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United Arab Emirates News developments

UAE: New Media Law Approved

  • 21/12/202321/12/2023
  • by Tanya Jain

Arabian Business, 18 December 2023: The UAE government has approved a new Media Law.

Federal Decree-Law No. 55/2023 has been issued to regulate the media sector and organise media activities in the country.

This includes radio, television, newspapers and cinemas in the country.

The Law applies to individuals, organisations, media outlets and free zones dedicated to media in the country.

It allows individuals and legal entities to own media institutions and outlets in line with specific regulations and conditions.

Media activities include the production, circulation, printing and publishing of media content as well as audio, video and digital broadcasting regardless of whether they are subscription-based or free-to-air.

This includes all affairs relating to the issuing and oversight of licences and permits for the execution of media activities by individuals, establishments, and media institutions, including radio and television broadcasting, cinema movies and creative productions, newspapers and publications, digital and electronic media activities, book fairs, foreign publications, foreign media offices, printing, circulating and publishing media content and aerial, ground, and maritime imaging operations.

In addition, the Law organises the UAE Media Council and local government entities responsible for regulating media affairs.

All media individuals and institutions operating in the UAE have to comply with the national media content standards.

These include respecting the divine, and Islamic beliefs, as well as all other religions and beliefs.

They also include respecting the country’s sovereignty, symbols and institutions and the supreme interests of the UAE and its society and respecting the directions and policies of the country nationally and internationally.

In addition, they include avoiding any actions that may have an adverse impact on the UAE’s foreign relations and respecting the culture and civilisation, national identity and values of the UAE community.

Media outlets and individuals must refrain from disseminating or circulating information that may offend or compromise national unity or social cohesion.

They also have to refrain from disseminating or circulating information that may incite violence, hatred or propagate a spirit of discord among society members or the UAE’s legal and economic system.

Justice and security must not be exploited or abused either and privacy rules and individuals’ private lives must be respected.

The publication, broadcasting or circulating of rumours, false and misleading news or the publication of any matter that may constitute instigation to commit crimes must be avoided.

The UAE Media Council will be responsible for issuing permits for the screening of cinematographic and other creative productions.

They will also be responsible for defining the classifications of the Media Content Rating System for print and creative productions. This includes books, video games and cinematic production.

In addition, the Council will be responsible for determining the age groups suitable to view media and entertainment content and for issuing permits to individuals providing advertising or media content on social media and other modern technical means regardless of whether they are subscription-based or free-to-air.

Licensed or authorised individuals and media outlets will have to be overseen and supervised by the relevant authority.

The Council will be allowed to conduct surveillance and inspection of persons, outlets and media institutions, including in free zones.

The UAE Media Council, together with the relevant authorities will promote the protection of intellectual property among individuals, establishments and media institutions in the UAE.

Individuals, organisations and media outlets will have w12 months from the date of the Decree-Law being published to comply with it and its Implementing Regulations.

This may be extended by a Cabinet Decision.

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UAE News developments

Dubai: New Standards for Engineering Excellence Initiative Introduced

  • 21/12/202321/12/2023
  • by Tanya Jain

Al Watan, 19 December 2023: The Dubai Municipality has announced it has introduced new updates to the Engineering Excellence Initiative.

They have added the Owner’s Opinion standard, which provides opportunities for owners to evaluate the engineering consulting offices and building contracting companies which implement their projects.

A standard for distinguished projects with architectural artistic value and a standard for using Building Information Modelling systems have also been added.

They are minimum requirements for an engineering office to obtain a five-star rating.

The Municipality is looking to improve the level of trust between the owner and the consultant or contractor.

They are also looking to increase competition between companies specialising in building and construction.

This will subsequently positively affect the quality of construction projects in the Emirate.

For more information, click here.

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United Arab Emirates News developments

Abu Dhabi: Penalties for Privacy Violations Clarified

  • 21/12/202321/12/2023
  • by Tanya Jain

Gulf News (United Arab Emirates), 17 December 2023: The Abu Dhabi Judicial Department has clarified the penalties which will be imposed on those who violate privacy.

Under Article 44 of Federal Decree-Law No. 34/2021 on tackling rumours and electronic crimes, anyone who uses an information network, an electronic information system, or an information technology means, to violate people’s privacy will be jailed for at least six months and/or fined between 150,000 and 500,000 AED.

Anyone who makes a modification or manipulation to a recording, image, or scene with the intention of defamation or abuse will be jailed for at least one year and/or fined between 250,000 and 500,000 AED.

Violations include recording, broadcasting, or disclosing conversations, communications, or audio-visual materials or taking, revealing, or preserving images of others,

They also include publishing news, electronic or photographic images, scenes, or comments, data or information, even if they are true, with the intention of harming an individual,

Finally, they include taking pictures of those who are injured or dead or accident victims and publishing them without the consent of those concerned and tracking or monitoring the geographical locations of others, or disclosing, transferring or keeping them.

