UAE (Ras al Khaimah): Integrated Resorts Entity to be Established

Khaleej Times (United Arab Emirates), 25 January 2022: Ras al Khaimah’s Tourism Development has announced it is going to establish a new integrated resorts entity.

It will include hotel operations, convention spaces, entertainments, restaurants and lounges, spas and retail and gaming facilities.

The Department of Entertainment and Gaming Regulation will comply with global best practices in gaming regulation which operate as part of integrated resorts across various jurisdictions globally.

It will also consider the Emirate’s social, cultural and environmental landscape. In addition, it will cover licensing, taxation, operational procedures and consumer safeguards.

It will be responsible for creating a robust framework which will ensure responsible gaming at every level.

It will address the entire gaming enterprise in integrated resorts and all the relevant laws and regulations, including financial crime laws are complied with by operators, suppliers and employees.

The regulations will also cover marketing, advertising and financial transactions.

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Abu Dhabi: New Family Business Ownership Governance Law Approved

Abu Dhabi’s Ruler has approved a new family business ownership governance law.

It is aimed at strengthening the sector’s contribution to the economy and facilitating the transition to successive generations.

It also aims to improve the legislation in this area by adopting a more flexible and sustainable economic model, in line with best governance practices internationally.

In addition, it aims to boost family businesses’ contribution to the diversification and growth of the economy.

It will empower owners of family business to prevent the selling of shares or dividends to individuals or companies outside the family and to get approval from the family partners first before a shareholder sells their respective equity stake to a non-family member.

Owners of family businesses can also issue family-owned shares with weighted voting rights and prevent the pledging of family-owned businesses as encumbered assets, to avoid expropriation.

The current law does not apply to family-owned businesses where non-family members own more than 40% of shares.

The new law are applied to family-owned businesses on an opt-in basis for owners or co-founders by submitting a request to the Economic Development Department.

The Department will issue the Implementing and administrative regulations to the new law from March 2022.

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Meet the Sponsors of the LexisNexis Women in Law Awards!

LexisNexis Middle East is pleased to announce the sponsors of the first LexisNexis Women in Law Awards being held on 23 February 2022.

We are proud to have Yungo Legal Consultants as Bronze Sponsor, and New York University (NYU) Abu Dhabi, Al Tamimi & Company, HFW Middle East and DLA Piper as Award Sponsors of this event.

The Women in Law Awards aim to celebrate women’s accomplishments and innovation in the legal field in the Middle East region. The Awards also set out to recognise the organisations that promote women and gender equality in their teams.

We hope you will join us for this amazing event on 23 February 2022 at the Westin Dubai Mina Seyahi Beach Resort & Marina, UAE. For more information, visit: https://www.lexisnexis-womeninlaw.com/.

HFW Middle East participates as a sponsor at the LexisNexis Women in Law Awards

LexisNexis Middle East are pleased to announce that HFW Middle East will be participating as an Awards Sponsor at the first LexisNexis Women in Law Awards being held on 23 February 2022.

The Women in Law Awards aim to celebrate women’s accomplishments and innovation in the legal field in the Middle East region. The Awards also set out to recognise the organisations that promote women and gender equality in their teams.

We hope you will join us for this amazing event on 23 February 2022 at the Westin Dubai Mina Seyahi Beach Resort & Marina, UAE. For more information, visit: https://www.lexisnexis-womeninlaw.com/.

Al Tamimi & Company participates as a sponsor at the LexisNexis Women in Law Awards

LexisNexis Middle East are pleased to announce that Al Tamimi & Company will be participating as an Awards Sponsor at the first LexisNexis Women in Law Awards being held on 23 February 2022.

The Women in Law Awards aim to celebrate women’s accomplishments and innovation in the legal field in the Middle East region. The Awards also set out to recognise the organisations that promote women and gender equality in their teams.

We hope you will join us for this amazing event on 23 February 2022 at the Westin Dubai Mina Seyahi Beach Resort & Marina, UAE. For more information, visit: https://www.lexisnexis-womeninlaw.com/.

