UAE Archives - Page 72 of 96 - LexisNexis Middle East

Abu Dhabi: Exchange Trading Commissions Reduced

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

Abu Dhabi’s Securities Exchange has announced it will reduce the total commissions for the trading activities on all deals which happen from this month. It is part of its ADX One strategy which is aimed at doubling the market value of the companies listed in the market over the next three years. This is the second time the Exchange has reduced commissions on transactions over the last two years to improve market liquidity.

News developments

Abu Dhabi: Funds Cannot be Taken Without Informing Customers First

05/02/202105/02/2021
by Benjamin Filaferro

Abu Dhabi’s Court of Cassation has ruled funds cannot be taken without informing the customer first. Their ruling amends a ruling which saw one bank in the country and two telecommunication companies fined. They were fined 20,000 AED for making a customer pay fake costs and deducting them from their account without their permission. The ruling was amended to exempt the telecommunications companies from the fine and ask the bank to pay 4,000 AED for withholding the money without informing the customers.

Weekly Spotlight

UAE: Authorities have approved amendments to Cabinet Decision No. 2/1972 (the Implementing Regulations to the Federal Nationality and Passports Law, Federal Law No. 17/1972)

05/02/202105/02/2021
by Benjamin Filaferro

The UAE authorities have approved amendments to Cabinet Decision No. 2/1972 (the Implementing Regulations to the Federal Nationality and Passports Law, Federal Law No. 17/1972) to allow investors, professionals, those with special talents and their families to acquire Emirati nationality and passport in certain circumstances.
Among others, investors, doctors, specialists, inventors, scientists, talents, intellectuals, artists and their spouses and children will be able to benefit from the changes. They will be able to keep their existing nationality.
Emirati citizenship will be able to be obtained through nominations from Rulers and Crown Princes as well as Courts, Executive Councils and the Cabinet for Federal entity nominations. Investors have to own property in the UAE while doctors and specialists have to be specialists in a unique scientific discipline or other scientific principles which are in heavy demand in the UAE.
The applicant also has to have acknowledged scientific contributions, studies and research of scientific value and practical experience of at least 10 years. In addition, they have to have membership in a reputable organisation in their specialist area.
Scientists have to be active researchers in a university or research centre or in the private sector, with practical experience of at least 10 years in the same field. They should also have contributions in the scientific field such as winning a prestigious scientific award or securing substantial funding for their research during the past ten years. In addition, they will have to obtain a recommendation letter from recognised scientific institutions in the UAE.
Inventors who want to acquire Emirati citizenship have to obtain one or more patents which are approved by the UAE Economy Ministry or any other reputable international body as well as a recommendation letter from the Economy Ministry.
Individuals with creative talents like intellectuals and artists have to be pioneers in the culture and art fields and have won at least one international award. A recommendation letter from related Government entities will also be required.
Those who qualify will also have to swear an oath of allegiance, commit to abide by the Emirati laws and officially informing the respective Government agency if acquiring or forfeiting any other citizenship is required.
Citizens are able to establish or own commercial entities and properties. They are also entitled to any other benefits which are granted by federal authorities after Cabinet or local authority approval. If the conditions are violated, citizenship can be withdrawn. The aim is to attract international talent to the country.

News developments

Abu Dhabi: Environment Licenses Conditions for Construction Projects Explained

29/01/202129/01/2021
by Benjamin Filaferro

Abu Dhabi’s Environment Authority is now requiring owners of construction buildings to obtain environment licenses in three circumstances. The first is if a new project is starting or a new building is being constructed. The second is when an existing project or establishment is being added or amended. The third and final one is when the building is being removed completely. The Authority confirmed the aim of these licenses is to assess the environmental impact of these projects and remove or reduce their impact. The Authority added the license is a legally binding document.

