UAE Archives - Page 14 of 96 - LexisNexis Middle East

Expired Unlocking Public-Private Synergies: Best Practices and Future Outlook for PPP in the UAE

30/04/202507/05/2025
by Tanya Jain

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Unlocking Public-Private Synergies: Best Practices and Future Outlook for PPP in the UAE | May 15, 2025 | 8:30 AM to 11:30 AM | Waldorf Astoria, DIFC
15/05/2025
8:30 AM - 11:00 AM

REGISTER HERE An event by Airut Legal Consultants and USJ Dubai in partnership with LexisNexis Middle East This conference will bring together key stakeholders from the public and private sectors to discuss the evolving landscape of Public-Private Partnerships (PPP) in the UAE. With a focus on structuring, financing, and risk allocation, the panel will explore (more…)

News developments

UAE: Central Bank Imposes Financial Sanction on Bank for AML Failures

24/04/202524/04/2025
by Hannah Gutang

Gulf News, 21 April 2025: The UAE Central Bank has imposed financial sanctions on an unnamed banking entity following an examination that revealed significant gaps in its internal anti-money laundering (AML) processes.

This decision underscores the Central Bank’s commitment to ensuring all banks and their staff comply with UAE laws, regulations, and standards related to AML. The penalty was issued after the Central Bank assessed the findings of its examination, which indicated non-compliance with AML policies, reflecting the regulator’s stringent enforcement of compliance requirements across the financial sector, including banks, currency exchange houses, and insurers.

The sanctioned bank must address the identified deficiencies and align its operations with national AML standards. This development follows the Central Bank’s announcement last year that a new internal entity, the National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC), would oversee anti-money laundering operations.

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News developments

Dubai: Launches World’s First AI-Powered Financial Governance System

24/04/202524/04/2025
by Hannah Gutang

Emarat Al Youm, 22 April 2025: Dubai’s Department of Finance has unveiled “ASCEND,” an AI-powered system designed to enhance financial governance and compliance.

The system was launched during the inaugural Dubai AI Week, reflecting the department’s commitment to modernising government financial operations and ensuring future readiness through advanced technology and innovation.

“ASCEND” is a cornerstone of Dubai’s AI strategy, driving comprehensive transformation in financial operations to ensure accountability, flexibility, and excellence. It addresses government compliance challenges such as data fragmentation and manual processes and it seamlessly integrates with other internal systems, enabling unified compliance oversight without data transfer. The system automates traditional review processes, setting a high global standard for public sector financial oversight.

It employs a multi-step intelligent approach supported by open-source large language models and retrieval-augmented generation architecture and analyses complex legal texts, understands financial processes, and assesses compliance with relevant laws and regulations. The system generates actionable AI-driven recommendations to support governance practices and automatically issues clear compliance reports in Arabic and English.

“ASCEND” has been designed to be secure and scalable, operating on a cloud infrastructure within the UAE to ensure full data sovereignty and compliance with national information security standards.

For the full story, click here.

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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Expired Dubai’s Freezones Unlocked: Navigating New Regulations | 7 May 2025 | 8:30 AM | Waldorf Astoria

19/04/202505/05/2025
by Vincent Slingerland

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Dubai’s Freezones Unlocked: Navigating New Regulations | 7 May 2025 | 8:30 AM | Waldorf Astoria
07/05/2025 - 19/05/2025
8:30 AM - 12:00 PM

25lexpert-1

Expired Tolley’s Tax Breakfast | May 01, 2025 | 9:30 AM | Capital Club DIFC

18/04/202529/04/2025
by Vincent Slingerland

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Tolley+ Middle East | May 01, 2025 | 9:30 AM | Capital Club DIFC
01/05/2025
9:30 AM - 12:30 PM

REGISTER HERE As LexisNexis proudly brings Tolley+ to the Middle East, we welcome you to an exclusive deep dive into the UAE’s dynamic tax landscape. This high-impact session offers expert-led insights into key tax regimes shaping the region, including VAT, Excise Tax, and the newly introduced Corporate Tax. Moderated by Mohamed El Bagdady, our (more…)

News developments

UAE: Trade Licensing Authority’s Decision on Financial Year Sparks Confusion

17/04/202517/04/2025
by Hannah Gutang

The National News, 10 April 2025: A recent decision by a UAE trade licensing authority to standardise the financial year for entities under its jurisdiction to a calendar year has led to confusion among businesses.

A UAE trade licensing authority has required all entities under its jurisdiction to adopt a calendar financial year, running from January 2025 to December 2025. This decision will require thousands of companies to alter their memorandums of association and has caused confusion about the potential tax impact. Previously, businesses which came under the trade licensing authority had the flexibility to choose their financial year based on their month of formation, but the new directive has standardised the period.

