Dubai Archives - Page 15 of 29 - LexisNexis Middle East

UAE: Unveils First Licensed Lottery Operation, Establishes Gaming Regulatory Framework

02/08/202402/08/2024
by Hannah Gutang

Khaleej Times, 29 July 2024: The UAE has announced the launch of its first licensed lottery operation.

This is significant milestone in the establishment of a comprehensive regulatory framework for commercial gaming activities in the country.

The General Commercial Gaming Regulatory Authority (GCGRA), a federal entity, has unveiled the regulatory framework designed to protect consumers by ensuring fairness and transparency across all licensed commercial gaming activities, including lotteries.

The GCGRA emphasised that any unlicensed commercial gaming operations in the UAE are illegal for both operators and players, highlighting the importance of the newly established regulatory framework.

The Game LLC, a commercial gaming operator based in Abu Dhabi, has been granted the first license to operate under the banner of the ‘UAE Lottery’.

The company specialises in game development, lottery operations, and gaming-related content, promising to offer a diverse range of lottery and other games catering to various player interests and financial preferences.

However, specific details about the types of games to be offered have not been disclosed yet.

According to the GCGRA, commercial gaming refers to any game of chance or combination of chance and skill where money or valuable items are wagered for the purpose of winning.

This definition includes gaming machines, internet gaming, electronic skill-based games, lottery games, event wagering (including bets placed on sporting events or horse racing), and any other form of commercial gaming regulated and licensed by the GCGRA.

Engaging in, operating, or facilitating commercial gaming activities without a valid license is unlawful and will result in legal action, including criminal penalties.

Participating as a player in activities offered by unlicensed operators, whether online or at a physical venue, is also illegal and may subject individuals to severe penalties.

The GCGRA has emphasised the importance of responsible gaming practices, enforcing safeguards across every aspect of the gaming experience, from game design to marketing strategies and the provision of player support services.

The authority aims to minimise the potential adverse consequences of excessive gaming for individuals and society, promoting commercial gaming as an entertainment and leisure activity rather than a means to generate income or make money.

With the establishment of the regulatory framework and the licensing of the UAE’s first lottery operator, the GCGRA aims to create a safe and transparent environment for commercial gaming activities in the country, while also addressing potential risks associated with unlicensed operations.

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News developments

Dubai: Smart Vehicles to Detect Violations Around Metro, Tram networks

01/08/202401/08/2024
by Hannah Gutang

Khaleej Times, 30 July 2024: The Roads and Transport Authority (RTA) has launched the trial operation of these vehicles that are equipped with cameras and use advanced intelligence systems.

‘Smart’ inspection vehicles will now monitor detect violations, restricted activities and damages within Dubai Metro and Tram networks.

They will detect rail right-of-way areas.

The director of Rail Right of Way, has stated the smart vehicles will help protect Dubai’s rail infrastructure.

This technology will not only improve the efficiency of our inspections but also help us quickly identify and address any issues, ensuring the safety and reliability of our rail services.

The smart inspection vehicle uses artificial intelligence to keep up with rail network advancements.

The initiative aims to achieve full coverage of inspection areas, double the speed of preparing reports, and ensure the reliability of outputs.

It also seeks to reduce human errors in the inspection process and provide solid support for making well-informed decisions.

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31/07/202428/08/2024
by Vincent Slingerland

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News developments

UAE: AI Use in Tax Management Being Considered

25/07/202425/07/2024
by Hannah Gutang

Emaratalyoum, 17 July 2024: The Federal Tax Authority is studying the implementation of a number of future projects, including managing the tax system in the country using artificial intelligence.

The authority is also studying the establishment of offices to provide services to taxpayers at the state level, while a parliamentary report by the Authority called for the necessity of accelerating the implementation of the joint project with the Finance Ministry regarding electronic invoicing.

A parliamentary report has stated that VAT is one of the most common consumption taxes worldwide, applied as “value-added tax” or “goods and services tax” in over 150 countries, including all 29 EU member states, Canada, New Zealand, Australia, Singapore, and Malaysia.

The report has confirmed that tax revenues contribute to the continuity of providing distinguished, high-quality government services that keep pace with the country’s advanced position in global competitiveness indicators.

According to the parliamentary report, VAT was implemented in the country in coordination with the GCC countries, as they worked on this framework jointly, especially since they are linked by an economic agreement and a customs union.

For the full story, click here.

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News developments

UAE: New Law to Promote Fair Competition and Monopolistic Practices

18/07/202418/07/2024
by Hannah Gutang

Khaleej Times, 11 July 2024: The UAE has introduced a new law prohibiting companies from offering or applying very low prices for production, transfer and marketing with a monopolistic approach to drive other companies out of competition.

