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Abu Dhabi: New Disclosure Rules Announced for ADX Listed Companies News developments

Abu Dhabi: New Disclosure Rules Announced for ADX Listed Companies

  • 25/09/202425/09/2024
  • by Hannah Gutang

Khaleej Times, 21 September 2024: Companies listed on the Abu Dhabi Securities Exchange (ADX) are now required to disclose the agenda and schedule of their board meetings if matters affecting the firm’s stock price are to be discussed.

The disclosures must be made at least two business days prior to the meeting date, Decisions taken during these meetings must also be disclosed immediately after the meeting ends, excluding the day of the meeting itself. If a company’s board of directors decides to hold a meeting on Friday, 27 September 2024, to discuss matters affecting the company’s stock price, the company must disclose the agenda and meeting schedule no later than Tuesday, 24 September 2024. Failure to disclose by the deadline would be considered a violation of market disclosure regulations.

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            Expired
        LexisNexis Legal Breakfast – Navigating the Future of Corporate Governance in the UAE: Strategic Insights for Executives | October 3, 2024| 8.30 AM to 11 AM | Waldorf Astoria DIFC, Dubai, UAE

Expired LexisNexis Legal Breakfast – Navigating the Future of Corporate Governance in the UAE: Strategic Insights for Executives | October 3, 2024| 8.30 AM to 11 AM | Waldorf Astoria DIFC, Dubai, UAE

  • 23/09/202430/09/2024
  • by Tanya Jain
We're sorry, but all tickets sales have ended because the event is expired.

  • LexisNexis Breakfast Seminar: Corporate Governance | October 3, 2024| 8.30 AM to 11 AM | Waldorf Astoria DIFC, Dubai, UAE
     03/10/2024
     8:30 AM - 11:00 AM

  REGISTER HERE OVERVIEW Join LexisNexis Middle East for an exclusive Corporate Governance Breakfast Seminar where leading experts will share invaluable insights on the evolving landscape of corporate governance in the UAE. This seminar is designed for legal professionals, executives, and board directors seeking strategic guidance on governance practices. Date: October 3, 2024 Time: 8:30 (more…)

UAE: Federal Authority Introduces Unified Employment Contract Model for Federal Sector News developments

UAE: Federal Authority Introduces Unified Employment Contract Model for Federal Sector

  • 19/09/202419/09/2024
  • by Hannah Gutang

The Law Reporters, 16 September 2024: The UAE Federal Authority for Government Human Resources (FAHR) has unveiled a unified model for employment contracts within the federal government sector, a move aimed at streamlining and standardising employment terms for both Emiratis and expatriates.

This legal reform signifies a major advancement in the UAE’s employment framework, reflecting its commitment to fostering an inclusive, efficient, and well-regulated public sector.

The newly introduced employment contract model applies to all employees within the federal government, covering various employment types and work patterns.

It clarifies the different work patterns allowed under federal government employment, giving room for diverse roles and responsibilities while maintaining operational efficiency.

The reform includes provisions for flexible working hours, recognising the growing need for adaptable work schedules in a modern work environment.

One of the model’s most significant aspects is the specification of contract durations, providing clarity and transparency for both employers and employees.

Whether an individual is employed on a permanent, temporary, or project basis, the duration of the employment will be clearly stipulated.

The unified model is applicable to both Emiratis and expatriates employed in the federal government.

This inclusivity is in line with the UAE’s broader policies to integrate Emiratis into the public sector while ensuring that expatriates have clear and structured employment terms.

From a legal standpoint, this initiative represents a significant step towards reducing ambiguity and employment disputes in the public sector.

By standardising terms and conditions, the model enhances legal certainty for all stakeholders.

Employees now have a clear understanding of their rights and obligations, and employers can ensure compliance with unified guidelines.

The introduction of this contract model comes at a time when governments worldwide are reassessing employment frameworks to adapt to new work environments shaped by technological advancements, global mobility, and shifts in labour markets.

The UAE has consistently been at the forefront of such reforms, with this unified model being a testament to its proactive approach to labour governance.

