News
Insurance Product Value increased to AED 250 for Companies that fail to Pay Salaries on Time
Insurance Product Value To improve work relationship stability, MoHRE, Ministry of Human Resources and Emiratisation, compelled private sector establishments to pay the wages on time under the Wages Protection System. This came up because of the COVID-19 challenges that affected the global labor markets. As a penalty for the wage issue, authorities have raised the…
Cabinet Approval to Increase Local Exports to Diversify from Oil and Gas
To diversify focus away from oil and gas, the UAE cabinet decided to increase the local export market to 50% of the total export. Cabinet approved an export development policy to support the country’s foreign trade and thereby increase the GDP contribution from non-oil sectors. This was to be attained by opening new channels and…
6-Month visa to aid Golden Residency Visa Procedures
UAE ICA issued a six-month validity visa to help complete the Golden Visa procedures for long-duration residency. This visa can be stretched for an additional six months. The thing to be noted here is that the multiple-entry visa can be used only for the completion of Golden Visa procedures. Golden Visa is a 10-year validity…
Tech start-ups and Entrepreneurs grab the opportunity at DIFC and run the show.
DIFC, now available for all start-ups and entrepreneurs, offers an opportunity to grow and establish their businesses with the Innovation License. With DIFC’s vast connections every joiner will be open to diversified types of banks, financial, and service providers. DIFC Innovation License enables you to enter tech innovations in the MENASA region. DIFC FinTech Hive…
ICC and Jus Mundi partners to publish the ICC Arbitral Awards for the Global Legal Community
ICC and Jus Mundi The partnership will give the public access to ICC Court awards that are publishable and related documents from January 2019. This will increase the transparency and strengthen the legitimacy of the awards. Jus Mundi, an international law and arbitration research engine, thinks that information about international law and arbitration must be…
Abu Dhabi announces a fine of Dh500 for Parked Vehicles with Running Engine
A penalty of Dh500 is fixed for leaving parked vehicles with the engine on, reported an Emirates News Agency. The police have educated the public about the consequences of leaving their engines on, such as an increased chance of theft. The engine is left on mostly because they leave their infants in these vehicles. This…
ADGM Registrations Authority and the Israeli Corporations Authority signed SoC to improve Relations
The ADGM RA and the Registrar of Companies in the Israeli Corporation Authority signed a Statement of Corporation (SoC) to improve business opportunities between both places and to facilitate their registration functions. The SoC will promote partnerships between Israeli and UAE businesses. Additionally, the pact will enable professional knowledge sharing and the possibility of give-and-take…
ADGM Regulatory Authority issues alert regarding fraudulent websites
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) warned the financial services community and public about the false claims made by Almena Financial Brokers and Abu Dhabi Financial Brokers on their respective websites. The Brokers claimed that they are given the authority by the FSRA. This gave a wrong notion that…
Autonomous Vehicles to Support Passenger Transport in Abu Dhabi
The Department of Municipalities and Transport (DMT) and Bayanat (a G42 company) agreed to join hands in the test of private vehicles for transporting passengers in Abu Dhabi. This new mobility solution would add to the service quality provided to the residents and visitors and will help local development and infrastructure. Related Services: UAE Compliance…
Universal Rules for Digital Currencies Proposed by China
China put forward international rules regarding Central Bank Digital Currencies (CBDC) ranging from currency usage to concerning issues like monitoring and information sharing. The financial system needs to be changed to eliminate the threat from cryptocurrencies like bitcoin and to facilitate all types of payments. One of the proposals made is regarding interoperability between CDBC…