UAE Archives - Page 49 of 94 - LexisNexis Middle East

UAE: Consultation Launched to Seek Views on Regulation of Money Laundering

24/11/202224/11/2022
by Benjamin Filaferro

Arabian Business, 22 November 2022: The UAE’s Public-Private Partnership Sub-Committee (PPPSC) has issued a draft report as a consultation paper, seeking comments and feedback from relevant stakeholders on a proposed regulatory approach to curb money laundering and terrorism financing activities.

The PPPSC has recommended a formal sharing agreement relating to strategic information and intelligence between the public and private sectors, as well as strict rules for confidentiality and data protection for information sharing.

For the full story, click here.

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News developments

The latest edition of the Lexis® Middle East – HR Alert is out now!

16/11/202229/04/2024
by Benjamin Filaferro

We are pleased to share the latest edition of our HR magazine, the Lexis® Middle East – HR Alert!

The HR Alert is a complimentary magazine that updates the latest labour and employment law developments and cases and advises on region-specific HR policies and templates.

It also includes interviews with leading regional HR professionals and guidance on the latest industry trends.

In this edition:

When I’m Sixty-Four: New Pensions Legislation in Qatar

On 3 January 2023, Qatar Law No. 1/2022 will introduce changes to the pension rights of all working Qatari nationals. Emma Higham of Clyde & Co explains their current understanding of the impact this will have on employers and employees

Quiet Quitting: Has this global trend reached the UAE?

Quiet quitting occurs when an employee decides that they will undertake the bare minimum to carry out their duties. Thenji Moyo and Naba Noor of Gateley UK LLP (DMCC Branch) talk about this trend in the UAE and positive ways to tackle it.

Immigration Focus: Recent GCC Immigration and Visa Changes

The dynamic team at Vialto Partners share the latest immigration and visa changes in the region, including the latest developments relating to the UAE Job Exploration Visas. From 3 October 2022, a new type of visa has allowed job seekers to enter or remain in the UAE without needing a sponsoring employer. It allows individuals to come to the UAE to look for work or investment and business opportunities without a sponsoring host.

Law Changes: Employee Share Schemes and Remuneration Developments in Saudi Arabia

The new Saudi Companies Law, which comes into effect in January 2023, brings with it changes to employee share schemes and directors’ remuneration as Richard Bell and Faisal Alassiri of Clyde & Co explain.

In an Ever-Changing World

Madelein du Plessis, HR and Finance Officer at RELX PLC in Dubai, explains the approach she has taken to support an ever-expanding team in a continually changing regulatory environment.

On the other hand, Raka Roy of Galadari Advocates & Legal Consultants explains how leave entitlements have changed under the new UAE Labour Law.

Equality Policies

Sarah Malik of SOL International Ltd shares pointers for employers on how they can ensure their equality policies cover all types of discrimination, bullying, harassment, assault, and any verbal, physical, or psychological harm to an employee in the workplace in order to be compliant with Federal Decree-Law No 33/2021 On the Regulation of Labour Relations.

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LexisNexis Middle East HR Alert – November 2022

Have you read the Lexis® Middle East HR Alert – June and September 2022 editions? Click the links below to access and read these editions.

LexisNexis Middle East HR Alert – September 2022

News developments

UAE: Employers Must Pay End-of-Service Rewards to Assistant Workers

15/11/202215/11/2022
by Benjamin Filaferro

Emaratalyoum, 13 November 2022: The UAE’s Human Resources and Emiratisation Ministry has confirmed that employers are required to pay end-of-year service rewards to assistant domestic workers at a rate of 14 days’ salary for each year of service.

The employee is entitled to the reward provided they have completed a year or more of service with their employer, and the sum will be paid once the contract or work relationship finishes.

The ministry also confirmed that the 19 professions within the scope of domestic service employment include sailor, guard, farmer, driver, and private trainer.

For the full story, click here.

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News developments

UAE: ADGM – Consultation Paper on a Comprehensive Sustainable Finance Regulatory Framework

14/11/202214/11/2022
by Benjamin Filaferro

Analysis

The ADGM has published a Consultation Paper on a proposed comprehensive Sustainable Finance Regulatory Framework, covering rules on sustainability-orientated investment funds, managed portfolios and bonds, and a framework on environmental disclosures by ADGM companies.

Details

The aim is to enable accelerated growth of a sustainable finance ecosystem in the jurisdiction and support the UAE’s transition to net zero greenhouse gas emissions.

