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

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.

Weekly Spotlight: The UAE Unifies Company Disclosure Templates

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.

Weekly Spotlight: New Multi Commodities Centre Authority Established in Dubai

Dubai’s Ruler has issued Dubai Law No. 3/2020 on the Dubai Multi Commodities Centre. The aim is to improve Dubai’s position as a regional and international destination in trading commodities and commercial and Islamic financing. It is also aimed at attracting investment and local and international companies to make Dubai a centre for their businesses. The Law applies to the Centre in its capacity as a free zone and to the Centre’s authority in its capacity as a public authority. The Centre’s Authority will supervise the Centre and it will be able to establish and develop infrastructure and administrative services in the Centre together with the relevant bodies in the Emirate.

Weekly Spotlight: Compulsory Health Insurance for UAE Visitors Under Consideration

The UAE’s Insurance Authority has announced it is working with a number of other bodies to prepare a draft law on compulsory health insurance for visitors. They stated during a health insurance conference in Dubai that it was important to continue to develop the regulatory and legislative base for this sector. The Authority’s Chairman said it is important to bolster the role of the insurance industry in securing individuals, possessions, and responsibilities against risks in order to protect the national economy.

Weekly Spotlight: New Financial Consumer Protection Rules for the UAE Under Consideration

The UAE’s Central Bank has announced it has launched a public consultation on new financial consumer protection rules. The Bank is proposing a new Financial Consumer Protection Regulatory Framework. The aim is to help the Bank develop and implement new regulations in these areas. It will also enhance disclosure and transparency requirements, ensure timely responses to customer complaints and require financial institutions to provide consumers with effective dispute resolution services. In addition, the proposed framework covers regulatory supervision, corporate governance, market conduct, business conduct and protection of consumer data and privacy.

The aim will be to introduce more comprehensive regulations in this area for entities it supervises.