United Arab Emirates Archives - Page 32 of 65

Dubai: New Investment Platform Launched

15/03/202415/03/2024
by Tanya Jain

Arabian Business, 13 March 2024: Dubai’s Ruler has issued a Decree establishing a Unified Digital Platform for companies setting up in the Emirate.

Dubai Decree No. 13/2024 has been issued as part of efforts to improve Dubai’s business environment and support economic growth.

It aims to integrate various licensing processes in the Emirate including those managed by the Economy and Tourism Department and the authorities of special development zones and freezones, including the Dubai International Financial Centre (DIFC).

By offering a streamlined channel for accessing information, obtaining licences, and availing other services related to economic activities, the platform seeks to improve ease and convenience for investors.

The Economy and Tourism Department will be responsible for operating, managing and developing the Invest in Dubai platform together with the relevant licensing bodies and in line with the digital transformation guidelines set out by the Dubai Digital Authority.

All requests related to licensing and permits should be processed through the Invest in Dubai platform in line with the procedures, requirements, timelines and fees mentioned in the Guide. The Guide is an electronic document developed by the Economy and Tourism Department, It outlines the requirements for operating a business in Dubai.

The Chairman of the Executive Council will be responsible for issuing the decisions to implement the Decree. It annuls anything which may contradict it.

It applies to all economic activities in Dubai and aims to regulate the issuing of licences, permits and approvals in the Emirate to improve clarity and simplicity.

It also aims to help investors overcome obstacles in setting up or operating businesses in Dubai.

In addition, it aims to improve electronic integration between licensing departments and other key entities to avoid procedures being duplicated.

It aims to support digital transformation efforts in line with the objectives of the Dubai Economic Agenda D33 too.

It will be published in the Official Gazette and come into force on its published date.

Dubai Executive Council Decision No. 5/2024 has also been issued. Under this Decision, key principles to support investors in Dubai are introduced. The principles apply to the processes for all licences, permits and approvals related to business activities in the Emirate.

Under the Decision, all licensing entities and federal and local entities responsible for regulating and supervising business activities in the Emirate are also responsible for facilitating the investor journey in Dubai and implementing the relevant procedures to achieve this.

It also outlines various measures to provide a smooth investor experience. This includes registration on the Invest in Dubai digital platform, unified digital data registration and instant licensing. It also includes instant licence renewal, one-step fee payment, streamlining of licensing requirements and standardisation of procedures, rules and conditions.

It will be published in the Official Gazette and come into force when Dubai Decree No. 13/2024 comes into force.

Also reported in WAM Arabic on 13 March 2024. For the full story, click here.

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News developments

UAE: InstaBlock Initiative to Improve the Protection of Intellectual Property Rights of Creative Works on Digital Platforms Launched

15/03/202415/03/2024
by Tanya Jain

Arabian Business, 8 March 2024: The UAE’s Economy Ministry has announced the launch of a new InstaBlock initiative to help improve the protection of intellectual property rights of creative works on digital platforms.

It will immediately ban and block websites that violate the rights of authors and creators. Websites that display their works across various platforms without obtaining permission for publication or broadcast will also be immediately banned and blocked.

A centre will also be designed and established together with relevant entities to monitor intellectual property right infringements and block non-compliant websites to protect right holders.

Through the initiative, the Ministry will provide a Live Ban service. This will enable complaints related to copyright infringement concerning live streaming online to be submitted.

A group consisting of the Ministry, the TDRA and representatives of rights holders will be established and will work 24 hours a day, seven days a week to ensure legislation protecting intellectual property rights regarding these complaints is swiftly implemented.

It has been launched to provide a safe environment from violations for owners of exclusive rights.

It has been launched in line with the best international practices in this area and has been launched together with the Telecommunications and Digital Government Regulatory Authority (TDRA).

The new mechanism focuses on addressing any violations of intellectual property rights, regardless of whether they are literary works or multimedia content like videos.

It also aims to raise awareness about the need to respect intellectual property rights when various content display platforms are being used.

In addition, it aims to educate intellectual property rights holders about the Ministry’s tools and services to help them protect their intellectual property rights from infringement and piracy.

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News developments

Dubai International Financial Centre Publishes New Digital Assets Law

15/03/202415/03/2024
by Tanya Jain

The Dubai International Financial Centre has published a new Digital Assets Law.

Following the publication of DIFC Law No. 2/2024, the DIFC has also published amendments to the Contract Law 2004 (DIFC Law No. 6/2004), the Implied Terms in Contracts and Unfair Terms Law 2005 (DIFC Law No. 6/2005), the Law of Damages and Remedies 2005 (DIFC Law No. 7/2005), the Law of Obligations 2005 (DIFC Law No. 5/2005), the Trust Law 2018 (DIFC Law No. 4/2018), the Foundations Law 2018 (DIFC Law No. 3/2018), the Personal Property Law 2005 (DIFC Law No. 9/2005) and the Insolvency Law (DIFC Law No. 1/2019).

The amendments to those pieces of legislation are contained in the DIFC Amendment Law, DIFC Law No. 3/2024.

