UAE Archives - Page 20 of 93 - LexisNexis Middle East

ADGM: Enhancing Regulatory Framework for Sustainable Financial Practices

31/10/202431/10/2024
by Hannah Gutang

The ADGM Financial Services Regulatory Authority (FSRA) has published a Consultation Paper aimed at enhancing its regulatory framework to ensure continued alignment with the guidelines outlined by the Basel Committee on Banking Supervision (BCBS).

The key areas of enhancements to the regulatory framework pertain to corporate governance expectations, requirements around notifications to the FSRA, related party transactions, provisioning for credit exposures, stress testing expectations, designation of domestic systemically important banks, and expectations around the management of country risk and transfer risk.

This consultation paper is of interest to all Authorised Persons operating in ADGM or seeking to do so, particularly banks, insurers, and entities authorised to provide credit or manage profit-sharing investment accounts (PSIAu) in ADGM.

The FSRA seeks feedback to establish a regulatory environment built on a solid foundation that supports sustainable financial practices.

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Expired LexisNexis Women in Law Awards 2025 | 20 February 2025 | Raffles The Palm Dubai | 7 PM to 11 PM

30/10/202418/02/2025
by Malini Dean

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LexisNexis Women in Law Awards 2025 | 20 February 2025 | Raffles The Palm, Dubai | 7 PM to 11 PM
20/02/2025
7:00 PM - 11:00 PM

BECOME A SPONSOR BOOK YOUR SEAT! WHAT ARE THE WOMEN IN LAW AWARDS? LexisNexis Middle East is proud to present the Women in Law Awards 2025. This prestigious event will highlight the contributions of exceptional women who have reshaped the legal landscape in the GCC region. WHY THE WOMEN IN LAW AWARDS? At LexisNexis, (more…)

News developments

UAE: FTA Publishes New Guide on Tax Residency and Tax Residency Certificate

24/10/202424/10/2024
by Hannah Gutang

On 18 October 2024, the UAE Federal Tax Authority (FTA) had published a new guide titled Tax Residency and Tax Residency Certificate – Tax Procedures Guide (TGPTR1).

The guide covers various aspects of tax residency, reviewing the relevant criteria under UAE tax laws and double taxation agreements (DTAs) and offering several examples.

It provides guidance on how a UAE tax resident can obtain a Tax Residency Certificate (TRC) or request the FTA’s stamp on an original TRC form issued by another jurisdiction.

One of the key aspects the guide addresses relates to the Place of Effective Management (POEM) as a criterion for determining UAE corporate tax residency.

The guide analyses the facts and circumstances that need to be considered when deciding if key management and commercial decisions, on the basis of which POEM is determined, are made in the UAE or elsewhere.

It indicates various criteria for identifying persons who make key management and commercial decisions for the company, outlining three tests: the board of directors test, the delegation of authority test, and the shareholder activity test.

The guide offers various examples of when the POEM is in the UAE (e.g., board meetings held virtually when the majority of directors are physically located in the UAE) or not (e.g., when key management and commercial decisions are made in the UAE on an occasional or one-off basis).

The guide also explains who can qualify for the TRC and the procedures to follow to obtain it.

A TRC cannot be obtained for future periods or periods exceeding 12 months.

When a TRC is needed for the current period, the FTA will review the application after three months into the period for juridical persons, as soon as the criteria to be a Tax Resident are met for natural persons, and one day into the period for Government Entities and Government Controlled Entities.

The new guide is essential for those handling corporate tax in the UAE or navigating global tax responsibilities.

Although not legally binding, it will certainly help businesses and individuals optimise their tax strategies.

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News developments

Sharjah: Digital Department Creates Platform for Real Estate Services

24/10/202424/10/2024
by Hannah Gutang

The Sharjah Digital Department (SDD) signed a partnership agreement with ADRES Real Estate Services to support and enhance all real estate services in the emirate of Sharjah through a single platform that provides reliable and accurate information about the real estate sector.

The agreement was signed in the presence of officials from the Ruler’s Office, Sharjah Digital Department, and Aldar Properties Group.

