United Arab Emirates Archives - Page 37 of 65

News developments

Dubai: Dubai Financial Services Authority Approves New Crypto Tokens

08/11/202308/11/2023
by Tanya Jain

The Dubai Financial Services Authority has announced that it has approved two new crypto tokens.

They have issued a Notice to this effect in line with GEN Rule 3A.3.4 of the DFSA Rulebook.

They have approved Toncoin (TON) and Ripple (XRP).

The recognition comes into force immediately and remains in force until further notice.

The Notice should be construed in line with GEN section 6.2 as if they are provisions of the Rulebook.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

News developments

Abu Dhabi: ADGM Introduces Landmark Distributed Ledger Technology Foundations Regulations

08/11/202308/11/2023
by Tanya Jain

The Registration Authority of Abu Dhabi’s Global Market (ADGM) has announced it has introduced the world’s first Distributed Ledger Technology Foundations regulatory regime.

The Distributed Ledger Technology Foundations Regulations 2023 are aimed at providing a comprehensive framework for DLT Foundations and Decentralised Autonomous Organisations or DAOs to enable them to operate and issue tokens recognising the unique needs of the Blockchain industry.

The new regime has been introduced in line with the Global Market’s strategy to foster initiatives in the broader blockchain and digital asset realm.

It is an innovative, purpose-built regime that addresses the unique legal requirements of Blockchain Foundations, Decentralised Autonomous Organisations and the broader crypto industry.

It will enable positive transformation across the blockchain and Web3 landscape, which will foster a more transparent and efficient future.

It sets a global benchmark and is aimed to be suitable for Blockchain Foundations, Web3 entities, Decentralised Autonomous Organisations and traditional Foundations looking to improve their operations through Distributed Ledger Technology.

It is anticipated it will revolutionise the industry by providing a unified solution for the needs of digital asset related activities and the broader Foundations landscape.

Finally, it offers an effective way to organise and promote governance while recognising the industry’s need for decentralisation.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

News developments

UAE: New Housing Policy Approved

04/11/202304/11/2023
by Tanya Jain

Khaleej Times (United Arab Emirates), 30 October 2023: The UAE Cabinet has approved the requirements for housing assistance and mortgage transfer.

It will allow citizens to replace or resell their houses and transfer mortgages.

Flexible loan schemes approved for Emiratis will also be offered.

They will be offered by the Sheikh Zayed Housing Programme as part of efforts to provide suitable housing to Emiratis.

Beneficiaries of housing assistance can now apply for a mortgage transfer from one property to another by sending their applications to the Ministry of Energy and Infrastructure.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

News developments

Abu Dhabi: Global Market Publishes Amendments to Beneficial Ownership and Control Regulations

04/11/202304/11/2023
by Tanya Jain

Gulf News (United Arab Emirates), 30 October 2023: Abu Dhabi’s Global Market has announced it has published amendments to its Beneficial Ownership and Control Regulations 2022.

The 2022 Regulations repealed and replaced the Beneficial Ownership and Control Regulations 2018.

The new Regulations aim to ensure the Global Market remains aligned with the requirements of the Organisation for Economic Co-operation and Development and the standards of the Financial Action Task Force.

It also means the new regulations align with federal requirements for anti-money laundering, anti-terrorist financing and financing of illegal organisations and beneficial ownership.

Among other things, the amendments clarify the cascade approach for identifying beneficial owners of Global Market entities. This was recommended by the Task Force and the Organisation for Economic Co-operation and Development.

The amendments clarify that the location of the trustee rather than the applicable law of the trust will determine the scope of application of the relevant regulations, imposing duties on Global Market entities related to updating the record of beneficial owners upon a change of ownership in the entity along with identifying and maintaining a record of nominee directors and persons on whose behalf each nominee director acts.

A transition period has been introduced to allow time for existing Global Market entities to rectify and update their records of beneficial owners and nominee directors as well as update the required particulars and implement other regulatory changes.

The Regulations will come into force at the date of publication for new Global Market entities.

They will come into force six months from the date of publication for existing Global Market entities.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

News developments

UAE: Digital Power of Attorney Services Agreement Signed

26/10/202326/10/2023
by Tanya Jain

Al Bayan, 23 October 2023: The UAE’s Justice Minister has signed a cooperation agreement with the Justice Ministry, the Telecommunications Regulatory Authority and the Digital Government and the Supreme Council for Government Digital Transformation Committee.

The aim is to develop a digital power of attorney service to deliver government services that will allow citizens and residents to authorise others to conduct digital government transactions on their behalf quickly, securely and legally as well as in a way that preserves the rights of all parties.

The new government digital service will also be added to the UAE government’s digital capabilities. All government agencies will be able to provide digital agency service for their services on their websites and applications over the course of the next few months.

Those using this service can choose a specific government entity and a specific service provided by this entity and then submit a request to issue a special power of attorney for another person.

Read the full story here.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

News developments

Sharjah: Executive Council Authorised to Regulate Data Governance in the Emirate

26/10/202326/10/2023
by Tanya Jain

Sharjah’s Ruler has issued Sharjah Administrative Decision No. 25/2023, assigning the Emirate’s Executive Council to regulate data governance and management in the country.

