Hawkamah and the Dubai Chamber of Commerce and Industry to promote best practice corporate governance in the UAE
Hawkamah and the Dubai Chamber of Commerce and Industry to promote best practice corporate governance in the UAE
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Hawkamah Institute for Corporate Governance (Hawkamah), a subsidiary of the Dubai International Financial Centre Authority, has today signed a Memorandum of Understanding (MoU) with the Dubai Chamber of Commerce and Industry (DCCI), an agreement that will see both parties work towards developing and advocating a sound corporate governance framework across the UAE and the greater MENA region.

The DCCI has been established for over 40 years and plays a significant role in supporting business activities, proposing legislation that organises and regulates the economic sectors and providing input in developing the institutional role of the government departments and linking with international organizations.  The DCCI actively co-operates with government establishments and professional organisations within the UAE so that it remains at the heart of best practice in business and can offer its members the most valuable resources.  With the DCCI’s strength and influence within the business community, the latest collaboration with Hawkamah represents a significant step in actively promoting and improving good corporate governance practices in the UAE, GCC and the MENA region. The common objectives of Hawkamah and the DCCI are primarily to improve the corporate governance practices of private and public sector entities; develop national legal and regulatory frameworks with respect to corporate governance; cooperate on developing corporate governance within institutions through training; and finally, establish an Institute of Directors and promote the creation of Centralised Credit Registries and a Companies House.  The goal is to improve integrity, transparency and efficiency thereby encouraging greater investment in private and public institutions. Following the implementation of this Memorandum, future areas of focus and cooperation between Hawkamah and the DCCI will include:
  • Conducting corporate governance assessments, surveys and improvement plans by promoting the development of a good legal, regulatory and institutional corporate governance structure in the UAE.
  • Building capacity for, and raising awareness of, good corporate governance in UAE, by encouraging the public and private sectors to establish national corporate governance task forces who will raise awareness of corporate governance.
  • Undertaking board director outreach and development programmes
Furthermore, the Dubai Chamber of Commerce and Industry has developed its own project, which is closely in line with Hawkamah’s objectives, called the Dubai Ethics and Resource Center (DERC).  This Center has been established by the DCCI to foster corporate integrity and to promote Dubai as the regional gateway to international business by providing a suitable environment with high levels of transparency, disclosure and accountability.  DERC collaborates with public sector and semi-governmental organizations to promote good public governance through a variety of customer-driven programs focusing on ethics and integrity.  With its fundamental values revolving around dedication, innovation and solidarity, DERC looks to raise the region’s ethical standards and awareness of corporate responsibility and governance, thus highlighting the synergies with Hawkamah’s initiatives. Dr. Nasser Saidi, Executive Director of Hawkamah, said: “The DCCI has had significant input in the development and framework of the private and public sector policy we see in the UAE today.  Our partnership with the DCCI and the Dubai Ethics Resource Centre is a very important and significant step for the UAE business community, and firmly puts corporate governance on the agenda. It is a clear commitment of Dubai’s and the UAE’s business community to best international practice in corporate governance and ensuring market integrity and transparency”. Abdulrahman Al Mutawee, Director General, DCCI, commented: “Our collaboration with Hawkamah was an obvious and natural step for us.  The priority of the DCCI is to support initiatives and reform that benefit the private and public sector in the UAE.  Developing the framework for corporate governance and advocating its importance among members makes perfect sense.  If business in the UAE is to reach its full potential, corporate governance must be taken seriously.” Hawkamah is an autonomous, regional entity whose mission is to assist countries and companies of the wider MENA region in developing sound and globally well-integrated corporate governance frameworks and practices.

Testimonials

  • "The DDP provides a solid foundation of corporate governance for existing and aspiring directors."

    David Haglund - Senior Executive Director and Portfolio Manager of the Templeton Frontier and MENA Market strategies

  • “Thank you so much for sharing such insightful webinar. It was great and valuable to all participate”

    Shady Rashed - Senior Economic Researcher at The Ministry of International Cooperation of Egypt

  • “Good session and very well organized on the webinar about How to buffer and lessen the impact of the novel Covid – 19, to maintain business sustainability with Hawkamah - AUB / Makhzoumi” 

    Bilal Hamade - Executive Advisor

  • "One of the best webinars I attended. Well done OSB Makhzoumi and Hawkamah”

    Fida Kanaan – Director – Executive education  OSB AUB

  • "A journey full of knowledge, experience and professionalism . I have learned a lot and definitely enjoyed the time I spent with my colleagues."

    Ibtihal Al-Shamali- Director of Corporate Governance- Capital Market Authority of Kuwait

  • The breakfast meetings organised by Hawkamah provide attendees with a great opportunity to meet with peers from leading organisations and exchange ideas on current issues and challenges. A strong panel of industry experts discussing the challenges from different perspectives on ‘How to get the board more engaged’ was most insightful and engaging with enthusiastic audience participation especially in matters regarding diversity and quality of information that is  presented to the board for effective decision making. I look forward to more such events that are organised by Hawkamah

    Sunil Edwards- Group Head of Internal Audit  - Bank of Sharjah

  • The power breakfast on board engagement organized by Hawkamah in collaboration with Diligent was a successful event, very insightful and informative and well organized

    Mostafa Ibrahim Abdeltawab - Tax Agent & Consultant  - Skylines Tax Consultancy

  • There is absolutely no doubt that Hawkamah – as always – has done unmatchable effort in producing its most recent valuable report in association with Diligent about Board Best Practices in the MENA. The discussions that took place in the “Power Breakfast” was so important and insightful; the influx of questions by the quality participants and the valuable answers of the quality panelists is a clear proof of Hawkamah continued success in such events. 

    Yasser Al Dabach – Board Secretary – Ghobash Trading & Investment Group

  • The technical knowledge, insights, case studies and learning provided by the ‘Director Development Program’ are very useful and effective in framing the strategic planning, implementation and delivery phases of growth plans in the difficult economic and geo-political times that we are operating in.

    Hisham Dimashki – CEO - BAP LLC – (associated with GM Trading Companies - Washington DC)

  • The certified Board Secretaries Workshop provided by Hawkamah and Dubai Financial Market is an essential course for learning corporate governance, scope and responsibilities of the board secretary and understanding the governance and disclosure requirements of the Dubai Financial Market and the Securities and Commodities Authority. It is a practical course which combined recent best practices and key learning lessons. I would highly recommend it for people involved in corporate governance and in particular in a listed company.

    Omran Al Zamani - Senior Legal Counsel - Dana Gas PJSC

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