Abu Dhabi Archives - Page 16 of 24 - LexisNexis Middle East

Abu Dhabi: Digital Assets Agreement Signed

14/06/202414/06/2024
by Tanya Jain

The Abu Dhabi Global Market Financial Services Regulatory Authority and the Bermuda Monetary Authority have announced the signing of an agreement on digital assets.

The agreement establishes a framework for cooperation between the two authorities to support the establishment of digital asset companies under their supervision and ensure effective oversight.

This framework includes cooperation in regulatory areas, oversight mechanisms, assistance in investigations, and capacity-building initiatives.

The CEO of the Bermuda Monetary Authority has stated that the agreement with the Abu Dhabi Global Market Financial Services Regulatory Authority represents an important step towards strengthening ties between our regulatory authorities.

It supports innovation, develops capabilities and resources through international cooperation, enhances market stability, and enriches expertise to meet the evolving needs of the digital assets sector.

For the full story, click here.

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News developments

UAE: Introduces Reduced Tariff for Energy Consumption For Industrial Companies

07/06/202407/06/2024
by Tanya Jain

Emaratalyoum, 30 May 2024: The Federal Electricity and Water Authority has announced its latest initiative supporting industrial growth in the country, aimed at industrial companies and their services in the Northern Emirates.

This initiative involves launching a reduced tariff for energy consumption to enhance the competitiveness of industrial companies, in cooperation with the Industry and Advanced Technology Ministry and the Energy and Infrastructure Ministry.

The Undersecretary of the Ministry of Industry and Advanced Technology, has affirmed the ministry’s cooperation with partners to enhance incentives supporting industrial companies’ growth and competitiveness, aligning with the ‘Make it in the Emirates’ initiative.

The new tariff, applicable to industrial companies consuming over 10,000 megawatt-hours monthly, ranges from 32 to 26 fils per kilowatt-hour.

Additional incentives include flexible installation and grid connection fees, exemption from insurance fees, and no additional meter usage fees.

The CEO of the Federal Electricity and Water Authority, has emphasised the initiative’s role in shaping the energy sector as a driver for industrial and technological growth, facilitated by the partnership between relevant ministries and the authority.

For the full story, click here.

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News developments

ADGM: Publishes Consultation Paper To Revamp Real Property Regulations

07/06/202407/06/2024
by Tanya Jain

The Abu Dhabi Global Market (ADGM) has published a Consultation Paper seeking public input on proposed comprehensive reforms to its real property regulatory framework.

The revamp aims to address evolving market needs, align with industry developments, and position ADGM’s real estate regulations as best-in-class to support sector growth.

Key areas include streamlining processes, introducing new investment vehicles, and strengthening investor protection.

The consultation paper has outlined amendments to Abu Dhabi Administrative Decision No. 245/2015, focusing on enhancing protections for tenants in short-term residential leases.

Additionally, ADGM plans to introduce a new framework for the registration of off-plan development projects, off-plan sales, and Project Accounts, providing greater transparency and oversight in this segment of the real estate market.

The proposed reforms also include the introduction of a framework for registering off-plan and real property professionals, such as brokers, valuers, and property managers, who provide services within ADGM’s jurisdiction.

This move aims to ensure compliance to industry standards and safeguard the interests of all stakeholders involved in real estate transactions.

Stakeholders, including industry professionals, investors, and members of the public, are encouraged to participate in the consultation process by submitting their feedback and suggestions.

This collaborative approach ensures that the final regulations reflect the diverse perspectives and requirements of the real estate market.

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News developments

UAE: Issues Corporate Tax Guide on Free Zone Persons

31/05/202431/05/2024
by Tanya Jain

Al Bayan, 27 May 2024: The Federal Tax Authority (FTA) has issued a guide outlining the application of Corporate Tax to Free Zone Persons.

These guidelines align with the Free Zone Corporate Tax regime, which enables Qualifying Free Zone Persons to benefit from a 0% Corporate Tax rate on Qualifying Income.

The guide provides general guidance on the application of the Corporate Tax Law to Free Zone Persons.

It provides an overview of the conditions required to be met for a Free Zone Person to be a Qualifying Free Zone Person and benefit from the 0% Corporate Tax rate and the activities that are considered Qualifying Activities and Excluded Activities for a Qualifying Free Zone Person.

The guide includes many examples to assist Businesses with understanding how the key elements of the Corporate Tax Law apply to Free Zone Persons.

The guide also covers Corporate Tax calculation for Free Zone Persons, Qualifying Income determination, taxable income subject to 9% rate.

It outlines substance requirements for Qualifying Free Zone Persons, criteria for Foreign or Domestic Permanent Establishments.

The guidelines clarifies the treatment of income from immovable property and Qualifying Intellectual Property, details Qualifying and Excluded Activities and compliance requirements.

The FTA has added that where a Qualifying Free Zone Person operates through a Permanent Establishment in the UAE (outside the Free Zones) or in a foreign country, the profits attributable to such Permanent Establishment will be subject to the 9% Corporate Tax rate.