This event took place on the sidelines of GITEX 2024, where the signing of the partnership agreement was accompanied by the announcement of the integrated real estate platform “Aqari,” which aims to create a qualitative shift in real estate services in the emirate of Sharjah.

The “Aqari” platform is part of the distinguished Sharjah Digital initiatives, which aim to facilitate access to services through a platform available across multiple channels, including an electronic portal and smartphone applications compatible with both iOS and Android operating systems.

This platform will digitise and simplify real estate transactions, enhance transparency, and support economic growth in the emirate of Sharjah by providing a unified database for all properties.

It will include services such as lease contracts, property ownership, agency management, dispute resolution, as well as facilitating buying, selling, mortgaging, and issuing property certificates.

The platform will also work on developing a comprehensive real estate ecosystem that improves customer experience and provides a holistic view of the real estate market for decision-makers.

The “Aqari” platform is set to launch in December 2024, starting with property leasing services, including the endorsement and renewal of lease contracts, issuance of clearance certificates including investment contracts, as well as services from dispute resolution services.

In the first phase, the focus will be on rental services and positive dispute resolution, with plans to integrate all other real estate services in subsequent phases.

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News developments

Dubai: New Rules on Vehicle Impound

24/10/202424/10/2024
by Hannah Gutang

Khaleej Times, 22 October 2024: The Dubai Police will now impound vehicles for up to 30 days for a number of traffic offences.

Using mobile phones while driving, tailgating and sudden deviation are among the offences which will lead to a vehicle being confiscated for 30 days.

Federal Decree-Law No. 14/2024 specifies fines of between Dh400 and Dh1,000 and four black points for these offences. With this amendment, the 30-day impoundment will be an additional penalty in Dubai. Using a phone while driving has been defined as being distracted by devices while driving. Sudden deviation of the vehicle in a manner that poses a danger to lives and property, or traffic safety, and not leaving enough safe distance from the vehicle in front will also lead to a 30-day impoundment.

The additional penalty also applies if a heavy vehicle fails to adhere to lane discipline.

A 14-day impoundment for entering the road without making sure it is clear, reversing the vehicle in a manner that endangers life or property or traffic safety, lane indiscipline, stopping in the middle of the road for no reason, dangerous overtaking, lack of necessary safety and security conditions in the vehicle, stopping a vehicle on the shoulder of the road in non-emergency situations, or overtaking vehicles from the shoulder.

This penalty will also apply when driving a vehicle without a licence plate, driving in a manner that obstructs traffic and making changes to a vehicle’s colour without permission.

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News developments

Abu Dhabi: Digital Notary Service

24/10/202424/10/2024
by Hannah Gutang

The Abu Dhabi Judicial Department has launched a digital notary services platform for conducting notary transactions and attestations using AI technology.

The service provides approved templates and forms of powers of attorney, declarations, and contracts by notary publics. It enables approved transactions to be issued without human intervention, in both Arabic and English languages.

The digital platform has been designed to improve the process for completing notary transactions and authentications by shortening unnecessary steps and reducing the required inputs using user data from the government data interchange after a user has registered with the UAE Pass. It will be particularly useful for land transactions in Abu Dhabi, licensed vehicles, and for commercial licenses issued by the Emirate. It will also be possible to be used for registered cases, and powers of attorney issued by the Judicial Department.

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News developments

Lexis Middle East HR Alert – October 2024 Edition

21/10/202423/10/2024
by Tanya Jain

Welcome to the latest edition of Lexis Middle East HR Alert – October 2024, your definitive guide to staying ahead of the legal and business developments shaping HR in the Middle East. As the region continues to evolve and embrace global standards, it is essential for HR professionals, legal practitioners, and business leaders to remain informed about the changes and trends impacting the workforce.

In this issue, we explore how retirement in Saudi Arabia is changing following the new Social Security Law, Saudi Arabia Cabinet Decision No. 1022/1445, as explained by Zahir Qayum of Mohammed Ayedh AlShahrani Law Firm. We also delve into the approaches being taken in the UAE to reduce working hours, as discussed by Charles Laubach of Afridi & Angell.

