Dubai Archives - Page 25 of 32 - LexisNexis Middle East

Dubai: Dubai Taxi Company Law Issued

14/11/202314/11/2023
by Tanya Jain

Khaleej Times (United Arab Emirates), 12 November 2023: Following the issuing of Dubai Law No. 21/2023 establishing a Dubai Taxi Company, they will sell shares via an initial public offering.

It is the latest initial public offering to be carried out by the government since COVID-19.

Their listing is one of ten to be announced by the Dubai Financial Market to increase liquidity in the equity market and boost their market capitalisation to three trillion AED.

Until now, only the utility services provider Dubai Electricity and Water Authority, toll gate operator Salik, Tecom Group and district cooling company Empower have been listed on the Dubai Financial Market.

Dubai Taxi Company will have its own financial and administrative independence.

It will operate for 99 years. This period will be calculated from the date of its registration in the commercial register.

It will be automatically renewed for another 99 years.

As well as providing transportation services for taxis, the Company will also offer specialised transportation using self-driving vehicles and flying taxi services. The Company will also be involved in leasing vehicles with or without drivers, engaging in leasing bikes for cargo transportation companies and pursuing other purposes outlined in their Articles of Association.

Finally, the Company will be able to outsource passenger transportation services through contractual agreements with other companies.

However, Dubai Law No. 21/2023 does not specify when and how much of the Company’s shares will be included as part of the initial public offering.

Dubai’s Crown Prince and Chairman of the Executive Council also approved Dubai Executive Council Decision No. 93/2023 approving Dubai Taxi Company’s Articles of Association. This includes the relevant bylaws and regulations.

In addition, Dubai Executive Council Decision No. 92/2023 has been issued appointing Abdul Mohsin Ibrahim Younis as Chairman, and Ahmed Ali Al Kaabi as Vice Chairman. Among others, Shehab Hamad Abu Shehab, Youssef Ahmed bin Ghalaita, Dr Hanan Sulaiman Al Suwaidi, Abdulla Mohammed bin Damithan, and Issa Abdullah bin Natouf will also be members of the board.

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News developments

UAE: Corporate Tax Regulations for Free Zones Updated

08/11/202308/11/2023
by Tanya Jain

Gulf News (United Arab Emirates), 3 November 2023: The UAE’s Finance Ministry has announced it has updated the corporate tax regulations for free zones.

The Ministry issued Cabinet Decision No. 100/2023 and Ministerial Decision No. 265/2023 to effect these changes.

Cabinet Decision No. 100/2023 expands the definition of Qualifying Income to include income from the ownership or exploitation of Qualifying Intellectual Property, following the methodology of the Organisation for Economic Co-operation and Developments modified nexus approach outlined in Ministerial Decision No. 265/2023.

Ministerial Decision No. 265/2023 lists the trading of Qualifying Commodities as a Qualifying Activity, allowing a 0% corporate tax rate for income generated from physical trading of various commodities on recognised stock exchanges. It also covers derivative trading income used for risk hedging in these trading activities.

In addition, it clarifies the scope of Qualifying and Excluded Activities. This provides free zone businesses with transparency.

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News developments

Dubai: Dubai Financial Services Authority Approves New Crypto Tokens

08/11/202308/11/2023
by Tanya Jain

The Dubai Financial Services Authority has announced that it has approved two new crypto tokens.

They have issued a Notice to this effect in line with GEN Rule 3A.3.4 of the DFSA Rulebook.

They have approved Toncoin (TON) and Ripple (XRP).

The recognition comes into force immediately and remains in force until further notice.

The Notice should be construed in line with GEN section 6.2 as if they are provisions of the Rulebook.

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News developments

UAE: New Housing Policy Approved

04/11/202304/11/2023
by Tanya Jain

Khaleej Times (United Arab Emirates), 30 October 2023: The UAE Cabinet has approved the requirements for housing assistance and mortgage transfer.

It will allow citizens to replace or resell their houses and transfer mortgages.

Flexible loan schemes approved for Emiratis will also be offered.

They will be offered by the Sheikh Zayed Housing Programme as part of efforts to provide suitable housing to Emiratis.

Beneficiaries of housing assistance can now apply for a mortgage transfer from one property to another by sending their applications to the Ministry of Energy and Infrastructure.

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News developments

UAE: Digital Power of Attorney Services Agreement Signed

26/10/202326/10/2023
by Tanya Jain

Al Bayan, 23 October 2023: The UAE’s Justice Minister has signed a cooperation agreement with the Justice Ministry, the Telecommunications Regulatory Authority and the Digital Government and the Supreme Council for Government Digital Transformation Committee.

The aim is to develop a digital power of attorney service to deliver government services that will allow citizens and residents to authorise others to conduct digital government transactions on their behalf quickly, securely and legally as well as in a way that preserves the rights of all parties.

The new government digital service will also be added to the UAE government’s digital capabilities. All government agencies will be able to provide digital agency service for their services on their websites and applications over the course of the next few months.

