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United Arab Emirates News developments

UAE: InstaBlock Initiative to Improve the Protection of Intellectual Property Rights of Creative Works on Digital Platforms Launched

  • 15/03/202415/03/2024
  • by Tanya Jain

Arabian Business, 8 March 2024: The UAE’s Economy Ministry has announced the launch of a new InstaBlock initiative to help improve the protection of intellectual property rights of creative works on digital platforms.

It will immediately ban and block websites that violate the rights of authors and creators. Websites that display their works across various platforms without obtaining permission for publication or broadcast will also be immediately banned and blocked.

A centre will also be designed and established together with relevant entities to monitor intellectual property right infringements and block non-compliant websites to protect right holders.

Through the initiative, the Ministry will provide a Live Ban service. This will enable complaints related to copyright infringement concerning live streaming online to be submitted.

A group consisting of the Ministry, the TDRA and representatives of rights holders will be established and will work 24 hours a day, seven days a week to ensure legislation protecting intellectual property rights regarding these complaints is swiftly implemented.

It has been launched to provide a safe environment from violations for owners of exclusive rights.

It has been launched in line with the best international practices in this area and has been launched together with the Telecommunications and Digital Government Regulatory Authority (TDRA).

The new mechanism focuses on addressing any violations of intellectual property rights, regardless of whether they are literary works or multimedia content like videos.

It also aims to raise awareness about the need to respect intellectual property rights when various content display platforms are being used.

In addition, it aims to educate intellectual property rights holders about the Ministry’s tools and services to help them protect their intellectual property rights from infringement and piracy.

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UAE News developments

Dubai International Financial Centre Publishes New Digital Assets Law

  • 15/03/202415/03/2024
  • by Tanya Jain

The Dubai International Financial Centre has published a new Digital Assets Law.

Following the publication of DIFC Law No. 2/2024, the DIFC has also published amendments to the Contract Law 2004 (DIFC Law No. 6/2004), the Implied Terms in Contracts and Unfair Terms Law 2005 (DIFC Law No. 6/2005), the Law of Damages and Remedies 2005 (DIFC Law No. 7/2005), the Law of Obligations 2005 (DIFC Law No. 5/2005), the Trust Law 2018 (DIFC Law No. 4/2018), the Foundations Law 2018 (DIFC Law No. 3/2018), the Personal Property Law 2005 (DIFC Law No. 9/2005) and the Insolvency Law (DIFC Law No. 1/2019).

The amendments to those pieces of legislation are contained in the DIFC Amendment Law, DIFC Law No. 3/2024.

The Centre had announced a consultation on a proposed Digital Assets Law in October 2023. It ended on 5 November 2023.

The consultation on the proposed legislation and its enactment followed international common law developments and judgments, which have started to provide some clarity on digital assets. However, they have not provided a comprehensive legal framework mapping out the full extent of the legal characteristics of a digital asset and how users and investors within this asset class may interact with digital assets and each other.

DIFC Law No. 2/2024 defines a digital asset as

something that exists as a notional quantity unit manifested by the combination of the active operation of software by a network of participants and network-instantiated data, independently of any particular person and legal system and something that is not capable of duplication and use or consumption of the thing by one person or specific group of persons necessarily prejudices the use or consumption of that thing by one or more other persons.

It is characterised as intangible property and is neither a thing in possession nor a thing in action.

The Law also contains provisions on who will be considered to control a digital asset and how.

In addition, it includes general rules regarding title, transfer of title and the exercise of rights over digital assets in the event of death, incapacity or insolvency.

It includes provisions on the control of a digital asset where there is impairment and provisions on how control of a digital asset can be recovered as well.

There are also miscellaneous provisions on power to make Regulations.

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United Arab Emirates News developments

UAE: First Digital Islamic Bank Launched

  • 08/03/202408/03/2024
  • by Tanya Jain

Al Bayan, 1 March 2024: The first digital Islamic bank has been launched in the country.

Roya Local Islamic Bank has launched its services in the UAE.

It describes itself as offering digital, modern and advanced Islamic banking services.

It is licensed by the Central Bank and aims to professionally and seamlessly integrate advanced technology with the basic principles of Islamic finance, to meet the requirements of individuals and companies. It also aims to provide a seamless digital banking experience and provide the highest levels of security and modernity.

For the full story, click here.

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United Arab Emirates News developments

UAE: Removed From ‘Grey List’ by FATF

  • 26/02/202426/02/2024
  • by Tanya Jain

Arab News, 24 February 2024: The international organisation responsible for anti-money laundering and terrorist financing, the Financial Action Task Force or FATF, has announced it has removed the UAE from its grey list.

