UAE Archives - Page 71 of 96 - LexisNexis Middle East

Abu Dhabi: Law Firm Has to Refund 72,500 Dirhams to Client

12/03/202112/03/2021
by Benjamin Filaferro

Abu Dhabi’s Court of First Instance has issued a ruling requiring a law firm to pay their client 72.500 AED after they paid the firm 80,000 AED for filing a case but later found out the legal fees owed on the case are only 7,500 AED. They filed a lawsuit, where they demanded a legal consulting firm be made to repay them 72,500 AED. They had given a power of attorney to the owner of the law firm, to file a lawsuit and the firm assured them the lawsuit fee was 80,000 AED. They later found out the fee was 7,500 AED. The court clarified in its ruling there was evidence that the owner of the defendant company did not attend the session set for the decisive oath and there is evidence the defendant was liable to pay the amount.

Weekly Spotlight

Dubai: Dubai’s Crown Prince and Chairman of the Executive Council has issued Dubai Executive Council Decision No. 5/2021

12/03/202112/03/2021
by Benjamin Filaferro

Dubai’s Crown Prince and Chairman of the Executive Council has issued Dubai Executive Council Decision No. 5/2021 issuing the Implementing Regulations to Dubai Law No. 1/2016 on the Financial Regulations of the Government of Dubai.
It specifies the systems, applications and smart financial solutions related to the planning of the Government’s financial resources and requires all Government departments to use the systems, applications and smart financial solutions approved by the Finance Department. All financial operations executed by Government departments through approved systems, applications and smart financial solutions are considered legally enforceable, provided the operations are compliant with applied regulations.
Under the Decision, Government departments can approve their own financial and accounting systems, applications and smart financial solutions provided they comply with the law and regulations issued by the Finance Department, they are compatible with approved systems, applications and smart financial solutions and are pre-approved by the Finance Department and Smart Dubai.
It also regulates the collection and management of public revenue, specifies the authorities and responsibilities of the Director General of the Finance Department in executing the general budget and outlines the authorities and responsibilities of heads of Government entities.
In addition, it states the procedures for Government payments and expenditures, including payments for suppliers and contractors, which should be made within 90 working days from the date of the final handover, or according to the timeframe specified in the contract.
The Director General of the Finance Department will be responsible for issuing all of the decisions and regulations required to ensure the implementation of the Decision. Anything which contradicts or contravenes it will be repealed.
It was published in the Official Gazette on 9 March 2021 and came into force on the same day.

News developments

UAE: National Integrated Energy Model Launched

05/03/202105/03/2021
by Benjamin Filaferro

The UAE’s Energy and Infrastructure Ministry has announced it has launched the National Integrated Energy Model. They launched it together with the Khalifa University and the International Renewable Energy Agency. It will support the formulation of the future energy for the UAE and the design of the next 50 years in the energy sector. It will also provide a roadmap for a new phase of energy sector sustainability and provide a common framework which brings together stakeholders in the energy sector. In addition, it will define the contours of the future as part of the UAE’s efforts to maximise the benefits of this sector by developing strategies and foundations for work in it during the next phase in line with the National Energy Strategy 2050. This Strategy aims to obtain safe and sustainable energy for everyone at competitive prices, increase the efficiency of individual and institutional consumption by 40% by 2050 and increase the contribution of clean energy in the total energy mix produced in the country to 50%. An understanding to develop the energy modelling capabilities with Khalifa University and the International Renewable Energy Agency was also reached. In addition, a partnership bringing the three entities together was established. This will develop the UAE energy model to support the UAE’s approach in this sector. It will also benefit from the experience of the Agency and the research capabilities of Khalifa University to establish a programme to support the review of the energy strategy in the UAE and engage strategic partners to continue developing the energy policy in the country.