The unified model also aligns with the UAE’s ongoing Emiratisation efforts, which aim to increase the number of Emiratis employed in the public and private sectors.

By creating a transparent, structured, and attractive employment framework, the federal government aims to encourage more Emiratis to join the workforce, knowing that their employment terms are safeguarded under this unified system.

The UAE’s move to introduce a unified employment contract model is a landmark reform that reflects the country’s legal sophistication and its ability to adapt to the evolving needs of the workforce.

It provides much-needed clarity on work patterns, flexible timings, and contract durations, ensuring fairness and legal consistency for both Emirati and expatriate employees in the federal sector.

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Abu Dhabi: Interest Free Loan for Marriage Announced News developments

Abu Dhabi: Interest Free Loan for Marriage Announced

  • 19/09/202419/09/2024
  • by Hannah Gutang

Emaratalyoum, 13 September 2024: The Department of Community Development in Abu Dhabi has announced the start of registration for the six initiatives of the Emirati Family Growth Program (Nomu).

This program aims to enhance family formation and stability, aligning with the Abu Dhabi Family Quality of Life Strategy and the wise vision of the leadership.

The program is part of the department’s ongoing efforts to strengthen family cohesion and support young couples and newly formed families of Emirati citizens in the emirate.

The six initiatives offer various benefits, including an interest-free marriage advance of up to AED 150,000 for those about to get married, a discount on housing loans up to AED 40,000, an extension of the repayment period for housing loans, extended maternity leave for mothers working in the private sector, rental assistance of up to AED 75,000 for newlyweds, and home visits.

These initiatives demonstrate the government’s commitment to supporting families and promoting a stable and nurturing environment for the growth and well-being of Emirati families.

For the full story, click here.

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UAE: Streamlined Process for Withdrawing Absconding Reports Introduced News developments

UAE: Streamlined Process for Withdrawing Absconding Reports Introduced

  • 13/09/202413/09/2024
  • by Hannah Gutang

Khaleej Times, 6 September 2024: The Ministry of Human Resources and Emiratisation (MoHRE) has introduced a simplified process for both domestic workers and employers to file or withdraw absconding reports.

This initiative aims to provide a fair and transparent resolution for all parties involved.

According to the new guidelines, domestic workers can initiate the withdrawal process through MoHRE’s website, application, or by visiting designated domestic worker centres or Tawseel vehicles.

The service is available in all emirates except Dubai, where it can be accessed through the General Directorate of Residency and Foreigners Affairs.

To withdraw an absconding report, domestic workers must provide a copy of their Emirates ID, passport, and have a record of an absconding report lodged by their employer.

After filling out the application and paying the required fee (Dh115 online or up to Dh72 at business centres), MoHRE will verify the validity of the complaint.

Once approved, the worker can cancel the complaint without involving the employer within a week of the cancellation date.

Employers, on the other hand, can log into MoHRE’s portal or use their UAE Pass to submit an application for withdrawing the absconding report.

They must provide copies of the domestic worker’s Emirates ID and passport, and have a record of lodging a complaint against the worker for absence from work.

After paying the applicable fee and verification by MoHRE and the Federal Authority for Identity, Citizenship, Customs and Ports Security, the employer will receive final approval.

The new process aims to streamline the resolution of domestic worker disputes, with the latest amendments mandating that such cases be taken up at the Court of First Instance as a last resort if an amicable settlement cannot be reached with MoHRE.

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Abu Dhabi: To Update Rental Index Every Quarter News developments

Abu Dhabi: To Update Rental Index Every Quarter

  • 12/09/202413/09/2024
  • by Hannah Gutang

The National, 5 September 2024: Abu Dhabi is set to improve transparency and attract more investment in the real estate sector by updating the rental index every quarter and providing rental values of individual buildings.

The next step in the rental index is to zoom into specific residential buildings, providing accurate rental readings for stand-alone buildings rather than just sectors.

This move aims to offer more precise rental values for major landmark residential buildings in the capital.

