Abu Dhabi’s Economic Development Department has announced it has increased the fines for entities using bogus economic licences. The fines have been increased to 50,000 AED and violators will be blacklisted. The announcement follows the Department intensifying its monitoring of compliance with the regulatory regime.

Dubai’s Financial Services Authority has signed an agreement with Hong Kong’s Securities and Futures Commission to establish a framework for cooperating in FinTech innovation. The agreement was signed for the Authority by its Chief Executive, Ian Johnston and for the Commission by its Chief Executive, Ashley Alder. Under the agreement, both Authorities will share information on FinTech developments and innovations in their respective markets. Both regulators will also refer innovative firms to the other’s markets and provide them with regulatory guidance.

Dubai’s Airport Freezone Authority has released a detailed halal industries guide as part of its campaigns to contribute to the Emirate’s aim to become the region’s Islamic economy capital. The guide is the first of its kind. It defines Halal products in different industries and highlights numerous financial investment possibilities for international financiers.

The UAE’s Federal Tax Authority has announced online VAT registration for businesses will be introduced next month. It follows the issuing of the Tax Procedure Law (Federal Law No. 7/2017) last month. The Excise Tax and VAT Laws are expected to be issued in the third quarter this year and the relevant regulations will be issued in the fourth quarter.

The UAE’s Cabinet has approved new draft child car seat regulations. The approval follows a suggestion from the Emirates Authority for Standardisation and Metrology. It aims to adhere to the highest standards and reduce accidents involving children. Drivers will have to provide child car seats for children under four.

Abu Dhabi’s Global Market has announced it is establishing an Arbitration Centre. It is expected to start operations in early 2018. The decision coincides with the decision of the International Commerce Chamber to open the first representative office in the Middle East in the Global Market by January 2018. The Centre will also offer training in settling disputes.

Abu Dhabi’s Economic Development Department has announced the enforcement of amendments to its penalties regime in line with Abu Dhabi Executive Council Decision No. 47/2017 on violations regarding businesses or establishments licenced for economic activities in line with Article 6 of Abu Dhabi Law No. 2/2009. The amendments follow repeated violations by establishments licenced for economic activities in the Emirate. The Department has called on all establishments to go through the amendments and comply with the relevant regulations to avoid penalties ranging from formal warnings and fines depending on the nature of the violation.