A cockpit recording of dialogue between the two pilots of the Air India flight that crashed last month supports the view that the captain cut the flow of fuel to the plane’s engines, said a source briefed on US officials’ early assessment of evidence.

Read-Air India crash: How will it challenge the airline’s ‘world class’ ambitions

Below are a few facts about engine fuel switches, their functions in the aircraft and their movements on the Air India flight.

What are fuel switches?

They are switches that regulate fuel flow into a plane’s engines. They are used by pilots to start or shut down engines on the ground or to manually shut down or restart engines if an engine failure occurs during a flight.

Aviation experts say a pilot would not be able to accidentally move the fuel switches that feed the engines. But if moved, the effect would be immediate, cutting off engine power.

There are independent power systems and wiring for the fuel cutoff switches and the fuel valves controlled by those switches, according to US aviation safety expert John Cox.

Where are the fuel switches located?

The two fuel control switches on a Boeing 787, in Air India’s case equipped with two GE engines, are located below the thrust levers.

The switches are spring-loaded to remain in position. To change one from run to cutoff, a pilot has to first pull the switch up and then move it from run to cutoff or vice versa.

There are two modes: ‘CUTOFF’ and ‘RUN’.

What happened on the fatal Air India flight?

According to the flight recorder, a few seconds after takeoff, switches for both engines transitioned to ‘CUTOFF’ from ‘RUN’ one after another with a time gap of one second. As a result, the engines began to lose power.

One pilot was heard on the cockpit voice recorder asking the other why he cut off the fuel. “The other pilot responded that he did not do so,” the report said.

The report did not identify which remarks were made by the flight’s captain and which by the first officer.

The first officer was at the controls of the 787 and asked the captain why he moved the fuel switches into a position that starved the engines of fuel and requested that he restore the fuel flow, the source briefed on U.S. officials’ early assessment told Reuters.

Both switches were flipped back to ‘RUN’, according to the preliminary report, and found in the ‘RUN’ position at the crash site.

When fuel control switches are moved from ‘CUTOFF’ to ‘RUN’ while the aircraft is in flight, each engine’s control system automatically manages a relight and thrust recovery sequence of ignition and fuel introduction, the report said.

“No sane pilot would ever turn those switches off in flight,” especially as the plane is just starting to climb, US aviation safety expert John Nance said.

Charlotte Robins, MD of Policy and Legal at the Dubai Financial Services Authority (DFSA), shares how nearly 100 expressions of interest from six jurisdictions in the Tokenisation Regulatory Sandbox reflect growing global demand for responsible financial innovation.

In this interview, Robins discusses the models that stood out, how the initiative aligns with Dubai’s D33 economic agenda, and how the DFSA is balancing innovation with robust regulation to position the DIFC as a top-four global financial hub.

The Tokenisation Regulatory Sandbox attracted 96 expressions of interest from six jurisdictions. What does this level of global interest tell you about the future of tokenisation and DFSA’s regulatory positioning?

The global interest in our Tokenisation Regulatory Sandbox signals the importance of, and growing appetite for, responsible innovation, and recognises the appeal of DFSA’s regulatory approach to innovation. As a regulator, our role is to support innovation and its positive contribution to the financial markets in ways that maintain market integrity and protect the public interest within the DIFC. By working closely with local and global firms through the sandbox, we are encouraging responsible innovation and helping to ensure that new ideas are tested against regulatory expectations.

What were some of the most promising or innovative tokenisation models proposed by applicants? Were there any particular sectors — like sukuk or property funds — that stood out?

The expression of interest process provided the DFSA with valuable insight into the diversity and maturity of tokenisation models being developed globally. The DFSA received nearly 100 responses – includingproposals to tokenise financial assets and instruments, such as bonds (including Islamic bonds, or sukuk), units in a fund (including money market funds and property funds), and the trading and safe custody of those assets – reflecting the broad potential of tokenisation across the financial ecosystem.

The initiative attracted strong interest from both established financial institutions wishing to explore tokenisation use cases and innovative start-ups looking to scale breakthrough digital asset solutions in a regulated environment. Applications were received from within the UAE and from other regions such as the UK, EU, Canada, Singapore and Hong Kong.

Can you walk us through the evaluation process? What key factors determined whether a firm was invited into the Innovation Testing Licence programme versus granted full authorisation?

As a brief recap, the expression of interest (EOI) period ran from March– April this year. Thereafter we conducted an initial assessment of the submissions received and whether the tokenisation activities fall within our regulatory perimeter of financial services activities that can be conducted in the DIFC.

Following these assessments, the DFSA had discussions with a majority of the applicants and shortlisted those that were sufficiently clear on their business model, ready to do business in and from the DIFC and had a level of familiarity with DFSA rules, and therefore ready to progress to the next stage.

In June, a number of firms were then invited to prepare their applications, either for the Innovation Testing Licenceprogramme (ITL), which is our regulatory sandbox, or where the business model is sufficiently matured and tested in other markets, for a full licence.

The DFSA assesses the firms’ readiness to apply for the Tokenisation Sandbox based on the ITL eligibility criteria that we have in place, such as:

How does the DFSA strike a balance between enabling financial innovation and ensuring market integrity, particularly with emerging technologies like tokenisation?