All Free Zone Persons are urged to thoroughly read the guide, comprehending definitions and interactions of various rules.

Corporate Tax implementing decisions and guides, including the new Free Zone Persons guide, are available on the FTA’s website.

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News developments

UAE: Marriage Grants Regulations Under Review

23/05/202423/05/2024
by Tanya Jain

Emaratalyoum, 16 May 2024: A parliamentary report, recently endorsed by the Federal National Council, has proposed that the Community Development Ministry conduct a thorough and contemporary governmental study.

The aim is to reassess the maximum salary cap for citizens seeking a marriage grant, currently set at 25,000 dirhams after accounting for housing and pension allowances, if applicable.

The report has emphasised that the requirement of linking marriage grants to a citizen’s income level or salary ceiling restricts eligibility to individuals without higher academic degrees.

It fails to benefit those with higher academic qualifications and positions.

The report, prepared by the Council’s Social Affairs, Labour, Population, and Human Resources Committee, has highlighted the key requirements for obtaining a marriage grant.

These include citizenship for both the beneficiary and their spouse, as well as the inability to afford marriage expenses, targeting individuals with limited income or those benefiting from social assistance.

However, the report underscores that this condition narrows the scope of citizens eligible for marriage grants, as it excludes many young individuals in need of such support, despite not falling under the definition of “people with limited income” or beneficiaries of social assistance. For the full story, click here.

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News developments

Abu Dhabi: Single-Use Styrofoam Ban From 1 June 2024

23/05/202423/05/2024
by Tanya Jain

Khaleej Times, 21 May 2024: The Abu Dhabi Environment Agency and the Economic Development Department have announced that single-use styrofoam products will be banned from 1 June 2024.

The ban will apply to cups, lids, plates, beverage containers, and food receptacles intended for immediate consumption.

Items exempt from this ban will include reusable storage boxes, coolers, and items intended for medical use.

The initiative to ban single-use styrofoam is an extension of the Abu Dhabi Single-Use Plastic Policy and supports the aims of the Year of Sustainability.

The Abu Dhabi Single-Use Plastic Policy was launched in May 2020.

Under this policy, a ban on the sale of single-use plastic bags across all retailers took effect on 1 June 2022, resulting in a 95% reduction in their use.

Other emirates in the UAE have also enforced similar bans on single-use plastic products.

In Sharjah, the ban began on 1 January 2024, and the emirate announced on 22 April 2024 that the municipality had stopped manufacturing single-use plastic bags.

Dubai has also announced a ban on single-use plastic effective 1 January 2024, imposing fines of up to Dh2,000 for violations.

These bans followed the federal government’s announcement in January 2023 about the pan-UAE ban on single-use plastic starting in 2024.

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News developments

UAE: New Air Travel Protocols

17/05/202417/05/2024
by Tanya Jain

Khaleej Times, 14 May 2024: The UAE aviation authority has introduced a new protocol to combat the spread of communicable diseases during air travel.

This protocol aims to facilitate swift reporting by operators’ stations and promote collaboration with local health authorities.

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News developments

Abu Dhabi: Air Quality Law Issued

17/05/202417/05/2024
by Tanya Jain

Aletihad, 10 May 2024: The Abu Dhabi Decision No. 2/2024 on the air quality system in there has been issued.

The law aims to preserve the environment, enhance ambient air quality, minimize air pollutants from fixed and mobile sources, and regulate noise levels.

This law will apply to all projects and companies operating in the country which will require an environmental license from the Environment Agency – Abu Dhabi to safeguard air quality.

The Authority will develop executive decisions, practice manuals, and guidelines to implement these provisions, and issue them as supplementary documents.

It will also monitor and assess air quality through environmental monitoring , and ensure air pollutants remain within approved maximum limits.

In addition, the Authority will supervise environmental monitoring across the country, and with relevant authorities to identify monitoring locations and necessary ambient air pollutant measurements. for the full story, click here.

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News developments

UAE: New Regulations for Food Establishments

10/05/202410/05/2024
by Tanya Jain

Emaratalyoum, 7 May 2024: The Climate Change and Environment Ministry intends to launch regulations on food and facilities within the country, early next year in 2025.

The Ministry has confirmed its collaboration with the National Food Safety Committee to explore the issue of new legislation in this area.

It aims to unify and strengthen control over food products and regulate their circulation in the country, as well as to support emerging food industries.

For the full story, click here.

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News developments

Abu Dhabi: Issues New Rules For Small Farms

10/05/202410/05/2024
by Tanya Jain

Khaleej Times, 7 May 2024: Abu Dhabi has issued new laws for small-scale farms to boost production.

Authorities in Abu Dhabi will regulate small-scale plant production farms to promote sustainable use of natural resources, boost income for small farmers, and bolster local produce.

The regulations set clear guidelines for plant production on farms, aiming to improve the quality of local agricultural products, making it more competitive on the market.

The decision also aims to regulate the use of the farm’s trade name, the documentation of agricultural operations, as well as the farm’s record of production.

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