The new law defines competition as the act of conducting economic activities based on market mechanisms, but not such mechanisms that harmed trade, development and consumer interests.

It is aimed at ensuring fair competition and prohibiting monopolistic approaches for all companies, as well as protecting consumers’ rights in the country and also regulates mergers and acquisitions in the local market.

The ministry has monitored and communicated with local authorities for inspections to ensure fair competitive practices in the country and the authority could also act in case of receiving a complaint.

This was announced during a media briefing while revealing details of Federal Decree-Law No. 36/2023 on competition regulation, which promoted and protected competition, combated monopolistic practices, and countered harmful economic concentration of consumers in the UAE.

The fines and penalties for the companies are under review and will be released once the Cabinet approves them.

The new law aims to combat monopolistic practices by ensuring a stimulating environment for enterprises, contributing to improving effectiveness, competitiveness and protecting consumer interests.

This new law also aims to promote the market economy and economic activities in line with the principle of economic freedom, and ensure that economic concentration is monitored.

Its provisions speak to all conditions that may undermine, limit, prevent or restrict competition.

Ensuring consumer protection from anti-competitive practices in the context of operationalisation of new market mechanisms, as well as the promotion of economic efficiency, marketing and research and development, are also key goals.

The new law clarifies that economic concentration refers to the dominance of a small number of firms within a particular industry.

It defines economic concentration as any act resulting in the complete or partial transfer (merger or acquisition) of ownership, usufruct rights, property rights, equity, shares or obligations from one establishment to another.

This empowers the acquiring establishment or group of establishments to directly or indirectly control the acquired establishment or group of establishments.

The law takes into consideration the annual sales value of the enterprises concerned and not only the total share of such enterprises involved in the economic concentration process.

Two conditions must be satisfied to successfully complete the process of economic concentration.

The first condition indicates that the total value of annual sales of such establishments in the relevant market, for the last fiscal year, must exceed the amount determined by the Cabinet, upon the minister’s proposal.

The second condition states that the total share of such establishments must exceed the percentage of the total transactions in the relevant market during the last fiscal year, as determined by the Cabinet.

Federal Decree-Law No. 36/2023 establishes the regulations for submitting the application for economic concentration, the documents to be attached, and its examination mechanisms.

The ministry has stated that companies can submit their views on the Application for Economic Concentration project and also provide any data or information that would help study the request, in line with global best practices in the field of competition.

The ministry has also elaborated that efforts are currently underway to develop a more agile and sustainable competitive system, including the launch of more pioneering legislation, initiatives, and programmes to make the UAE a global hub for the new economy within the next decade.

The law assigns new responsibilities to the Competition Regulation Committee as well, such as proposing the general policy for protecting competition and scrutinising issues related to the application of the provisions of this law and making recommendations.

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News developments

UAE: Council Approves Technical Education Policy

12/07/202412/07/2024
by Hannah Gutang

Al-Bayan, 25 June 2024: The Federal National Council’s Education, Culture, Youth, Sports and Media Affairs Committee has endorsed the government’s policy report on technical education and vocational training.

The committee has reviewed research compiled by the Council Secretariat and consulted relevant authorities.

Their aim was to understand the existing challenges, potential solutions, and overarching strategy for technical and vocational education.

Based on these studies and stakeholder meetings, the committee proposed a set of recommendations.

The discussions focused on two critical aspects: they examined the legislative framework regulating technical and vocational education and training programs.

Additionally, they looked at the policies and strategic plans guiding the nationwide implementation of such programs across the UAE.

For the full story, click here.

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News developments

DIFC: Proposed Changes to Real Property Law and Regulations

12/07/202412/07/2024
by Hannah Gutang

The DIFC has announced a consultation on proposed changes to the DIFC Real Property Law (DIFC Law No. 10/2018) and the DIFC Real Property Regulations 2020.

The consultation is of interest to those purchasing or intending to purchase Off Plan Lots within the DIFC, those purchasing a property with a Mortgage, or entering into Leases of property within the DIFC.

Key proposed changes include increasing the period to Register an Off Plan Sale in the Off Plan Register from 30 days to 60 days. The could also be a clarification of the timeline of when an Off Plan Sales Agreement can be terminated by a Prospective Owner should a Developer fail to provide a Disclosure Statement after the parties have entered into an Off Plan Sales Agreement.