At the DFSA, we recognise that robust, balanced, and proportionate regulatory frameworks have a key role to play in creating an environment in which innovative firms can thrive. On this basis, we create, and tailor our regulatory regimes appropriately and don’t seek to impose unnecessary regulatory burden, and inadvertently stifle innovation. To that end, we always publicly consult on any changes to our rulebook to ensure that our approach to regulation:

1. Is proportionate and risk-based enough to foster beneficial innovation, yet robust enough to avoid a race to the bottom and a loss in trust and confidence;
2. Evolves and adapts in line with market developments, adopting the principle of “same activity, same risk, same regulatory outcome”; and
3. Focuses on regulatory outcomes that meet the needs of local markets rather than adopting a ‘one-size-fits-all’ regulatory approach.

Additionally, on an ongoing basis we proactively engage with market participants, their advisors, and industry bodies, for example, to ascertain how our regulatory regime can be enhanced and improved e.g., via industry webinars, roundtables, outreaches, and consultation. In such an area where rapid change appears to be a permanent feature of the environment within which these markets operate, we see both collaboration and industry engagement as being essential.

From investment tokens to stablecoin approvals, the DFSA has taken progressive steps in digital asset regulation. How will insights from this sandbox phase inform future regulatory developments?

Insights from our sandbox – the Innovation Testing License, will allow us to observe how innovative technologies perform in a controlled environment. This will enable us to identify potential risks, benefits and gaps in existing regulation, which will in turn lead to more informed balanced, and adaptive policymaking that supports innovation while protecting consumers. We are continuously developing our models and policies to ensure that they don’t stifle growth whilst ensuring investor protection and responsible innovation.

In May 2025, we published an explainer guide to clarify the process of applying to the ITL sandbox so that we can continue to empower innovators with the knowledge they need to engage with the DFSA and bring transformative financial services to market in the DIFC.

We’re seeing more interest in innovation / crypto – firms coming to us and we collaborate with other regulatory standard-setter via groups such as the Global Financial Innovation Network (GFIN) to ensure that we share-knowledge and best practices. As a regulator, it’s important that we are balance growth and innovation whilst continuing to protect our stakeholders, investors and the market.

In terms of what we are seeing in the innovation space – Tokenisation is probably at the top of the list.

How does the Tokenisation Regulatory Sandbox align with Dubai’s D33 economic agenda? In your view, what role will tokenisation play in helping DIFC become one of the world’s top four financial hubs?

The DFSA’s regulatory ITL Sandbox aligns with Dubai’s D33 economic agenda by enabling safe experimentation with tokenised and innovative financial products – positioning the DIFC at the forefront of FinTech innovation. As Dubai aims to become one of the world’s leading financial hubs, our sandbox serves as a practical mechanism for translating policy into real-world outcomes. Attracting global players while shaping regulation which is ready for the future. By embedding tokenisation within a transparent framework, we are not only fostering innovation, but setting global standards, cementing Dubai as a leading jurisdiction for digital finance.

DFSA has been opening its regulatory sandbox to non-traditional financial institutions and tech startups. What strategies are you deploying to ensure diverse participation—and how is that shaping your regulatory toolkit?

To ensure diverse participation of non-traditional financial institutions (NBFIs) and tech start-ups in the ITL programme, DFSA implements a combination of outreach, design flexibility, incentivisation and support mechanisms. Some of the key strategies implemented by the DFSA include:

Initiatives such as the DFSA’s Tokenisation Regulatory Sandbox underscores the DFSA’s commitment to enable innovation in a way that is responsible, informed, and aligned with global regulatory best practice – supporting the DIFC’s position as a leading hub for digital finance, and aligning with Dubai’s Economic Agenda D33, which aims to make Dubai one of the world’s top four global financial hubs by 2033.

As previously mentioned, our sandbox, will allow us to observe how innovative technologies perform in a controlled environment which will in turn enable us to identify potential risks, benefits and gaps in existing regulation – resulting to more informed balanced, and adaptive rulemaking.

Read: From a key new law to tech at DIFC Courts: Ayesha Bin Kalban shares her insights

The Central Bank of the UAE (CBUAE) has imposed a financial penalty of Dhs600,000 ($163,000) on a branch of a foreign bank operating in the country. The action was taken in accordance with Article (137) of Decretal Federal Law No. (14) of 2018 concerning the Central Bank and Organisation of Financial Institutions and Activities, along with its subsequent amendments.

The sanction follows examinations carried out by the CBUAE, which found that the branch had failed to meet the requirements set out in the Market Conduct and Consumer Protection Regulations and Standards.

Read: UAE Central Bank boosts gold reserves by over 19% in Q1

In a statement, the CBUAE reaffirmed its commitment to ensuring all banks and their employees comply with UAE laws and the regulatory framework established by the Central Bank. These efforts are aimed at safeguarding transparency and upholding the integrity of the banking sector and the broader financial system.

The UAE Ministry of Finance has launched the federal general budget cycle for the 2027–2029 period, reflecting an upgraded approach to financial governance.

