UAE Archives - Page 33 of 94 - LexisNexis Middle East

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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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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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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News developments

Lexis Middle East – Saudi Arabian Managing Partner Report 2024 Edition

19/02/202421/02/2024
by Tanya Jain

Introducing the Saudi Arabian Managing Partner Report 2024 edition, brought to by Lexis Middle East!

Welcome to the inaugural Managing Partners’ Report for Saudi law firms, brought to you by LexisNexis®. This report delves into the advances, AI, and automation shaping the legal landscape in Saudi Arabia. As the legal industry undergoes rapid transformation, it is crucial for managing partners to navigate these changes effectively to maintain a competitive edge.

Overview:

In this report, we have gathered insights from prominent managing partners representing leading law firms in Saudi Arabia. These individuals, renowned for their expertise and contributions to the legal field, provide valuable perspectives on various aspects of the legal profession in the Kingdom. From discussing the implications of technological advancements to exploring the role of AI and automation, each contribution offers unique insights into the evolving nature of legal practice.

Contents:

The report features contributions from distinguished managing partners, including Abdulaziz Bin Ali, Dr. Meshal Al Akeel, Dr. Bader Al Busaiyes, Basem AlMaghthawi, Ayman Al Sahayan, Dr. Fahd Alrefaei, Dr. Qaisar Hamed Metawea, Reema A Aref, Fahad M Barabaa, Joza AlRasheed, Khalid Nassar, Mohammed Alaqeel, Abdullah Khairan, and Fahad AlDehais AlMalki.

Each section of the report highlights the insights and perspectives of these esteemed managing partners, providing readers with a comprehensive understanding of the current trends, challenges, and opportunities in the Saudi legal market. From discussions on legal innovation and technology to insights into the regulatory landscape and strategic approaches to growth, this report aims to serve as a valuable resource for legal professionals seeking to navigate the complexities of the Saudi legal landscape.

We hope this report serves as a guiding compass for managing partners and legal practitioners alike, facilitating informed decision-making and fostering continued excellence in the Saudi legal sector.

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

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LME_Managing-Partner_SaudiArabia_2024

Have you read the Lexis® Middle East HR Alert – 2023 editions? Click the links below to access and read these editions.

LexisNexis Middle East HR Alert_January 2023

LexisNexis-Middle-East-HR-Alert_March-2023

LexisNexis Middle East HR Alert_May 2023 Edition

Lexis Middle East HR Alert – August 2023 Edition

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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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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News developments

Abu Dhabi Global Market: Financial Services Regulatory Authority Fines Six Financial Institutions for Common Reporting Standard Regulations Breaches

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

The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has fined six financial institutions a total of 170,000 AED for Common Reporting Standard Regulations 2017 breaches.

The institutions were fined for failing to follow due diligence procedures in line with the Regulations, keep records of the performance of due diligence, report the required information in a complete and accurate way and/or submit the required annual information return.

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News developments

Sharjah: New Property Laws Proposed

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

Arabian Business, 13 February 2024: Sharjah’s Crown Prince and Deputy Ruler have announced new property laws have been proposed.

The new laws have been proposed as a property boom is being seen in the Emirate.

The laws were formally presented to the Executive Council today.

The Council has approved the proposed laws which relate to the leasing of real estate and the establishment of a Rental Disputes Centre in the Emirate.

The draft laws will now be sent to the Consultative Council to consider.

The leasing of real estate law is aimed at regulating the rental market in the Emirate and developing the legal framework in line with urban development and real estate sector demand.

It is also aimed at streamlining government procedures, protecting the rights of all parties and making procedures easier for landlords and tenants alike.

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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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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.

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