New York University (NYU) Abu Dhabi participates as a sponsor at the LexisNexis Women in Law Awards

LexisNexis Middle East are pleased to announce that New York University (NYU) Abu Dhabi will be participating as an Awards Sponsor at the first LexisNexis Women in Law Awards being held on 23 February 2022.

The Women in Law Awards aim to celebrate women’s accomplishments and innovation in the legal field in the Middle East region. The Awards also set out to recognise the organisations that promote women and gender equality in their teams.

We hope you will join us for this amazing event on 23 February 2022 at the Westin Dubai Mina Seyahi Beach Resort & Marina, UAE. For more information, visit: https://www.lexisnexis-womeninlaw.com/.

Yungo Legal Consultants participates as a sponsor at the LexisNexis Women in Law Awards

LexisNexis Middle East are pleased to announce that Yungo Legal Consultants will be participating as a Bronze Sponsor at the first LexisNexis Women in Law Awards being held on 23 February 2022.

The Women in Law Awards aim to celebrate women’s accomplishments and innovation in the legal field in the Middle East region. The Awards also set out to recognise the organisations that promote women and gender equality in their teams.

We hope you will join us for this amazing event on 23 February 2022 at the Westin Dubai Mina Seyahi Beach Resort & Marina, UAE. For more information, visit: https://www.lexisnexis-womeninlaw.com/.

UAE: Drone Flying Operations Suspended for Owners, Practitioners and Enthusiasts

The UAE’s Interior Ministry has announced it is stopping all flying operations for owners, practitioners and enthusiasts of drones from 22 January 2022.

This will include drones and light sports aircrafts.

It will apply to air and sail spots as well.

They introduced the suspension together with the General Authority for Civil Aviation and in line with the relative guidelines.

They issued the Decision following reports of recent misuse.

Entities which have work contracts or commercial or advertising projects which rely on filming using drones must communicate with the permit authorities to take the necessary exceptions and permits to carry out their work and projects during this period to avoid any consequences which affect the timing of these projects.

Anyone performing these activities during the suspension period or disregarding guidelines will be penalised.

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.

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UAE: First Space Economic Zone to be Established

The UAE Space Agency and Masdar have announced they have agreed to establish the country’s first Space Economic Zone in Masdar City to create an integrated business ecosystem to propel start-ups and SMEs.

It will be one of many space-tech hubs which the UAE Space Agency will launch to create a competitive private sector, build national capabilities and contribute to the UAE’s economic growth for the next 50 years.

The Zone will offer world-class infrastructure and an environment which encourages the development of the national space industry. Businesses will be offered an integrated package of benefits including incubation, office space, mentorship, networking, investment opportunities, priority access to Government contracts and closer cooperation with leading global research centres.

The cooperation agreement was signed on the sidelines of the Abu Dhabi Sustainability Week 2022.

It was signed for the Space Agency by its Director General, His Excellency Salem Butti Salem Al Qubaisi and for Masdar by its CEO, Mohamed Al Ramahi.

Under the agreement, the Masdar City Free Zone will offer tailor-made business licenses for space-related companies across the launch sector, satellite communication, logistics, data analysis, science, technology, engineering, among other things.

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.

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UAE: Cabinet Decisions Redefining Administrative Fines for Tax Issued

Alroeya, 19 January 2022: The UAE’s Cabinet has issued two decisions redefining the administrative fines which will be imposed for Tax Law violations committed before 28 June 2021 in the State.

It will be 30% of the total unpaid fines by that date provided certain conditions are met.

Taxpayers will only have to pay 30% of the unpaid taxes if they paid the outstanding amount by 31 December 2021.

If the taxpayer didn’t pay the full tax owed or 30% of the total administrative fines by 31 December 2021, they can pay both by 31 December 2022.

The second decision will come into force at the start of March and gives the committee formed by a Decision by the Chairman of the Authority the right to approve the payment of the administrative fines in instalments. For full story, click here.

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