Dubai, United Arab Emirates: The Ministry of Economy and Tourism of the United Arab Emirates (UAE), Capital Market Authority (CMA), and the Dubai Financial Services Authority (DFSA) are today, announcing their first joint Quality Management audit inspections. The Quality Management audit inspections will help to strengthen capital markets oversight within the UAE.
This collaboration builds on the recently signed Memorandums of Understanding (MoUs) with the Ministry of Economy and Tourism, and the Capital Market Authority, to enhance cooperation and facilitate the exchange of information relating to the regulatory oversight of auditors within their respective jurisdictions.
The inspections will specifically assess the implementation of the International Standards on Quality Management 1 (ISQM 1) by audit firms across the UAE; ensuring that financial services firms operating across the UAE benefit from consistent, high-quality assurance processes across jurisdictions, which are benchmarked against recognised regulatory and professional frameworks, further strengthening confidence in financial reporting and organisational governance.
His Excellency Abdullah Al Saleh, Undersecretary of the Ministry of Economy and Tourism, said: “The Ministry’s collaboration with the Capital Market Authority and the Dubai Financial Services Authority complements the UAE’s ongoing efforts to strengthen oversight and inspection mechanisms for the accounting and auditing profession. It will contribute to enhancing the efficiency and transparency of the country’s business environment, while reinforcing investor confidence in the UAE’s financial reporting and corporate governance frameworks.”
His Excellency Waleed Saeed Al Awadhi, Chief Executive Officer of the Capital Market Authority, commented: “We are entering a new era of audit regulatory transparency with the launch of joint Quality Management audit inspections across the UAE. By evaluating audit firms through a coordinated national approach, the Capital Market Authority, the DFSA, and the Ministry of Economy and Tourism are reinforcing consistent standards of quality management as an operational reality across the UAE. This joint effort enhances regulatory alignment, optimises supervisory resources, and supports a level playing field, further reinforcing the UAE’s status as a leading international financial centre.”
Mark Steward, Chief Executive of the DFSA added: “The collaborative approach to Quality Management inspections ensures the efficient and effective use of regulatory resources. By coordinating efforts, we will deliver comprehensive oversight – ultimately strengthening customer and investor confidence within DIFC, Dubai, and the United Arab Emirates financial markets”.
The collaboration represents a first step toward enhanced coordination and more tailored exchange of information amongst audit firms ultimately, enabling their own clients to unlock strategic advantages within the UAE’s dynamic financial services ecosystem while reinforcing trust and confidence across the financial services sector.
For further information, please contact:
Corporate Communications
Dubai Financial Services Authority
Level 13, The Gate, West Wing
Dubai, UAE
Tel: +971 (0)4 362 1500
Email: DFSAcorpcomms@dfsa.ae
www.dfsa.ae
About the UAE Ministry of Economy and Tourism: The UAE Ministry of Economy and Tourism strives to develop a flexible, future-ready national economy that ensures a prosperous business environment and encourages investment and talent attraction, through the development of forward-looking economic legislation, their implementation and supervision in collaboration with its strategic partners in the government and private sectors. Led by the values of innovation, proactiveness, flexibility, competitiveness and teamwork, the Ministry of Economy and Tourism is committed to accelerating economic diversification in the UAE; enhancing the contribution of the tourism sector to the national GDP; monitoring markets; protecting consumers; enabling the growth of new economy sectors and updating the country’s economic legislation and policies to keep pace with global developments. The Ministry’s strategic priorities also include developing entrepreneurship; fostering an environment that stimulates R&D and innovation and offers IP rights protection; and increasing economic opportunities that contribute to achieving sustainable development.
Moreover, the Ministry strives to establish strategic partnerships with countries across the world, expanding its global partnership network and joining several regional and international organizations, actively participating in shaping the future of the global economy. We are currently moving forward in line with the ‘We the UAE 2031’ vision, which seeks to enhance the position of the UAE as a global partner and an attractive and influential economic hub. It also aims to highlight the successful economic model of the UAE and the opportunities it provides to all global partners.
The Ministry of Economy and Tourism offers various easily accessible services explicitly designed to meet the needs and requirements of individual and corporate customers and government entities. These include trademark services, control, consumer protection, patent services, industrial designs, and many more. The Ministry has launched an array of programmes to empower entrepreneurs, startups and SMEs, including family businesses, and help them embrace digital transformation, expand into new economic sectors and new markets. Most notable are the National SME Programme and The Entrepreneurial Nation, and the Future100 programme, which provide entrepreneurs with necessary guidance, technical, administrative and training support.
H.E. Abdulla Ahmed Al Saleh: Abdulla Ahmed Al Saleh is the Undersecretary of the Ministry of Economy. He has 32 years of experience in the federal government. He served at the UAE Embassy in Washington, D.C. and the UAE Embassy in Paris. Additionally, he worked in the Office of the Deputy Prime Minister from 1998 to 2000. In 2004, he joined the Ministry of Economy as the Assistant Undersecretary for International Economic Relations (2004-2006), then as the Undersecretary for Economic Affairs (2006-2008), followed by the Undersecretary for Foreign Trade (2008-2013), and eventually became the Undersecretary of the Ministry of Economy for Foreign Trade until September 2020, and since then he is the Undersecretary of the Ministry of Economy.