The Centre had announced a consultation on a proposed Digital Assets Law in October 2023. It ended on 5 November 2023.

The consultation on the proposed legislation and its enactment followed international common law developments and judgments, which have started to provide some clarity on digital assets. However, they have not provided a comprehensive legal framework mapping out the full extent of the legal characteristics of a digital asset and how users and investors within this asset class may interact with digital assets and each other.

DIFC Law No. 2/2024 defines a digital asset as

something that exists as a notional quantity unit manifested by the combination of the active operation of software by a network of participants and network-instantiated data, independently of any particular person and legal system and something that is not capable of duplication and use or consumption of the thing by one person or specific group of persons necessarily prejudices the use or consumption of that thing by one or more other persons.

It is characterised as intangible property and is neither a thing in possession nor a thing in action.

The Law also contains provisions on who will be considered to control a digital asset and how.

In addition, it includes general rules regarding title, transfer of title and the exercise of rights over digital assets in the event of death, incapacity or insolvency.

It includes provisions on the control of a digital asset where there is impairment and provisions on how control of a digital asset can be recovered as well.

There are also miscellaneous provisions on power to make Regulations.

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News developments

Abu Dhabi Global Market Launches Consultation on Comprehensive Whistleblowing Framework

15/03/202415/03/2024
by Tanya Jain

Abu Dhabi’s Global Market (ADGM) has launched a consultation on a comprehensive whistleblowing framework. It ends on 30 April 2024.

It will complement the Global Market’s existing regulatory framework and expand upon the publication of the Global Market’s Guiding Principles on Whistleblowing in December 2022.

The proposed measures will support the Global Market’s efforts to ensure market participants to operate in line with the highest global standards of business practice.

The measures include the establishment of a dedicated regulatory framework that recognises and protects good faith reporting of protected disclosures and those making them.

They also include making internal and external channels explicitly available for reporting reasonably held suspicion of breaches of Global Market legislation or financial crime.

In addition, they include good governance requirements to support whistleblowing for all entities and integrating non-retaliation protections into existing employment regulations to guard employees against retaliation for speaking up.

Affected entities will have to implement arrangements that are proportionate to the scale and complexity of their operations to support effective whistleblowing. Additional requirements will be imposed on companies over a certain size or with additional financial crime risks.

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News developments

UAE: First Digital Islamic Bank Launched

08/03/202408/03/2024
by Tanya Jain

Al Bayan, 1 March 2024: The first digital Islamic bank has been launched in the country.

Roya Local Islamic Bank has launched its services in the UAE.

It describes itself as offering digital, modern and advanced Islamic banking services.

It is licensed by the Central Bank and aims to professionally and seamlessly integrate advanced technology with the basic principles of Islamic finance, to meet the requirements of individuals and companies. It also aims to provide a seamless digital banking experience and provide the highest levels of security and modernity.

For the full story, click here.

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News developments

Abu Dhabi Global Market: Registration Authority Launches Consultation on Enhanced Investigative Powers

08/03/202408/03/2024
by Tanya Jain

Abu Dhabi Global Market’s Registration Authority has announced it has launched a consultation on enhancements to its investigative powers under the Commercial Licensing Regulations 2015. The consultation ends on 17 March 2024.

Among miscellaneous amendments, if approved, the amendments would allow investigators to enter business premises of an individual being investigated or connected to an individual being investigated who can or may be able to give information or produce a document which is or may be relevant to an investigation to inspect and copy information or documents stored in any form on the premises during normal business hours.

They may also require the individual being investigated or connected to an individual being investigated to assist the investigation in any way they can.

Where an investigator exercises this power to enter the business premises, it may require any appropriate person to make any relevant information stored at those premises available for inspection or copying.

They may also require an appropriate person to convert any relevant information into a form capable of being copied and use the facilities of the occupier of the premises, free of charge, to make copies.

In addition, where an investigator exercises its power to conduct an interview, it may give a direction about who may be present, prevent any person present during any part of the interview from disclosing any information provided to the interviewee or questions asked by the interviewer during the interview to anyone else.

An investigator may also impose requirements for the conduct of any one present, including on the way in which they will participate in the interview, require an interviewee to swear an oath or give an affirmation that the answers the interviewee gives will be true and requires the interviewee to answer any questions relevant to the investigation.

All interviews conducted will be recorded and the interviewee will generally be given the opportunity to request a copy of the recording or a transcript of the interview, if available.

The request for a recording or transcript could have reasonable conditions attached to it by the investigator.

An individual should not engage in any conduct, including the destruction of documents, failing to give or produce information or documents specified by the investigator, failing to attend before the investigator at a specified time and place to answer questions, give information that is false or misleading or fail to give any assistance in relation to an investigation which the individual is able to give with the intention of obstructing the investigator in the exercise of any powers under this Part without reasonable excuse.

Where an individual makes a statement in response to any question asked or produces information or documents in compliance with a requirement, the Registrar must maintain the confidentiality of the statement, information or documents, unless disclosure is required by law or court order to disclose the information.

