According to reports, the Dubai Municipality is going to delay the introduction of compulsory calorie information on menus in the Emirate. In May, a Circular was issued to all food outlets requiring this information to be shown which would have made Dubai the first Emirate to do so. The Municipality has decided to make displaying the information optional for the next two years and then make a Decision.
The UAE’s Infrastructure Development Minister and Chairman of the Federal Transport Authority has announced amendments to the country’s existing maritime law are being considered. They are aimed at improving maritime operations in the country and encouraging more investment into the sector.
If approved, it will amend Federal Law No. 26/1981 and has been circulated for consultation and feedback. Some of the relevant parties have provided their feedback but feedback from others is pending. The amended law is expected to come into force early next year. Among other things, it will allow those who want to own maritime businesses to own 100% of them and will also introduce a new dispute resolution system. The new dispute resolution centres will report to the Federal Transport Authority. In addition, it will update the maritime lien rules and establish a maritime navigation chamber. They will be responsible for representing private sector interests and a new maritime development fund will also be set up. The chamber will also become a member of the International Chamber of Navigation.
The UAE’s Cabinet has approved revisions to the country’s foreign investment rules which will see 100% foreign ownership allowed in 13 sectors and 122 areas of economic activity in the country. The aim is to encourage more foreign investment into the country and improve the country’s growth. These sectors include renewable energy, space, agriculture and manufacturing. Investors will also be provided with an opportunity to buy various shares in various economic activities including the production of solar panels, power transformers, green technology and hybrid power plants. It also includes transport and storage, to allow investors to own projects in ecommerce transport, supply chain, logistics and cold storage for pharmaceutical products. The governments of the individual Emirates will determine the ownership percentage of foreign investors in these activities.
Dubai’s Land Department has announced it has launched a new Real Estate Investment Opportunities initiative. It is aimed at strengthening the Emirate’s competitiveness and attracting new real estate investments. It follows the Innovation Lab 2018 and a special office has been established at the Land Department’s Cube centre to facilitate and unify all related registrations and follow-up procedures. The Department has also approved a set of special privileges relating to real estate registration and terms and a special electronic contact website is going to be established to provide electronic services and respond to all future queries. A law is currently being drafted for real estate investment portfolios which are still under accreditation and review by the relevant parties.
The UAE’s Central Bank has announced it has launched a new anti-money laundering system and is the first GCC country to adopt it. The new system means all financial institutions in the country will have to report any suspicious transactions through goAML. They must register with the system by 27 June. Any transactions over 60,000 AED must be reported. goAML has been developed with the UN Office on Drugs and Crime. It aims to step up intelligence, identify complex, organised criminal activities and curb them.
Elsewhere, Saudi Arabia has become the region’s first Financial Action Task Force member. Previously the Kingdom was an observer of the anti-money laundering body and they were one of the only Middle Eastern jurisdictions not to be included in a blacklisting of countries earlier this year. The organisation makes recommendations to governments on combating money laundering and terrorist-financing.
According to Sheikh Mohammed, Prime Minister of the UAE 6,800 investors and residents, worth an estimated 100 billion AED, have been chosen to receive the new golden residency visa. The golden card was initially billed as a permanent residence system but the General Directorate of Residency and Foreigners Affairs has since clarified that it is in fact a long-term 10-year visa. However, as the golden card is a renewable 10-year visa the end result is the same: – permanent residency in the UAE. It has also now been confirmed by the Directorate Chief executives with a salary of 30,000 AED or more can apply for the visa too. These applicants should have at least a bachelor’s degree or its equivalent and five years of work experience. They must also have a valid UAE employment contract. They must also have health insurance for themselves and their families.
The UAE’s General Civil Aviation Authority has announced drone photography is now allowed in the country providing certain conditions are met. These conditions include using drones in authorised locations and at specified heights. Photographers wishing to use drones must obtain a license first and should be 16 or older. The new regulations were developed together with the Interior Ministry. Previously, only authorised organisations could use drones to film or photograph.
The DIFC has launched a consultation on proposed amendments to the 2007 Data Protection Law. The consultation ends on 18 August 2019. If the amendments to DIFC Law No. 1/2007 are approved the Law’s remit will be expanded.
The main proposals are to align the 2007 law to incorporate international data protection standards, including elements of the EU General Data Protection Regulation and the California Consumer Privacy Act and not just incorporate EU best practices.
It is also proposed to expand the compliance framework and safeguards to include principles of accountability, jurisdiction, data breach notification, prior consultation and data protection officer appointments and provide clarity on consent and data subjects’ rights with respect to advance technology developments. Finally it is proposed to revise the powers of the Commissioner of Data Protection, administrative requirements and sanctions and enforcement.
Dubai’s Ruler has approved a new DIFC Insolvency Law which will come into force on 28 August 2019. New Insolvency Regulations have also been approved and they will come into force on 28 August 2019 as well.
DIFC Law No. 1/2019 provides for a new administration process where there is evidence of mismanagement or misconduct. It also enhances the rules governing winding up procedures and incorporates the Uncitral Model Law on cross border insolvency proceedings with certain modifications for application in the Centre. In addition, it introduces a new debtor in possession bankruptcy regime in line with best international practices.
The UAE’s Federal Authority for Identity and Citizenship has announced it has issued the first golden residence permit in Abu Dhabi. The issuing of the visa follows the issuing of Cabinet Decision No. 56/2018 on permanent residence for investors. The Authority said it had started a communication programme with investors in the country who are eligible for this residence permit to make them aware of the new law and explain the benefits.