He is a board member of the UAE Gender Balance Council, the UAE Artificial Intelligence and Blockchain Council, and Member of the UAE Digital Economy Council. He is also the Vice Chairman of the Board of Trustees of the National Fund for Corporate Social Responsibility, the Chairman of the Competition Committee, a member of the Higher Committee for Consumer Protection, the General Secretary of the Economic Integration Committee, a member of the UAE Tourism Council, a board member of the Emirates International Accreditation Center, a board member of the Arab Planning Institute, a member of the UAE Trade Negotiation Team, a member of the National Committee for Developing In-Country Value (ICV) Policy, and a member of several advisory boards for colleges and universities in the country.
Abdulla holds a Bachelor’s degree in Political Science from the United Arab Emirates University (1990) and a Master’s degree in International Politics from the American University in Washington, D.C. (1997). He has also been awarded an honorary Ph.D. in Philosophy from Amity International University.
About Capital Market Authority: The Capital Market Authority (CMA) was established in 2000 as the federal regulator of the UAE’s capital markets. CMA is responsible for regulating and supervising securities and commodities markets, safeguarding investor rights, promoting transparency and fair market practices, and enhancing market confidence and competitiveness. The Authority operates through a forward-looking regulatory framework aligned with international best practices, supporting sustainable market development in line with the UAE’s national economic vision. For more information, please visit: www.sca.gov.ae
H.E. Waleed Saeed Al Awadhi: H.E. Waleed Saeed Al Awadhi is a seasoned leader with over two decades of experience across financial services, financial regulation, governance, public policy, and legislation. He currently serves as Chief Executive Officer of the UAE’s Capital Market Authority, where he is advancing the regulatory framework in line with international standards, strengthening market integrity, and steering the Authority’s strategic direction in support of national economic priorities. Prior to this role, H.E. Al Awadhi was Chief Operating Officer at the Dubai Financial Services Authority (DFSA), the independent integrated regulator of the Dubai International Financial Centre (DIFC). In this capacity, he oversaw key functions including licensing and authorisation, strategic operations, technology and innovation, cybersecurity, and corporate affairs, and led the Authority’s digital transformation programme.
He is actively engaged with global standard-setting bodies, including the International Organization of Securities Commissions (IOSCO), the Islamic Financial Services Board (IFSB), and the Union of Arab Securities Authorities (UASA). He currently serves as Chair of IOSCO’s Africa and Middle East Regional Committee (AMERC) and is a member of the IOSCO Board. He is also a global assessor for the Financial Action Task Force (FATF)’s Mutual Evaluations.
At the national level, H.E. Al Awadhi serves on several boards and committees, including Dubai Health, Al Etihad Credit Bureau, Al Jalila Foundation, and the National CSR Fund (Majra), in addition to the National Anti-Money Laundering and Combating the Financing of Terrorism Committee.
Earlier in his career, he held senior roles across banking, media, real estate, and technology, including at Emirates Islamic Bank, Abu Dhabi Media, Dubai Holding, and Etisalat. He holds a Master of Laws in Commercial Law and a Bachelor’s degree in Applied Business Science and is an alumnus of Harvard Business School. He is also the author of The Sustainability of Family Businesses in the United Arab Emirates.
The Dubai Financial Services Authority (DFSA): The DFSA is the independent regulator of financial services conducted in and from Dubai International Financial Centre (DIFC), a purpose-built financial free zone in Dubai, UAE. The DFSA regulates and supervises financial services firms and markets in DIFC. These include asset managers, banks, custody and trust services, commodities futures traders, fund managers, insurers and reinsurers, traders of securities and fintech firms. The DFSA is also responsible for the registration and oversight of Registered Auditors and Audit Principals in DIFC, including their continuing compliance with registration criteria and conduct of audits of Public Listed Companies, Authorised Firms, Authorised Market Institutions and Domestic Funds. We supervise exchanges and trading platforms for both conduct and prudential purposes, overseeing an international securities exchange (Nasdaq Dubai) and an international commodities derivatives exchange (Gulf Mercantile Exchange). The DFSA is also responsible for supervising and enforcing anti-money laundering and countering the financing of terrorism requirements applicable in DIFC. Please refer to the DFSA’s website for more information.
Mark Steward: Mark Steward joined the DFSA as Chief Executive in May 2025. Mr Steward served as the Executive Director of Enforcement and Market Oversight at the UK’s Financial Conduct Authority (FCA) from 2015. He was also the Chair of the FCA’s Market Policy Committee, and from December 2021, he was Executive Director of the FCA’s International Division. Prior to joining the FCA, Mr Steward served at the Hong Kong Securities and Futures Commission (SFC) as an Executive Director with responsibility for the Enforcement Division. Before joining the SFC, Mr Steward held several senior positions with the Australian Securities and Investments Commission (ASIC) and was most recently Deputy Executive Director, Enforcement at ASIC. Formerly, Mr Steward was Chair, International Organization of Securities Commissions (IOSCO) Multi-lateral MOU Monitoring Group.