The Ministry of Economy unveiled a sweeping set of proposals aimed at strengthening financial regulation and rooting out fraud.
The proposals would "plug the gaps" in existing legislation covering a wide range of industries and subjects, the ministry said yesterday. The planned legislation covers foreign investment, competition, trade, commercial disputes, intellectual property rights, fraud and corporate governance.
"The UAE is revamping its legal system to reflect the changes in the global economic landscape and maintain its competitive edge as a centre of business," said Sultan al Mansouri, the Minister of Economy.
The laws, which are in various stages of the legislative process, must be submitted to the Cabinet and other government departments before they are sent to the Federal National Council and the Ministry of Presidential Affairs for final approval.
They include:
A law that would reduce costs for foreign investors through customs exemptions. It would also mandate clearer procedures for licensing and insurance, as well as dispute resolution mechanisms.
A competition law that would "reduce monopoly practices in line with the recommendations of the World Trade Organisation during its last review for the trade policy of the UAE".
A law covering trade that would mandate certificates of origin for shipments of goods through the UAE's ports and allow the ministry to "impose fines and penalties" for incorrect documents.
A commercial arbitration law that the ministry drafted with the help of experts at the Abu Dhabi Arbitration Centre.
A law to spur the growth of small and medium-size businesses in the industrial sector and "enhance the quality of products".
Changes to industrial ownership laws covering intellectual property rights. Among their provisions, the amendments would protect industrial secrets.
A law covering auditors who routinely examine the financial statements of firms in the UAE. Auditors have come under scrutiny recently after instances of alleged corporate fraud that went undetected, including the case of Damas International, a Dubai-based jewellery retailer whose owners are alleged to have diverted company money for their personal use. The law aims to strengthen the auditors profession and contribute to "achieving greater transparency and disclosure of the institutions in the UAE".
An anti-fraud law "aimed at protecting the UAE's economic interests".
A new law that would make it mandatory for companies to have a basic corporate governance framework "to ensure protecting shareholders' rights and achieve transparency and disclosure of financial results and reports". The law would also reduce the time it takes to form a publicly-listed company to 40 days and mandate a financial year running from January 1 to December 31.
Many countries, including the US and EU members, are looking at strengthening oversight of their financial systems in a bid to prevent another financial crisis. Barack Obama, the US president, has made financial regulatory reform one of his top policies.
Some Gulf countries have also begun to pursue reforms. Kuwait's parliament this year passed a law establishing an independent market regulator, and Saudi Arabia's Capital Markets Authority has begun to enforce stock market regulations more aggressively. Dubai's Real Estate Regulatory Agency has also stepped up its activity during the past two years.
The Ministry of Economy's proposed laws represent the UAE's first wide-ranging effort to tighten regulations after the global economic downturn.
afitch@thenational.ae
THE%20SPECS
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
How to volunteer
The UAE volunteers campaign can be reached at www.volunteers.ae , or by calling 800-VOLAE (80086523), or emailing info@volunteers.ae.
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Cricket World Cup League 2
UAE results
Lost to Oman by eight runs
Beat Namibia by three wickets
Lost to Oman by 12 runs
Beat Namibia by 43 runs
UAE fixtures
Free admission. All fixtures broadcast live on icc.tv
Tuesday March 15, v PNG at Sharjah Cricket Stadium
Friday March 18, v Nepal at Dubai International Stadium
Saturday March 19, v PNG at Dubai International Stadium
Monday March 21, v Nepal at Dubai International Stadium
Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
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UAE's role in anti-extremism recognised
General John Allen, President of the Brookings Institution research group, commended the role the UAE has played in the fight against terrorism and violent extremism.
He told a Globsec debate of the UAE’s "hugely outsized" role in the fight against Isis.
"It’s trite these days to say that any country punches above its weight, but in every possible way the Emirates did, both militarily, and very importantly, the UAE was extraordinarily helpful on getting to the issue of violent extremism," he said.
He also noted the impact that Hedayah, among others in the UAE, has played in addressing violent extremism.
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Bio
Born in Dubai in 1994
Her father is a retired Emirati police officer and her mother is originally from Kuwait
She Graduated from the American University of Sharjah in 2015 and is currently working on her Masters in Communication from the University of Sharjah.
Her favourite film is Pacific Rim, directed by Guillermo del Toro
Sting & Shaggy
44/876
(Interscope)
How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Company%20Profile
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COMPANY%20PROFILE
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if you go
The flights
Fly to Rome with Etihad (www.etihad.ae) or Emirates (www.emirates.com) from Dh2,480 return including taxes. The flight takes six hours. Fly from Rome to Trapani with Ryanair (www.ryanair.com) from Dh420 return including taxes. The flight takes one hour 10 minutes.
The hotels
The author recommends the following hotels for this itinerary. In Trapani, Ai Lumi (www.ailumi.it); in Marsala, Viacolvento (www.viacolventomarsala.it); and in Marsala Del Vallo, the Meliaresort Dimore Storiche (www.meliaresort.it).
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially