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Covering Direct Listing, Data Protection, Financial Fraud, Shareholder Approval, Dinar Fund. Explore key regulatory updates on direct listing mechanisms, data protection concerns, financial fraud sanctions, shareholder approval frameworks, and the Dinar US Equity Fund public offering in the Middle East financial sector.
Regulatory news, updates, and insights for countries in the Middle East presented by the Carver Agents team
Welcome to Carver's Middle East Regulatory Updates for March 02, 2026.
The Saudi Capital Market Authority, or CMA, has approved the public offering of units of the Dinar US Equity Fund, managed by Dinar Investment Company. This approval confirms that the fund complies with the Capital Market Law and its Implementing Regulations. Investors in Saudi Arabia are advised to carefully review the fund's terms and conditions, including investment strategy and risk factors, before investing. The CMA emphasizes that its approval does not constitute a recommendation to subscribe but indicates compliance with legal requirements.
In related Saudi regulatory developments, the CMA has issued a call for public consultation on draft amendments to the Rules on the Offer of Securities and Continuing Obligations, as well as the Glossary. These amendments introduce a mechanism allowing subsidiaries of companies listed on the Saudi Main Market to list shares directly without an initial public offering, subject to shareholders’ approval. The framework includes disclosure and registration requirements, enabling issuers and financial advisors to present issuer information and financial statements to selected investors prior to CMA approval. Stakeholders are invited to submit feedback on the proposed mechanism by March 26, 2026.
Also in Saudi Arabia, the CMA has approved a capital increase for Naseej Technology Company. The company's capital will rise from 50 million Saudi Riyals to 77.25 million Saudi Riyals by granting one free share for every two shares held by registered shareholders.
The Saudi National Cybersecurity Authority has launched a public consultation on a comprehensive regulatory framework for licensing cybersecurity services, products, and solutions. This framework covers five primary domains and over 100 products and services, setting minimum licensing requirements to safeguard national security and vital interests while enhancing service quality and reliability. Entities operating in the cybersecurity market must comply with these licensing requirements. Stakeholders are encouraged to review the framework and submit their feedback by March 26, 2026.
Turning to the United Arab Emirates, the Central Bank of the UAE, or CBUAE, has issued new guidelines for the visual identity and application of the UAE Dirham currency symbol. All financial entities in the UAE are required to adopt and use the new Dirham symbol in relevant financial and official documents.
In addition, the CBUAE has released a guidance note establishing core principles for the responsible use of artificial intelligence in the financial sector. Licensed financial institutions in the UAE must implement governance and accountability frameworks for AI use, ensuring fairness, transparency, human oversight, and data privacy.
On the international sanctions front, the United States Department of the Treasury’s Office of Foreign Assets Control, or OFAC, has designated over 30 persons and vessels linked to Iran’s shadow fleet and networks supplying missile and unmanned aerial vehicle programs. These designations block their property and prohibit transactions with U.S. persons. Entities owned 50 percent or more by the designated persons are also blocked.
OFAC has also designated Sergey Zelenyuk, Operation Zero, and associated persons and entities under Executive Order 13694, as amended, for cyber-enabled activities threatening U.S. national security. This is the first action under the Protecting American Intellectual Property Act, or PAIPA. The designation blocks all property and interests in property within U.S. jurisdiction or control and prohibits transactions by U.S. persons unless authorized.
Furthermore, OFAC has added several individuals and entities to its Specially Designated Nationals List related to Ukraine- and Russia-related sanctions, as well as PAIPA designations. These updates impose blocking of property and transaction prohibitions, with restrictions on loans, foreign exchange, banking transactions, and investments related to the designated parties.
In the United Kingdom, the Financial Conduct Authority, or FCA, has issued a public warning about the clone firm 'darwinexitltd,' which impersonates an FCA-authorised firm but is not authorised itself. Consumers are advised to verify firm authorisation using the FCA Firm Checker before engaging in any dealings and to report suspected clone firms to the FCA.
In Saudi Arabia, Jowa Financial has been authorized by the CMA board decision dated November 6, 2024, to commence arranging activities in securities. Similarly, Dinar Investment Company has been authorized by the CMA board decision dated February 14, 2024, to begin advisory services in securities.
Finally, a joint statement has been issued by 61 global data protection authorities addressing the privacy risks of AI-generated imagery. The statement outlines expectations for organizations developing and using AI content generation systems to implement robust safeguards, ensure meaningful transparency about AI capabilities and safeguards, and provide effective mechanisms for individuals to request removal of harmful content.
That wraps up today's regulatory updates. Visit carveragents.ai for more information.