The Department has launched a Respect for Privacy: a Right and Duty campaign to help improve awareness of privacy obligations and consequences.

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United Arab Emirates News developments

UAE: New E-commerce Law Approved

  • 15/12/202315/12/2023
  • by Tanya Jain

Arabian Business, 7 December 2023: The UAE’s Economy Ministry has announced it has approved a new E-Commerce Law.

Federal Decree-Law No. 14/2023 has been approved to facilitate the growth of e-commerce in the country.

It integrates the roles of federal and local entities involved in e-commerce. It covers the requirements of the Central Bank on digital payment gateways, the requirements of the Federal Tax Authority and the requirements of the Telecommunications and Digital Government Regulatory Authority or TDRA.

In addition, it covers the cybersecurity requirements of federal and local entities and regulates the roles of the relevant federal and local entities in terms of the requirements and approvals required from the local entities concerned with the digital transformation of business activities and the e-commerce licensing requirements of economic development departments.

It will enable an authority fto be established to integrate supervisory, regulatory and judicial control operations and organises relations between merchants and merchants and digital merchants and consumers.

It applies to free zones in the country, including financial free zones, regarding activities that are not related to financial activities too.

Finally, it organises the relationship between parties of digital contracts and protects online consumers and relevant parties.

It aims to improve the business environment, facilitate business transactions, improve efficiency, reduce costs and promote stability in the sector.

It emphasises the central role of entities and authorities responsible for licensing and regulating e-commerce and associated logistic services and digital payment gateways in the country.

However, it does not impose any additional requirements on digital traders or other service providers.

It also protects consumer interests by safeguarding intellectual property rights and the purchase of goods or services via e-commerce channels.

It authorises trade conducted through modern technology and makes it similar to physical trade carried out.

It provides optional jurisdictions for dispute resolution, including arbitration as well and introduces an optional insurance coverage principle regarding obligations arising from trade through modern technology.

The Ministry developed the law with federal and local stakeholders as well as the private sector and relevant experts.

Also reported in Al Bayan on 7 December 2023. Click here to read more.

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UAE News developments

Dubai: Dubai Investment Fund Established

  • 15/12/202315/12/2023
  • by Tanya Jain

Khaleej Times (United Arab Emirates), 11 December 2023: Dubai’s Ruler has announced they have approved a Law to establish the Dubai Investment Fund.

It will be an independent public entity and operate on a commercial basis.

It will have its own financial and administrative independence.

The Law defines its organisational structure, details the composition and responsibilities of its Board of Directors as well as its executive structure. This includes the appointment of the Fund’s CEO, which will be done in line with an Executive Council Decision.

The Fund has to uphold principles of justice, transparency and fair competition in the conducting of its activities and operations.

It will have the authority to make data and information accessible to the public in line with the principles and regulations set out by the Board of Directors.

From the date the Law comes into force, the Fund will act as Dubai Government’s vested authority in owning shares in entities like the Dubai Electricity and Water Authority, Salik Company, Dubai Taxi Company and other companies directly owned by the Dubai Government. It also covers government-owned companies as identified by Dubai’s Supreme Fiscal Committee.

The Fund will relieve the Dubai Government of rights and obligations related to companies, specifically in terms of ownership of shares comprising the capital of these companies, as well as all contracts, agreements, commitments, deposits, bank accounts and loans associated with those shares.

All relevant government entities in Dubai must register all their assets, stocks, shares, movable and immovable properties, licences, permits, bonds, privileges and other instruments with the Fund.

In addition, Dubai World will be affiliated with the Fund without preserving its legal identity under Dubai Law No. 3/2006 (as amended).

Under the Law, the Fund will be responsible for investing Dubai government funds, surpluses and general reserves locally and internationally. The investments made will aim to generate returns benefiting current and future generations. It will also implement best practices and the investment policy approved by the Board of Directors.

In addition, the Fund will improve the financial stability of the Dubai Government by financing the government’s deficit and establishing strong financial reserves. The aim is to promote long-term financial sustainability.

The Fund will be responsible for actively contributing to the realisation of the Emirate’s strategic priorities and approving public policies through efficient investments in strategic and development projects.

Priority will be given to initiatives that support the Emirate’s sustainable development across vital sectors, including economic and social.

It will also give priority to initiatives that help diversify income sources.

The Law will not affect the powers and jurisdiction of the Investment Corporation of Dubai. The Corporation was established by virtue of Dubai Law No. 11/2006 (as amended).

It will also not affect the regulations currently in force in the Emirate.