In this issue, we explore how retirement in Saudi Arabia is changing following the new Social Security Law. We also delve into the approaches being taken in the UAE to reduce working hours, as discussed by Charles Laubach of Afridi & Angell.

We cover exemption from contributions in the news round-up, stricter penalties for labour law violations in the immigration focus, and a law on safety and contingencies in vital facilities. Gain insights into a case on an employee’s cryptocurrency entitlements in the case focus section. In the HR Profile, Ashutosh Sinha, Managing Partner and Chief Human Resources Officer at Seintiv Talent Solutions, explains how a focus on people, culture, and performance can transform businesses.

Stay updated with the latest business moves, appointments, and promotions, and explore new and proposed laws affecting the MENA region. This issue also includes the UAE’s progressive new law on Psychiatric Health, also known as the Mental Health Law, which aims to enhance mental health support, including in the workplace.

Happy reading!

This edition features a diverse range of content, including:

Feature: Ready to Retire

The new Social Security Law in Saudi Arabia, Cabinet Decision No. 1022/1445, introduces changes to the retirement system. Zahir Qayum of Mohammed Ayedh AlShahrani Law Firm provides an overview of how retirement in Saudi Arabia is being impacted by these legal reforms.

Trend Setter – Reduced Working Hour

The UAE is exploring approaches to reduce working hours for employees, as examined by Charles Laubach of Afridi & Angell. This move aims to enhance work-life balance and productivity in the country’s workforce. Potential measures under consideration include shorter workweeks and flexible work options.

News Round-up: Covering Recent Key Developments – Region-Wide

Stay updated with the latest regional developments, including the exemption from contributions to the Nafis fund. Facilities demonstrating support for Emirati competitiveness may be exempt from partial or total contributions based on MOHRE data and reports.

Immigration Focus

Gain valuable knowledge on the evolving immigration and visa rules across the Gulf Cooperation Council (GCC) countries, with a spotlight on the United Arab Emirates’ tougher penalties for labour law violations.

Immigration Focus: Best and Perhaps Better?

Rekha Simpson, Director, Middle East Immigration, Vialto Partners talks about what has been the most interesting immigration development in the UAE and the changes she is most looking forward to.

Law Changes: New and Proposed MENA Laws

Luke Tapp and Sarah Khasawneh of Pinsent Masons explain new safety and contingency requirements which apply to vital facilities following the issue of Qatar Ministerial Decision No. 25/2024.

Case Focus – DIFC Case No. 1739/2024 issued on 17
July 2024

This case, recommended by Wasel & Wasel, highlights a pivotal issue concerning an employee’s cryptocurrency entitlements. This case has set a robust legal precedent that could influence future cases involving digital currencies in the UAE and beyond.

Enrich your understanding of the HR landscape and stay up-to-date with the latest trends, cases, and policies through the newest issue of Lexis Middle East – HR Alert.

For all the latest industry updates and developments, opt for a free HR Alert subscription!

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Lexis Middle East HR Alert_October 2024

Have you read the Lexis® Middle East HR Alert – previous 2024 editions? Click the links below to access and read these editions.

Lexis Middle East HR Alert_January 2024

Lexis Middle East HR Alert_May 2024

Lexis Middle East HR Alert_July 2024

HR Profile: Transforming Talent

Ashutosh Sinha, Managing Partner and Chief Human Resources Officer at Seintiv Talent Solutions explains how a focus on people, culture and performance can transform businesses.

In-House Profile: Practitioner Perspective

Sarah Malik, the CEO of SOL International, examines best practices for performance management, particularly when evaluating and providing feedback to directors and senior-level professionals.

Policy Pointers: Mental Health

Emily Aryeetey, Partner at Stephenson Harwood LLP, contributes her expertise on the Mental Health Law that came into force on 30 May 2024 which aims to enhance mental health support, including the workplace.

Moves and Changes

Stay informed about the latest business news, significant appointments, and promotions across the region, ensuring you are up-to-date with the key players in the market.

