Day: October 7, 2021

ABU DHABI, The UAE Government, represented by the Ministry of Finance (MoF), is set to issue a US dollar- denominated multi-tranche bond offering for subscription. The Ministry of Finance disclosed that the new bond package, which will be issued for subscription, comprises medium and long-term tranches: a 10-year tranche, a 20-year tranche, in addition to a 40-year dual-listed Formosa tranche.

Commenting on this announcement, H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance, said, “Throughout its development, the UAE has adopted a solid and comprehensive approach to economic and social development, which included building a strong credit profile, a solid balance sheet for the Union, and a low level of government debt, which enhanced general economic stability. In addition to its efforts to enhance the efficiency and skills of human talent, the country has successfully managed to achieve high financial solvency and reserves, as a direct result of its efficient management of economic projects.”

The Ministry of Finance authorised Abu Dhabi Commercial Bank, BofA Securities, Citigroup Global Markets Limited, Emirates NBD Capital, First Abu Dhabi Bank, HSBC Bank plc, J.P. Morgan Securities plc, Mashreqbank PSC, and Standard Chartered Bank to be Lead Managers and Bookrunners to arrange global investor calls for subscription sessions.

The subscription of the UAE’s sovereign bonds, which will be issued in accordance to Rule 144A under the Securities Act of the United States, is expected to witness high demand from global and regional investors, thanks to the country’s high credit standing and the confidence it enjoys in global markets. The Federal Government of the United Arab Emirates is rated AA- by Global credit rating agency Fitch, and Aa2 rating in credit worthiness – which is the highest sovereign rating in the region by the international rating agency, Moody’s. Both agencies have indicated a stable outlook for the national economy.

The Federal Decree No.9 of 2018 on public debt enabled the federal government to issue sovereign bonds and help the banking sector to meet global liquidity standards as soon as they are issued- thus supporting the role of the Central Bank of the UAE in managing liquidity in the banking sector.

Source: Emirates News Agency

DUBAI, Dubai Chamber, in cooperation with PwC Middle East, recently organised a webinar updating businesses on the legal and practical aspects of data privacy in the UAE.

The webinar was attended by 277 participants, including business owners, managers, lawyers, legal practitioners, corporate counsel, IT professionals, HR managers, risk and compliance professionals, and contract administrators representing a wide range of economic sectors.

Moderated by Phil Mennie, Middle East Data Privacy Leader at PwC Middle East and Richard Chudzynski, Middle East Data Protection and Privacy Legal Leader at PwC Middle East, sessions covered the fundamentals of data privacy and its legal aspects, risks related to non-compliance, and the effects of developing data privacy policies within organisations and companies.

In addition, the speakers explained the UAE’s data privacy laws and elaborated on the rights and responsibilities of companies, as well as the legal implications of using data for business purposes.

Jehad Kazim, Vice President – Legal Services at Dubai Chamber, said that the protection of data should be a top priority for businesses of all sizes and sectors, and noted that such matters have become more important following the digital transformation of various industries.

“Data privacy and protection plans continue to evolve globally and now the UAE has launched several digital initiatives designed to prepare the country for the future. A new data law for the UAE was recently announced as part of the forward thinking ‘Projects of the 50th’ and clearly illustrates UAE’s commitment to creating a safe and transparent data environment for its citizens and businesses” said Phil Mennie, Middle East Data Privacy Leader, PwC Middle East.

“That being said, it is truly an exciting time to be working in data protection in the UAE and to be building trust, delivering sustained outcomes and transparency for private, public institutions and people” Mennie added.

Dubai Chamber regularly organises training seminars and workshops to raise awareness about important matters and issues impacting the business community in Dubai. These events fall in line with its strategic objectives of creating a favourable business environment and supporting business growth in the emirate.

Source: Emirates News Agency

DUBAI, In conjunction with the launch of EXPO2020 Dubai, Dubai Customs achieved another feat and topped the IdeasUK Platinum Index obtaining 12 platinum accreditations, including nine with full mark, an unprecedented achievement in public and private sectors worldwide.

Dubai Customs enhanced this performance by winning the Idea of the Year and nine other international awards from IdeasAmerica 2021. The leading Government Department won six golden awards, which is the first time Dubai Customs has won so many golden awards in IdeasAmerica’s finals.

The awards include the golden award for best CEO supporting corporate innovation, to Dr. Abdullah Busnad, Executive Director of Customs Inspection Division at Dubai Customs, the golden award for the Idea of the Year for creating a virtually managed counterfeit goods recycling process. The golden award for Best Environmentally Friendly Innovation went to Mansoor Al Malik, Executive Director for Policies and Legislation Division, and Yousef Ozair Mubarak, Director of IPR Department. The Creative Employee Award went to Saeed Al Katbi and the team of the IPR Department.

In addition, Dubai Customs won the Best Safety and Security golden award, which went to Eng. Adel Al Suwaidi, Director of Technical Support Department. The golden award for Best Communication Coordinator went to Maitha Khalaf, and the Golden award for Best Coordinator of Corporate Innovation Systems went to Majid Al Zarouni.

Dubai Customs also won the IdeasAmerica 2021 special annual award, which went to Hussain Al Fardan, Dubai Customs’ Innovation Centre Senior Manager and Khalid Al Zarouni, Innovation Officer.

The launch of the 4th phase of the first Innovation League by Dubai Customs has catapulted creative ideas.

“Innovations and breakthroughs are gaining more important here, especially after hosting EXPO2020 Dubai, the greatest show in the world and the celebration of human creativity,” said Ahmed Mahboob Musabih, CEO of Ports, Customs and Free Zone Corporation and Director-General of Dubai Customs.

“We keep pace with this magnificent event following the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, which calls for creating an environment conducive to creativity and innovation, essential to human prosperity. This helps Dubai outstand in providing unparalleled services to traders and investors. In our 50th year and Golden Jubilee, we move steadily to achieve the goals of the UAE Centennial 2071 and other national plans. Our leadership has paved the way through the launch of 50 bold projects.”

Source: Emirates News Agency