The Fund will focus on investments in stocks, bonds, and securities to achieve sustainable returns.

It can explore prospects in local or international financial markets providing it follows investment policies approved by the Board of Directors.

It will also be able to deal in movable and immovable assets, manage funds, provide mortgages and guarantees and participate in the financial derivatives business.

The Chairman of Dubai’s Executive Council has also issued Dubai Executive Council Decision No. 94/2023 establishing the Board of Directors for the Fund.

The appointment of Abdulaziz Mohammed Al Mulla as Managing Director and CEO of the Fund has also been approved.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum will be the Chairman of the Board of Directors.

The First Deputy Ruler of Dubai. Abdulrahman Saleh Al Saleh will be Vice-Chairman and Abdulaziz Mohammed Al Mulla, Rashid Ali bin Obood and Ahmad Ali Meftah will be Board members.

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Lexis Middle East Gulf Tax – Winter 2023 Edition News developments

Lexis Middle East Gulf Tax – Winter 2023 Edition

  • 11/12/202311/12/2023
  • by Tanya Jain

We are excited to introduce the newest edition of Lexis Middle East Gulf Tax. Our complimentary magazine provides valuable insights into the latest tax and financial developments throughout the region.

This issue covers a spectrum of critical topics reshaping the taxation landscape in the GCC region. It delves into the substantial impact of the OECD’s Subject to Tax Rules (STTR) on Gulf countries and examines the recent alterations in Saudi Arabia’s Real Estate Transaction Tax (RETT). The issue spotlights the new VAT reporting and documentary requirements affecting B2B local supplies of electronic devices in the UAE as of October 30, 2023.


FEATURE: CREATING A STTR

Anand Krishnan from KPMG Qatar delves into the implications of the OECD’s Subject to Tax Rules (STTR) within the GCC states. Exploring the impact of these rules on taxpayers in Gulf countries, this feature sheds light on how these regulations align with Pillar Two’s minimum income tax levels for multinational companies.


FEATURE: SHIFTING SANDS OF RETT

Deloitte Middle East experts, Michael Camburn, Manish Bansal, and Maliha Asghar, dissect the recent changes in Saudi Arabia’s Real Estate Transaction Tax (RETT). They discuss regulatory amendments, providing insights into key developments and potential future changes in this domain.


TAX NEWS ROUND-UP

Stay informed about the latest updates in tax treaties and regulations throughout the region.


WHAT’S CHANGED?

Focusing on the new VAT reporting and documentary requirements for B2B local supplies of electronic devices in the UAE effective from October 30, 2023.


PRACTICAL FOCUS: RELATED PARTIES AND CONNECTED PERSONS

Patryk Karczewski, Partner at Amereller offers practical insights into related parties and connected persons concerning taxation.


TAX PROFESSIONAL PROFILE:

Featuring John O’Leary, Group Head of Tax at Ghobash Group, discussing tax challenges within a diversified business strategy.


ANY QUESTIONS?

Mahmoud Abuwasel from Wasel & Wasel provides an analysis of the UAE Federal Supreme Court’s perspective on related company tax liabilities.


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Lexis Middle East Gulf Tax | Winter 2023

Have you read the Lexis® Middle East Gulf Tax – Spring and Summer 2023 editions? Click the links below to access them.

Lexis Middle East Gulf Tax | Autumn 2023

Lexis Middle East Gulf Tax |Spring 2023
Lexis Middle East Gulf Tax | Autumn 2023
United Arab Emirates News developments

UAE: New Emiratisation Rules Announced

  • 08/12/202308/12/2023
  • by Tanya Jain

Arabian Business, 30 November 2023: The UAE’s Human Resources and Emiratisation Ministry has announced new Emiratisation rules.

Under the new rules, companies with between 20 and 49 employees in specific sectors have to hire an Emirati worker in 2024 and another in 2025.

From January 2025, an annual financial contribution will be imposed on companies that fail to meet their requirements in 2024. This will equate to 96,000 AED for each Emirati not recruited.

A financial contribution of 108,000 AED will be imposed in January 2026 for 2025.

Companies can pay their contributions in instalments in agreement with the Ministry.

Companies in the information and communications, finance and insurance, real estate, professional and technical activities, administrative and support services, education, healthcare and social work, arts and entertainment, mining and quarrying, transformative industries, construction, wholesale and retail, transportation and warehousing, hospitality and residency services will be affected.

They will have to do so in line with Cabinet Decision No. 33/5W/2023, which will come into force in January 2024.

The companies were selected in line with specific criteria and information, including the quality of their jobs, the extent of their compatibility with Emiratisation goals, geographic locations, growth and other conditions that would attract Emiratis to work in these economic activities and ensure job continuity.