Last month, Abu Dhabi launched the emirate’s first residential rental index, highlighting rental rates for apartments and villas in Abu Dhabi City, Al Dhafra, and Al Ain.

The index, available on the real estate centre’s website, provides indicative rental values based on transacted contracts.

Currently, Abu Dhabi law limits rent increases to 5% when a contract is renewed with the tenant annually.

However, residents can approach the real estate centre’s call center or office to resolve disputes with landlords.

The UAE’s property market continues to rebound strongly from the COVID-19 pandemic, driven by government initiatives and growth in the non-oil economy.

In the second quarter, Abu Dhabi’s average apartment prices increased by 6.2% year-on-year, while average villa prices grew by 3.9%, according to CBRE.

Approximately 1,800 new residential units are expected to enter the market until the first quarter of 2025 in Yas Island, Saadiyat, and Al Reem islands, amid continued demand for property.

The real estate centre carefully monitors the supply situation to maintain a healthy occupancy rate, currently between 85% and 90%.

Developers continue to launch new projects, with one developer unveiling a project on Yas Island, featuring 151 canal-front villas.

Another developer has also begun the handover process of units in the first phase of a project in Abu Dhabi.

Being an easy city to set up business and do business plays a key role in positioning Abu Dhabi on the global footprint for potential investment and increasing the demand projections into the real estate sector.

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UAE: Circular Warns Against Violations in Marketing Calls for Securities and Commodities News developments

UAE: Circular Warns Against Violations in Marketing Calls for Securities and Commodities

  • 06/09/202406/09/2024
  • by Hannah Gutang

Al-Ethihad, 3 September 2024: The Securities and Commodities Authority has urged the public to report marketing calls related to securities and commodities that violate the provisions and regulations outlined in Cabinet Decision No. 56/2024 on the regulation of telephone calls.

The Authority has outlined violations and practices that fall under the purview of the aforementioned resolution, including marketing of products not under the Authority’s supervision through unofficial channels without approval.

Using unjustified marketing pressures to convince individuals to accept a product or service.

Using false and misleading information when marketing a product or service.

Making marketing calls outside the authorised time frame of 9:00 AM to 6:00 PM.

Persisting after an initial rejection of a product or service.

Calling more than once a day or twice a week after no answer or call termination.

Not asking for consent before starting marketing, advertising, or promotion.

Not using registered local numbers issued by authorised telecommunications companies.

Making marketing calls from unregistered or non-company-owned numbers.

Receiving marketing calls from a company registered in the Non-Disclosure Register (DNCR).

Disclosing and trading personal data to third parties for marketing purposes.

Failure to indicate that the call is being recorded. Failure to disclose the company’s identity and purpose of the call at the beginning.

Additionally, any other violations of controls issued by the Authority.

The Authority has confirmed that companies approved for marketing securities and commodities via telephone can be verified on its website.

For the full story, click here.

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Abu Dhabi: Residency Violators Seeking Visa Amnesty Exempted From Insurance Fines News developments

Abu Dhabi: Residency Violators Seeking Visa Amnesty Exempted From Insurance Fines

  • 05/09/202405/09/2024
  • by Hannah Gutang

Khaleej Times, 31 August 2024: Abu Dhabi’s Health Department has announced Health insurance fines will be waived for violators of entry and residence rules who have applied to regularise their status during the UAE visa amnesty program.

The two-month amnesty program, set to start on 1 September, allows those staying illegally in the UAE to either regularise their residency status and remain in the country or leave without paying fines or facing entry bans.

The Federal Authority For Identity, Citizenship, Customs & Port Security (ICP) has clarified that the amnesty covers all types of visas, including tourist and expired residency visas.

Those born without documents can also avail of the amnesty and rectify their status.

The ICP has stated that there will be no overstay fines or exit fees collected, and those who opt to leave can return to the UAE anytime with the proper visa.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

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UAE: Strengthens Labour Law Penalties to Protect Workers’ Rights News developments

UAE: Strengthens Labour Law Penalties to Protect Workers’ Rights

  • 29/08/202429/08/2024
  • by Hannah Gutang

The UAE has announced stricter penalties for companies violating labour laws, highlighting its commitment to safeguarding workers’ rights and combating illegal employment practices.

