The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) announced on Monday that it has levied a total fine of Dh610,000 on 23 companies for breaching international tax reporting requirements.

The fines were imposed under the Common Reporting Standard Regulations 2017 and/or the Foreign Account Tax Compliance Regulations 2022. These regulations mandate entities to gather and report data on foreign account holders to mitigate global tax evasion.

The regulations are aligned with international standards aimed at enhancing financial transparency.

The FSRA indicated that the penalties were enacted following compliance breaches including the failure to submit required risk assessments, annual information returns, proper due diligence, and valid self-certification forms.

Emmanuel Givanakis, CEO of FSRA, stated that this action underscores the UAE's commitment to combating tax evasion and ensuring compliance with globally accepted regulations.

In a concurrent development, the UAE has signed a Dh100 million initiative aimed at enriching the local education sector.

Announced during the inauguration of Schneider Electric’s new Dubai office – The NEST, the initiative emphasizes investment in educational programs and aims to empower the next generation of talent.

Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, who presided over the launch, noted that this initiative aligns with the Dubai Economic Agenda D33, which strives to elevate Dubai’s position as one of the top global urban economies by the end of the decade.

Schneider Electric’s NEST, located in Dubai Silicon Oasis, represents part of a global commitment to sustainable development and innovation.

The initiative will focus on enhancing sustainability education and modernizing engineering laboratories, alongside establishing practical learning opportunities in collaboration with universities and industry partners.

Schneider Electric has launched various programs to support Emirati graduates and promote women in engineering.

Additionally, during the Arab Media Summit 2025, Disney+ announced plans for substantial expansion in the UAE.

Tamim Fares, Director of Disney+ MENA, highlighted the UAE’s rapid development in the media landscape and Disney's commitment to contribute to this growth through various partnerships and content distribution channels.

A notable project includes the upcoming Disneyland Abu Dhabi theme park, which is expected to enhance the region's tourism and entertainment offerings.

On a regional cooperation front, the UAE and Oman formalized an agreement to develop the Al Rawdah Special Economic Zone, located in Oman’s Al Buraimi Governorate.

This agreement underscores the strengthening economic collaboration between the two countries, as they aim to create a modern infrastructure conducive to trade and investment.

Phase one of the project will encompass 14 square kilometers, supporting sectors like pharmaceuticals and logistics, and is designed to align with Oman Vision 2040 while complementing the Dubai Economic Agenda.

In a separate initiative, Dubai Police has introduced the region's first Phygital Football Championship, merging traditional sports with immersive digital technology.

This program aims to enhance the training of police cadets by integrating physical endurance with strategic thinking through innovative competition formats.

Dubai Police outlines this initiative as part of a broader vision to modernize training methodologies through the adoption of advanced technologies.