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Sharjah: Plans to Launch Rental Index to Reduce Disputes Between Tenants, Landlords News developments

Sharjah: Plans to Launch Rental Index to Reduce Disputes Between Tenants, Landlords

  • 16/01/202516/01/2025
  • by Hannah Gutang

Khaleej Times, 13 January 2025: Sharjah is set to introduce a rental index aimed at enhancing transparency in the emirate’s real estate market and boosting investor confidence.

This initiative will feature a map of Sharjah, enabling residents to view rental rates in their specific areas.

The rental index, developed by Sharjah Digital in collaboration with the Sharjah Real Estate Department, is anticipated to be unveiled during the Acres 2025 exhibition at the Sharjah Expo Centre from 22 and 25 January 2025.

The introduction of the index is expected to bring greater clarity to the rental market, thereby reducing disputes between tenants and landlords.

This move follows similar initiatives in other emirates, such as Dubai’s ‘smart rental index’ and Abu Dhabi’s inaugural rental index, both designed to increase market transparency and provide indicative rental values.

Industry leaders have expressed support for the index, highlighting its potential to improve trustworthiness in the market.

The initiative is seen as a positive step towards making the real estate sector more transparent and reliable for all stakeholders involved.

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UAE News developments

Dubai: Enacts New Fines for Foreign Banks

  • 16/01/202516/01/2025
  • by Hannah Gutang

In a significant move to regulate foreign banking operations within the Emirate, the Executive Council has issued Dubai Executive Council Decision No. 101/2024.

This decision, effective immediately upon its publication in the Official Gazette, outlines a comprehensive framework for administrative violations and fines applicable to foreign banks operating in Dubai.

The decision, rooted in the provisions of Dubai Law No. 1/2024 on the taxation of foreign banks, aims to ensure compliance with financial regulations and enhance transparency within the sector.

It stipulates a range of fines for various administrative violations, with penalties escalating for repeated offences.

Key provisions include fines for delays in submitting tax returns and supporting documents, with penalties set at AED 1,000 for each day of delay.

More severe violations, such as submitting falsified documents, incur fines of AED 20,000 per incident.

Additionally, banks failing to report changes in contact information or the suspension of operations face fines of AED 20,000.

The decision also mandates that all fines collected will be directed to the Public Treasury of the Dubai Government, reinforcing the commitment to fiscal responsibility and governance.

This regulatory update underscores Dubai’s dedication to maintaining a robust and compliant financial environment, aligning with international standards and fostering a transparent banking sector.

The decision is part of a broader strategy to enhance the Emirate’s financial regulatory framework, ensuring that foreign banks comply with local laws and contribute positively to Dubai’s economic landscape.

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Sharjah: Approves UAE’s First Bill on Natural Resources Corporate Tax News developments

Sharjah: Approves UAE’s First Bill on Natural Resources Corporate Tax

  • 14/01/202514/01/2025
  • by Hannah Gutang

Khaleej Times, 12 January 2025: Sharjah’s Consultative Council has approved a groundbreaking bill on corporate tax for extractive and non-extractive natural resources, marking a first in the UAE.

This draft law is designed to regulate the taxation of companies involved in the extraction and use of natural resources, covering both mineral extraction and associated activities.

The initiative is part of a broader strategy to enhance Sharjah’s tax system, ensuring effective governance and adherence to regulatory standards.

The legislation aims to create a comprehensive framework for economic activities related to natural resources, thereby boosting public revenues to fund development projects within the emirate.

The decision was made during the council’s seventh meeting at its headquarters in Sharjah, as part of its agenda for the second regular session of the eleventh legislative term.

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
        Beeah Legal Summit I Evening Reception | January 28, 2025 | Amazonico, DIFC | 6:30 PM – 9:30 PM (UAE Time)

Expired Beeah Legal Summit I Evening Reception | January 28, 2025 | Amazonico, DIFC | 6:30 PM – 9:30 PM (UAE Time)

  • 10/01/202530/01/2025
  • by Vincent Slingerland
We're sorry, but all tickets sales have ended because the event is expired.

  • LexisNexis | Beeah Summit Evening Reception | January 28, 2025| Amazonico, DIFC | 6:30 PM - 9:30 PM (UAE Time)
     28/01/2025
     6:30 PM - 9:30 PM

REGISTER HERE By Invitation Only   Join us for an exclusive evening reception following the BEEAH Legal Summit ‘Tomorrow, Today’ in collaboration with FTI Consulting & LexisNexis. This is a unique opportunity to network with over 150+ senior legal executives and industry leaders who are shaping the future of the legal profession. Enjoy an evening (more…)


        
            Sold Out
        Beeah Legal Summit | January 28, 2025 | 8:30 AM – 4:30 PM (UAE Time)

Sold Out Beeah Legal Summit | January 28, 2025 | 8:30 AM – 4:30 PM (UAE Time)

  • 10/01/202514/01/2025
  • by Vincent Slingerland
We're sorry, but all tickets sales have ended because the event is expired.