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News developments

ADGM: Proposed Amendments to Prudential Framework for Lower-Risk Firms

16/04/202516/04/2025
by Hannah Gutang

ADGM, 9 April 2025: The Financial Services Regulatory Authority (FSRA) in the ADGM has issued a consultation paper proposing amendments to the prudential framework for lower-risk firms.

Consultation Paper No. 2 of 2025, targets Authorised Persons in Categories 2, 3A, 3B, 3C, and 4, as well as potential applicants and professional advisors. It has been proposed the Expenditure Based Capital Minimum (EBCM) requirement for Category 4 firms not holding Client Assets or Insurance Money should be removed, while increasing the Base Capital Requirement (BCR) for most Category 4 firms to $50,000. The FSRA has also suggested applying a BCR of $250,000 for Providing Custody for a Fund, unless it is a Public Fund, and removing the Internal Risk Assessment Process (IRAP) reporting requirement for Category 3B and 3C firms. There is also a proposal to eliminate the professional indemnity insurance (PII) requirement for Branches of Category 3B, 3C, and 4 firms. It is hoped the proposed changes would reduce the regulatory burden for these firms and better reflect the lower prudential risks associated with them. The closing date for comments on these proposals is 21 May 2025. The proposed amendments would modify the current prudential requirements under the FSRA’s Prudential – Investment, Insurance Intermediation, and Banking Rulebook (PRU).

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News developments

UAE: New Tax Rules for Non-Resident Investors in Investment Funds

10/04/202510/04/2025
by Hannah Gutang

Gulf News. 6 April 2025: The UAE Ministry of Finance has issued Cabinet Decision No. 35/2025 for non-resident investors in Qualifying Investment Funds and Real Estate Investment Trusts.

Cabinet Decision No. 35/2025, outlines the conditions under which non-resident juridical investors in Qualifying Investment Funds (QIF) or Real Estate Investment Trusts (REIT) are deemed to have a nexus in the UAE, and therefore are subject to taxation. It has repealed Cabinet Decision No. 56/2023 and follows Cabinet Decision No. 34/2025 concerning Qualifying Investment Funds and Limited Partnerships.

It impacts non-resident juridical investors in QIFs and REITs, specifying that a taxable nexus arises if a QIF or REIT distributes 80% or more of its income within nine months from its financial year-end, either on the date of dividend distribution or the date the ownership interest is acquired. A nexus would also be created if a QIF fails to meet the diversity of ownership conditions during the tax period. Conversely, non-resident investors who are exclusively investing in QIFs and REITs without breaching these conditions would not be considered to have a taxable presence in the UAE.

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News developments

Ajman: New Real Estate Contributions Law

10/04/202510/04/2025
by Hannah Gutang

Ajman has introduced a comprehensive legal framework through Ajman law No. 1/2025 to regulate real estate contributions.

Ajman law No. 1/2025 outlines the procedures and requirements for real estate contributions, including the establishment of a register for real estate contributions, the roles and responsibilities of trustees, and the conditions for the transfer and liquidation of contributions. Real estate contributions are financial or in-kind investments made by an owner or investor into a real estate project or investment vehicle, often in exchange for shares or ownership in the venture. The new law is expected to enhance transparency, protect investors’ rights, and attract more investment into the real estate sector in Ajman. Obligations under the law include the requirement for trustees to manage contributions responsibly, ensure compliance with anti-money laundering regulations, and maintain a minimum ownership stake in the contributions. The law repeals any conflicting provisions in existing legislation and is set to come into effect 30 days after its publication in the official gazette.

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News developments

Abu Dhabi: School Fee and Cost Rules Outlined

10/04/202510/04/2025
by Hannah Gutang

Emiratalyoum, 3 April 2025: The Abu Dhabi Department of Education and Knowledge (ADEK) has announced a new school fee policy for the 2025-2026 academic year, allowing optional charges for textbooks and uniforms in private schools.

The policy divides school fees into six components: tuition, educational resources, uniforms, transportation, extracurricular activities, and other fees. It allows parents to opt out of certain charges involving devices, textbooks, and uniforms if they choose to use second-hand materials that meet the school’s requirements. Schools are permitted to collect tuition fees in up to ten instalments, providing flexibility for parents.

Schools must publish their approved fees on their websites and adhere to the fee levels set by ADEK. They must also offer detailed payment schedules and can enter into agreements with parents on these schedules. Schools can also charge a registration fee of up to 5% of the approved tuition fees, which can be collected up to four months before the academic year begins. However, any registration fees must be deducted from the final tuition fees, and schools cannot request additional financial guarantees from parents.

In cases of late or non-payment of fees, schools must have a clear and fair policy in place and not impose punitive measures. They must notify parents in writing at least three months before the end of the academic year on the consequences of not re-registering their children due to unpaid fees. Schools are prohibited from barring students from exams due to fee issues. The policy also outlines potential actions for non-payment, including issuing three consecutive warning notices to parents, suspending student registration for up to three days per term, and withholding exam certificates or transfer documents until all fees have been settled.

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