Article 156(4) of DIFC Law No. 10/2018 currently requires a Developer to lodge for Registration each Off Plan Sale in the Off Plan Register no later than 30 days after the entering into of an Off Plan Sales Agreement with the Prospective Owner. Any type of reservation form or similar (which is often used at the launch of Off Plan Sales to secure interest in a Lot) where a sum of AED 5,000 or more is received by a Developer is caught within the definition of an Off Plan Sales Agreement. Therefore, the current 30-day period for Registration runs from the effective date of such a form or agreement. However, in practice it may take longer than 30 days for a Prospective Owner to sign the final Sale and Purchase Agreement, once received from the Developer which is why there has been a proposal to extend the time period for registration of an Off Plan Sale to 60 days to cater for this.

Article 160(1) of DIFC Law No. 10/2018 requires Developers to provides Prospective Owners with a Disclosure Statement before the parties enter into an Off Plan Sales Agreement. This generally outlines details of the Off Plan Development including community amenities, service charge details and finishes of Lots. Article 160(6) of DIFC Law No. 10/2018 permits a Prospective Owner to terminate an Off Plan Sales Agreement at any time prior to the date of handover of the Lot being purchased, if a Developer has failed to provide a Disclosure Statement. .However, the DIFCA believes the period within which this right of termination can be actioned is currently too long, and could potentially lead to Prospective Owners terminating the agreement at the last minute for reasons which were unrelated to the receipt of a Disclosure Statement. The DIFCA still feels it is important for these Disclosure Statements, to be provided but also believe it is necessary to strike the correct balance between the rights of Prospective Owners and Developers and the need to avoid unequitable results created by an arbitrary termination of Off Plan Sales Agreements.

If a Developer does provide a Prospective Owner with a Disclosure Statement after the parties have entered into an Off Plan Sales Agreement, a Prospective Owner will have a period of 60 days to review this from the date of receipt. During this period of 60 days and for a further 20 days after that period, Prospective Owners can elect to terminate an Off Plan Sales Agreement if they decide that the Disclosure Statement does not accurately reflect the Off Plan Development. Article 160(6) of DIFC Law No. 10/2018 has been clarified to make it clear that such termination is only effective if exercised “within 20 days of the expiry of the 60-day review period.

Another proposed change is to introducing a Mortgage Registration Fee in the DIFC based on the Mortgage amount, in line with the fee that applies onshore in Dubai and charging a standard lodgement fee of $100 for all Mortgage Instruments which are being Registered in the DIFC (and $273 for Islamic Mortgages) . At present under onshore Dubai laws, a fee of 0.25% of the mortgage amount is levied by the Dubai Land Department to register a mortgage .

The DIFCA has proposed to introduce a Mortgage Registration Fee to the DIFC Real Property Regulations to match the onshore 0.25% of the mortgage amount. It is also proposed that the lodgement fee for both Islamic and non-Islamic Mortgage Instruments would be charged to a flat rate of $100. The DIFCA is not proposing to add a period within which a Mortgage must be registered as it will be in the interest of the Mortgagee to Register the Mortgage if they wish to protect its interest on the Register.

In addition, an increase in the period to Register a Lease with the RORP has also been from 20 days to 30 days has also been proposed (see Article 49(1) and 49(3) of DIFC Law No. 10/2018 in order to ensure that Lessors have sufficient time to Register the Lease and pay the Lease Registration fee. Article 49(1) of DIFC Law No. 10/2018 requires a Lessor to lodge for Registration a Lease registrable under Article 48(3) of DIFC Law No. 10/2018, within 20 days of the date on which the Lease was entered into by the Lessor and the Lessee. However, feedback has been received from Lessors and Lessees that 20 days is often too short a timeline to Register a Lease especially in cases where the Registered Owners that are overseas which is why this extension has been proposed.

The removal of the requirement for parties to Instruments to have an address for service of notices in the UAE, and there to be a statement a person’s address as shown in any Instrument in which that person first lodges for Registration is treated as the person’s address for service by the RORP has been proposals. Email would also be added as a valid mode of service of notices under Article 169 of DIFC Law No. 10/2018.

Article 169(3) of DIFC Law No. 10/2018 sets out the modes of service which are permissible under DIFC Law No. 10/2018. However, the DIFCA now believes it is not necessary for parties to Instruments to provide a UAE address for service, given the number of foreign purchasers there area in the DIFC which is why it has been proposed to remove the requirement for parties to Instruments to have an address for service of notices in the UAE. It has also been proposed that Article 169(2) of DIFC Law No. 10/2018 should be deleted and Article 127(1) of DIFC Law No. 10/2018 should be expanded to include that an address for service on the first Instrument Registered by a person is the valid address for service of notices until an application is made to amend the Register. This would ensure that parties to Instruments were aware that the insertion of a different address in a second or subsequent Instrument did not constitute a change in the valid address for service Registered with the RORP.

