Day: November 2, 2022

Recent workshop, organised in cooperation with BSA Ahmad Bin Hezeem & Associates LLP, examined practical implications of regulatory changes on the business community.

Dubai, UAE: Dubai Chamber of Commerce, in cooperation with BSA Ahmad Bin Hezeem & Associates LLP, recently organised a workshop updating businesses on the most significant changes introduced by the new UAE Commercial Companies Law, which came into effect earlier this year.

The workshop was attended by 83 participants, including Dubai Chamber of Commerce members, business owners, general managers, lawyers, legal practitioners, corporate counsel, contract administrators, and investors representing a wide range of economic sectors.

The sessions were moderated by Lara Barbary, Partner, BSA Ahmad Bin Hezeem & Associates LLP; Ken Dixon, Of Counsel, BSA Ahmad Bin Hezeem & Associates LLP; Derek Robins, Associate, BSA Ahmad Bin Hezeem & Associates LLP; and Musab Iftikhar, Associate, BSA Ahmad Bin Hezeem & Associates LLP.

During the sessions, the speakers provided an overview on the differences between the previous Commercial Companies Law and the new law, notable changes introduced by the new Commercial Companies Law; the impact of the new law on companies, and compliance with new provisions, as well as implementation challenges.

Jehad Kazim, Vice President – Legal Services at Dubai Chamber of Commerce, said that the new Commercial Companies Law is a positive move aimed at enhancing the UAE’s economic competitiveness by aligning its regulation with best international practices, adding that the new law will strengthen the country’s reputation as a global business hub.

For her part, Lara Barbary said that the new UAE Commercial Companies Law, which came into effect on January 2nd 2022, introduced some significant changes impacting businesses in the UAE, adding that the workshop provided great insight to BSA as a firm and highlighted the need for such sessions explaining the practical implications of such regulatory amendments.

Dubai Chamber of Commerce 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: Dubai Chamber of Commerce & Industry

DUBAI, Leading carrier Emirates airline is to sponsor the opening meeting of the season at Dubai’s iconic Meydan Racecourse, taking place on Friday, 4th November.

There are twin features on the card, worth a total of AED210,000 in prize money. The 80-100 handicap will feature some horses already qualified for the 2023 Dubai World Cup Carnival, as will the equally valuable 1,900-metre event.

Racegoers will also have an opportunity to see the next generation of potential stars when the first two-year-old contest of the season takes place; a maiden over 1200metres.

The airline has been a supporter of racing in Dubai for more than two decades, including lending its name to the US$12million Dubai World Cup, sponsored by Emirates Airline.

Major General Mohammed Essa Al Adhab, General Manager of Dubai Racing Club, commented, “We are delighted to have Emirates on board for the first meeting of our 2022/23 season at Meydan Racecourse. They remain one of the world’s leading airlines and their support to us here at Dubai Racing Club is unparalleled.

“We look forward to working with them once again and to an exciting evening of racing, which will mark the curtain raiser to our season at Dubai’s flagship racecourse.”

Boutros Boutros, Divisional Senior Vice President, Corporate Communications, Marketing & Brand for Emirates, said, “With the start of a new season at the Meydan Racecourse, we begin another exciting racing period that will quickly culminate to the Dubai World Cup, an event that has firmly established itself as some of the top racing challenges in the world. We are committed to further elevating Dubai’s standing as a global destination at the forefront of premier sporting events, business and tourism.”

Source: Emirates News Agency

DUBAI, Dubai CommerCity, part of the Dubai Integrated Economic Zones Authority (DIEZ), today signed a strategic partnership with Mad Street Den, an award-winning ‘AI native’ company that specialises in transforming businesses across the globe, to provide businesses of all types and sizes operating in Dubai CommerCity with holistic digital offerings.

Dubai CommerCity is keen on collaborating with strategic partners in the digital commerce sector to diversify its range of services, support companies operating at the free zone, and drive their growth.

As part of the partnership, Mad Street Den will offer businesses operating at Dubai CommerCity with a comprehensive set of features, including its end-to-end AI stack to clean, create, and connect data across departments, functions, and workflows to deliver exceptional value and revenue growth for businesses operating in the free zone.

