United Arab Emirates Archives - Page 37 of 67

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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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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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

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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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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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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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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News developments

UAE: Implementation Date of New Pension Law Announced

01/12/202301/12/2023
by Tanya Jain

Al Bayan, 27 November 2023: The UAE’s General Pensions and Social Security Authority has announced the implementation date of the new Pension Law.

They announced Federal Decree-Law No. 57/2023 will apply to citizens joining work for the first time from 31 October 2023.

The Authority added that entities affiliated with it are employers in the federal and local governments in all of the Emirates, apart from local government employees in Abu Dhabi and Sharjah.

The Authority is also affiliated with employers in the private sector in all emirates of the country, except for private sector employers in Abu Dhabi.

Click here to read more.

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News developments

Dubai: Dubai Framework Approved

01/12/202301/12/2023
by Tanya Jain

Gulf News (United Arab Emirates), 26 November 2023: The International Civil Aviation Organisation has announced more than 100 countries have agreed to an interim goal to reduce emissions from global aviation by 2030 by using less-polluting fuels.

The agreement was reached after five days of UN-led discussions in Dubai.

Under the framework, the Organisation and its member states will work towards decentralising the production of sustainable aviation fuel or SAF and other aviation-cleaner energies internationally.

This will provide a fair and equal opportunity for participation across the value chain.

The adoption of the so-called Dubai Framework or Global SAF and LCAF Framework will see emissions from aviation reduced by 5% through cleaner energies like SAF by 2030.

It will also encourage investments in clean aviation energy. This will generate fresh investment and economic opportunities.

The Organisation’s members also agreed to review the goals by 2028. The agreement has been reached just days ahead of COP28.

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News developments

Abu Dhabi: SME Finance Facilitator Programme Launched

01/12/202301/12/2023
by Tanya Jain

Arab News, 27 November 2023: Abu Dhabi’s Economic Development Department has announced it has launched an SME Finance Facilitator Programme.

It has been launched to provide SMEs with improved access to financial services. Facilitators will be assigned to help SMEs understand financial health checks and improve trust between SMEs and financial institutions.

It has been launched together with the Emirates Classification Society or TASNEEF and is aimed at facilitating the opening of bank accounts and accessing credit facilities to support working capital needs and long-term growth.

It is being supported by the Abu Dhabi Chamber of Commerce and Industry and leading banks.

It has been launched as part of the Department’s efforts to improve the business environment for SMEs in the Emirate.

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