The law addresses for the first time the processing of personal data via autonomous and semi-autonomous systems In brief On 7 September 2023, the Dubai International Financial Centre (DIFC) enacted amendments to Data Protection Law No. 5 of 2020 (“DIFC Data Protection Law”) which came into force starting on 1 September 2023. These amendments were preceded by a 30-day public consultation launched by the DIFC in April 2023. The amendments are aimed at enhancing the…
In brief Investment funds, including Real Estate Investment Trusts (REIT), have been provided with additional clarity through the issuance of Cabinet Decision No. 81 of 2023 on Conditions for Qualifying Investment Funds for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (“Decision”) for clarification as to whether they can apply to be exempted from UAE corporate tax (at the discretion of the UAE tax authority). This Decision…
In brief The subscription deadline for the UAE’s mandatory unemployment insurance scheme has been extended by three months from 30 June 2023 to 30 September 2023. All employees in the UAE (with a few exceptions) must register in the unemployment insurance scheme before 30 September 2023[1]. You can view a summary of the scheme in our previous client alert. What’s next? All employees in the UAE must enroll to the unemployment insurance scheme as follows: If…
In brief The Dubai International Arbitration Centre (DIAC) has recently released its Annual Report for the year 2022. The Report highlights the new vision and future strategies of DIAC and provides helpful statistics for 2022, including regarding the overall caseload, caseload by value of disputes, sectors represented and the nationalities involved.[1] The statistics show a growth in the number and the value of the cases registered, as well as a broad outreach in terms of…
In brief The United Arab Emirates’ (“UAE”) federal-level financial services regulator relevant to securities, commodities and now Virtual Assets Service Providers (“VASPs”), the UAE Securities and Commodities Authority (“SCA”), has just issued two new regulations relevant to Virtual Assets (“VAs”): SCA Chairman of the Board of Director’s Decision No. (26/RM) of 2023 in relation to Virtual Assets Platform Operators (the “SCA VA Exchange Regulations”); and SCA Chairman of the Board of Director’s Decision No. (27/RM)…