UAE: Sustainable Green Building Codes Launched

The UAE has announced it has launched a range of new green building codes.

They were launched to help save energy and water during Expo 2020 Dubai’s Water Week.

The Energy and Infrastructure Minister introduced the list of terms, conditions and specifications which Government buildings and organisations should uphold to get sustainable and environmentally-friendly.

They specify a list of standards, conditions and requirements which will ensure a more sustainable environment for future generations, reduce energy and water consumption, mitigate the carbon footprint of construction and building sites and improve the quality of buildings and their surrounding environment.

They aim to unify local and federal efforts and goals related to energy and water efficiency standards at the national level and contribute to creating high-efficiency buildings. They also aim to work on updating current construction manuals and streamline the development of new guidelines and regulations which align with the UAE’s objectives for the next 50 years as well as its plans to become a global leader in the field of sustainable economic development.

The codes were prepared by the Ministry together with relevant federal and local authorities in line with the UAE Energy Strategy 2050 and the Water Security Strategy 2036. Also reported in Alroeya on 25 March 2022. For full story, click here.

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Abu Dhabi Global Market Launches Consultation on Proposals to Boost Capital Markets Framework

The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has announced it has launched a consultation on proposals to boost its capital markets framework. It ends on 20 May 2022.

The amendments cover virtual assets, spot commodities, securities, derivatives, benchmarks and emissions allowances.

The consultation has been launched as the Market looks to transition to Virtual Assets Framework 2.0. There are proposed amendments on the requirements on the use, sharing and reuse of public keys, risk disclosure requirements and allowing regulated MTF/Custodian groups in the Global Market to carry out non-fungible token activities.

The Market is also proposing to introduce a new and novel regulatory framework regulating spot commodity trading. If approved, they would become the first international financial centre in the Middle East and North Africa region to offer a framework for the regulation of spot commodities and emission allowances. There are also proposed amendments on mining and petroleum listed entities and new regulatory requirements for benchmarking activities.

In addition, the Market is proposing to improve its regulatory framework by enabling offers and listings by petroleum and mining companies and attracting growing companies by offering more flexible capital structures and avenues to raise capital.

Among other things, there is a proposal to include offering new shares to new investors, representing up to 20% of a company’s existing share capital a year, without triggering the pre-emptive, anti-dilution rights of existing shareholders.

There are also proposals to strengthen its requirements in line with International Organisation of Securities Commissions and comparable jurisdictions in respect of continuous disclosure obligations, preference securities and weighted voting rights.

They are aimed at benefiting markets-related activities, including Virtual Assets, Securities, Derivatives, Commodities and Benchmarks.

They are also aimed at reinforcing and securing the Market’s market-leading capital market ecosystem across the Middle East and North Africa region.

They will affect Recognised Investment Exchanges, Recognised Clearing Houses, MTFs, OTFs, Remote Bodies, Remote Members, Offerors, Issuers, Listed Entities, Reporting Entities and Sponsors.

They will enable greater participation in the primary and secondary markets and ensure market participants continue to operate in line with the highest regulatory standards.

If approved, the amendments will affect the Authority’s Financial Services and Markets Regulations, the Market Rules, Market Infrastructure Rules, General Rules, Conduct of Business Rules, Islamic Finance Rules and Fees Rules.

The existing Rules of Market Conduct will also be replaced with a Code of Market Conduct.

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UAE to Join Singapore Convention on Mediation

The UAE will join the Singapore Convention on Mediation. It aims to help facilitate international trade and investment and promote mediation as a means of resolving cross-border commercial disputes.

They will become the 56th signatory to the Convention.

The announcement was made at the Abu Dhabi Global Market’s dispute resolution forum, RESOLVE 2022.

The Convention will provide the UAE with a uniform and efficient mechanism to enforce the terms of agreements in other jurisdictions similar to the New York Convention on the Recognition and Enforcement of Arbitral Awards does for international arbitral awards.

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