The offerings will also encompass a comprehensive technology stack for enterprises across different industries, including retail, banking & insurance, logistics, ed-tech, entertainment, back-office and government departments creating the best path possible for a dynamic and sustainable business.

DeVere Forster, Chief Operating Officer at Dubai CommerCity, said, “This partnership reflects Dubai CommerCity’s ongoing commitment to providing businesses in the free zone with unique opportunities that raise innovative and resilience, and break down barriers to value. Our partnership with Mad Street Den will empower our clients to build a strong digital core to enable them to respond to change and shifting dynamics in their industry. Having the right partner who is aligned is crucial, we see eye-to-eye on our vision for the industry and as a result, we are confident that this partnership will achieve great success.”

“We’re very excited to be Dubai CommerCity’s AI partner of choice and to work closely with them on driving meaningful AI adoption in the MENA region. We share a common vision to bring about end-to-end AI adoption for businesses undergoing that transformation today. Instead of going online and then adopting AI, we’re helping large enterprises leap frog that cycle and bring about AI-driven change that can serve the 3 goals of ongoing business optimisation, design of exciting new customer experiences and the reimagining of business processes and workflows,” said Ashwini, CEO and Founder of Mad Street Den.

The partnership comes at a crucial time in light of the increasing dependency on digital services and solutions across industries.

Source: Emirates News Agency

DUBAI, DP World is expanding its operations in China by signing a Memorandum of Understanding (MoU) to support logistics and trade development at the Lin-Gang Special Area, a free trade zone in Shanghai.

The MoU was signed today with Shanghai Lin-Gang Economic Development Group (Lin-Gang Group) at a virtual ceremony by Lin-Gang Party Secretary and Member of Shanghai Standing Committee, Jinshan Chen, Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, and Abdulla Bin Damithan, CEO and Managing Director, DP World UAE & Jafza.

DP World will work with the Lin-Gang Group and deploy the World Logistics Passport (WLP) programme, a global, private sector-led, initiative designed to smooth the flow of global trade, unlock market access through the creation of new trade routes and provides economic efficiencies to members. The WLP will provide Chinese businesses with faster and more cost-efficient access to markets in Asia, Latin America, the Middle East and across Africa.

At the same time, DP World will share its experience from Jafza, its flagship freezone in the UAE. Combined with the Jebel Ali Port, Jafza forms a world-class, integrated ecosystem for over 9,000 companies from around the world, serving more than 3.5 billion people globally by connecting directly to 150 ports and more than 180 shipping lanes.

The Lingang Special Area offers some of the most innovative and forward-looking business policies for both Chinese and international companies beyond normal free zones offerings. There are currently more than 40,000 corporations registered in Lin-Gang, including Tesla which operates a Model 3 factory, China International Maritime Containers (CIMC), China State Shipbuilding Corporation (CSSC), Caterpillar, and Commercial Aircraft Corporation of China (COMAC). Its strategic position in southeast Shanghai makes it an important node for Shanghai coastal thoroughfare with access to waterways, air routes, railways, highways, inland rivers and the subway.

The MoU aims to benefit customers in both freezones.

As part of the agreement, Lin-gang will invite leading enterprises in the Yangtze River Delta to jointly promote the WLP to benefit from the innovative policies and offerings from this programme.

The inclusion of China in the WLP strengthens the programme’s position across Asia with Hubs in India, Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam. Chinese traders and freight forwarders who become Members of the WLP will have access to the different benefits offered by WLP Partners, who include DP World, Thai Airways and Emirates SkyCargo. Example benefits include fast-tracking of cargo, reducing customs clearance times, and removing administrative costs.

Bin Sulayem said, “Extending the WLP into China by partnering with Lin-Gang special area is a huge development and a testament to the strength of the programme. Efficient supply chains make products and services more competitive and selling to more markets increases economic resilience. The WLP helps deliver this, whilst also strengthening bilateral relations between the People’s Republic of China and the United Arab Emirates.”

Bin Sulayem is also Chairman of the Dubai Ports, Customs and Freezone Corporation (PCFC), which owns and runs the WLP.

