UAE: Emiratisation Quotas for Private Companies Announced

Arab News, 12 September 2021: The UAE Government has announced Emiratisation quotas for private companies.

The quotas mean private company employers will have to ensure 10% of employees are Emiratis.

These companies will have five years to comply.

For the first year, the requirement will be 2%.

It will only apply to skilled labour positions.

In addition, 24 billion AED will be allocated to create 75,000 private sector jobs for Emiratis.

There will also be allowances, bonuses and other monetary incentives for UAE nationals, especially those working in programming, nursing and entrepreneurship.

Elsewhere, Emirati Government employees who want to set up their own business will be granted partially paid leave of absence for up to a year.

Training programmes for Emiratis transferring from the public to private sector will also be hosted.

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UAE: Data Privacy Law on the Way

Khaleej Times, 5 September 2021: The UAE authorities have announced a data privacy law is on the way.

It will be introduced as part of the Projects of the 50 programme.

It will be drafted together with major technology companies.

It will be the country’s first law in this area and will enable individuals to control the way their personal information is used, stored and shared.

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Abu Dhabi: Energy Department Issues Regulatory Policy for Clean Energy Certificates

Abu Dhabi’s Energy Department has announced it has launched a Regulatory Policy for Clean Energy Certificates.

The Policy sets out the regulations and principles for implementing a clean energy certificates scheme in the Emirate.

It follows news last week that the Department has been granted powers to issue these certificates.

It is aimed at helping to reduce the carbon footprint of power generation in the Emirate and providing a reliable accreditation system.

The Clean Energy Certificates scheme has been modelled on the internationally recognised attribute tracking system for renewable energy certificates developed by the International Renewable Energy Certificate Standard Foundation (I-REC Standard).

The I-REC Standard is responsible for providing a single central registry platform and the I-REC Registry will keep and update records of the full lifecycle of ownership and use of the issued Clean Energy Certificates. It will record all trading transactions, verify claims and ensure there is no Clean Energy Certificate double counting.

The Emirates Water and Electricity Company will act as a Single Registrant for the electricity injected into the grid from DoE licensed generation entities.

They will also ensure all generation plants producing clean energy in the Emirate are listed in the I-REC Registry. Businesses or consumers who want to obtain a clean energy certificate can act as Participants but will have to open an account in the I-REC Registry platform.

The certificates will be issued in units of 1 MW/h after receiving a request from the Single Registrant. The Participants can then purchase certificates and allocate beneficiaries.

Clean Energy Certificates are voluntary tradeable financial instruments which certify the purchase of a specific amount of electricity which has been generated from a clean energy source. Once the solar or nuclear energy is fed into the grid, the Clean Energy Certificates can be traded as credits to claim the environmental and social benefits of low carbon energy consumption.

Anyone can act as a Participant and can purchase the certificates and sell them in whole or in part to end customers. The Single Registrant can also act as a Participant if they are approved by the Energy Department. This allows anyone to benefit from the system, regardless of their level of consumption. Anyone can buy certificates which guarantee the electricity they consume does not emit carbon.

Unlike I-REC systems in other regions, the Energy Department will not charge for acting as a local Issuer.

Also reported in Alroeya on 29 August 2021. For full story, click here.

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Dubai: Specialist Anti-money Laundering Court Established

Following directives from the UAE’s Vice President and Prime Minister and Dubai Ruler, a specialist anti-money laundering court is going to be established in the Dubai Courts.

It will be part of the Court of First Instance and Court of Appeal.

It is the latest anti-money laundering move in the country.

The new court will support the Emirate’s efforts in tackling financial crimes, including money laundering.

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UAE: Central Bank Issues New Hawala Providers Guidance

The UAE’s Central Bank has announced it has issued new guidance on anti-money laundering and tackling terrorist financing to Registered Hawala Providers and Licensed Financial Institutions who provide services to them.

It came into force today.

It was issued after considering Federal Decree-Law No. 20/2018 and Cabinet Decision No. 10/2019 as well as Financial Action Task Force standards and guidance.

RHP have to comply fully with UAE requirements relating to targeted financial sanctions and suspicious transaction reporting). They also have to establish and maintain an effective anti-money laundering and terrorist financing compliance programme to prevent misuse of this activity to facilitate money-laundering or terrorist financing. This programme should include a competent compliance officer, appropriate customer and agent due diligence, transaction monitoring and record keeping.

In addition, they have to maintain an account with a bank operating in the UAE to be used for settlement and provide the Central Bank with details.

Licensed Financial Institutions should accept RHP customers and manage any risks from these transactions through appropriate controls. These institutions must not accept customers who are unregistered hawala providers based in the UAE and must immediately report an STR to the UAE’s Financial Intelligence Unit. They should also advise the Central Bank when they are detected and closely monitor the relationship.

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Dubai: New Action Plan for Emiratisation Announced

Gulf News (United Arab Emirates), 15 August 2021: Dubai’s Deputy Ruler has announced a plan to boost Emiratisation in the private sector is being prepared.

The plan will be implemented in 100 days.

The Emirati Human Resources Development Council has been asked to develop the action plan.

The plan will outline measures to establish a wide range of partnerships with companies, organisations and free zone entities to improve the job prospects of UAE nationals in the private sector.

It will also include strategies to work with the education sector to link learning outcomes to job market requirements. The plan will also feature career guidance programmes for students in future-oriented sectors, in alignment with country’s long-term strategies.

The Council added they will be proposing new legislation, policies and initiatives to improve the employment opportunities for Emiratis in various sectors and align their skills with labour market requirements.

It was the Council’s first meeting following the issuing of Dubai Decree No. 27/2021.

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UAE: Central Bank Issues Retail Payment Services & Card Regulations

Al Bayan, 18 July 2021: The UAE’s Central Bank has issued new retail payment service and card Regulations.

The new Regulations state providers of payment services will have to have specific licenses.

Payment service providers will be given a year to comply and receive the relevant license from the Central Bank.

For full story see: https://www.albayan.ae/economy/uae/2021-07-18-1.4209593.

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UAE: Digital Currency to be Launched

Gulf News (United Arab Emirates), 12 July 2021: The UAE’s Central Bank has announced it plans to launch a digital currency.

The announcement is contained in the Banks’ priorities for 2023 to 2026.

It is part of the Bank’s aim to be among the world’s Top 10 central banks.

They will also focus on including driving digital transformation in the UAE’s financial services sector by utilising the latest Artificial Intelligence and big data solutions. Technology will also be used across inspection, monitoring and insurance systems as well as the UAE Pass system utilised to boost financial inclusion and provide easy access to financial services.

They will also focus on supporting the UAE’s green economy efforts and continue work to developing an innovative financial infrastructure to boost the UAE’s competitiveness in this area.

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