The activities were also chosen because of their rapid growth rate and ability to provide jobs and a suitable work environment.

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UAE News developments

Dubai Financial Services Authority Waives Regulatory Fees for Sustainability-related Debt Security Listings

  • 08/12/202308/12/2023
  • by Tanya Jain

Dubai’s Financial Services Authority has announced it will waive all regulatory fees for sustainability-related debt security listings in the DIFC throughout 2024.

This fee waiver comes into force immediately and will apply throughout 2024 until 31 December.

The waiver applies to all environmenta;, social and governance-related bonds and Sukuk categorised as green, social, sustainable, sustainability-linked, climate, climate adaptation, climate transition or similar.

It applies to all new and existing issuers who make a relevant application to the Authority.

The waiver was announced by the Authority’s CEO, Ian Johnston at COP28 and has been approved as part of the Authority’s efforts to accelerate the growth of sustainable capital markets in the DIFC.

It published its first set of Guidelines on best practices for listing green bonds and Sukuk in 2018.

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United Arab Emirates News developments

Abu Dhabi: ADGM Publishes Discussion Paper on IT Risk Management

  • 08/12/202308/12/2023
  • by Tanya Jain

The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has announced it has issued a Discussion Paper on IT risk management.

The Paper details the initiatives the Authority is taking to improve its supervisory and regulatory regime in terms of IT risk management.

The Authority are introducing comprehensive and holistic IT Risk Management Guidance that consolidates best practices across various IT domains, including guidance for the adoption of algorithm-driven and decentralised infrastructure solutions.

They are also reviewing existing rules relating to IT risk management to incorporate requirements that will strengthen firms’ practices.

In addition, they are requiring firms to report material IT incidents to the Authority in a standardised format within a prescribed timeframe.

Finally, they are making regulatory technologies or RegTech available to firms to navigate the Authority’s rules and guidance relating to IT risk management.

The Authority has issued regulations and rules on IT risk management and controls for specific IT domains or regulated activities that rely heavily on IT. These regulations and rules underline the standards required of authorised firms in maintaining a robust and resilient IT environment as a central part of their business activities.

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Lexis Middle East Law Alert: Saudi Civil Transactions Law Supplement News developments

Lexis Middle East Law Alert: Saudi Civil Transactions Law Supplement

  • 06/12/202308/12/2023
  • by Tanya Jain

Presenting the latest edition of our complimentary law magazine, the Lexis Middle East – Law Alert! The “Saudi Civil Transactions Law Supplement” is a comprehensive guide tailored for legal professionals, providing a deep dive into critical aspects of civil transactions in Saudi Arabia. This supplement encompasses various legal facets, offering insights and analysis crucial for understanding and navigating the intricacies of the Saudi legal landscape.

The supplement comprises diverse sections, each addressing significant components of civil transactions law:

RISKY BUSINESS: Risk Allocation in Contracts

Explores the strategies involved in managing risk within legal frameworks in contractual agreements. Jawahir Al-Subaie from Z&Co. examines pivotal provisions of the new Civil Transactions Law, including their impact on contract formation, termination, limitations of liability, and more.


RIGHT APPROACH TO REAL ESTATE

Focuses on the legal aspects governing real estate transactions under the Civil Transactions Law. Sarah Gonem of Z&Co. provides insights into how this comprehensive legal framework will operate concerning property rights.


DEALING WITH DEBT AND DEBTORS

Discusses navigating debt-related transactions within legal parameters, particularly concerning guarantees and debt resale. Martin Creek of Z&Co. explains the anticipated changes in handling these aspects under the new Civil Transactions Law in Saudi Arabia.


IN HARM’S WAY: Tort Liability

Explores the principles and complexities surrounding tort liability, offering an understanding of civil wrongs and liabilities. Dr. Yazid Almasoud from Z&Co. explains the application of tort liability in Saudi Arabia under the new Civil Transactions Law.


IN-HOUSE PROFILE

Features Chief Legal Officer Ibrahim Bakhurji‘s insights into the National Infrastructure Fund’s role in developing infrastructure and financing solutions. This section provides valuable perspectives on legal strategies within this sector.


CONTRACT WATCH

Analyses settlement agreements, providing legal professionals with a detailed understanding of dispute resolution through contractual arrangements. Contributor Muneerah Alwahbi, Partner at Z&Co., sheds light on the elements involved in these agreements.


2023 LMELA_SaudiCivilTransactionsLaw_Supplementary

Explore the past editions of the Lexis® Middle East Law Alert and stay up-to-date with the latest news! Click the links below for instant access to older editions.

Lexis Middle East Law Alert January-February 2023
Lexis Middle East Law Alert March-April 2023
Lexis Middle East Law Alert_May June 2023

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