It did so after the authorities in the UAE implemented all 15 of its recommendations.

The UAE authorities reported significant progress in addressing significant anti-money laundering and terrorist financing deficiencies identified during FATF’s evaluations.

The UAE authorities had committed to implementing an action plan swiftly to fix the strategic deficiencies identified within agreed timeframes.

Removal from the list means the UAE will no longer be subject to monitoring by FATF.

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UAE News developments

Dubai: First 3D Printing Construction Licence Approved

  • 21/02/202421/02/2024
  • by Tanya Jain

Arabian Business, 19 February 2024: The Planning and Development Department or Trakhees of the Ports, Customs and Free Zone Corporation or PCFC has announced it has approved the first 3D printing construction licence.

It was granted to Nakheel and is the first licence for construction using 3D printing technology for buildings in the Emirate.

It was granted to Nakheel for the Al Furjan Hills project in December 2023.

The printing process for the initial project was concluded 20 days after the start of construction operations.

3D printing is allowed in the construction sector in the Emirate under Dubai Decree No. 24/2021.

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United Arab Emirates News developments

UAE: Implementation of Heavy Vehicle Weight and Dimension Regulations Postponed

  • 21/02/202421/02/2024
  • by Tanya Jain

Arabian Business, 19 February 2024: The UAE’s Cabinet has announced it has issued a Decision postponing the implementation of Ministerial Decision No. 138/2023 (the heavy vehicle weight and dimension regulations).

It has asked the Energy and Infrastructure Ministry to extensively study its rationale for the decision.

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United Arab Emirates News developments

UAE: Circular on Rules for Deducting Loan Repayments From Pensions Issued

  • 16/02/202416/02/2024
  • by Tanya Jain

Al Bayan, 12 February 2024: The UAE’s General Pensions and Social Security Authority has issued a circular to employers in the public and private sectors to highlight the rules for the deductions of pensions or end-of-service gratuities in line with Federal Decree-Law No. 57/2023.

The Circular states that deductions from the pension or end-of-service gratuity must only be limited to the Authority’s debt. The Authority therefore must not make any deductions in favour of any other debts, whether they were in the interest of the employer or alimony debts.

The Decision came into force on 9 February 2024.

For more information, click here .

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UAE News developments

Dubai: International Financial Centre Announces Launch of Sustaining Family Business Success Programme

  • 16/02/202416/02/2024
  • by Tanya Jain

Arabian Business, 12 February 2024: The Dubai International Financial Centre has announced the launch of a Sustaining Family Business Success Programme.

It has been launched together with the DIFC Academy and MIT Sloan Executive Education.

It will take place from 24 to 26 June and will provide family businesses with training on sustaining success across generations.

It is aimed at equipping family businesses with the knowledge and strategies needed to navigate opportunities and challenges as they expand regionally and globally.

They will earn a certificate from the MIT Sloan School of Management after completing the Programme.

The Programme has been developed around six pillars, including future vision, managing turbulence, governance, talent and succession and multigenerational success.

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United Arab Emirates News developments

UAE: Draft Emirates Council for Sharia Fatwa Law Approved

  • 09/02/202409/02/2024
  • by Tanya Jain

Al Bayan, 31 January 2024: The UAE’s Federal National Council has approved a draft federal law regarding the Emirates Council for Sharia Fatwa.

It will organise the Emirates Council for Sharia Fatwa and grant it the necessary capabilities to organise fatwa affairs and consolidate the status of the fatwa in line with the national identity of the state locally and globally.

The draft law specifies various penalties which will be imposed on offenders.

These include a fine of between 10,000 AED and 200,000 AED for anyone who issues a general legal fatwa in the country on any of the issues and topics that concern the Council.

In addition, the facility may be closed and the website blocked.

The Court may also order the closure of the violating facility or institution or block the platform or website that published the fatwa in violation of the provisions of the law or the decisions issued to implement it.

For more information, click here .

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UAE News developments

Dubai: Dubai Financial Services Authority Issues First ESG Fee Waiver

  • 09/02/202409/02/2024
  • by Tanya Jain

The Dubai Financial Services Authority has announced it has issued the first ESG fee waiver.

It was issued to Emirates NBD Bank PJSC.

The Authority’s Chief Executive announced in December 2023 that it was going to waive all regulatory fees for issuers looking to list sustainability-related debt securities in the DIFC throughout 2024.

All new and repeat issuers who make a relevant application to the Authority are eligible.

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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