The Executive Council will be authorised to adopt policies and standards and issue guidelines on all elements of organising and managing data governance in the Emirate.

All local and quasi-government agencies will have to implement the policies, standards and guidelines issued and approved by the Executive Council.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

News developments

Dubai: Land Department Launches Metaverse Litigation Platform

26/10/202326/10/2023
by Tanya Jain

Gulf Business, 18 October 2023: Dubai’s Land Department has announced it has launched a Metaverse Litigation Platform.

It uses metaverse technology in real estate litigation sessions.

The Rental Dispute Centre also announced it has launched a Judicial Probe service.

It enables a litigant to initiate a case, like filing an eviction case for non-payment of rent, and receive a ruling within minutes, without judicial intervention.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

News developments

Abu Dhabi: Adherence to Fire Safety Rules Legally Required

26/10/202326/10/2023
by Tanya Jain

Khaleej Times (United Arab Emirates), 24 October 2023: The Abu Dhabi Civil Defence has urged fire safety rules to be complied with.

They have urged residents to ensure firefighting equipment is easily accessible.

Every building in the Emirate must have firefighting equipment installed. This includes alarms, extinguishers, and proper fire exits.

This firefighting equipment must also be accessible. Those who do not comply with the rules will be fined 2,000AED.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

News developments

Lexis Middle East HR Alert – October 2023 Edition

25/10/202326/10/2023
by Tanya Jain

Introducing the October 2023 edition of Lexis Middle East – HR Alert!

Delve into our complimentary publication, Lexis Middle East – HR Alert, designed to provide you with a comprehensive source of insights and updates to keep you well-informed about the latest developments in the Labor and Employment landscape of the MENA region. We have meticulously curated the most recent HR updates and developments to ensure you remain empowered. This publication highlights significant cases and offers valuable insights into HR policies and laws within the region.

Within this edition, you will discover exclusive interviews with prominent HR professionals and expert advice on emerging industry trends. Stay up-to-date and enhance your HR knowledge with the latest release of Lexis Middle East – HR Alert.

This edition features a diverse range of content, including:

Feature: The New Order

Gain valuable insights into the evolving Omani Labour Law regime and its impact on the region. New legislation in Oman, explained by Thomas Wigley and Elisha Wilson of Trowers & Hamlins, is set to influence various aspects, from employment contracts and pensions to policies and termination.

Trend Setter – AI and Workforce Decisions

Embark on a journey into the realm of Artificial Intelligence (AI) and its role in shaping workforce decisions. Delve into the legal considerations surrounding AI in employment relationships, with Joanna Matthews Taylor, Partner at Baker McKenzie.

News Round-up: Covering Recent Key Developments – Region-Wide

Stay abreast of recent developments, including updates on labour disputes and other significant news items.

Status Report: The Latest on Localisation

Stay updated with the latest developments, including substantial changes in labor disputes within the UAE. A detailed status report on localisation policies across the GCC, authored by Rekha Simpson, Ali Ibrahim, and Ren Jongerius of Vialto Partners, examines their impact on expatriate employees and employers.

Law Changes: New and Proposed MENA Laws

Uncover critical updates, including amendments to the DIFC Data Protection Regulation. Joshua Decker, Senior Counsel at Vaishvik Law International Ltd, sheds light on the significance of these changes.

Case Focus:

Dive into the details of a landmark case – the first-ever race discrimination case in the QICDRC courts, involving Khadija Al-Marhoon and Ooredoo Group Company. Recommended by K&L Gates LLP.

HR Profile – Labour Risk

Meet Rachael Sands, Senior Legal Counsel – Labor and Employment at Abdul Latif Jameel (ALJ), and explore her unique approach to managing labor-related risks.

Policy Pointers – Death in Service

Delve into the topic of death in service payments and its legal implications, featuring contributions from Yulia Kasiyanova, Associate Partner at SCHLÜTER GRAF Legal Consultants.

Enrich your understanding of the HR landscape and stay up-to-date with the latest trends, cases, and policies through the newest issue of Lexis Middle East – HR Alert.

For all the latest industry updates and developments, opt for a free HR Alert subscription!

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Lexis Middle East HR Alert_October 2023

Have you read the Lexis® Middle East HR Alert – previous 2023 editions? Click the links below to access and read these editions.

LexisNexis Middle East HR Alert_January 2023

LexisNexis-Middle-East-HR-Alert_March-2023

LexisNexis Middle East HR Alert_May 2023 Edition

Lexis Middle East HR Alert – August 2023 Edition

News developments

UAE: Landmark Verdict Means Moral Damages Are Payable in Commercial Disputes

20/10/202320/10/2023
by Tanya Jain

Gulf News (United Arab Emirates), 19 October 2023: The UAE Court of Cassation has issued a landmark verdict in a case involving the energy drink brand Power Horse.

Power Horse is an Austrian energy drink brand and has its commercial headquarters in Dubai. The Court ordered Power Horse’s partner in the UAE to pay one million Dollars in compensation to Power Horse.

The dispute arose out of a breach of contract. It means businesses in the UAE must now be extra careful with the terms of their contracts. Before the judgment, only individuals were liable to pay moral damages.

Under Federal Law No. 5/1985 (the Civil Code), claimants can seek moral damages as compensation for any non-financial losses sustained from a breach of contract.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.