There has also been a proposed alteration to the definition of Prescribed fee DIFC Law No. 10/2018. DIFCA believes this definition was always supposed to mean the lodging fee for an Instrument with the RORP and that the current definition has created some anomalies in DIFC Law No. 10/2018. Therefore, they propose to amend the definition to mean only the lodging fee for an Instrument.

The consultation ends on 2 August 2024.

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News developments

UAE: Securities Authority Launches Private Debt and Sukuk Placement Regulation Project

05/07/202405/07/2024
by Hannah Gutang

Al-Etihad, 3 July 2024: The Securities and Commodities Authority has launched the Regulation of Private Placement of Debt Instruments, Sukuk and Securitised Financial Instruments project, one of the transformational projects within the performance agreements for federal government entities for 2023-2024.

These are qualitative projects that will move the nation towards the future, improve its competitiveness, and have a significant impact on sectors within short timeframes.

The Chairman of the Authority’s Board of Directors issued a resolution to regulate the transformational project, aligning with the UAE’s vision to become a global hub for the new economy within the next decade, as outlined in the ‘We The UAE 2031’ initiative, which demands concerted efforts.

The Securities and Commodities Authority’s CEO has stated that the project reflects the Authority’s commitment to enhancing the role of local financial markets as a key driver of the economy.

The new regulation aims to diversify investment opportunities and instruments for investors by regulating private placements.

This will incentivise issuers to list on local capital markets instead of abroad, thereby enhancing the attractiveness of the national economy.

The Authority aims to prepare financial markets to create a new platform for professional investor trading, as well as attract new segments of investors or issuing companies, contributing to increasing the market capitalisation of local capital markets in the country.

For the full story, click here.

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News developments

UAE: Central Bank Reveals New Sandbox Conditions Regulations

28/06/202428/06/2024
by Hannah Gutang

Middle East Economy, 25 June 2024: The Central Bank of the UAE (CBUAE) has issued the new ‘Sandbox Conditions Regulation’ aimed at attracting startups and global fintech businesses to the UAE financial sector.

The regulation outlines specific criteria and conditions that participants must meet in order to test innovative financial business models, products, and services within a regulatory sandbox environment.

A key objective of this regulation is to facilitate the testing of innovative financial solutions to support the competitiveness of the UAE financial sector.

It also aims to create an attractive environment that promotes creativity and innovation within a well-defined regulatory framework.

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Additionally, the regulation aims to improve the competitiveness of the UAE’s financial sector, thereby promoting economic growth within the nation.

The regulation provides details on the conditions and criteria that participants like startups, fintechs and established businesses must fulfill.

It allows them to be exempted from the requirement of obtaining a full license, enabling them to test their innovations for a specified duration.

However, they must comply with the stated regulatory obligations during this period.

Importantly, applicants must present a technologically innovative financial product, service, solution or business model that can benefit consumers and the wider industry.

They must also demonstrate a clear intention to deploy the proposed service broadly across the UAE after successfully exiting the regulatory sandbox.

A key aspect of the regulation is that it enables the CBUAE to proactively assess and respond to fintech innovations as part of its supervisory role.

It also guides participants on structuring their businesses in a compliant manner within the sandbox environment.

The CBUAE Governor stated that the Sandbox Conditions Regulation highlights the UAE’s commitment to enabling innovation and building a knowledge-based economy.

The aim is to encourage innovators to contribute positively while ensuring consumer protection and serving the interests of all stakeholders.

The Sandbox Conditions Regulation has been published in the Official Gazette and has come into force with immediate effect.

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News developments

Dubai: Decree On Emirates International Accreditation Centre Issued

28/06/202428/06/2024
by Hannah Gutang

Al-Bayan, 21 June 2024: Dubai has issued Dubai Decree No. 39/2024 regarding the formation of the Board of Directors of the Dubai Women Establishment.

This decree shall take effect immediately upon its issuance and will be published in the Official Gazette.

It was noted that the diverse experiences and professional backgrounds of the Board of Directors members will enhance the Establishment’s efforts to empower women and increase their participation across various sectors, including the economy, creativity, sustainability, entrepreneurship, and supporting their societal roles.

This aligns with the goals and priorities outlined in the organisation’s strategic plan.

The organisation aims to establish Dubai as a globally recognised model for women-friendly cities, in line with the visionary and proactive leadership.

For the full story, click here.

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