News developments

UAE: National Integrated Energy Model Launched

05/03/202105/03/2021
by Benjamin Filaferro

News developments

UAE: Executive Anti-money Laundering and Terrorist Financing Office Established

26/02/202126/02/2021
by Benjamin Filaferro

The UAE’s Cabinet has approved the establishment of an Executive Anti-money Laundering and Terrorist Financing Office. The Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) will oversee the implementation of the UAE’s National AML/CFT Strategy and National Action Plan which are aimed at strengthening the country’s anti-financial crime system. Hamid Al Zaabi has been appointed as the Director-General of the Executive Office. It will report to the Higher Committee overseeing the UAE’s National AML/CFT Strategy which is chaired by the Foreign Affairs and International Cooperation Minister.

Weekly Spotlight

Dubai: The International Financial Centre has launched a public consultation on proposed amendments

26/02/202126/02/2021
by Benjamin Filaferro

The Dubai International Financial Centre has launched a public consultation on proposed amendments to some of its key laws. It will end on 28 March 2021.
The proposed amendments will affect the 2019 Employment Law (DIFC Law No. 2/2019 as amended last year by DIFC Law No. 4/2020), the Employment Regulations, the 2020 Data Protection Law (DIFC Law No. 5/2020), the 2019 Insolvency Law (DIFC Law No. 1/2019) and the Insolvency Regulations.
The amendments have been proposed in light of international best practices and the specific factors relating to the DIFC as well as the need to provide an appropriate regulatory environment for businesses to operate in or from the Centre.
The proposed amendments to the Employment Law are aimed at clarifying the application of limitations periods to claims made under the Employment Law, including claims for deductions to an Employee’s Remuneration, the accrual of vacation leave and the duration of the probationary period for short term fixed-term contracts and certain defined terms used in the Law. In addition, they are aimed at amending the basic workplace health and safety requirements under the Employment Law to account for working from home arrangements.
They are also proposing issuing new Employment Regulations to provide further clarity in relation to the Qualifying Scheme regime to bring it in line with the Dubai Financial Services Authority’s Employee Money Purchase Scheme so only a single layer of regulation is applied to these schemes; and make them fit for purpose from a consumer protection perspective.

News developments

UAE: Dubai Government-owned licensing solutions accept crypto-currencies

19/02/202119/02/2021
by Benjamin Filaferro

Kiklabb, the Dubai Government-owned licensing solution, now accepts cryptocurrencies as a payment option for trade licences and visa fees. Kiklabb customers can now pay for services using cryptocurrencies, including Bitcoin, Ethereum and Tether (USDt). Kiklabb is also the first to use a virtual end-to-end business setup experience. Customers can register as well as pay for Dubai trade licences remotely and with a virtual currency, using their smartphone.

News developments

UAE: The Abu Dhabi Police has warned drivers of the danger of using vehicle carriers

19/02/202119/02/2021
by Benjamin Filaferro

The Abu Dhabi Police has warned drivers of the danger of using vehicle carriers for recovery to transport equipment and vehicles that do not meet safety and security conditions as well as those that are not equipped to transport this type of equipment, as this endangers road users and road infrastructure. The directorate indicated that equipment carriers need a permit to transport, and it is granted according to the work assigned to them through contracts.

News developments

UAE: VAT Registration Rules for Owners of Multiple Sole Businesses Clarified

12/02/202112/02/2021
by Benjamin Filaferro

The UAE’s Federal Tax Authority has clarified the VAT registration rules for owners of multiple sole businesses. Owners in these cases should complete a single VAT registration for all of them. They should not be registered individually. The Authority added an individual enterprise is a legal form for businesses which are 100% owned by an ordinary person. Individual enterprises don’t have an independent legal personality and the enterprise and owner are considered as one.

News developments

Dubai: Government Information Leakers Identified

12/02/202112/02/2021
by Benjamin Filaferro

The General Secretariat of the Dubai Executive Council have announced the Dubai authorities have identified Government information leakers. The individuals attempted to disclose this information. They attempted to do so through messaging applications and social media platforms. Those who leak this information will be punished. The authorities added Government employees should comply with policies and procedures on the dissemination and exchange of Government information and upholding confidentiality and privacy.