News developments

UAE: Eases Corporate Tax Compliance for Businesses

18/10/202418/10/2024
by Hannah Gutang

The National, 14 October 2024: The UAE’s Ministry of Finance has cancelled economic substance reporting requirements for companies with a financial year ending after 31 December 2022.

This move aims to help companies focus on compliance with the UAE corporate tax system.

The amendment to Cabinet Decision No. 57/2020 on economic substance requirements aims to enhance efficiency and tax compliance across the country, ensuring accurate application of tax legislation by all entities subject to it.

The UAE has introduced a federal corporate tax with a standard statutory rate of 9% starting from the financial year beginning on or after 1 June 2023.

It brought the income of companies exceeding Dh375,000 ($102,100) within the taxable bracket, while taxable profits below that level will be subject to a tax of 0%.

While companies are no longer required to submit economic substance notifications or reports for financial years ending after 31 December 2022, they remain responsible for fulfilling compliance obligations for previous years and paying any penalties imposed by the Federal Tax Authority (FTA).

The UAE has also announced a deadline extension for corporate tax returns and payments for some entities.

Businesses with short tax periods ending on or before 29 February 2024, can now file their returns and make payments by 31 December 2024.

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News developments

Dubai: Doctors To Get New AI Assistant

18/10/202418/10/2024
by Hannah Gutang

Khaleej Times, 15 October 2024: Dubai Health introduced the AI-powered Ambient Voice Solution (AVS), which is designed to record conversations during consultations, convert patient complaints into precise medical terminology, and generate comprehensive reports after each visit.

Physicians will still double-check all information provided by the AI before filing it, ensuring accuracy and maintaining the highest standards of care.

The AI assistant not only improves documentation efficiency but also enhances patient interaction.

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News developments

DIFC: Residents, Investors Can Now Register Wills for Digital Assets

18/10/202418/10/2024
by Hannah Gutang

Khaleej Times, 15 October 2024: The Dubai International Financial Centre (DIFC) Courts has launched ‘digital assets will’ which allows owners to distribute their digital assets using a non-custodial wallet.

This wallet enables individuals to reallocate assets to desired beneficiaries within their wallet and maintain full control over mobilising assets in and out during their lifetime, with assets ultimately distributed as ‘specific gifts’.

Investors and residents can access this service from anywhere globally and connect via video link to a compliance officer in Dubai.

This initiative was announced during the second day of the five-day Global Gitex 2024 edition at the Dubai World Trade Centre.

The digital assets industry has experienced exponential growth in the UAE and worldwide due to new technology and asset classes.

The new will template joins the DIFC Courts’ existing legacy will types, including full will, property will, financial assets will, business owners will, and guardianship will.

An online automated will be drafting service and a virtual registry provide a 360-degree digitally accessible service, allowing domestic and overseas individuals to create and register a DIFC Courts will.

The digital format assets recognised by the wallet include ETH, BTC, MATIC, USDC, USDT, and HBAR, with more to be included in the future.

The wills can also be added to the global digital vault, tejouri, functioning as a cloud vault and online safe for data, supported by a state-of-the-art DIFC data centre and a UAE-based backup data centre.

Access to all data is restricted to the ‘vault holder’ and the listed intended recipients.

Additionally, the DIFC Courts have launched a notary service, the first UAE service dedicated to notarising English documents, offering automated self-service, live virtual system, and in-person options.

Users can use an authentication service through primary source verification (PSV), with electronic or physical stamps and seals issued for each document.

Notarised documents will be verified using advanced cryptographic methods powered by Hedera Blockchain.

Additionally, a new alternative dispute resolution avenue, the Mediation Service Centre, will enable parties to negotiate dispute resolution with the help of DIFC Courts Part III registered mediators.

Parties can choose mediators, agree on fees and terms, and conduct mediation meetings online using the AI-enabled Court Management System (CMS) or in-person at the DIFC Courts premises.

The new suite of services was launched with support from The Hashgraph Association, Deca4 Advisory, and DataFlow Group, utilising Hedera technology and Primary Source Verification (PSV) solutions.

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