Lin-Gang Party Secretary, Jinshan Chen, said, “Lingang Special Area is a pioneer in promoting the higher level of opening up in Shanghai. Since its establishment in 2019, it has always been promoting market-oriented innovation with opening-up commitment to build a standardised and transparent system. Our partnership with DP World could help Lingang to build an open Special Zone, and accelerate the establishment of a new development platform to create channel & gate for Chinese enterprises to develop business in the Middle East, Indian subcontinent, and Red Sea region.”

Source: Emirates News Agency

DUBAI, The Ministry of Human Resources and Emiratisation (MoHRE) signed today an agreement with a group of nine local insurance companies, to launch the framework of the new Unemployment Insurance Scheme, in line with the Federal Decree Law No. 13 of 2022 and the relevant Cabinet Resolutions.

The new insurance scheme aims to provide protection for employees in the privet sector and the UAE’s federal government by providing them with a cash compensation for a limited period not exceeding three months for each claim in the event of job termination for reasons beyond their control.

It also creates a safety net that supports employees in their career path and ensures their livelihood by relying on mechanisms that do not incur additional costs for employers and is paid by the employee himself and provide a balance in the job market that allows achieving the UAE’s strategic goals and supporting the continuity and growth of economic activities.

Protection and Empowerment

The agreement was signed in the presence of Dr. Abdulrahman Al Awar, Minister of Human Resources and Emiratisation, and Butti Obaid Al Mulla, Chairman of Dubai Insurance Company. The agreement was signed by Khalil Al Khoori, Under-Secretary for Human Resources Affairs at MoHRE, and Abdul Latif Abu Qura, CEO of Dubai Insurance Company.

Dr. Al Awar said, “The new unemployment insurance law is an essential part of the legislative and legal structure that the government is keen to develop to meet the requirements of the national economy. This supports the UAE’s endeavours to be the next capital of the future, and a global incubator for talent and companies and investments, which can be achieved through economic and social development and the empowerment of human capital.”

“We are keen to accelerate the implementation of the unemployment insurance law, through this agreement, which outlines the practical details of implementing its provisions on the ground, including employees in the federal government and private sectors, leading to a highly competitive and attractive labour market, while enhancing the stability of the workforce to be able to contribute to building the best and most active economy in the world.”

Implementations and Exceptions

Under the new insurance scheme, federal government and private sector employees must subscribe to the scheme from 1st January, 2023. Those excluded from the insurance scheme include investors – owners of establishments in which he or she works, domestic helpers, employees with a temporary employment contract, juveniles under 18 years of age, and retirees who receive a retirement pension and have joined a new job.

The insurance scheme is divided into two categories – the first covering those with a basic salary of AED16,000 and less. The insurance cost for the insured employee in this category is set at AED5 per month (or AED60 annually). The second category includes those with a basic salary exceeding AED16,000, and the insurance cost is AED10 per month (or AED120 annually). The payment can be made by the employee monthly, quarterly, half-yearly, or on an annual basis. The value of the insurance policy is subject to value-added tax (VAT).

The employee who works on a commission basis may also subscribe to the scheme.

Monthly Compensation

The value of the monthly compensation will not exceed AED10,000 for the first category, and AED20,000 for the second category, where the insurance coverage compensation is calculated on a monthly basis at the rate of 60 percent of the basic salary and for a maximum of three months for each claim from the date of unemployment.

The insured (the employee) must submit the claim through the three approved claim channels – the insurance pool’s e-portal, the insurance pool’s smart application, and the insurance pool’s call centre, provided this is done within 30 days from the date of unemployment.

Compensation will be paid within two weeks from the date of the claim and capped at a maximum of three months per claim. Compensation for an employee is eligible if they have worked and subscribed for at least 12 months to the insurance scheme as long as they have not been dismissed for a disciplinary reason or because of resignation.

The insured (employee) is not eligible for a compensation if they have left the country or joined a new job.

Various Channels for Subscribing

Employees may subscribe to the insurance scheme via the Insurance Pool’s website, smart application, bank ATMs, kiosk machines, business service centres, money exchange companies, du and Etisalat, SMS, or any other channel, which MoHRE may announce at a later date.

Source: Emirates News Agency