  • Beeah Legal Summit | January 28, 2025 | 8:30 AM - 4:30 PM (UAE Time)
     28/01/2025
     8:30 AM - 4:30 PM

  REGISTER HERE Secure Your Spot at the BEEAH Legal Summit ‘Tomorrow, Today’   LexisNexis Middle East is pleased to collaborate with BEEAH for the exciting Second Edition of the BEEAH Legal Summit: ‘Tomorrow, Today’. BEEAH’s vision is to pioneer a sustainable quality of life within the MENA region and beyond. They do this by (more…)

Abu Dhabi: New Labour Laws Allow Companies to Hire Remote Workers News developments

Abu Dhabi: New Labour Laws Allow Companies to Hire Remote Workers

  • 10/01/202510/01/2025
  • by Hannah Gutang

Khaleej Times, 9 January 2025: Abu Dhabi has introduced new employment regulations that empower companies to hire remote workers and offer more flexible working arrangements.

The Registration Authority (RA) of the Abu Dhabi Global Market (ADGM), the international financial centre of Abu Dhabi, has published these new laws to provide greater clarity to employers and employees regarding their rights and obligations.

A significant change in the regulations is the amendment of the definition of an “employee” to include remote and part-time work.

This change reflects the evolving nature of the workforce and aims to accommodate diverse working styles.

The new regulations will come into effect on 1 April 2025, allowing employers ample time to adjust their internal policies, employment contracts, and other employment-related matters to comply with the new requirements.

As per the new law, employers are responsible for providing and maintaining the technical equipment necessary for employees to perform remote work.

This ensures that remote workers have the tools they need to be productive and efficient.

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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UAE: Government Issues Federal Decree-Law to Reorganise Civil Defence Authority News developments

UAE: Government Issues Federal Decree-Law to Reorganise Civil Defence Authority

  • 10/01/202510/01/2025
  • by Hannah Gutang

The UAE Government has issued a Federal Decree-Law to reorganise the Civil Defence Authority, aiming to enhance the country’s readiness to respond to emergencies and disasters while ensuring the highest standards of public safety and protection.

This Decree marks a significant step in modernising the national civil protection framework.

The reorganisation focuses on improving coordination between local and federal entities working in civil defence, developing advanced alert and evacuation systems, providing care for affected individuals, and forming specialised teams for relief efforts.

The Decree establishes a new entity named the “Civil Defence Authority”, part of the National Emergency, Crisis, and Disasters Management Authority.

This new body replaces the Civil Defence Department previously operating under the Ministry of Interior.

The Civil Defence Authority is tasked with strategic responsibilities to enhance civil protection and ensure comprehensive readiness to address risks and disasters.

These responsibilities include developing policies, strategies, and regulations related to civil defence in coordination with relevant entities, studying potential risks and incidents, and preparing plans to manage them efficiently.

The Authority is also responsible for creating hazards prevention programmes and establishing safety standards, securing buildings and facilities against fire hazards, and deploying rapid response teams to incident sites to extinguish fires effectively.

The Authority’s duties extend to establishing and equipping specialised risk management centres and public alert systems to warn residents of potential hazards.

It also prepares evacuation plans for residents when necessary and ensures residential and institutional buildings are adequately equipped.

Medical and social care is provided for affected individuals in collaboration with relevant entities.

To further bolster national preparedness, the Authority is tasked with procuring and maintaining equipment essential for civil defence operations.

It also coordinates essential services—medical, social, engineering, administrative, and educational—to ensure continuity during times of disasters.

Additionally, the Authority organises efforts and collaborates with entities that have internal security systems, such as oil companies and airports, to provide support as required.

The Civil Defence Authority is committed to forming specialised teams to carry out response and relief operations in affected areas.

It organises joint training programs for civil defence personnel and volunteers and implements awareness campaigns to educate residents on the necessary actions during emergencies.

The Authority’s responsibilities also include monitoring radiological, chemical, and biological hazards and taking the necessary measures to address them in coordination with relevant authorities.

Furthermore, it enhances cooperation among UAE emirates to establish support centres that improve civil defence services at national and international levels.

The Civil Defence Authority prioritises coordination with entities that maintain internal security and safety systems, such as oil companies and airports, to ensure effective support and assistance when required.