The investigator may make directions to protect the confidentiality of information and documents which are part of an interview.

Where an investigator considers that the disclosure of the fact a notice has been issued requiring an individual to produce documents, give information, attend a compulsory interview or give assistance may hinder the investigation it relates to, the investigator may order the individual not to disclose the receipt of a notice or any information relating to compliance with it to anyone else other their legal representative who is under a duty of confidentiality.

The Registrar will be responsible for the costs and expenses of an investigation.

Where an individual is found by a registrar or court to have committed the alleged contravention which was investigated, the court may order the individual pay or reimburse the Registrar for all or part of the costs and expenses of the investigation. This could include the remuneration of anyone involved in the investigation.

The court may make this order for an application by the Registrar, whether or not the individual has commenced, or intends to commence, a reference, appeal or other proceeding in relation to a decision of the Registrar.

The Registrar may only apply to the court for an order where there are proceedings before the court relating to the alleged contravention by the individual.

The Registrar may enter into any agreement regarding costs with the individual who is being investigated.

An individual who fails to comply with a requirement of the Registrar will be guilty of committing a contravention of the Regulations.

An individual who commits specific contraventions could be fined up to level 8 on the standard fines scale.

The amendments will come into force on their published date.

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News developments

UAE: Removed From ‘Grey List’ by FATF

26/02/202426/02/2024
by Tanya Jain

Arab News, 24 February 2024: The international organisation responsible for anti-money laundering and terrorist financing, the Financial Action Task Force or FATF, has announced it has removed the UAE from its grey list.

It did so after the authorities in the UAE implemented all 15 of its recommendations.

The UAE authorities reported significant progress in addressing significant anti-money laundering and terrorist financing deficiencies identified during FATF’s evaluations.

The UAE authorities had committed to implementing an action plan swiftly to fix the strategic deficiencies identified within agreed timeframes.

Removal from the list means the UAE will no longer be subject to monitoring by FATF.

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News developments

Dubai: First 3D Printing Construction Licence Approved

21/02/202421/02/2024
by Tanya Jain

Arabian Business, 19 February 2024: The Planning and Development Department or Trakhees of the Ports, Customs and Free Zone Corporation or PCFC has announced it has approved the first 3D printing construction licence.

It was granted to Nakheel and is the first licence for construction using 3D printing technology for buildings in the Emirate.

It was granted to Nakheel for the Al Furjan Hills project in December 2023.

The printing process for the initial project was concluded 20 days after the start of construction operations.

3D printing is allowed in the construction sector in the Emirate under Dubai Decree No. 24/2021.

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News developments

UAE: Implementation of Heavy Vehicle Weight and Dimension Regulations Postponed

21/02/202421/02/2024
by Tanya Jain

Arabian Business, 19 February 2024: The UAE’s Cabinet has announced it has issued a Decision postponing the implementation of Ministerial Decision No. 138/2023 (the heavy vehicle weight and dimension regulations).

It has asked the Energy and Infrastructure Ministry to extensively study its rationale for the decision.

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News developments

Lexis Middle East – Saudi Arabian Managing Partner Report 2024 Edition

19/02/202421/02/2024
by Tanya Jain

Introducing the Saudi Arabian Managing Partner Report 2024 edition, brought to by Lexis Middle East!

Welcome to the inaugural Managing Partners’ Report for Saudi law firms, brought to you by LexisNexis®. This report delves into the advances, AI, and automation shaping the legal landscape in Saudi Arabia. As the legal industry undergoes rapid transformation, it is crucial for managing partners to navigate these changes effectively to maintain a competitive edge.

Overview:

In this report, we have gathered insights from prominent managing partners representing leading law firms in Saudi Arabia. These individuals, renowned for their expertise and contributions to the legal field, provide valuable perspectives on various aspects of the legal profession in the Kingdom. From discussing the implications of technological advancements to exploring the role of AI and automation, each contribution offers unique insights into the evolving nature of legal practice.

Contents:

The report features contributions from distinguished managing partners, including Abdulaziz Bin Ali, Dr. Meshal Al Akeel, Dr. Bader Al Busaiyes, Basem AlMaghthawi, Ayman Al Sahayan, Dr. Fahd Alrefaei, Dr. Qaisar Hamed Metawea, Reema A Aref, Fahad M Barabaa, Joza AlRasheed, Khalid Nassar, Mohammed Alaqeel, Abdullah Khairan, and Fahad AlDehais AlMalki.

Each section of the report highlights the insights and perspectives of these esteemed managing partners, providing readers with a comprehensive understanding of the current trends, challenges, and opportunities in the Saudi legal market. From discussions on legal innovation and technology to insights into the regulatory landscape and strategic approaches to growth, this report aims to serve as a valuable resource for legal professionals seeking to navigate the complexities of the Saudi legal landscape.

We hope this report serves as a guiding compass for managing partners and legal practitioners alike, facilitating informed decision-making and fostering continued excellence in the Saudi legal sector.

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LME_Managing-Partner_SaudiArabia_2024

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