This proposed, comprehensive regulatory framework will build upon ADGM’s efforts to foster a vibrant and thriving sustainable finance hub within its jurisdiction. The proposed framework will establish minimum standards for a wide range of sustainability-orientated investment products and services to facilitate this. ADGM believes that setting such standards will help to nurture transparency and investor confidence in the green credentials of those products and services and advance ADGM’s drive to become a leading centre of sustainable finance.

The proposals encompass:

The region’s first regulatory framework for green investment funds to channel capital towards environmentally sustainable activities.
An innovative regulatory framework for climate transition investment funds to channel capital to assets and entities on a path to reducing their greenhouse gas emissions.
A regulatory framework for green and climate transition discretionary portfolio management services.
A regulatory framework for green bonds and sustainability-linked bonds offered in ADGM.
Building upon ADGM’s existing disclosure requirements to create the region’s most comprehensive environmental, social and governance (ESG) disclosures framework, to now cover disclosure by listed companies, regulated financial services firms and large private commercial entities.

In addition to proposing a framework for companies to undertake ESG disclosures, It is also in the process of facilitating through its regulatory framework the establishment of the world’s first regulated voluntary carbon exchange and clearing house, where carbon offsets (Environmental Instruments), while traded and settled as Spot Commodities, are treated as regulated Financial Instruments within ADGM.

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News developments

UAE: Climate Neutrality Adopted in Aviation Sector

09/11/202209/11/2022
by Benjamin Filaferro

Albayan, 7 November 2022: The UAE’s General Civil Aviation Authority has announced the adoption of a climate neutrality strategy for the country’s aviation sector, paving the way for other relevant sectors to plan their own plans to reach climate neutrality by 2050.

The aviation sector’s climate neutrality team will develop an integrated methodology and action plan to implement the strategy.

For the full story, click here.

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News developments

UAE: All Coronavirus Restrictions Scrapped

08/11/202208/11/2022
by Benjamin Filaferro

Albayan, 7 November 2022: The UAE’s National Emergency Crisis and Disaster Management Authority has announced that all restrictions and precautionary measures relating to the coronavirus will be scrapped, effective from 7 November 2022.

The wearing of masks will continue to be mandatory in health facilities but is now optional in all other open and closed facilities.

For the full story, click here.

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News developments

Dubai: Crypto Token Regime Comes into Force

02/11/202202/11/2022
by Benjamin Filaferro

1 November 2022: The Dubai Financial Services Authority has announced that its Crypto Token regime has come into force to encourage responsible and transparent innovation while meeting regulatory requirements.

The regime addresses risks relating to consumer protection, market integrity, custody and financial resources for service providers. It also covers risks relating to trading, clearing, holding or transferring Crypto Tokens.

Further information on the regime can be found here.

For the full story, click here.

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.

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

News developments

Dubai: Clean Energy Now 12.8% of Total Capacity

02/11/202202/11/2022
by Benjamin Filaferro

Emirates News Agency, 1 November 2022: The head of Dubai’s Electricity and Water Authority has announced the addition of 300 megawatts (MW) of photovoltaic solar energy in 2022, bringing the share of clean energy to 12.8% of the total installed capacity.

The increase in solar capacity was from the 5th phase of the Mohammed bin Rashid Al Maktoum Solar Park, which aims to have a production capacity of 5,000 MW by 2030.

When completed, the project will have the world’s largest thermal storage capacity of 15 hours, bringing around the clock energy availability.

For the full story, click here.

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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News developments

UAE’s National Bonds investment company has announced a new ‘Golden Pension’ scheme

17/10/202217/10/2022
by Benjamin Filaferro

Khaleej Times, 13th October 2022: UAE’s National Bonds investment company has announced a new ‘Golden Pension’ scheme allowing private sector employees to contribute as little as Dh 100 a month in addition to the gratuity provided by their employer.
The scheme allowing employees to earn a profit on the amount they save is part of a drive to support companies with employee retention. It aims to help 89% of the UAE’s population that is expats with retirement planning.
Expats whose employers have signed up with National Bonds may sign up for the scheme.
Sukuks (savings bonds) will be issued under the employees’ accounts with National Bonds based on the allocation provided by the company of the contributed funds. The Sukuk may only be redeemed at the company’s request.

For the full story, click here.

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

News developments

UAE Introduces Emergency Travel Document E-Services for Emiratis

13/10/202213/10/2022
by Benjamin Filaferro

Arab News, 11 October 2022: The UAE has rolled out a new service allowing Emirati travellers returning from abroad to enable them to obtain emergency travel documents if their passports have expired or have been lost.
The ‘e-return document’ platform allows travellers to obtain a return document in less than 30 minutes and provides documentary support for newborns.
Emirati travellers can apply for this service on the Ministry of Foreign Affairs and International Cooperation’s website.

For the full story, click here.

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