Those using this service can choose a specific government entity and a specific service provided by this entity and then submit a request to issue a special power of attorney for another person.

Read the full story here.

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News developments

Dubai: Land Department Launches Metaverse Litigation Platform

26/10/202326/10/2023
by Tanya Jain

Gulf Business, 18 October 2023: Dubai’s Land Department has announced it has launched a Metaverse Litigation Platform.

It uses metaverse technology in real estate litigation sessions.

The Rental Dispute Centre also announced it has launched a Judicial Probe service.

It enables a litigant to initiate a case, like filing an eviction case for non-payment of rent, and receive a ruling within minutes, without judicial intervention.

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News developments

UAE: Landmark Verdict Means Moral Damages Are Payable in Commercial Disputes

20/10/202320/10/2023
by Tanya Jain

Gulf News (United Arab Emirates), 19 October 2023: The UAE Court of Cassation has issued a landmark verdict in a case involving the energy drink brand Power Horse.

Power Horse is an Austrian energy drink brand and has its commercial headquarters in Dubai. The Court ordered Power Horse’s partner in the UAE to pay one million Dollars in compensation to Power Horse.

The dispute arose out of a breach of contract. It means businesses in the UAE must now be extra careful with the terms of their contracts. Before the judgment, only individuals were liable to pay moral damages.

Under Federal Law No. 5/1985 (the Civil Code), claimants can seek moral damages as compensation for any non-financial losses sustained from a breach of contract.

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News developments

Dubai: International Financial Centre Courts Sign Cooperation Agreement with Dubai Chambers

18/10/202318/10/2023
by Tanya Jain

The Dubai International Financial Centre Courts have signed a cooperation agreement with Dubai Chambers to support projects to diversify the Emirate’s and the UAE’s economy and support innovation in this area.

Under the agreement, the two entities will work together on specific digital economy and mediation and notary services provided by both of them.

They will also carry out activities internationally together.

Also reported in Al Bayan on 13 October 2023. Click here to read more.

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News developments

UAE: Emirates Drug Corporation Established

11/10/202311/10/2023
by Tanya Jain

Al Bayan, 9 October 2023: The UAE’s Cabinet has approved a Federal Law establishing the Emirates Drug Corporation.

It will be responsible for regulating and managing everything related to medical products at a federal level and will have its own legal personality and financial and administrative independence.

Among other things, it will trace medical products across the country, including free zones.

These products include pharmaceutical products, medical aids, healthcare products, biological products, nutritional supplements, cosmetics, veterinary products, fertilisers, agricultural conditioners, growth regulators, plants, pesticides, genetically modified organisms, and their products.

Other medical products may be added by subsequent legislation.

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News developments

Dubai: International Arbitration Centre Mediation Rules Come into Force

11/10/202311/10/2023
by Tanya Jain

The Mediation Rules approved by the Dubai International Arbitration Centre in July 2023 have come into force. They came into force on 1 October and mean all new mediation requests submitted to the Centre after this date will be governed by the Rules.

This will be subject to the introductory provisions set out in the Rules.

The Rules will apply where the parties have agreed to mediate their dispute at the Centre. Any party may refer a dispute to mediation at the Centre regardless of whether there is a pre-existing agreement to mediate.

Where there is a pre-existing agreement to mediate, the Rules will apply to mediations which start after the date the Rules came into force regardless of the date on which the agreement to mediate was entered into.

The parties may agree in writing to modify the Rules to the extent that the modiﬁcations are within the spirit of the Rules and do not render them inoperable, providing the modifications are approved by the mediator.

The aim is for all mediations to be conducted fairly, impartially, efﬁciently and proportionately with the sum(s) claimed and/or counterclaimed and the complexity of the dispute being taken into account.

The mediator, the parties and the parties’ representatives undertake to conduct the mediation in line with this objective. The party requesting mediation must submit an application to the Centre in the specified form and send a copy to the responding party at the same time.

The responding party will submit a reply in the specified form to the Centre and send a copy to the requesting party at the same time within 15 days of being notified of the application.

The Centre may grant the responding party an extension of up to seven days to ﬁle a reply, provided that the request for an extension contains the responding party’s consent that the dispute be referred to mediation under the Rules, if requested.

If no reply is received from the Centre within the specified time limits or within the additional time determined by the Centre in its discretion, it will be considered that the responding party does not consent to the dispute being referred to mediation under the Rules and the mediation will not proceed.

Where the parties reach an agreement to refer the dispute to mediation in line with the Rules, the mediation will start on the date the Centre sends written conﬁrmation to the parties that agreement to this effect has been reached.

The Rules also contain provisions on notifications, communications and calculation of time limits, mediation costs, appointment of mediators, conduct of the mediation and conclusion of the mediation.

In addition, they contain provisions on confidentiality, the functions of the Centre and Arbitration Court, exclusion of liability and document retention.

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