UAE Archives - Page 76 of 93 - LexisNexis Middle East

UAE: Draft Consumer Protection Law Discussed

02/05/202030/04/2020
by Benjamin Filaferro

The Financial, Economic and Industrial Affairs Committee of the UAE’s Federal National Council has discussed a draft consumer protection law. The aim of the new law is to benefit consumers and protect them from being exploited by suppliers. Consumers will be able to contact the relevant authorities at the Economy Ministry to submit fraud and exploitation complaints. The relevant authorities will obtain the correct information on goods purchased by consumers and raise consumer awareness about their rights and obligations.

News developments

Abu Dhabi: Commercial Bank Sues NMC Health

25/04/202023/04/2020
by Benjamin Filaferro

Abu Dhabi Commercial Bank has announced it is suing NMC Health. The case has been filed with the Emirate’s Attorney General. The case has been filed against various individuals at the hospital operator. They are suing the Bank to protect its commercial interests. ADCB has $981 million exposure to the entity. NMC is $6.6 billion in debt and it share value has fallen by more than 50% since December 2019.

News developments

Abu Dhabi: Commercial Bank Sues NMC Health

18/04/202017/04/2020
by Benjamin Filaferro

News developments

UAE: Amendments to the Rules on Transfer of Employees, Salary Payments and Recruitment

10/04/202014/04/2020
by Benjamin Filaferro

Following the publication last week of Ministerial Decision No. 279/2020 on employment of non-citizen employees in the private sector during the COVID-19 crisis which changed rules on transfer of employees, salary payments and recruitment, the UAE’s Ministry of Human Resources and Emiratisation has published an addendum to the Decision. This addendum was referred to in Article 5 of Ministerial Decision No. 279/2020. Article 5 says companies looking to reduce the wages of a non-citizen employee temporarily during the relevant period have to conclude a ‘temporary additional appendix’ to the labour contract between the two parties, provided it expires with the expiration of the term of the contract or the period of validity of this Decision, whichever is earlier. It goes on to say the appendix can be renewed with the approval of both parties and two copies must be prepared. Both the employer and employee should keep a copy. The employer will have to submit it to the Human Resources and Emiratisation Ministry when asked to do so.

News developments

Abu Dhabi: Judicial Department Issues Circular on Trial Postponement

31/03/202031/03/2020
by Benjamin Filaferro

The Abu Dhabi Judicial Department has issued Abu Dhabi Circular No. 7/2020 on the work of judges and postponement of trial during the COVID-19 crisis. All courts in Abu Dhabi will postpone trials and appeals which currently have pending decisions for no less than 30 days. In addition, all judges in the urgent courts (including civil, commercial and labour) will work remotely and issue judgments on urgent cases and old cases where the decisions have already been made. Pending judgments will be postponed for no less than 30 days. The Circular also states case registration for initial hearings and appeals will be postponed for no less than 30 days starting from 26 March. Existing judgments will be given without the presence of the parties.

Weekly Spotlight

Weekly Spotlight: UAE National Disinfection Programme for Public Utilities and Transport

31/03/202031/03/2020
by Benjamin Filaferro

The UAE’s Health Prevention Ministry and the Interior Ministry have announced, there will be a ‘National Disinfection Programme’ which will involve a complete sterilisation of all public utilities, public transport and metro services during the weekend. The programme began at 8:00 PM on 26 March 2020 and ended at 06:00 AM on 29 March 2020 but has been extended.

During this period, the movement of traffic and the public will be restricted and public transportation and metro services will be halted. The public have been urged to stay at home during the disinfection period and not to go out unless it is absolutely necessary to get essential supplies or because they work in vital sectors, including energy, telecommunications, health, education, security, law enforcement, military, postal service, shipping and logistics, medicines, water, food, civil aviation, airports, passports, banking and financial services, government media and the service sectors, including petrol stations and construction. During this period workers’ personal or work identity will be checked and verified.

News developments

Abu Dhabi: Stock Exchange Temporarily Closed

23/03/2020
by Benjamin Filaferro

Abu Dhabi’s Securities Exchange has announced it is temporarily closing its trading halls until further notice because of Coronavirus. The decision was taken following World Health Organisation advice to limit public gatherings. However, the closure will not affect trading operations. In addition, Sahmi services which are based online will continue to be provided.

Weekly Spotlight

Weekly Spotlight: The UAE Unifies Company Disclosure Templates

16/03/202016/03/2020
by Benjamin Filaferro

The UAE’s Securities and Commodities Authority has announced it has approved an initiative to unify the templates used for listed company disclosures. The unified templates have been circulated to all the listed companies and financial markets with the aim of unifying procedures and disclosure requirements in the country’s financial markets.

The Authority’s CEO said the new initiative aims to improve services for investors and traders in the market and ensure the quality of the disclosures published. He added the initiative is also aimed at increasing transparency and ensuring no important information is overlooked.

News developments

Dubai: First Portal for Opening Accounts Using Blockchain Launched

07/03/202006/03/2020
by Benjamin Filaferro

Dubai International Financial Centre has announced it has launched the first portal for sharing details between companies to facilitate identifying customers using Blockchain technology. The aim is to empower companies and licensed enterprises to open digital bank accounts immediately. The DIFC launched the portal together with Almashreq Bank to implement the initiative which was launched in July 2019. Businesses and companies operating in the UAE can now use this platform.

News developments

Abu Dhabi Global Market Updates Virtual Asset Regulatory Framework

02/03/202002/03/2020
by Benjamin Filaferro

The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has announced it has updated its Virtual Asset Regulatory Framework. The key amendments include changing the terminology of Crypto Asset to Virtual Asset to align the Market’s terminology with that of the Financial Action Task Force. The applicable regulations and rules from a bespoke category of Operating a Crypto Asset Business have also been moved to the Regulated Activities (e.g. Providing Custody, Operating a Multilateral Trading Facility, Dealing in Investments etc). The aim is to better reflect the nature of the underlying activities related to Virtual Assets.