UAE: Genomics Council to be Established

The UAE’s Vice President and Prime Minister and Dubai Ruler has approved the establishment of a UAE Genomics Council.

It is being established to help the country provide a world-class healthcare system.

It will be led by the Chairman of the Abu Dhabi Executive Office.

It will regulate, oversee and guide the implementation of the Emirati Genome Programme in the country’s healthcare system.

It is being established to help the UAE carry out therapeutic and preventative programmes to help reduce the prevalence of genetic disorders, disabilities and mortality rates.

It will also oversee the execution of Government genomic programmes and propose legislation to govern the field together with health regulators across the country.

In addition, it will regulate data acquisition and storage and establish a system for issuing ethics and consent approvals for all genomics programmes.

It will support technology start-ups and companies and build partnerships with world-leading technology firms to drive cutting-edge genomics research as well and support new innovative therapies for rare and chronic diseases and develop technical training and graduate programmes and knowledge incubators to build the next generation of omics professionals.

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UAE: Central Bank Introduces Whistleblowing Portal

The UAE’s Central Bank has announced it has launched a new whistleblowing portal to allow internal and external stakeholders to anonymously raise any concerns related to misconduct or policy violations by Central Bank employees, contractors and representatives.

It will allow employees and external stakeholders, like financial institutions, vendors and the public, to voice their concerns around misconduct without fear of reprisal.

It also allows comprehensive information around a relevant concern to be shared. This will include the attachment of files and documents in support of a particular claim.

It has been introduced as part of the Bank’s implementation of its Code of Conduct.

It aims to address alleged illegal and unethical practices by taking the necessary action in a timely way.

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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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