UAE Archives - Page 42 of 94 - LexisNexis Middle East

Dubai: Guide on Family Business Governance Issued

20/07/202320/07/2023
by Tanya Jain

Albayan, 11 July 2023: In line with the directives of the Dubai Ruler to develop a comprehensive system which aids family businesses, the Dubai Centre for Family Businesses has released a guide to assist these businesses in creating and implementing the necessary governance frameworks.

The objective is to ensure a smooth transition of leadership and the continuity of operations. This guide draws upon the best international practices while considering the local context of the Emirate.

It emphasises the importance and role of the Family Constitution, also referred to as the Family Accord or Family Protocol. Moreover, it offers practical advice and tools to support families in establishing effective governance practices within their businesses.

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News developments

UAE: Fiscal Year for Education Organisations Determined

12/07/202312/07/2023
by Tanya Jain

Alkhaleej, 6 July 2023: For the majority of companies in the UAE, the fiscal year for the application of Company Tax commences on 1 January each year. However, in the education sector, the fiscal year begins in September, aligning with the start of the new academic year.

According to this legislation, a 9 per cent tax is imposed on any income exceeding 375 AED, while income below this threshold is taxed at 0 per cent.

The law came into effect on 1 June 2023 and will be implemented at the start of each new fiscal year across various sectors.

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News developments

Dubai: Controls for Refunding VAT to Tourists Announced

12/07/202312/07/2023
by Tanya Jain

Alkhaleej, 5 July 2023: The digital government of the UAE has set certain conditions and mechanisms that qualify tourists visiting the UAE to recover the value-added tax on their purchases upon leaving the country.

Tourists can get 85 per cent of the total amount of value-added tax that they paid, from which 4.80 dirhams are deducted as a fee for each “Tax Free” mark.

The conditions that qualify tourists to recover the value-added tax and the mechanism for claiming its refund include that the value cannot be refunded on any goods that are consumed in whole or in part in the country, and goods that the tourist does not take with him when leaving the country, and that the age of the tourist must not be less than 18 years.

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News developments

Abu Dhabi: Regulatory Framework for Sustainable Financing Implemented

12/07/202312/07/2023
by Tanya Jain

Albayan, 5 July 2023: The Abu Dhabi Global Market Authority has announced the implementation of a regulatory framework for sustainable financing. The aim is to establish the market as a leading center for sustainable financing and create a conducive local environment for such activities.

The new framework covers investment funds which focus on sustainability, managed portfolios, and bonds. It also outlines disclosure requirements for environmental and social practices, as well as governance for companies registered in the market.

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News developments

UAE: Investment Ministry to be Established

05/07/202305/07/2023
by Tanya Jain

A new ministry is to be established in the UAE to develop the country’s investment vision, stimulate the investment environment internally, and enhance competitiveness

The new investment ministry will be headed by Mohamed Hassan Alsuwaidi. It will develop the country’s investment vision, boost prospects and enhance procedures and legislation in this area.

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News developments

UAE: Final Deadline to Achieve Emiratisation Objectives Extended

22/06/202322/06/2023
by Tanya Jain

Alwatan, 13 June 2023: The UAE’s Ministry of Human Resources and Emiratisation has announced an extension of the deadline for private sector companies to achieve their midyear Emiratisation objectives.

The new deadline has been set for 7 July 2023.

Previously, companies in the private sector with 50 or more employees were required to meet these objectives by 30 June 2023. However, considering this deadline coincides with Eid, it has been extended to allow for sufficient time.

Starting from 8 July 2023, the Ministry will begin assessing the commitments of the relevant companies as outlined in the decision issued by the Council of Ministers. This extension provides private sector companies with additional time to work towards fulfilling their Emiratisation objectives and further promotes the goals of national workforce development and employment opportunities.

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News developments

Dubai: Initiative to Facilitate Establishment of Digital Companies Launched

22/06/202322/06/2023
by Tanya Jain

Emaratalyoum, 13 June 2023: The Dubai Digital Economy Chamber has recently announced a new initiative aimed at enhancing and streamlining the establishment of digital companies in Dubai. The initiative also seeks to provide a range of new services to support technology companies, emerging businesses, and small to medium-sized multinational enterprises looking to launch their operations in Dubai.

As part of this initiative, the Chamber has signed a memorandum of agreements with several companies and establishments which will exclusively offer discounted rates and special offers to participants in the program. These services encompass licensing services, banking solutions, office spaces, and cloud services.

