A New Law Seeks to Preserve Dubai’s Financial Stability

Highlight on the Dubai Economic Security Centre

By Motei & Associates
May 26, 2016

In order to protect Dubai’s economy from financial risks and crimes, Law No (4) of 2016 on the Dubai Economic Security Centre was issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai, Vice President and Prime Minister of the UAE.

The new Law has come into force upon its publication in the Official Gazette on May 15th, 2016.

The purpose behind the creation of the Dubai Economic Security Centre (DESC) is to minimize illegal and harmful activities within Dubai’s financial markets, protect investors from risks and predict and manage risks and negative economic practices which could threaten the stability of Dubai’s economy.

The DESC’s structure

The DESC shall comprise an executive authority including an Executive Director as well as administrative, financial and technical staff members. The Executive Director shall be appointed by the Chairman of the Dubai Executive Council.

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Dubai Police will start charging fees for some services

A New Executive Resolution No (15) of 2016 was issued by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council. The new Resolution aims to enable Dubai Police to further develop and enhance services provided to its customers. It shall come into force from its publication in the Official Gazette on May 15^th 2016.

The Resolution stipulates that Dubai Police can charge for a number of services. These services include transporting light and heavy vehicles and motorbikes from one place to another in the emirate; moving light and heavy vehicles, cranes, containers and other similar vehicles off the road; and detaining light and heavy vehicles at their designated areas. The Resolution further introduces new fees for services such as issuing certificates and permits as well as inspecting traffic accident sites.

The fees are comprised between AED 50 and AED 2,000.

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New regulations governing the leasing of holiday homes in Dubai

According to a press release, the Dubai Department of Tourism & Commerce Marketing (DTCM) has updated its regulations relating to holidays home in order to become more competitive. These new regulations are particularly aimed at private home owners.

Private home owners are now allowed to apply for a holiday home license without obtaining the prior approval of a DTCM operator. The DTCM has further facilitated the application process for licenses submitted by individual owners and authorized tenants. The DTCM’s website has been updated to reflect this new application process.

The new regulations provide details regarding requirements that home owners need to meet in order to apply for a license. These requirements relate to quality standards, amenities, health and safety, insurance necessities, code of conduct and wider community integration. The rental must be fully accommodated and room sharing rentals are prohibited.

It is also interesting to note that tenants who are renting a property are now allowed to lease their accommodation as a holiday home with a short-term permit, upon condition that they submit a no objection certificate from their landlord and meet all DTCM requirements.

Upon inspection of registered homes, the DTCM may issue penalties for non-compliance with regulatory demands.

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Highlight on the New UAE Child Protection Law

By Ashraf El Motei

Parents have welcomed the UAE’s new child protection law which is a pivotal source to help providing children and youngsters a safer and happier living in the UAE.

President Sheikh Khalifa Bin Zayed has issued Federal Law No. [3] of the year 2016, so called “Child Rights Law”and also known as “Wadeema Law” with reference to  the tragic case of the victim child “Wadeema” who was tortured to death by her father.

The new law which was published in the UAE Official Gazette on 15 March 2016 shall enter into effect on 15 June 2016. Its Executive Regulations shall be issued within six (6) months from its publication.

Most Important Features  

The Law shall apply to all children below the age of eighteen (18) years no matter what their race, nationality, country of residence, religion, social level, or disability.

The Law prohibits the employment of children before the age of fifteen (15) years old, or their exploitation in any economic activities which would endanger them. It also prohibits smoking in closed areas in the presence of children, and the sale of tobacco and alcohol for children below the age of eighteen (18) years.

Any child who doesn’t have solvent breadwinner or source of income shall have the full support of the State. Also, a child who is deprived of the environment of a natural family, permanently or temporarily, shall have the right to alternative care through either a foster family or, in the event of no foster family, a public/ private social care institution.

The child shall have right to education and development in all fields. The State shall take all necessary measures to prevent dropout, to prohibit all forms of violence in educational institutions, and to develop the educational system including kindergarten.

