United Arab Emirates Archives - Page 39 of 64

UAE: Comprehensive Economic Partnership Agreement with Indonesia to be Implemented Next Month

23/08/202323/08/2023
by Tanya Jain

Khaleej Times, 17 August 2023: Indonesia’s ambassador to the UAE has announced the country’s Comprehensive Economic Partnership Agreement with the UAE will be implemented next month.

He made the announcement to mark Indonesia’s 78th Independence Day.

The agreement was signed in July 2022 and is expected to increase annual bilateral trade to $10 billion within five years and could increase the total value of trade in services between the two countries to $630 million by 2030.

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News developments

Sharjah: Mechanism for Renting Storage in Industrial Zones Should be Introduced

23/08/202323/08/2023
by Tanya Jain

Sharjah24, 17 August 2023: Sharjah’s Ruler has instructed the relevant authorities in the Emirate to work together to set up a mechanism to enable warehouse owners in the industrial areas in the country to rent them out.

The owners of these warehouses must be allowed to obtain a licence for their storage facilities. This should be the case even where there is no power connection yet.

Read the full story here.

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News developments

Dubai: Virtual Asset Regulatory Authority Signs Cooperation Agreement with the Department of Economy and Tourism

23/08/202323/08/2023
by Tanya Jain

Gulf News, 17 August 2023: Dubai’s Virtual Asset Regulatory Authority has signed a cooperation agreement with the Emirate’s Economy and Tourism Department.

The agreement outlines a framework for cooperation to deliver effective and synchronised virtual asset market assurance across the Emirate. This encompasses customer care and complaints, business on-site inspection and enforcement; business Virtual Asset Service Provider registration and licensing, education, training and knowledge sharing.

Under the agreement, the Department will add the Authority’s activities to its system for all virtual asset license issuing. The Department will be responsible for inspections and supporting the Authority with in situ enforcement. This will include imposing penalties such as suspensions or revocations in cases of proven negligence or non-compliance with the Authority’s rules.

It can also handle business as usual application renewals for virtual asset service providers who meet Authority requirements in full.

The Authority will be included in the Department’s e-permit system, which will enable one-touch point approvals on virtual asset events. Elsewhere the Dubai Corporation for Consumers Protections & Fair Trade Department within the Economy and Tourism Department will be upgraded with specialist virtual asset know-how, which will support the provision of a transparent and seamless customer experience.

The two entities will also cooperate on campaigns to raise consumer protection awareness about virtual assets. This will include providing consumer protection information and advice. The Department will also publish relevant notices and warnings, including penalty notices and consumer protection advisories on its websites.

The agreement has been signed following the issuing of new guidelines, which require entities qualifying for a regulated Full Market Product license to transition to an Authority-regulated regime by 31 August.

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News developments

UAE: New Regulations for Seventh Freedom of Air Transport Rights Issued

16/08/202316/08/2023
by Tanya Jain

The UAE General Authority of Civil Aviation (GCAA) has announced new regulations on the exercise of the seventh freedom of air transport rights have been issued.

The seventh freedom of air transport rights is a privilege granted by one country to another to allow its airlines to operate air services between the granting country’s territory and any third country without the need for the flight to pass through the territory of the operating airline’s country.

This freedom gives airlines unprecedented flexibility.

It allows them to increase their connectivity between destinations and boost global connectivity. The new regulations will also provide this freedom to UAE airlines which want to take advantage of it in foreign countries with which the UAE has air services agreements that include the seventh freedom of air rights.

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News developments

Dubai: DIFC issues First of its Kind Data Protection Adequacy Decision

16/08/202316/08/2023
by Tanya Jain

The DIFC Commissioner of Data Protection has issued a first-of-its-kind adequacy decision on the California Consumer Privacy Act 2018.

The California Consumer Privacy Act 2018 was amended by the California Privacy Rights Act 2020 which came into force on 1 January 2023. The adequacy decision establishes a determination of the amended law’s equivalence to the DIFC Data Protection Law, DIFC Law No. 5/2020.

It facilitates personal data transfers between DIFC and California-based entities in accordance with DIFC Law No. 5/2020, without having to apply additional contractual measures. It also sets a first-time precedent for building similar relationships with various other US states.

The California Privacy Protection Agency (CPPA) has been recognised as an international organisation ensuring adequate data protection for purposes of personal data processed and transferred by the entities that it supervises.

The amended law provides consumers control and protection over personal data collected by businesses with built-in methods for confining data collection and processing what is fair and lawful, and necessary, in adherence with global data protection standards as well as the Commissioner’s objectives in administering DIFC Law No. 5/2020.

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News developments

Abu Dhabi: ADGM Implements Amendments to Financial Regulatory Framework

15/08/202315/08/2023
by Tanya Jain

15 August 2023: Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority has announced that it has implemented amendments to its regulatory framework in relation to client classification, client assets, and certain conduct requirements relating to Investment Business.

The amendments affect client classification, marketing materials, the disclosure of fees and charges to Retail Clients, the treatment of Client Assets, and the Regulated Activity of Providing Custody.

They support the Market’s ongoing commitment to align with international best practices and provide a fair, well-regulated, and internationally-recognised platform that meets the needs of its markets. Among other amendments, the net asset requirement for existing Professional Clients, where the continuing eligibility of those clients must be assessed prior to providing new types of services or products has been increased.

The amendments affect the Financial Services and Markets Regulations and the Authority’s Conduct of Business, General and Glossary Rulebooks and have immediate effect.