This includes organising methods for providing aid and fostering efficient collaboration during emergencies.

The Civil Defence Authority is tasked with forming specialised teams for response and relief operations in disaster-affected areas.

It organises training programmes and joint simulation exercises for civil defence personnel and volunteers to enhance their readiness for various emergency scenarios.

Additionally, the Authority oversees awareness campaigns to educate residents about necessary precautions and procedures during emergencies.

The Authority requires entities to refrain from issuing any licences for properties or facilities unless they first obtain a certificate verifying compliance with safety and prevention standards.

The Decree establishes a dedicated committee to review compensation claims related to damages caused by civil defence operations, with a grievance mechanism in place.

It also enforces strict penalties, including imprisonment of up to six months or fines of up to AED250,000 for violations of the law or disruptions to civil defence activities.

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UAE News developments

Dubai: Smart Rental Index Requires Improvements Before Rent Rises

  • 10/01/202510/01/2025
  • by Hannah Gutang

Khaleej Times, 2 January 2025: Landlords of older buildings in Dubai will have to renovate their properties in order to raise their ratings if they wish to increase rents, according to authorities announcing the details of the new Dubai smart rental index.

The index has been launched by the Dubai Land Department (DLD) and links the classification and ratings of the buildings when it comes to increasing rentals in Dubai. The index covers all residential areas in Dubai, including key districts, special development zones, and free zones, ensuring standardised valuation and pricing criteria. The DLD has linked the index to the building classification system and is encouraging owners to keep their buildings updated as this will improve the quality of life for tenants and rental value for owners, The authority expects that some landlords who want to increase rents will come to them for evaluations. The classification has more than 60 criteria, and one of the criteria used in the index is the classification of buildings. If someone wants to increase rents they will have to increase classification and rating, The scheme will initially cover residential properties with commercial properties added in later.

The index is based on the average rent in the area, the building itself, old and new contracts and the classification.

While the previous Dubai rental index was only updated once a year, the new index is updated in minutes across all areas of Dubai.

The DLD has also introduced a ‘Model Tenant Classification’ system, which is a new tool for classifying tenants’ credit ratings and obtaining credit reports through the Ejari system and the smart app for interested parties.

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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Abu Dhabi: ADGM Imposing Financial Penalty for AML Control Failure News developments

Abu Dhabi: ADGM Imposing Financial Penalty for AML Control Failure

  • 10/01/202510/01/2025
  • by Hannah Gutang

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) imposed a USD 504,000 penalty on a company for deficiencies in its anti-money laundering (AML) systems and controls.

Analysis

The FSRA’s investigation into a company revealed significant compliance lapses in its AML systems, despite no actual instances of money laundering being identified. The investigation highlighted critical issues, including inadequate risk assessments, insufficient customer due diligence, and lack of effective monitoring systems.

Penalty and Cooperation:

As a result of these findings, the FSRA imposed a financial penalty of USD 504,000 on ACL. However, due to the company’s full cooperation with the investigation and proactive steps taken to address the identified issues, the company qualified for a 20% discount on the penalty.

For the final notice issued under Section 251 of the Financial Services and Markets Regulations 2015, 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.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

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LexisNexis Middle East Partners with SCCA for RIDW 2025 Event

LexisNexis Middle East Partners with SCCA for RIDW 2025

  • 07/01/202507/01/2025
  • by Hannah Gutang

LexisNexis Middle East is set to play a pivotal role as the Legal Media Partner for the upcoming Riyadh International Disputes Week 2025, hosted by the Saudi Center for Commercial Arbitration (SCCA). Scheduled for February 26, 2025, this landmark event will spotlight the SCCA’s 4th International Conference and Exhibition, known as SCCA25, under the theme “Arbitration and the Law as Pillars of Transformation.”

The conference promises a robust agenda with four dynamic panel discussions covering seven subtopics, delivered by a distinguished lineup of 30 expert speakers. With an anticipated attendance of 1,250 participants from both local and international spheres, the event is poised to be a hub for fostering significant connections and collaborations among professionals committed to the advancement of alternative dispute resolution (ADR).

This year’s event is particularly significant as it aims to address the evolving challenges and opportunities within the field of arbitration and law, providing a platform for thought leaders to share insights and strategies. Attendees will have the chance to engage with cutting-edge topics and network with peers who are at the forefront of legal innovation.

This is a unique opportunity for legal professionals to influence the future landscape of arbitration and law. Interested participants are encouraged to register at https://ridw.org/event/scca-4th-international-conference-and-exhibition.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

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