Dubai: Utico to Issue Region’s First Utilities Sustainability Sukuk

Oman Daily Observer, 3 June 2021: Dubai-based Utico has announced it is going to issue the region’s first utilities sustainability Sukuk.

It follows the company being given an international sustainability rating for its benchmark Sukuk from DNV UK.

It will be the first Sustainability Private Corporate Sukuk of its kind in the region and will be issued in the next few weeks.

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UAE: Anti-tax Evasion Plan Approved

The UAE’s Economic Integration Committee of the UAE has approved an anti-tax evasion plan.

It will involve collecting the data of ultimate beneficial owners. These individuals own 25% directly or indirectly of a company’s capital.

It will include a flexible plan and is aimed at obtaining data on beneficial owners of over 400,000 companies registered in the UAE and an action plan to tackle tax evasion.

It follows the issuing of Cabinet Decision No. 57/2020 last year.

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UAE: Dubai Airport Free Zone Signs Cooperation Agreement with Securities and Commodifies Authority

Arab News, 19 May 2021: The Dubai Airport Free Zone Authority has signed a cooperation agreement with the UAE’s Securities and Commodities Authority to allow crypto asset companies to obtain a business license in the Free Zone.

It will allow the regulation, offering, issuing, listing and trading of crypto assets in the Free Zone.

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UAE: Foreign Ownership Changes to Come Into Force Next Month

The National, 19 May 2021: The UAE Government has announced foreign ownership changes will come into force on 1 June.

The changes will allow 100% of UAE companies to be owned by foreign entities.

The changes were first announced in late 2020.

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