ceasefire in the Gaza Strip. The President will also hold a meeting with representatives of the Qatari business community to explore economic cooperation opportunities.
The President will then head to Kuwait, the second stop on his Gulf tour. The visit underscores the depth of the strategic relations between the two brotherly countries and their mutual keenness on expanding horizons of economic and investment cooperation.
In Kuwait, President El-Sisi is expected to meet with Amir of the State of Kuwait, His Highness Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, as well as Crown Prince, H.H. Sheikh Sabah Khaled Al-Hamad Al-Sabah, and First Deputy Prime Minister, Minister of Interior, and Acting Prime Minister Sheikh Fahad Yousef Saud Al-Sabah.
