The Dubai International Financial Centre Gate. Arrow Capital's headquarters is at the DIFC. Sarah Dea / The National
The Dubai International Financial Centre Gate. Arrow Capital's headquarters is at the DIFC. Sarah Dea / The National
The Dubai International Financial Centre Gate. Arrow Capital's headquarters is at the DIFC. Sarah Dea / The National
The Dubai International Financial Centre Gate. Arrow Capital's headquarters is at the DIFC. Sarah Dea / The National

DIFC tables amendments to employment, data and insolvency laws


Deepthi Nair
  • English
  • Arabic

The Dubai International Financial Centre tabled its proposed amendments to employment and data protection laws and insolvency regulations as it moves to strengthen its regulatory framework.

The proposals were posted for a 30-day period of public consultation, with a deadline of March 28 for responses.

“The proposed amendments reflect the centre’s commitment to maintaining a transparent and robust legal and regulatory framework aligned with global best practice,” the DIFC said on Saturday.

The free zone unveiled proposed changes to its Common Reporting Standard Law in August 2020 to improve reporting standards. It also enforced an amendment to the employment law that replaced gratuities with a workplace savings plan from February 1 last year.

The DIFC has now tabled proposed changes to Employment Law No 2 of 2019. It will issue new regulations that “will provide further clarity in relation to the Qualifying Scheme regime and bring it in line with the Dubai Financial Services Authority’s employee money purchase scheme so that only a single layer of regulation is applied to these schemes”.

The amendments also aim to address other areas of uncertainty by clarifying the statute of limitations on claims made under the employment law, the accrual of leave days and the duration of probation for short-term fixed-term contracts.

The financial hub’s proposed changes to the employment law account for work-from-home arrangements, which have become more common amid Covid-19.

Amendments to Data Protection Law No 5 of 2020 seek to clarify the judicial redress procedure for people, allowing them to be more closely aligned with international rulings in Europe.

The proposed amendments reflect the centre's commitment to maintaining a transparent and robust legal and regulatory framework aligned with global best practice

The amendments also outline requirements for better accountability on the part of controllers and processors in cases where a person's rights may be affected.

They define the commissioner’s powers on information available while giving direction or determining a contravention of the data protection law. The amendments are also aligned with the DIFC Courts Law regarding the imposition and payment of court costs by DIFC bodies.

Proposed amendments to Insolvency Law No 1 of 2019 and Insolvency Regulations 2020 aim to provide greater flexibility to the process of obtaining a bond.

“The amendments will ensure consistency in a liquidator’s reporting obligations for the different types of liquidation procedures available under the Insolvency Law and ensure that that the vesting of property in a dissolved entity is consistently applied for all DIFC entities under the Operating Law 2018,” the DIFC said.

The onshore financial centre is home to some of the world’s biggest financial institutions, banks, investment companies, wealth managers and insurers.

The number of companies operating within the DIFC rose by 25 per cent in the first half of last year.

The free zone attracted 310 new companies during the period, bringing the number of businesses based in the free zone to 2,584.

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

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Company profile

Name: Infinite8

Based: Dubai

Launch year: 2017

Number of employees: 90

Sector: Online gaming industry

Funding: $1.2m from a UAE angel investor

MATCH INFO

Manchester City 1 Chelsea 0
De Bruyne (70')

Man of the Match: Kevin de Bruyne (Manchester City)

McLaren GT specs

Engine: 4-litre twin-turbo V8

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A new relationship with the old country

Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates

The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:

ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.

ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.

ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.

ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.

IN WITNESS WHEREOF the undersigned have signed this Treaty.

DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.

Signed

Geoffrey Arthur  Sheikh Zayed

While you're here
Key facilities
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  • 2:03:59: Haile Gebreselassie (ETH) on 28/09/2008 in Berlin
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  • 2:04:55: Paul Tergat (KEN) on 28/09/2003 in Berlin
  • 2:05:38: Khalid Khannouchi (USA) 14/04/2002 in London
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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Profile of Tarabut Gateway

Founder: Abdulla Almoayed

Based: UAE

Founded: 2017

Number of employees: 35

Sector: FinTech

Raised: $13 million

Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.

Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
The specs

Engine: four-litre V6 and 3.5-litre V6 twin-turbo

Transmission: six-speed and 10-speed

Power: 271 and 409 horsepower

Torque: 385 and 650Nm

Price: from Dh229,900 to Dh355,000

Sukuk explained

Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.

Mia Man’s tips for fermentation

- Start with a simple recipe such as yogurt or sauerkraut

- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.

- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.

- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.

 

What are the main cyber security threats?

Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.

Expert advice

“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”

Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles

“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”

Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre 

“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”

Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
 

JAPANESE GRAND PRIX INFO

Schedule (All times UAE)
First practice: Friday, 5-6.30am
Second practice: Friday, 9-10.30am
Third practice: Saturday, 7-8am
Qualifying: Saturday, 10-11am
Race: Sunday, 9am-midday 

Race venue: Suzuka International Racing Course
Circuit Length: 5.807km
Number of Laps: 53
Watch live: beIN Sports HD

SPECS
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UAE currency: the story behind the money in your pockets
ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

UK-EU trade at a glance

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Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

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Cutting red tape on import and export of food

Titanium Escrow profile

Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue  
Stage: Early stage
Investors: Founder's friends and Family

The%20specs%3A%202024%20Mercedes%20E200
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Book%20Details
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