UAE: Wages Protection System Amended

The UAE’s Minister of Human Resources and Emiratisation has issued Ministerial Decision No. 346/2022, amending Ministerial Decision No. 43/2022 on the Wages Protection System.

Under the amendments, the Ministry of Human Resources and Emiratisation will take various administrative procedures against establishments that do not comply with the System.

The measures taken will depend on the length of delay in paying salaries, the size of the establishment and the number of employees who have not been paid.

The Ministry will also monitor establishments registered in its database, regardless of their size, through field visits and an electronic monitoring and inspection system to ensure it pays its employees on time.

In addition, the Ministry will issue reminders and notifications to non-compliant establishments. Where no action is taken following the receipt of notifications, the issuing of new work permits for these entities will be suspended.

The amendments include procedures which will be taken gradually against establishments that employ 50 or more people, where the relevant Public Prosecution will be notified. The establishment information will be sent to the appropriate local and federal authorities for further legal action.

The respective department in the Ministry will follow up on the establishment.

All non-compliant establishments, regardless of their size, that fails to pay wages four months after the date they are owed will not be able to apply for any new work permits. If the employer operates other establishments listed with the System, similar penalties will be applied to each after notifying the affected establishments about the suspension of work permits.

If the establishment repeats the same violation within six months, an administrative fine will be imposed on them in line with Cabinet Decision No. 21/2022.

The establishment will also be downgraded to Tier three under the Ministry’s establishments classification system.

Establishments will be able to submit requests for exemption from transferring their wages through the System if they are seamen or sailors working on board vessels or ships and workers of foreign establishments or their subsidiaries operating in the country who receive their wages from outside the country, subject to the workers’ consent.

These exemptions are in addition to exemptions for fishing boats owned by UAE nationals, public taxis owned by UAE nationals, banks and places of worship and also reported in Al Bayan on 28 July 2022. For the full story, click here.

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Dubai: Requirements for Real Estate Advertisements Announced

Al Bayan, 22 July 2022: Dubai’s Real Estate Regulatory Agency has set requirements that all real estate companies wanting to market or promote real estate through various advertising channels, including platforms or social media channels, must comply with.

The requirements include obtaining an official permit from the Agency and writing the permit number in the advertisement.

The advertisement must include the name of the announced real estate company.

For real estate projects sold off-plan, the advertisement must include the developer’s name, project name, project number, location, and approved escrow account number.

For full story, click here.

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UAE: Implementing Regulations to Federal Decree-Law on Foreigners’ Entry and Residency Issued

Alkhaleej, 21 July 2022: The UAE’s Vice President and Prime Minister, and Dubai Ruler has issued Cabinet Decision No. 65/2022 approving the Implementing Regulations to Federal Decree-Law No. 29/2021 on foreigners’ entry and residency.

It will come into force on 5 September 2022.

Under the Decision, an entry visa granted to a foreigner determines the purpose of the holder’s entry into the country.

The entry visas include visit visas, temporary or emergency entry visas, employment visas, residency visas and entry visas for GCC residents and their foreign escorts.

The Federal Authority for Identity, Citizenship, Customs and Ports Security may, after the approval of the competent authorities, grant the foreigner a visa which allows them to enter the country for a brief visit, whether for single or multiple entries.

For full story, click here.

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UAE: Gold Import Rules Tightened

Gulf News (United Arab Emirates), 21 July 2022: The UAE’s Economy Ministry has announced gold import rules have been tightened.

The Due Diligence Regulations have been introduced to ensure the responsible importing of gold into the country.

They specify the quantity of supply of gold for regulated establishments. These include companies operating refineries and recycling gold products inside and outside the country.

These come under the precious metals and gemstones trade sector, which is classified as a Designated Non-Financial Business and Professions.

Regulated business establishments must comply with the Regulations and implement them in their policies and procedures.

They also have to de-risk the possibility of financial crime in their relations with their suppliers and communicate with the supervisory authority to determine what measures are being taken concerning the responsible supply of gold from conflict-affected and high-risk areas.

In addition, affected entities should create an effective governance system, monitor risk assessment in the supply chain, mitigate identified risks, ensure independent third-party reviews, and provide periodic reports.

They have been drafted in line with guidance from the Organisation for Economic Co-operation and Development and its corresponding protocol for gold.

They will come into force in January next year.

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Dubai: New Real Estate Law Approved

Arabian Business, 20 July 2022: A new Real Estate Law has been approved in Dubai.

Dubai Decree No. 22/2022 has been introduced to support the Emirate’s growth of real estate investment funds. It effectively creates a register for property investment funds.

