Dubai: DIFC Seeks Views on Proposed Legislation on Family Arrangements

12 December 2022: The Dubai International Financial Centre (DIFC) has launched a consultation seeking views on its proposed new Family Arrangements Regulations, which, alongside the recently launched Family Wealth Centre, aim to provide a regulatory framework and hub for global and regional family-owned businesses, ultra-high net worth individuals and private wealth. 

The key aspects of the proposed regulations are: comprehensive provision for the engagement of family businesses with the DIFC; repeal of the Single-Family Office Regulations and the DIFC’s Single Family Office regime and their replacement by a new Family Office regime that can provide services to a family or more than one family in certain circumstances; the establishment of certification and accreditation regimes for family businesses and their advisors in the DIFC. 

The DIFC has also proposed amendments to the Leasing Regulations in a separate consultation paper. 

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UAE: Corporate Tax Law Issued

9 December 2022: The UAE Corporate Tax Law, Federal Decree-Law No. 47/2022 has been issued on the UAE Ministry of Finance website.

The Corporate Tax Law provides the legislative basis for introducing and implementing a Federal Corporate Tax in the UAE. It will be effective for financial years starting on or after 1 June 2023.

The introduction of the Corporate Tax Law intends to support the UAE in achieving its strategic objectives and accelerate its development and transformation.

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Dubai: Arbitration Award Rejected as Debtor Not Domiciled in UAE

6 December 2022: The Dubai Cassation Court has rejected the enforcement of an arbitration award against a foreign debtor on the grounds that the debtor is not domiciled in the United Arab Emirates. 

Following the ruling, award creditors seeking enforcement of a foreign arbitral award in the United Arab Emirates should bear in mind that if the award debtor is not domiciled in the UAE, the Courts may reject the award. 

Creditors should also consider that if foreign award debtor assets are not named in the award, the Courts may refuse enforcement action against those assets.

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Abu Dhabi: ADGM Publishes Guiding Principles on Whistleblowing

6 December 2022: Abu Dhabi Global Market (ADGM) has published its Guiding Principles on Whistleblowing, covering critical aspects of a robust whistleblowing framework, including transparency, accountability and market integrity. 

The principles complement ADGM’s existing regulatory frameworks and encompass six key aspects: encouraging a broad definition of whistleblowing to be used; ensuring that whistleblowers are given adequate opportunities to speak up and are fairly treated when they do so; restricting access to whistleblowing reports and following due process in managing them; focusing the protections of any whistleblowing framework to honestly held beliefs reported in good faith; including appropriate resources to support it, which will vary depending on the nature of the relevant entity’s business; supporting a whistleblowing program with an organisational culture of trust and transparency.

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UAE: Employers’ Ratings Lowered If They Delay Payment of Salaries

Emaratalyoum, 5 December 2022: The UAE’s Human Resources and Emiratization Ministry has warned companies with 50 or more employees that their employer’s rating will be lowered if they delay the payment of salaries to their workers. 

Any employer found to have delayed payment of their workers’ wages will have their rating lowered to the ‘High Risk Establishments’ category. 

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Dubai: Employer Faces Action for Violating Nafes by Appointing 43 Family Members

WAM, 28 November 2022: The UAE Ministry of Human Resources and Emiratisation has launched action against an employer who violated the provisions of the Nafes programme by appointing 43 members of his family to circumvent Emiratisation criteria and benefit financially. 

The ministry considered the appointments to be ‘fake Emiratisation’, meaning the family members were enrolled with the company without any real work for the company to exploit the Nafes benefits. 

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UAE: Emirati Nationals in Private and Banking Sectors Get Pay Rise

Albayan, 23 November 2022: UAE’s Vice Prime Minister has announced a pay increase for Emirati nationals working in the private and banking sectors to attract and support the maximum number of UAE nationals to roles in these sectors. 

The increase is valid for all employees of the private and banking sectors, regardless of the date they started or whether they were appointed before or after the launch of the ‘Nafes’ program in September 2021.  The extra financial support will be AED 7,000 for holders of a bachelor’s degree, a maximum of AED 6,000 for diploma holders and a maximum of AED 5,000 for those with high school qualifications or less.

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LexisNexis and BSA Ahmad bin Hezeem & Associates LLP host a UAE Mock Trial!

Thank you to everyone who participated in the UAE Mock Trial on 21 November 2022!

In partnership with BSA Ahmad bin Hezeem & Associates LLP, LexisNexis Middle East was pleased to host a ‘UAE Mock Trial’. This interactive event showcased the journey of a bankruptcy case through the Dubai Courts, from the initial sessions before the Court of First Instance to the Final Verdict and ultimately arriving at the Court of Appeal.

The BSA team provided step-by-step guidance through the Courts procedure when handling bankruptcy cases and delved into how the recently amended UAE Bankruptcy Law

• Impacted Director liabilities in the event of bankruptcy;
• Provides a rescue culture and a remedy to struggling firms needing debt relief.

They also looked at the punitive provisions of the law. Thank you to all participants, specifically the BSA team, for making this event a success!