Abu Dhabi Archives - Page 23 of 24 - LexisNexis Middle East

Abu Dhabi: Fire Safety Fine Reminder

26/07/202326/07/2023
by Tanya Jain

Khaleej Times, 25 July 2023: The Abu Dhabi Civil Defence Authority has issued an advisory notice reminding residents and property owners of fire safety requirements.

There are stringent rules in Abu Dhabi on fire safety which include ensuring that detectors and firefighting systems are always in good condition. The authority has stated that along with installing these devices residents and property owners need to ensure they have a maintainance contract in place for this equipment.

A fine of 10,000 AED is imposed where there is no valid maintenance contract by a contractor approved by the Civil Defence Authority for fire alarm systems and devices, fire fighting systems and equipment. These requirements are specified in Cabinet Decision No. 24/2012 On Regulation of Civil Defence Services in the State.

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News developments

UAE: Controls for Annual Leave Entitlement Announced

20/07/202320/07/2023
by Tanya Jain

Emaratalyoum, 14 July 2023: The Federal Authority for Government Human Resources has confirmed employees appointed in any of the ministries or government agencies, working full-time, are entitled to an annual leave with a total salary, which amounts to approximately 30 working days or 22 days, depending on their grade.

If it is necessary for the employee’s work interests, the head of the federal entity may summon them back from their annual leave.

In such cases, the remaining days of leave will be transferred to the employee following the approved procedures. Federal Decree-Law No. 11/2008 on the Human Resources in the Federal Government.

These include instances where the employee is on study leave or an educational assignment during the requested year of leave, as well as periods of absence from work without salary. Additionally, an employee cannot request annual leave for the duration they spend in prison as a result of a judicial ruling (unless termination of service is decided), and finally, during the probationary period, if the employee’s service ends for any reason.

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News developments

UAE: Fiscal Year for Education Organisations Determined

12/07/202312/07/2023
by Tanya Jain

Alkhaleej, 6 July 2023: For the majority of companies in the UAE, the fiscal year for the application of Company Tax commences on 1 January each year. However, in the education sector, the fiscal year begins in September, aligning with the start of the new academic year.

According to this legislation, a 9 per cent tax is imposed on any income exceeding 375 AED, while income below this threshold is taxed at 0 per cent.

The law came into effect on 1 June 2023 and will be implemented at the start of each new fiscal year across various sectors.

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News developments

Abu Dhabi: Regulatory Framework for Sustainable Financing Implemented

12/07/202312/07/2023
by Tanya Jain

Albayan, 5 July 2023: The Abu Dhabi Global Market Authority has announced the implementation of a regulatory framework for sustainable financing. The aim is to establish the market as a leading center for sustainable financing and create a conducive local environment for such activities.

The new framework covers investment funds which focus on sustainability, managed portfolios, and bonds. It also outlines disclosure requirements for environmental and social practices, as well as governance for companies registered in the market.

For the full story, click h e re.

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News developments

UAE: Investment Ministry to be Established

05/07/202305/07/2023
by Tanya Jain

A new ministry is to be established in the UAE to develop the country’s investment vision, stimulate the investment environment internally, and enhance competitiveness

The new investment ministry will be headed by Mohamed Hassan Alsuwaidi. It will develop the country’s investment vision, boost prospects and enhance procedures and legislation in this area.

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News developments

UAE: Final Deadline to Achieve Emiratisation Objectives Extended

22/06/202322/06/2023
by Tanya Jain

Alwatan, 13 June 2023: The UAE’s Ministry of Human Resources and Emiratisation has announced an extension of the deadline for private sector companies to achieve their midyear Emiratisation objectives.

The new deadline has been set for 7 July 2023.

Previously, companies in the private sector with 50 or more employees were required to meet these objectives by 30 June 2023. However, considering this deadline coincides with Eid, it has been extended to allow for sufficient time.

Starting from 8 July 2023, the Ministry will begin assessing the commitments of the relevant companies as outlined in the decision issued by the Council of Ministers. This extension provides private sector companies with additional time to work towards fulfilling their Emiratisation objectives and further promotes the goals of national workforce development and employment opportunities.

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News developments

UAE: Fees Exemption Announced for Companies Listing Green Bonds

14/06/202314/06/2023
by Tanya Jain

Sharjah 24, 7 June 2023: The Board of Directors of the UAE’s Securities and Commodities Authority has given its approval to a proposal which grants an exemption from certain fees for companies seeking to list their green bonds and sukuks in the local markets.

According to the decision, companies wishing to register green bonds or bonds related to sustainability will be exempt from paying registration fees for the year 2023.

The purpose of this initiative is to showcase the state’s commitment to achieving sustainable development across multiple fronts, particularly in terms of fostering sustainable economic growth.

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News developments

UAE: Virtual Workshops Platforms for Companies Tax Launched

07/06/202307/06/2023
by Tanya Jain

Albayan, 4 June 2023: The Federal Tax Authority has introduced an educational platform called “Companies Tax” to provide ongoing knowledge support to taxpayers. This initiative is part of the procedures being implemented to enforce the Federal Decree Law on Companies and Business Tax.

The law is applicable to financial years starting on or after 1 June 2023 and is aimed at enhancing the UAE’s position as an international hub for investment and entrepreneurship, as well as ensuring compliance with international standards for tax transparency.

The platform features 13 seminars conducted in both English and Arabic, remotely scheduled throughout the month of June, focusing on the registration process for this tax.

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News developments

Abu Dhabi: Authority for Managing Endowment and Funds of Minors Established

01/06/202301/06/2023
by Tanya Jain

Albayan, 27 May 2023: The Ruler of Abu Dhabi has enacted legislation to establish the Authority for Managing Endowment and Funds of Minors in Abu Dhabi.

The Ruler of Abu Dhabi has enacted legislation to establish the Authority for Managing Endowment and Funds of Minors in Abu Dhabi. The Crown Prince of Abu Dhabi has issued a decree appointing Abdulhamid Mohamed Said as the chairman of this authority.

In collaboration with the General Authority for Islamic Affairs and Endowments, as well as relevant agencies, the newly formed authority will undertake the required measures to assume responsibility for managing endowment affairs. This includes tasks such as counting, overseeing, organising, and regulating endowments, as well as issuing necessary permits for endowment institutions within the Emirate.

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News developments

Abu Dhabi: Global Market Launches Public Consultation on Use of eKYC

24/06/202124/06/2021
by Benjamin Filaferro

The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has announced it has launched a public consultation on amendments to its regulatory framework to help facilitate the use of non-face-to-face digital verification of identity in the Global Market and mitigate any associated risks.

The proposed amendments will affect all entities required to undertake customer due diligence in the Global Market, including financial services firms authorised and regulated by the Financial Services Regulatory Authority, Designated Non-Financial Businesses and Professions and Non-Profit Organisations.

All entities carrying out customer due diligence will be urged to consider the matters raised in the consultation. The proposed amendments will also effect on-boarding customers with more than one nationality.

The proposed amendments are a response to the increase in the adoption of eKYC to on-board customers in the Global Market.

They are in line with a general trend towards digitalisation of the customer experience across a range of sectors, which has only been accelerated by the global pandemic.

They build on the Joint Guidance on the treatment of financial crime risks and obligations in the UAE in the context of the Covid-19 crisis which was published together with other regulators last year.

The proposed amendments build and elaborate on the principles contained in the Joint Guidance, as well as those in related guidance published by the Financial Action Task Force.

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