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News developments

Sharjah: Social Services Department Regulatory Law Amended

14/06/202314/06/2023
by Tanya Jain

Alwatan, 12 June 2023: The Sharjah Advisory Board has approved an amendment to Sharjah Law on Regulating the Social Services Department.

The draft law aims at keeping up with the developments in the Emirate and aims at improving social life.

Based on the law, the Department will be able to enhance its participation in public awareness campaigns, bolstering social values, and encouraging social integration.

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News developments

UAE: Fees Exemption Announced for Companies Listing Green Bonds

14/06/202314/06/2023
by Tanya Jain

Sharjah 24, 7 June 2023: The Board of Directors of the UAE’s Securities and Commodities Authority has given its approval to a proposal which grants an exemption from certain fees for companies seeking to list their green bonds and sukuks in the local markets.

According to the decision, companies wishing to register green bonds or bonds related to sustainability will be exempt from paying registration fees for the year 2023.

The purpose of this initiative is to showcase the state’s commitment to achieving sustainable development across multiple fronts, particularly in terms of fostering sustainable economic growth.

For the full story, click here.

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News developments

The MENA Business Law Review No. 01/2023 is out!

13/06/202313/06/2023
by Tanya Jain

We are pleased to share the first edition of the MENA Business Law Review 2023, the definitive business law reference in the Middle East and North Africa!

In this edition:

PRACTICAL GUIDANCE: Contract Lifecycle Management – In-House Strategies for Effectively Delivering Technology Projects

In this article, Tarek Saad, Senior Counsel, and Tamim Momeni, Associate from Crowell & Moring LLP set out a number of general contract management recommendations and techniques that will increase a technology project’s chances of success.

CASE COMMENT: DIFC Court Hears Ground-Breaking Cryptocurrency Claim

Sara Sheffield, Max Davis, and Peter Smith from Charles Russell Speechlys share their insights on the cryptourrency claim. The Court of First Instance of the Dubai International Financial Centre (DIFC) has handed down judgment following trial of a claim arising from the misappropriation of 300 bitcoins. The case touches on several of the key questions facing the courts around the world.

CASE COMMENT: Rajabieslami v. Tariverdi and others

English Commercial Court casts doubt on enforceability of English court judgments in Qatar. Sophie Eastwood and Joseph Dyke from McNair International sheds light on the case and it’s analysis.

CASE COMMENT: Administration in UAE – A Close Look into the NMC Group

In this, Hana Al Khatib from Global Advocacy & Legal Counsel (UAE) explores the introduction of the Common Law concept of “administration” in the UAE’s Civil Law System through the landmark NMC Group litigation. This legal mechanism aims to rescue distressed companies and prioritize the interests of creditors for better outcomes than liquidation.

FEATURE: The Legal Industry and the Perfect Storm

Rany Sader from SADER Publishing discusses the unstoppable transformation happening in the legal sector, comparing it to a tsunami that demands adaptation. Embracing technology, including tools that utilize big data, is crucial for lawyers to streamline their work, enhance research, and meet client demands for transparency, speed, and cost-efficiency.

FEATURE: Lawyers Must Be Agents of Change

In a thought-provoking perspective, Senior Technology Lawyer, Khaled Shivji emphasizes the need for the legal industry to wholeheartedly embrace technology and digital disruption. Discover why lawyers must seize this opportunity for transformative change.

FEATURE: ChatGPT in the Legal Industry: Balancing Potential Benefits and Limitations

Rosena Nhlabatsi, LLB, LLM, RTTP gives an overview of the benefits and limitations of Chat GPT in the legal sector.

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MENA Business Law Review | Issue 1/2023

Have you read the previous editions of the MENA Business Law Review? Click the links below to access and read previous editions.

LexisNexis MENA Business Law Review No. 01_2022

LexisNexis MENA Business Law Review No. 02_2022

LexisNexis MENA Business Law Review No. 03_2022

FEATURE: UNIDROIT Draft Principles on Digital Assets: Guidance for Law Reform in the MENA Region

Andrew Dahdal and Omran Almulla discuss the UNIDROIT Draft Principles on Digital Assets and their potential impact on law reform in the MENA Region.

FEATURE: Fintech Licensing in Dubai: Navigating Regulatory Requirements

Omran Almulla helps us navigate regulatory requirements for FinTech licensing in Dubai.

FEATURE: The Legislative Environment for Self-Driving Vehicles in the State of Qatar

Fathy Mahmoud Radwan discusses current and future legislation for Self-Driving Vehicles in Qatar.