The new cycle is designed to enhance fiscal sustainability, support innovation, and strengthen alignment with national development goals.

It coincides with the unveiling of the federal government’s strategic planning cycle, ‘Towards Achieving We the UAE 2031′, and forms part of the UAE’s broader strategy to boost flexibility and integration across federal entities.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, said the budget will now serve as a strategic tool for achieving mega national objectives, such as strengthening global competitiveness, accelerating digital transformation and reinforcing the UAE’s position as a global financial hub

He added that achieving the UAE Centennial 2071 goals requires a financial system that is agile, data-driven, and capable of reallocating resources toward high-impact opportunities.

The ministry is investing in smart tools and advanced analytical models to ensure financial efficiency, optimise the impact of public spending, enable data-driven decision-making and these tools aim to improve planning accuracy, execution speed, and the quality of government services.

Focus on key sectors impacting lives of citizens

The 2027–2029 budget will prioritise spending in areas that directly affect citizens and residents, including education, healthcare, social welfare and core government services.

This focus aligns with the UAE Centennial 2071 vision and the evolving needs of society, while promoting sustainable development and institutional excellence.

The ministry highlighted that this cycle builds on four earlier strategic cycles, during which:

• The federal budget reached approximately Dhs900bn
• Public debt was maintained at Dhs62.1bn as of June 2025
• Federal government assets grew to Dhs464.4bn by end-2024

These figures underscore the UAE’s stable fiscal position.

Institutional reforms streamline budgeting process

Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, noted that the new cycle represents a full redesign of the budget experience.

Reforms include reducing budget preparation steps from 50 to 10 and cutting procurement cycles from 60 days to under six minutes

He said the ministry now functions as an enabler, supporting federal entities through a digitised and customer-focused approach to budgeting.

The 2027–2029 cycle adopts a performance-based and results-driven model, key features include the integration of artificial intelligence to create predictive financial scenarios, unified access to high-accuracy data across entities and faster, more effective financial decision-making.

This transformation positions the federal budget as a forward-looking tool for operational efficiency and financial resilience.

Read: Dubai Government approves Dhs246.6bn budget for 2024-2026

Dubai Chamber of Digital Economy, operating under the umbrella of Dubai Chambers, has signed a Memorandum of Understanding (MoU) with Dubai Finance (DOF) to enhance collaboration and drive forward the Dubai Cashless Strategy. The agreement focuses on the strategy’s three pillars: governance, innovation, and the shift towards a cashless society.

The signing took place in the presence of H.E. Abdulrahman Saleh Al Saleh, Director General of Dubai Finance, and H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers. The MoU was signed by Saeed Al Gergawi, Vice President of Dubai Chamber of Digital Economy, and Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at Dubai Finance.

H.E. Abdulrahman Saleh Al Saleh said: “This MoU with the Dubai Chamber of Digital Economy represents an important step towards unifying efforts and strengthening partnerships among government entities to achieve the objectives of the Dubai Cashless Strategy. At Dubai Finance, we are committed to accelerating the transition towards a fully digital society by providing a flexible and secure financial environment that leverages innovative payment solutions in line with the emirate’s ambitions and leadership vision. Our collaboration with the Dubai Chamber of Digital Economy reflects our shared commitment to supporting innovation, enhancing governance, and building a sustainable financial ecosystem that reinforces Dubai’s position as one of the world’s leading cities in adopting digital payments.”

H.E. Mohammad Ali Rashed Lootah stated: “We are committed to actively supporting the implementation of the Dubai Cashless Strategy by advancing the digital economy ecosystem and strengthening the competitiveness of Dubai’s fintech sector. This aligns with our ongoing efforts to accelerate digital transformation across all business sectors, particularly financial services. Our partnership with Dubai Finance reflects our shared commitment to positioning Dubai as a global leader in shaping the future of digital payments.”

Read: From Dirhams to digital: Dubai lets you pay government fees in crypto

The agreement

The MoU defines key areas of cooperation, including sharing knowledge and experience on cashless transformation in the financial sector, exchanging relevant data and analysis, and monitoring the outcomes of ongoing initiatives. Both parties will coordinate on leveraging emerging fintech solutions to support the transition to a cashless economy, aligning with the goals of the Dubai Cashless Strategy.

Further, the agreement outlines joint efforts in raising awareness through campaigns and capacity-building programmes aimed at fostering trust in digital solutions and nurturing local talent across business sectors. The two organisations will form specialised working groups to promote innovation and the adoption of cashless practices in finance, with a focus on launching forward-looking initiatives.

The scope of collaboration also includes joint efforts to educate stakeholders on the benefits of digital payments, promote government-backed applications and systems, and offer training initiatives to enhance private sector understanding and usage of digital tools. The two entities will work together on projects that encourage awareness, efficient programme execution, and sustainable development.

Dubai Chamber of Digital Economy continues to play a critical role in positioning Dubai as a global digital economy hub. The chamber is dedicated to unlocking opportunities across digital sectors and supporting Dubai’s transformation into a global leader in technology and innovation, in line with the goals of the Dubai Economic Agenda (D33).