UAE: Digital Currency to be Launched

Gulf News (United Arab Emirates), 12 July 2021: The UAE’s Central Bank has announced it plans to launch a digital currency.

The announcement is contained in the Banks’ priorities for 2023 to 2026.

It is part of the Bank’s aim to be among the world’s Top 10 central banks.

They will also focus on including driving digital transformation in the UAE’s financial services sector by utilising the latest Artificial Intelligence and big data solutions. Technology will also be used across inspection, monitoring and insurance systems as well as the UAE Pass system utilised to boost financial inclusion and provide easy access to financial services.

They will also focus on supporting the UAE’s green economy efforts and continue work to developing an innovative financial infrastructure to boost the UAE’s competitiveness in this area.

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UAE: National Scheme for Programmers Launched

Alroeya, 10 July 2021: Dubai’s Ruler has announced a National Scheme for Programmers has been launched.

It has been launched together with large technology companies including Google, Microsoft and Amazon.

The aim of the programme is to attract and train 100,000 programmers and establish 1,000 digital companies within five years.

Golden permits will also be issued to them.

For full story, click here.

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UAE: Dubai International Finance Centre Enacts News Intellectual Property Regulations

Gulf News (United Arab Emirates), 6 July 2021: The Dubai International Financial Centre has announced it has enacted new Intellectual Property Regulations.

They came into force on 5 July.

They provide clarity on the powers and functions of the Commissioner of Intellectual Property. They also outline the process for filing intellectual property infringement complaints, inspections and investigations in connection with violations of the Intellectual Property Law.

In addition, they cover the issuing of directions by the Commissioner, along with the specifics which must be contained in the directions.

A Register of Experts is also going to be established and the Commissioner may appoint them to assist in investigating complaints.

Finally, the Commissioner will be able to cooperate with Federal and local authorities to protect intellectual property rights across each of their respective jurisdictions.

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UAE: Written Warnings Issued to Establishments Violating Real Beneficiary Decision

Emaratalyoum, 2 July 2021: The UAE’s Economy Ministry together with the relevant licensing authorities in the country have started implementing the first phase of administrative penalties under Cabinet Decision No. 58/2020.

These involve written warnings being issued to establishments who violate the Decision on the regulation of the procedures for real beneficiaries.

Affected entities had to comply with the Decision by 1 July.

The second phase of the Decision being implemented will start on 8 July and will see entities who fail to comply with the Decision fined in line with Cabinet Decision No. 53/2021.

For full story see https://www.emaratalyoum.com/business/local/2021-07-02-1.1509506.

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