The recent amendments to the ‘Regulation of the Employment Relationship’, commonly known as the UAE Labour Law, introduce increased monetary fines ranging from AED 100,000 to AED 1,000,000 for labour law violations, a significant increase from the previous AED 50,000 to AED 200,000 range.

Specific offences targeted by the new penalties include employing individuals without proper work permits, neglecting to provide legitimate job opportunities, abusing work authorisation rules, and disseminating false recruitment or Emiratisation data.

In cases where companies fabricate employment or Emiratisation statistics, the fines will be multiplied by the number of employees involved in the fictitious employment.

Moreover, companies found guilty of severe violations may face criminal penalties in addition to the substantial financial fines, depending on the severity and impact of the infringements.

The amendments also establish a new process allowing labour dispute cases to be brought before the Court of First Instance if dissatisfied with decisions made by the Human Resources Ministry and Emiratisation.

The UAE government’s move aims to deter employers from engaging in illegal hiring practices and ensure fair treatment of both UAE nationals and expatriate workers.

Companies found in violation risk substantial financial penalties and potential legal consequences, which could impact their ability to hire foreign talent in the future.

The amendments reinforce the UAE’s commitment to improving the regulatory framework and holding employers accountable for upholding labour rights and ethical employment practices.

Businesses operating in the UAE are advised to review their recruitment and employment processes to ensure full compliance with the updated regulations.

Professional advisory services are available to guide companies through the changes and mitigate risks associated with non-compliance.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

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Abu Dhabi: New 90-Day Maternity Leave For Some Private Sector Staff News developments

Abu Dhabi: New 90-Day Maternity Leave For Some Private Sector Staff

  • 29/08/202429/08/2024
  • by Hannah Gutang

Khaleej Times, 27 August 2024: Abu Dhabi has announced that the extended 90-day maternity leave for Emirati women working in the private sector will commence on 1 September 2024.

This extended leave, previously announced, will apply to mothers who give birth on or after that date, according to authorities.

Through this new initiative, Emirati mothers employed in the private sector can also apply for financial support complementary to their salary during their paid maternity leave, provided they have the approval of their private-sector employer.

To qualify for the Maternity Leave Support for Women in the Private Sector Programme, Emirati mothers must apply within the first 30 days of their baby’s birth.

They must provide a valid salary certificate, complete bank account details including the IBAN, a family book issued in Abu Dhabi, and a no-objection certificate from their employer.

The Abu Dhabi Social Support Authority (SSA) aims to expand strategic partnerships with private sector entities to promote the adoption and implementation of the extended maternity leave initiative as part of corporate social responsibility.

This move is expected to encourage Emirati families to have children and raise them in a healthy and stable environment that supports the growth and development of Emirati families.

The extended maternity leave initiative is part of the Emirati Family Growth Support Programme, which will be implemented over a five-year period.

The SSA’s Social Support Applications Sector emphasizes a collaborative approach and partnership with private sector entities and companies, encouraging them to adopt this voluntary programme.

The objective is to fulfill the goals of the Emirati Family Growth Support Program in Abu Dhabi, enhancing family stability and strengthening its social role.

In July, authorities had announced that maternity leave for Emirati women working in the private sector in Abu Dhabi would be extended from 60 to 90 days.

While those in the public sector have always been entitled to three months of paid maternity leave, women in private firms are typically granted 60 days — 45 days fully paid and 15 days half paid, according to the UAE Labour Law.

Furthermore, the Abu Dhabi Early Childhood Authority will introduce a ‘home visit service’ to assist new mothers during the first weeks of motherhood, aiming to support parents’ well-being and monitor the baby’s growth and development.

In addition to the extended maternity leave and home visits, Emirati couples will also benefit from a range of other initiatives and financial relief packages, including marriage loans, loan deductions, and rental assistance.

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