News developments
Dubai’s Government Media Office has said no gambling licenses are being issued. They were responding to rumours on social media saying these licenses had started to be issued.
News developments
Abu Dhabi’s Culture and Tourism Department has announced a new Tourism Quality Standards and Licensing Framework. The ten quality manuals will apply to amusement parks, events, cultural sites, tourist transportation services, tourist accommodation and outdoor and adventure facilities and services. A trial phase of the frameworks is currently being rolled out and it will be fully implemented by the end of this year. The aim is to boost their sustainability, inclusivity and cultural richness.
News developments
The working group has been launched with Dubai Future Foundation. The working group will have 17 members as well as observers from the UN Office for Outer Space Affairs. They will discuss current space dispute issues like equipment failures, space cargo disputes, or failure to deliver components on time. This might include substandard materials or design faults.
Source: Gulf News (United Arab Emirates), 20 April 2021: The Dubai International Financial Centre Courts have established a working group for space-related disputes.
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News developments
The Dubai International Financial Centre has launched a public consultation on proposed Intellectual Property Regulations. The consultation ends on 9 May 2021. The Proposed Regulations deal with the requirements concerning intellectual property infringement complaints to the DIFC Commissioner of Intellectual Property, the inspections and investigations the Intellectual Property Commissioner may carry out in dealing with these complaints and the requirements for issuing directions in respect of them. They will also establish a Register of Experts, which the Commissioner can refer to when investigating complaints and also covers the ability of the Commissioner to cooperate with relevant Federal and local authorities in the UAE from an enforcement perspective. They are aimed at facilitating the administration and enforcement of the DIFC Intellectual Property Law (DIFC Law No. 4/2019) and enhance the regulatory framework in the DIFC.
News developments
The board of the Abu Dhabi Global Market has approved the establishment of a new ADGM Authority. The new Authority will play a pivotal role in driving the Global Market’s growth. There will be an Office of Strategy and Business Development, Corporate Services, an Office of Information Security and Enterprise Risk Management. It will be led by Mark Nicholas Cutis who will be its Chief Executive Officer. He will take his position up on 1 June this year.
Weekly Spotlight
The UAE’s Cabinet has approved amendments to the Implementing Regulations to the Tax Procedures Law. The amendments extend the tax notification period from 10 to 40 working days. They also cover the time limit for issuing the decision of the Federal Tax Authority to reduce or exempt administrative penalties from 20 to 40 working days from the date of receiving the application.
They also approved a Cabinet Decision on the requirements of the Natural Person Insolvency Law. The law aims to boost the UAE’s competitiveness by making it easier to do business in the country and create more favourable conditions for individuals facing financial difficulties. The debt value which requires a debtor to submit a request to start the insolvency process is set at 250,000 AED.
News developments
Dubai’s Crown Prince and Chairman of the Executive Council has launched the Al Quoz Creative Zone which will offer a hub for artists and designers to live, work and create in. It will offer various facilities, services and incentives to drive innovation and boost investment in creative businesses. It is the first plan and initiative to be launched as part of the Dubai Creative Economy Strategy which aims to transform the Emirate into a global innovation hub. Artists with projects and activities in Al Quoz Creative Zone and emerging creative entrepreneurs will receive an exclusive Al Quoz Creative Membership. This will give them access to various incentives including fee exemptions, reduced rents and logistic business support. It will also provide access to relevant training and programmes to help artists transform their creative ideas into business.
News developments
Abu Dhabi’s Global Market has announced amendments to the Insolvency Regulations 2015. The amendments to the 2015 Insolvency Regulations boost the Market’s insolvency framework by providing additional flexibility for administrators following the execution of a deed of company arrangement used to restructure an insolvent company.
Weekly Spotlight
The UAE Central Bank has issued a new law on the minimum capital for banks which applies to all banks including branches of foreign banks which work in the UAE.
The law will be effective on the beginning of next month and requires banks which do not yet meet its requirements to do so by no later than 31 December 2023.
The second article of the law requires banks at all times to maintain a minimum level of the paid capital and to keep the required level on a continuous basis as a main condition of their licence.
News developments
The UAE authorities have announced it has acceded to the Budapest Treaty on the International Recognition of the Deposit of Microorganisms for the Purposes of Patent Procedure. They have also acceded to the Strasbourg Agreement Concerning the International Patent Classification. It comes as the country looks to develop a legal intellectual property framework and legislative environment which support innovation and patents. After joining the Budapest Treaty, Emirati inventors and researchers will be able to benefit from the services of the International Depositary Authority which is recognised by the World Intellectual Property Organisation. The country’s accession to the Strasbourg Agreement will facilitate patent classification and increase the number of patents registered in the country, as well as improve their quality.
