UAE: Commercial Companies Law Amendments Being Considered

The Undersecretary for Foreign Trade and Industry at the Economy Ministry has announced amendments to the country’s Commercial Companies Law are being considered. If approved, they will allow 100% foreign ownership of onshore companies in the UAE.

The amendments are being finalised. It will enable investors and business in 10 sectors of strategic importance to benefit from the Law.

The relevant sectors and the associated regulations will be included in a Cabinet Decision which will be issued soon.

They added the cancellation of the national service agent requirement came into force on 1 April. It means all existing businesses in the UAE can amend their statuses in line with the Commercial Company Law amendments approved last year.

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GCC: Consultation on Agreement on Inter-state Financial Products Registration Launched

The Committee of the Chairmen of the Capital Market Authorities of the GCC has announced a consultation on an agreement on inter-State financial products registration has been launched. It will be circulated between the bodies which regulate the financial markets in the GCC, and they should their feedback on the most appropriate legislative and legal instrument which should be adopted to register financial products. The General Secretariat must receive these comments by the end of July 2021.

Dubai: No Gambling Licenses Being Issued

Dubai’s Government Media Office has said no gambling licenses are being issued. They were responding to rumours on social media saying these licenses had started to be issued.

Abu Dhabi: New Quality Standards for Tourist and Cultural Attractions Announced

Abu Dhabi’s Culture and Tourism Department has announced a new Tourism Quality Standards and Licensing Framework. The ten quality manuals will apply to amusement parks, events, cultural sites, tourist transportation services, tourist accommodation and outdoor and adventure facilities and services. A trial phase of the frameworks is currently being rolled out and it will be fully implemented by the end of this year. The aim is to boost their sustainability, inclusivity and cultural richness.

UAE: Dubai International Financial Centre Courts Establish Working Group for Space-related Disputes

The working group has been launched with Dubai Future Foundation. The working group will have 17 members as well as observers from the UN Office for Outer Space Affairs. They will discuss current space dispute issues like equipment failures, space cargo disputes, or failure to deliver components on time. This might include substandard materials or design faults.

Source: Gulf News (United Arab Emirates), 20 April 2021: The Dubai International Financial Centre Courts have established a working group for space-related disputes.

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UAE: Dubai International Financial Centre Launches Public Consultation on Proposed Intellectual Property Regulations

The Dubai International Financial Centre has launched a public consultation on proposed Intellectual Property Regulations. The consultation ends on 9 May 2021. The Proposed Regulations deal with the requirements concerning intellectual property infringement complaints to the DIFC Commissioner of Intellectual Property, the inspections and investigations the Intellectual Property Commissioner may carry out in dealing with these complaints and the requirements for issuing directions in respect of them. They will also establish a Register of Experts, which the Commissioner can refer to when investigating complaints and also covers the ability of the Commissioner to cooperate with relevant Federal and local authorities in the UAE from an enforcement perspective. They are aimed at facilitating the administration and enforcement of the DIFC Intellectual Property Law (DIFC Law No. 4/2019) and enhance the regulatory framework in the DIFC.

UAE: Abu Dhabi Global Market Establishes Authority

The board of the Abu Dhabi Global Market has approved the establishment of a new ADGM Authority. The new Authority will play a pivotal role in driving the Global Market’s growth. There will be an Office of Strategy and Business Development, Corporate Services, an Office of Information Security and Enterprise Risk Management. It will be led by Mark Nicholas Cutis who will be its Chief Executive Officer. He will take his position up on 1 June this year.

Dubai: Al Quoz Creative Zone Launched

Dubai’s Crown Prince and Chairman of the Executive Council has launched the Al Quoz Creative Zone which will offer a hub for artists and designers to live, work and create in. It will offer various facilities, services and incentives to drive innovation and boost investment in creative businesses. It is the first plan and initiative to be launched as part of the Dubai Creative Economy Strategy which aims to transform the Emirate into a global innovation hub. Artists with projects and activities in Al Quoz Creative Zone and emerging creative entrepreneurs will receive an exclusive Al Quoz Creative Membership. This will give them access to various incentives including fee exemptions, reduced rents and logistic business support. It will also provide access to relevant training and programmes to help artists transform their creative ideas into business.