Weekly Spotlight

UAE: Central Bank has announced the formal procedures for the merger of the Insurance Authority with the Bank have started

29/01/202129/01/2021
by Benjamin Filaferro

The UAE Central Bank has announced the formal procedures for the merger of the Insurance Authority with the Bank have started. The Bank has established several committees and working groups to oversee the merger which is aimed at transferring the supervisory and regulatory responsibilities of the Authority to the Bank.
It is being executed in line with Federal Decree-Law No. 25/2020 which states the Central Bank will assume the regulatory, supervisory, licensing and enforcement functions of the Authority.
The Bank will be responsible for monitoring the financial solvency of insurance companies, ensure they carry out business ethically and the rights of those who are insured are protected. The rules, Decisions, Circulars and regulations issued by the Insurance Authority in line with Federal Law No. 6/2007 will continue to apply to all licensed institutions and activities until replaced by regulations issued by the Bank.
It is part of wider efforts to transform the Central Bank into one of the world’s top 10 central banks.

News developments

UAE: Central Bank has announced they have issued the Consumer Protection Regulation

22/01/202122/01/2021
by Benjamin Filaferro

The UAE’s Central Bank has announced they have issued the Consumer Protection Regulation. It is aimed at protecting all licensed financial establishments. They issued Central Bank Circular No. 444/2021 to this effect to all establishments on 20 January 2021. Licensed financial entities have to be transparent in terms of their price structures and special products. They are also banned from using misleading, deceptive, fraudulent or unfair marketing approaches.

News developments

Dubai: Experts Affairs Committee to be Established in Dubai Courts

22/01/202122/01/2021
by Benjamin Filaferro

Following directives from Dubai’s Ruler to support judicial departments with legally and technically qualified experts, the Deputy Ruler and Vice President of the Justice Supreme Council has issued a Decision to establish an Experts Affairs Committee. It is aimed at improving justice and boosting the role of experts. Under Dubai Decision No. 2/2021, the Committee will be established in the Dubai Courts. It will regulate and organise the work of experts in the courts in the Emirate.

News developments

UAE: Penalties for Public Asset Violations Confirmed

15/01/202115/01/2021
by Benjamin Filaferro

The UAE’s Public Prosecution has clarified the penalties for public asset violations. Under Article 227 of Federal Law No. 3/1987 (as amended), offenders who are public employees or someone tasked with delivering a public service could be jailed and fined up to 10,000 AED. These penalties will be imposed if they intentionally cause damage to the assets or interests of the Department they work for or the assets or interests of others.

News developments

Dubai: Agreement signed to enable special visas and residency permits to be issued

15/01/202115/01/2021
by Benjamin Filaferro

The General Directorate of Residency and Foreigners Affairs in Dubai or GDRFA-Dubai and the Department of Tourism and Commerce Marketing or Dubai Tourism have announced they have signed an agreement to enable special visas and residency permits to be issued. This includes the issuing of Distinguished Guests and Virtual Working programmes, Golden Visas for investors and retirement visas. The agreement also covers processes like application assessment procedures. In addition, it covers cruise ships and yachts to facilitate entry and exit procedures for crew members and passengers. Under the agreement, both organisations will implement joint activities. This includes marketing programmes. They will also share expertise and best practices. Employees of both entities will also receive training under joint annual programmes. Dubai Tourism will also offer two GDRFA employees the chance to join a Diploma programme offered by the Dubai College of Tourism for free.

News developments

Abu Dhabi: Civil Court has ordered a woman to pay financial compensation for moral damages

15/01/202115/01/2021
by Benjamin Filaferro

Abu Dhabi’s Civil Court has ordered a woman to pay 10,000 AED in moral damages caused to another woman. They insulted the woman over the phone which included phrases which insulted her honour. The Public Prosecution Office had referred the defendant to the Criminal Court. They charged her and requested she pay 5,000 AED. However, the claimant filed a complaint with the Civil Court requesting the defendant pay 50,000 AED in compensation for the moral and material damages she caused her and request she pay lawyer fees and costs. The Court of First Instance confirmed in its judgment the estimation of the damages should be compensated and the circumstances which should be taken into account are within the powers of the Court providing the Law didn’t provide for following certain standards in estimating them. The Court rejected the claimant’s request for financial compensation because she didn’t outline the financial damages she suffered or the losses. The Court accepted the claimant’s request for moral damage compensation and ordered the defendant pay 10,000 AED and costs.