United Arab Emirates Archives - Page 9 of 64

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09/06/202519/06/2025
by Vincent Slingerland

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LexisNexis Insider; Product Roadshow | 24 June 2025 | 8:30 AM – 11:30 AM | Waldorf Astoria DIFC
24/06/2025
8:30 AM - 11:30 AM

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News developments

Dubai: Remote Marine Vessel Licence Renewal Service

30/05/202530/05/2025
by Tanya Jain

Dubai Maritime Authority, part of the Ports, Customs and Free Zone Corporation, has launched a Remote Technical Inspection Service to facilitate the renewal of licences for pleasure marine vessels up to 12 meters, pleasure watercraft, and foreign-registered visiting vessels.

This initiative, issued by CEO of the Dubai Maritime Authority, is part of the Authority’s digital transformation strategy, following directives from His Highness Sheikh to simplify government services and reduce bureaucracy. Vessel owners and operators in Dubai, will have to use the new remote service for licence renewals. The service allows customers to book inspections online, complete necessary checklists, and conduct virtual inspections with an inspector, ensuring compliance with safety and operational standards.

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News developments

UAE: Banks to Increase Minimum Balance Requirement

22/05/202522/05/2025
by Tanya Jain

Khaleej Times, 20 May 2025: Several banks in the UAE have announced an increase in the minimum balance requirement from AED 3,000 to AED 5,000 as per the Central Bank’s personal loan regulations.

Customers who do not maintain the new minimum balance will incur a monthly fee of AED 25, unless they hold a credit card or have personal financing with the bank. The decision aims to enhance banks’ deposit levels and cover the costs of maintaining customer accounts.

Customers with a total balance of AED 20,000 or more, or a monthly salary transfer of AED 15,000 or more, will be exempt. Those with salary transfers between AED 5,000 and AED 14,999 who also have a credit card, overdraft facility, or loan will also be exempt.

Finance experts have raised concerns about the financial disadvantage to low-income workers, urging banks to reconsider the increase or offer varied minimum balances based on salary ranges. Alternative options, such as using money exchanges or financial institutions for salary disbursement, are suggested to mitigate the impact on affected workers.

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News developments

UAE (Ras Al Khaimah): Police Enforces UAE Law Against Spreading Fake News

22/05/202522/05/2025
by Tanya Jain

Gulf News, 15 May 2025: Ras Al Khaimah Police issued a stern reminder regarding the legal repercussions of disseminating fake news and rumours via the internet and social media, in accordance with UAE law.

It aims at safeguarding public safety, health, and the economy, mandates severe penalties for individuals who spread false information that contradicts official news or causes public fear and confusion.

Anyone found guilty of spreading fake news or rumours can face a minimum of one year in jail and a fine of Dh100,000 or more. This applies to the sharing of posts, messages, or videos that contain incorrect information or challenge official announcements.

The police emphasized the importance of verifying information before sharing it online, to prevent the spread of misinformation and protect community safety.

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News developments

Fujairah: Police Announce New Traffic Plan for Pedestrian Safety

22/05/202522/05/2025
by Tanya Jain

Khaleej Times, 20 May 2025: The Fujairah Police have unveiled a comprehensive traffic plan aimed at improving pedestrian safety across the emirate.

This initiative involves the establishment of new pedestrian crossings and the redesign of existing hazardous ones. The decision targets both drivers and pedestrians to reduce run-over accidents and promote safe crossing practices.

The plan aligns with Article 89 of Federal Decree-Law No. 14/2024 on the Traffic and Road Law, which penalises jaywalking with a fine of 400 AED. It forms part of a broader operational strategy for 2025, including a campaign titled “Pedestrians Have the Right to Cross Safely.” This campaign aims to lower mortality and injury rates by encouraging the use of designated crossings and discouraging risky behaviours.

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News developments

Abu Dhabi: ADGM Proposes Consumer Protection Regulations for Retail Sector

22/05/202522/05/2025
by Tanya Jain

ADGM, 15 May 2025: The ADGM Registration Authority (RA) has published Consultation Paper No. 4/2025, detailing the proposed Consumer Protection Regulations for ‘Category C’ retail activities within the ADGM jurisdiction.

This initiative was launched in response to ADGM’s expansion to Al Reem Island and the significant presence of retail licence holders, which has necessitated a robust consumer protection framework. The proposed regulations are designed to safeguard consumer interests and ensure a reliable retail market economy. They impose specific obligations on retail providers, including product labelling, usage instructions, and the requirement to seek Registrar approval for promotions. Retailers must disclose the condition of used or refurbished products at sale, avoid misleading advertisements, and refrain from harmful contract terms. The regulations also require product warranties and procedures for handling defective products.

The RA’s proposals includes establishing a consumer complaint handling channel and empowering the Registrar to assess complaints, issue determinations, and impose financial penalties for regulatory breaches. These measures aim to reinforce consumer confidence and ensure fair practices in the retail sector.