The child shall have the right to knowledge, means of creativity and innovation. For such purpose, the child shall participate in entertainment, cultural, artistic and scientific programs which are suitable for his/ her age.

Managers of cinemas and TV broadcast channels shall be obliged to post announcements prohibiting children from entry or stating that there would be scenes that are not suitable for children, in visible and clear areas.

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Dubai airports announce new service fee of Dh35 per passenger

Hamdan bin Mohammed approves new fees, which will be effective June 30

Dubai Crown Prince and Chairman of Dubai Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, has approved Executive Council Resolution No (8) of 2016 pertaining to the collection of fees from passengers using airport facilities in Dubai.

As per the resolution, every passenger leaving the UAE from any of Dubai’s airports, including transit passengers, will be charged Dh35 as a service fee for using airport facilities.

The resolution exempts passengers below two years and cabin crew from paying the fee, in addition to transit passengers whose arrival and departure flight number is the same.

Airlines operating in Dubai airports are tasked with collecting the fee while issuing tickets, whether in the UAE or outside the country, effective March 1, 2016, for flights departing Dubai’s airports after June 30, 2016.

The collected fees will be transferred to Dubai Airports, and subsequently to the Dubai Government public treasury.

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The resolution aims to improve Dubai’s airport infrastructure and boost its capacity, which is set to reach 100 million passengers by 2023, as well as support expansion projects such as the state-of-the-art Concourse D at Dubai International Airport, the expansion of Terminal 2 and the renovation of Terminal 1.

This resolution is valid from the date of its publication in the Official Gazette.

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Gulf markets rise after oil leaps

Gulf stock markets rose early on Thursday after Brent crude oil jumped more than 5 percent to back above $40 a barrel and Qatar National Bank (QNB) beat forecasts slightly with its first-quarter earnings.

QNB rose 1.4 percent to 139.90 riyals after reporting a 7.1 percent rise in first-quarter net profit to 2.9 billion riyals ($796.5 million); analysts at EFG Hermes and SICO Bahrain had expected 2.77 billion and 2.71 billion riyals.

However, the stock faces strong technical resistance at 142.00 riyals, its peaks in February and March. The Qatar stock index climbed 0.9 percent.

Gulf Warehousing was the most heavily traded stock in Qatar and rose 1.8 percent after bourse data showed foreign ownership in the company had increased to 26.2 percent. Late last month, just after the Qatar Central Securities Depository raised the maximum foreign ownership percentage for its shares to 49 percent, foreign ownership was 25.6 percent.

Dubai’s index was up 1.0 percent after an hour of trade in a broad rally, with all of the 10 most heavily traded stocks rising. But telecommunications firm du sank 3.1 percent as it went ex-dividend.

Abu Dhabi added 0.7 percent as Abu Dhabi Commercial Bank bounced from technical support on its March lows of 6.32-6.35 dirhams, climbing 3.0 percent to 6.51 dirhams.

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Petrochemical and telecommunications stocks boosted Saudi Arabia’s bourse.

The Saudi index added 0.8 percent in the first hour of trade as petrochemical producer Saudi Kayan climbed 1 percent after announcing the start of commercial operations at a new butanol plant. Saudi Basic Industries rose 1.3 percent.

Telecommunications firm Mobily climbed 2.9 percent to 31.60 riyals. In a research note, NCB Capital described the Saudi telecoms sector as “a safe haven from the impact of oil volatility and lower government spending”, though it gave a “neutral” rating to Mobily with a target of 31.90 riyals.

Yanbu Cement was flat after reporting an 11 percent year-on-year drop in quarterly net profit to 184 million riyals ($50.1 million). This was roughly in line with expectations; Albilad Capital had forecast 187 million.

Egypt’s index fell 0.5 percent after a monthly purchasing managers’ survey showed business activity shrank for the sixth straight month in March, with declines in new orders and output causing the biggest contraction in the index for more than two and a half years.

Qalaa Holdings, which had soared by more than a third since mid-March before its rise stalled this week, was the most heavily traded stock and pulled back a further 2.5 percent.

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