The Decree specifies the terms, conditions, and procedures for listing in the Register. Relevant Government authorities should license funds looking to be recorded in the Register, including the Securities and Commodities Authority and the Dubai Financial Services Authority (DFSA).

Funds should not be suspended from trading in Dubai’s financial markets when making an application. Members will be given specific privileges to help their investment activities in the Emirate’s real estate market.

The new register includes real estate investment funds licensed and regulated by Government bodies and private and free zones, including the Dubai International Financial Centre (DIFC). It covers all real estate in Dubai as well.

Applicants should have real estate assets of AED 180 million or more.

A dedicated committee to identify areas and properties where funds are allowed to invest will also be established. They will identify areas and properties that funds are allowed to invest in through full ownership or lease for up to 99 years.

The Dubai Land Department will appoint a valuation specialist to determine the value of properties owned by the funds. They will have to be accredited by the Dubai Real Estate Regulatory Agency.

The value of properties in which funds invest should be AED 50 million or more. The properties should be listed as commercial properties and comply with Dubai Decree No. 4/2010. Funds are allowed to relinquish ownership of properties only with approval from the Committee.

Property investment funds listed in the Register are entitled to receive the incentives specified by the Decree.

Under the Decree, the Chairman of the Executive Council can amend the incentives specified by the Decree or add new ones. The Chairman of the DIFC is also authorised to amend incentives for property investment funds operating within the DIFC’s jurisdiction.

In addition to subsequent decisions issued in line with Dubai Decree No. 22/2022, the Director General of the Dubai Land Department will be able to make other appropriate Decisions to implement the Decree.

Any legislation which contradicts or contravenes the new Decree will be repealed.

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

Also reported in Al Bayan on 19 July 2022. For the full story, click here.

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Abu Dhabi: Holiday Home Operators Must be Licenced

Abu Dhabi’s Culture and Tourism Department has reminded holiday home operators in the Emirate.

They must register their properties in the Department’s online system before the final deadline of 1 August.

They must comply with regulations established to manage holiday homes in the local community safely.

Individuals interested in renting a holiday home should follow a simple online application procedure.

This includes providing several documents, including a Licence application form, a photocopy of the passport or Emirates ID of the owner, the unit’s certificate of insurance, the unit’s deed, and any additional documentation requested by the Department.

The Emirate’s requirements for operating holiday home rentals came into force last year following an Executive Council Decision.

They aim to ensure private accommodation operators maintain a standard of excellence while providing a wide variety of safe and secure options. The system also aims to support the increased demand for alternatives to established hotels and hotel apartments.

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UAE: Regulations to Federal Decree-Law on Commercial Register Approved

Al Bayan, 7 July 2022: The UAE’s Cabinet has approved the Implementing Regulations to the Federal Decree-Law on the Commercial Register (Federal Decree-Law No. 37/2021).

The regulations will ensure the provision of a comprehensive national economic database on economic activities and links with all licensing authorities in the country, including free zones.

It will also ensure the commercial registry is linked with the economic registry in the Ministry of Economy.

The Cabinet also approved a new Financial Leasing Law.

The aim is to expand the base of financing and lending in the country through financial leasing operations.

The Law states the Central Bank will be responsible for regulating, licensing and supervising the financial leasing activity practiced by banks and companies subject to regulation by it in line with the legislation in force in the country.

In addition, the Cabinet has approved a Decision linking UAE commercial banks with the Afaq payment system. For full story, click here.

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UAE: Amendments to Tax Regulations Approved

The UAE’s Cabinet has approved various amendments to tax regulations.

They are aimed at improving the business and investment environment.

They approved an amendment to the Federal Tax Procedures Law (Federal Law No. 7/2017). The amendment will allow an approximation to be created and align with the corporate tax law.

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Dubai: Golden Visa to be Offered to Exceptional Students

Khaleej Times (United Arab Emirates), 3 July 2022: Dubai’s Crown Prince has announced they have launched an initiative to recognise, reward and retain outstanding high school students.

Exceptional students will be given Golden Visas and scholarships. The scholarships will be given to the top Emirati Grade 12 students. The Golden Visa will be given to exceptional expatriates and their families.

Financial rewards will be given to 50 high school students as well.

Scholarships to study in UAE-based or international universities will be offered to Emiratis. Outstanding expatriate students will be given discounts to pursue their higher education in international university branches in Dubai.

A unified system will be established to help choose students from private and public schools following various curricula, including the UAE ministerial curriculum and the American, British, and International Baccalaureate.

The aim is to motivate high school students to excel.

The first batch of exceptional students will be honoured in September 2022.

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