UAE Archives - Page 68 of 96 - LexisNexis Middle East

Dubai: Utico to Issue Region’s First Utilities Sustainability Sukuk

07/06/202107/06/2021
by Benjamin Filaferro

Oman Daily Observer, 3 June 2021: Dubai-based Utico has announced it is going to issue the region’s first utilities sustainability Sukuk.

It follows the company being given an international sustainability rating for its benchmark Sukuk from DNV UK.

It will be the first Sustainability Private Corporate Sukuk of its kind in the region and will be issued in the next few weeks.

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News developments

UAE: Conditions for Financial Activity Licenses Being Revoked Announced

27/05/202127/05/2021
by Benjamin Filaferro

Mubasher, 26 May 2021: The UAE’s Securities and Commodities Authority has announced the conditions for financial activity licenses being revoked.

The license will be revoked if the company violates its obligations or engages in a bankruptcy case before the courts.

A license will also be revoked if the company fails to engage in a financial activity within six months of receiving the license. For full story, click here.

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News developments

UAE: Anti-tax Evasion Plan Approved

27/05/202127/05/2021
by Benjamin Filaferro

The UAE’s Economic Integration Committee of the UAE has approved an anti-tax evasion plan.

It will involve collecting the data of ultimate beneficial owners. These individuals own 25% directly or indirectly of a company’s capital.

It will include a flexible plan and is aimed at obtaining data on beneficial owners of over 400,000 companies registered in the UAE and an action plan to tackle tax evasion.

It follows the issuing of Cabinet Decision No. 57/2020 last year.

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News developments

UAE: Dubai Airport Free Zone Signs Cooperation Agreement with Securities and Commodifies Authority

23/05/202123/05/2021
by Benjamin Filaferro

Arab News, 19 May 2021: The Dubai Airport Free Zone Authority has signed a cooperation agreement with the UAE’s Securities and Commodities Authority to allow crypto asset companies to obtain a business license in the Free Zone.

It will allow the regulation, offering, issuing, listing and trading of crypto assets in the Free Zone.

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News developments

UAE: Foreign Ownership Changes to Come Into Force Next Month

23/05/202123/05/2021
by Benjamin Filaferro

The National, 19 May 2021: The UAE Government has announced foreign ownership changes will come into force on 1 June.

The changes will allow 100% of UAE companies to be owned by foreign entities.

The changes were first announced in late 2020.

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News developments

Dubai: Judicial Authorities Law Amended

18/05/202118/05/2021
by Benjamin Filaferro

Dubai’s Ruler has issued Dubai Law No. 11/2021 amending the Emirate’s Judicial Authorities Law.

The original law is contained in Dubai Law No. 13/2016.

Under the new Law, the Secretariat General of the Dubai Judicial Council will be responsible for providing the administrative services, information, statistics and research required by the Council to carry out its functions and responsibilities. The Secretary General of the Council will be appointed by a Decree issued by the Ruler.

It also states the Secretary General of the Council will be responsible for appointing and supervising the activities of the Secretariat General’s team and the Chairman of the Judicial Council will be responsible for defining the functions and responsibilities of the Secretariat General.

It will be published in the Official Gazette and come into force on its issued date.

They also approved Dubai Decree No. 21/2021 appointing Dr Saif Ghanem Al Suwaidi from Dubai Police as the Secretary General of the Dubai Judicial Council. It repeals Dubai Decree No. 7/2014 on the Secretary General of Dubai Judicial Council and any other legislation which contradicts or contravenes it.

It will be published in the Official Gazette and come into force on its issued date.

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News developments

UAE: Safe Travel Corridor for Vaccinated Travellers with Bahrain Approved

12/05/202112/05/2021
by Benjamin Filaferro

Alroeya, 10 May 2021: The UAE has approved a safe travel corridor for vaccinated travellers with Bahrain.

It will allow individuals to travel between the two countries from the first day of Eid al-Fitr without having to self-isolate.

They will have to comply with the relevant anti-Coronavirus measures in the destination country.

They have recently been updated to ensure safer travel for everyone.

Citizens and residents who want to utilise the isolation exemption in both countries will have to provide evidence that they have received the full dose of the Coronavirus vaccine through approved applications and certificates. This is the Al Hosn application in the UAE and the BeAware Bahrain application in Bahrain.

Passengers can also save their PCR test results on the two applications.

For full story see https://www.alroeya.com/173-76/2217723-%D8%A7%D8%B9%D8%AA%D9%85%D8%A7%D8%AF-%D9%85%D9%85%D8%B1-%D8%B3%D9%81%D8%B1-%D8%A2%D9%85%D9%86-%D8%A8%D9%8A%D9%86-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D9%88%D8%A7%D9%84%D8%A8%D8%AD%D8%B1%D9%8A%D9%86-%D9%84%D9%84%D8%AD%D8%A7%D8%B5%D9%84%D9%8A%D9%86-%D8%B9%D9%84%D9%89-%D9%84%D9%82%D8%A7%D8%AD-%D9%83%D9%88%D9%81%D9%8A%D8%AF-19.

Additional reporting from Emirates News Agency.

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News developments

UAE: No Weekend Changes Announced

09/05/202109/05/2021
by Benjamin Filaferro

Gulf News (United Arab Emirates), 6 May 2021: The UAE’s authorities have announced no weekend changes have been approved.

They were responding to rumours on social media.

They suggested the weekend was going to be changed from Friday and Saturday to Saturday and Sunday.

They also dismissed rumours employees in Government and Federal departments will have to work 12 hours a day on Fridays.

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News developments

Dubai: E-scooter Ban Announced

02/05/202110/05/2021
by Benjamin Filaferro

Khaleej Times (United Arab Emirates), 29 April 2021: The Dubai Municipality have announced a ban on e-scooters in public parks in the Emirate.

Motorbikes will also not be allowed in parks and visitors will not be allowed to walk on bicycle tracks.

The speed limit for cyclists is 15 kilometres an hour.

They made the announcement on Twitter.

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News developments

UAE: DP World Launches E-commerce Platform

02/05/202102/05/2021
by Benjamin Filaferro

Al Bayan, 29 April 2021: DP World has announced it has launched an ecommerce platform.

DUBUY.com will be a global electronic wholesale platform and has been launched in Rwanda.

It will be rolled out across Africa and the world.

It will add digital commercial corridors to the actual commercial channels established by DP World across Africa through its investments in ports, terminals and logistics operations.

It also relies on cooperation with local companies and the Rwandan Government to help provide small and medium-sized Emirati enterprises with access to global markets by making use of the integrated supply chain services of the DP World Group This will allow them to meet export orders and receive goods. The platform provides international companies with the opportunity to find new business partners in Africa and serve them in a way which opens up a wide range of access to fast-growing markets.

For full story see https://www.albayan.ae/economy/uae/2021-04-29-1.4152857.

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