Sheikh Mohammed Bin Rashid, Vice President and Ruler of Dubai, passed a new law that broadens the scope of responsibilities for Dubai International Financial Centre, the emirate's financial free zone.
The new law replaces regulations put in place when the DIFC was established in 2004 and provides greater clarity on the role of its president, governor, the centre itself and the bodies within it, according to a Dubai government media office statement.
"It also ensures the centre's operational, financial and administrative independence that is crucial for the continued growth and success of the centre," the statement said.
The DIFC is ranked as the biggest finance hub in the Middle East and Africa and the 19th biggest globally, according to the Global Financial Centres Index ranking published in March.
It registered a 20 per cent increase in the number of companies last year, bringing the total number of businesses operating in the centre to 2,919 – 915 of which are financial entities. New members joining last year included Spain's Caixabank, insurer AfricaRe and India's Tata Asset Management.
Under its broader remit, the DIFC has an objective of advancing sustainable economic growth for Dubai by increasing the gross domestic product contribution of the financial sector, promoting inward investment and attracting regional and international entities into the centre to operate "their principal place of business".
The law also "provides clarity on what DIFC establishments may do outside their physical premises in the centre", confirming they are able to supply products and services outside the free zone as long as they are primarily provided from within it. It also allows them to market and promote their activities outside the DIFC.
Under the law, the DIFC's president will be allowed to exempt a number of federal and local government authorities, companies and other entities from adhering to DIFC laws "that were never intended to apply to them", the statement added.
The law will split the role of the centre's Dispute Resolution Authority, with a new Arbitration Institute that will operate separately from the DIFC Courts. This will allow both bodies to pursue separate mandates, the statement said.
Korean Film Festival 2019 line-up
Innocent Witness, June 26 at 7pm
On Your Wedding Day, June 27 at 7pm
The Great Battle, June 27 at 9pm
The Witch: Part 1. The Subversion, June 28 at 4pm
Romang, June 28 at 6pm
Mal Mo E: The Secret Mission, June 28 at 8pm
Underdog, June 29 at 2pm
Nearby Sky, June 29 at 4pm
A Resistance, June 29 at 6pm
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
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Referees: Chris Broad, David Boon, Jeff Crowe, Andy Pycroft, Ranjan Madugalle and Richie Richardson.
Umpires: Aleem Dar, Kumara Dharmasena, Marais Erasmus, Chris Gaffaney, Ian Gould, Richard Illingworth, Richard Kettleborough, Nigel Llong, Bruce Oxenford, Ruchira Palliyaguruge, Sundaram Ravi, Paul Reiffel, Rod Tucker, Michael Gough, Joel Wilson and Paul Wilson.
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
ELIO
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4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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Two-legged ties to be played November 9-11 and November 12-14
- Northern Ireland v Switzerland
- Croatia v Greece
- Denmark v Ireland
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Mohammed bin Zayed Majlis
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The specs
- Engine: 3.9-litre twin-turbo V8
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