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News developments

UAE: Timeframe to Request Permission to Sell Mortgaged Property Explained

09/08/202309/08/2023
by Tanya Jain

Alkhaleej, 6 August 2023: Federal Decree-Law No. 50/2022 (the new Commercial Transactions Law), which came into force at the beginning of 2023, provides detail on commercial mortgages.

The law explains that a commercial mortgage is one that is over a movable asset as security for a commercial debt.

The law clarifies that if a debtor does not pay the debt secured by the mortgage on the due date, the creditor may, after seven days from the date of warning the debtor to pay, request the court to authorise them to sell the mortgaged property. The request is considered urgently, and the court determines the method of sale.

For the full story, click here.

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News developments

Sharjah: Authorities Issue Reminder on Water Cooler Rules

09/08/202309/08/2023
by Tanya Jain

Khaleej Times, 5 August 2023: Authorities in Sharjah, have reminded the public about the regulations on water coolers, and the requirements to ensure water is not contaminated and to prevent electrical accidents.

Khalfan Rashid Al Mughni, head of operations and the municipal inspection department at the Municipality of Khor Fakkan, stated water coolers should be placed within the boundaries of a house or building compound. Only the water pipe and faucet are allowed to be exposed outside.

The authorities have no objection to people installing water coolers. However, it is forbidden to place water coolers entirely outside the property.

Where this is the case risk of contamination is higher.

The Al Dhafra region Municipality has also launched a campaign called ‘Registering Public Water Coolers or Sabil is the Arabic word for water coolers)

The municipality has launched an electronic platform called ‘Tamm’ which can be used to obtain the required permit for installing water coolers. They have also inspected around 570 water coolers in various neighbourhoods. This follows a number of past incidents where people had been injured including in electrical accidents for users which happened due to improper installation and maintenance of water coolers.

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News developments

Abu Dhabi: Six Month Inspection Programme of LPG Systems in Buildings

09/08/202309/08/2023
by Tanya Jain

Khaleej Times, 08 August 2023: The Department of Energy – Abu Dhabi (DoE) has started a project which will involve the inspection, assessment, and repair of LPG systems in nearly 2,800 buildings in the emirate.

Both commercial and residential properties will be inspected. Building owners are accountable for ensuring the effective operation and maintenance of gas systems in their buildings. Under the department’s new regulations, annual inspections are to be conducted and those who fail to meet the requirements will be subject to fines or legal proceedings. Checks will ensure the building meets the UAE Fire and Life Safety Code of Practice requirements.

The comprehensive inspections will be carried out on LPG gas-filling systems, safety equipment, and gas systems inside buildings and connected to residential units.

Building owners and facility managers will be notified of the inspection date at least one week in advance, allowing them to display public notices in building entrances and ensuring tenants are aware of the process and are able to cooperate with the inspectors.

Those that pass the inspection will receive a Certificate of Conformity which will be valid for one year.

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News developments

Lexis Middle East HR Alert – August 2023 Edition

09/08/202309/08/2023
by Tanya Jain

We are pleased to present the August 2023 edition of Lexis Middle East – HR Alert!

Explore our complimentary publication, the Lexis Middle East – HR Alert, which offers a comprehensive array of insights and updates to keep you well-informed about the latest happenings in the Labor and Employment landscape of the MENA region. We have meticulously brought together the latest HR updates and developments of the region to ensure you stay empowered at all times. The publication showcases significant cases and provides insightful information on HR policies and laws of the region.

Inside this edition, you will find special conversations with leading HR professionals, along with expert advice on upcoming trends in the industry. Stay current and enrich your understanding of HR by diving into the newest release of Lexis Middle East – HR Alert.

This edition presents a diverse range of features:

Feature: Coping with Contracts

Explore the changes to employment contract forms in the UAE and Saudi Arabia. Fadi Hassoun and Hadeel Mohamed of Galadari Advocates and Legal Consultants provide you with the essential knowledge to navigate these adjustments effectively.

Trend Setter – From Employee Well-Being to Healthy Organisations

Learn from a forward-thinking technology company, Atlas’s perspective on employee well-being and the importance of maintaining healthy organizations. Presented by Sushmita Acharjee, Senior Manager, HR Service Delivery & Benefits for Atlas in Africa & the Middle East.

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

Stay abreast of recent developments, including updates on the Omani Social Protection Fund and other significant news items.

Immigration Focus: Recent GCC Immigration and Visa Changes

The dynamics team at Vialto Partners shares the latest immigration updates from the region, including changes in Emiratisation policies specifically affecting small companies.

Additionally, Umme Salma, Senior Manager at Vialto Partners explains why keeping connected and being prepared is so important in corporate immigration.

Law Changes: New and Proposed MENA Laws

Explore the ramifications of a recent Ministerial Decision that has brought about changes to Emiratisation fines, thus changing the legal landscape.

Case Focus:

Delve into a case study involving an employee who initially failed to claim all their entitlements, providing valuable lessons for HR professionals.

HR Profile – Hospitality

Meet Monique Dekker, a Senior Vice President of Human Resources at Hyatt, Europe, Africa, and the Middle East in the hospitality sector. Gain insights into managing resilience and growth in this dynamic industry.

Policy Pointers – Family Business Policies

Explore policies tailored for family businesses and their implications. Ayesha Karim, Advocate, shares key insights into the crucial aspect of HR management.

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 – August 2023 Edition

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