The consultation period for the proposed regulations ends on 8 June 2025.

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News developments

Dubai: Enforces New Compliance Rules for Digital Asset Firms

21/05/202522/05/2025
by Tanya Jain

AInvest, 19 May 2025: Dubai’s Virtual Assets Regulatory Authority (VARA) issued a directive requiring licensed digital asset companies to comply with updated activity-based Rulebooks by 19 June 2025 following the release of Version 2.0 on 19 May 2025.

This update aims to strengthen market integrity and risk oversight by refining controls around margin trading and token distribution services, harmonising compliance requirements, and clarifying definitions for collateral wallet arrangements. It impacts all virtual asset service providers (VASPs) operating within Dubai, obliging them to align with the new rules after a 30-day transition period. VARA has emphasised the importance of this transition period to facilitate adaptation to the updated regulations.

The updated Rulebooks will enhance supervisory mechanisms across various regulated activities, including advisory, broker-dealer, custody, exchange, lending and borrowing, virtual asset management and investment, and VA transfer and settlement services. Key operational terms such as “client assets,” “qualified custodians,” and “collateral requirements” have been defined to ensure consistency and reduce ambiguity in compliance.

In margin trading, VARA tightened leverage thresholds and mandated clearer collateralisation standards to mitigate risks associated with market downturns. The Rulebooks also introduced new token distribution regulations, outlining licensing prerequisites, investor protections, and marketing restrictions, particularly for retail-facing offers.

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News developments

UAE: Federal Tax Authority Clarifies Corporate Tax Rules for REIT Investors

15/05/202515/05/2025
by Hannah Gutang

The Finance World, 7 May 2025: The UAE Federal Tax Authority (FTA) issued a clarification CTP005 on the Taxation of investors in a Real Estate Investment Trust (REIT) that is exempt from Corporate Tax as a Qualifying Investment Fund

The clarification covers the income that will be taxed in the hands of juridical persons that are investors in a REIT and the relevant Tax Period in which the income will be taxed for such investors. It also provides information on the compliance obligations of the REIT and the investors.

A REIT that meets the conditions of Article 10(1) of Federal Decree-Law No. 47/20221 and Article 4(1) of Cabinet Decision No. 34/20252 can make an application to the Federal Tax Authority to be exempt from Corporate Tax as a Qualifying Investment Fund. Where a REIT is exempt from Corporate Tax, the Taxable Income of a juridical person that is an investor in the REIT is adjusted to include 80% of the prorated Immovable Property Income of the REIT. However, if the REIT makes a distribution within nine months from the end of its Financial Year and the investor has not received the dividend distribution due to the disposal of its entire Ownership Interest in the REIT, the investor will not be subject to Corporate Tax on the Immovable Property Income of the REIT.

A REIT must provide specific information in respect of the period to which the distribution relates, or the relevant Financial Year of the REIT, as the case may be. This includes the amount of Immovable Property Income of the REIT; whether the REIT is a distributing fund for such Financial Year; and the amount of tax depreciation deduction for each investment property.; any disposals of investment property for which a tax depreciation deduction was previously claimed. A REIT is not required to provide investors with information that is not relevant to the investor’s Corporate Tax obligations or which the investor has an obligation to keep in their own records, such as the investor’s own acquisition cost or disposal proceeds of an Ownership Interest in the REIT.

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News developments

Dubai: Smart Building Policy

15/05/202515/05/2025
by Hannah Gutang

Gulf News, 9 May 2025: Sheikh Hamdan has approved a smart building policy design to reduce consumption of water and energy.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Chairman of the Executive Council, has approved the new policy measures in alignment with the objectives of the Dubai Social Agenda 33 and the Dubai Economic Agenda D33. The policy is being led by the Dubai Municipality. It outlines standards for smart buildings that use renewable energy, intelligent water networks, smart parking, automated climate control, and real-time monitoring systems.

It aims to reduce power consumption in buildings by 25%, water use by 15%, and operational costs by 20%,

At present, adoption of the policy is purely voluntary in new buildings, but it will be backed up by initiatives to encourage adoption by investors and developers in due course.

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News developments

UAE: Securities Authority Imposes Disciplinary Actions for Market Violations

08/05/202508/05/2025
by Tanya Jain

Mubasher, 6 May 2025: The UAE Securities and Commodities Authority (SCA) has issued a financial penalty of AED 100,000 to an investor for engaging in pre-emptive trading activities.

The relevant regulation governs trading, clearing, settlement, transfer of ownership, and custody of securities.

In a separate disciplinary action, the SCA revoked a preliminary approval of an employee holding the position of “Promotion Manager” at a licensed company. The revocation followed the employee’s proven misconduct during an examination on the UAE’s financial systems and regulations.

For full story, click here.

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