Day: February 7, 2023

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DUBAI’s VARA issues specialised regulations for virtual assets

DUBAI, Dubai’s Virtual Asset Regulatory Authority (VARA), has issued its Virtual Assets and Related Activities Regulations 2023. The Regulations set out a comprehensive Virtual Asset (VA) Framework built on principles of economic sustainability and cross-border financial security. The UAE has remained committed to enabling these drivers safely, updating its oversight and regulatory approach, addressing global risks of money laundering (ML) and terrorist financing (TF), arising from the potential misuse of new technologies.

The VA Framework is structurally designed to offer regulatory certainty – allowing the market to have greater clarity on the expected level of operator responsibility. It also mandates gold-standard risk assurance and Anti-Money Laundering (AML) standards to be applied by licensed entities within the Emirate.

Helal Saeed Almarri, Director General Dubai’s Department of Economy & Tourism, and Chairman of VARA’s Executive Board said: “Dubai’s D33 Economic Plan has outlined our mission to establish the Emirate as the capital of the Future Economy anchored by Metaverse, AI, Web3.0 and Blockchain.

In Q1-2022, VARA was launched as the world’s only independent and specialist regulator for Virtual Assets to serve as the accelerator for a truly borderless Digital Economy. Ahead of its first anniversary since establishment, VARA launches the first-of-its-kind VA framework structured to accelerate our New Economy agenda, augmenting secure, and sustainable ‘global’ market growth. This custom-designed construct reflects UAE’s commitment to building responsible safeguards, and Dubai’s confidence in delivering a progressive VA ecosystem that nurtures next-gen innovation.”

As the Authority mandated to provide VA oversight across the Emirate of Dubai [except DIFC], VARA will facilitate VA-associated economic stability, investor protection, and jurisdictional resilience. The new regulations span a comprehensive breadth of seven licensed VA activities – Advisory services, Broker-Dealer services, Custodial services, Exchange services, Lending-Borrowing services, Payments and Remittances services, and VA Management and Investment services. Additionally, issuance is a regulated activity under the VARA regime, to allow consumers to make a more informed decision on new tokens being launched in Dubai, and the associated obligations of the issuer.

Existing MVP Operational licence applicants [and holders of either the Provisional or Preparatory MVP licenses], legacy UAE-based Virtual Asset Service-Providers (VASPs), and new market entrants will be provided with a route towards full FMP licensing. All VASPs offering VA services to the Dubai market prior to the publication of the FMP Regulations will be required to register with VARA and become fully compliant with the final rules. Any breach of this condition will be subject to regulatory action.

The full Virtual Assets and Related Activities Regulations 2023 will be available on vara.ae

Source: Emirates News Agency

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Ministry of Education organises Future Education Forum during WGS2023

DUBAI, The Ministry of Education (MoE) will organise the first edition of the Future Education Forum under the theme “Foreseeing the Future of Education” on Tuesday, February 14. The forum is being organised as part of MoE’s participation in the World Government Summit 2023 (WGS2023), which is being held under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, from 13-15 February under the theme “Shaping Future Governments”.

Dr Ahmad Belhoul Al Falasi, Minister of Education, emphasised the vital role of WGS in building a better future for countries and societies, as it brings together elite leaders, officials, experts, and specialists to a global platform to exchange expertise and experiences and explore means of improving various areas of government work. He noted that including “Prioritising Learning and Work” in the six main themes of WGS2023 indicates the importance of emphasising education as the main engine for building a more prosperous future. It also reiterates the UAE’s leadership in foreseeing and building the future of education.

Dr Al Falasi said: “The Ministry of Education works in accordance with the leadership’s directives to develop a pioneering and cutting-edge educational system based on the latest international practices. This is in order to build future leaders who can carry on the country’s march towards comprehensive and sustainable development, and thus contribute to strengthening the UAE’s leadership and global competitiveness in the field of education. Launching the Future Education Forum during WGS2023 showcases the ministry’s leadership in the education sector, as it will bring together experts, specialists, and decision-makers to discuss the future of the sector and mechanisms for its development.”

The forum will discuss three key areas, namely improving the education system, investing in workforces and the wellbeing of educators capable of preparing tomorrow’s generations, as well as deploying technology as a key tool for developing an educational system that goes beyond the traditional concept and builds on modern technologies such as artificial intelligence (AI).

Six sessions will be organised during the forum; the first, titled the “Future of Higher Education and Lifelong Learning”, aims to re-envision the education system to be focused on the skills needed for the future of work and to leverage technological and pedagogical innovation to put learners at the centre of learning throughout all stages of life. Dr. Abdellatif Miraoui, Minister of Higher Education, Scientific Research and Innovation in the Kingdom of Morocco, Anant Agarwal, CEO of Edx, Jeff Maggioncalda, CEO of Coursera, Manuel Muñiz, Provost of IE University, and Sebastian Thrun, Co-founder and CEO of Udacity, will participate in the session.

The second panel discussion, titled the “Future of Assessment in ECE and K-12”, will envision the future of assessing education systems and individual skills by leveraging modern technologies and big data. Her Excellency Sarah Musallam, Minister of State for Early Childhood Education, Amit Sevak, CEO of ETS, Hadi Partovi, CEO of Code.org, and Janet Godwin, CEO of ACT, will participate in the panel discussion.

In the third panel discussion, titled “The role of tech companies in shaping the future of education”, participants will identify opportunities to utilise and adapt new technologies in education and understand the role tech companies play in supporting more inclusive and skills-based learning. Dr. Robert A. Brown, President of Boston University, Clayton Naidoo, Senior Director of Country Digital Acceleration at Cisco, Mark East, Global General Manager for Education at Microsoft, and Marc Sanz Lopez, Head of Google for Education, will participate in the discussion.

The fourth panel discussion is titled “Edtech start-ups: investments and trends”, and will provide a perspective on the investment trends and future of the edtech industry as a sub-sector of education investment emerged to close the skills gap and shape the future of education. Dr. Darem Tabbaa, Syrian Minister of Education, Rabih Khory, Managing Director at MEVP, Philip Bahoshy, Founder and CEO of MAGNiTT, Bader Ward, Co-founder and CEO of Lamsa, and Fares Samara, Co-founder and CTO of Ostaz, will participate in the panel discussion.

In “Preparing and empowering the education workforce” panel discussion, participants will identify strategic investments and changes to ensure that teachers have the skills, tools, and resources needed to improve educational outcomes. Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, Saadia Zahidi, Managing Director at World Economic Forum, Dr Sonia Ben Jaafar, CEO of Alghurair Foundation, and Anna Molero, Chief Government Officer at Teach for All, will participate in the discussion.

The Ministry of Education will organise the sixth panel discussion in cooperation with The Digital School, which was launched under the umbrella of the Mohammed bin Rashid Al Maktoum Global Initiatives. The discussion will explain the concept of digital schools, their application models, and their role in improving societies by adopting digital or hybrid learning in a smart and flexible way. Huda AlHashimi, Deputy Minister of Cabinet Affairs for Strategic Affairs, Dr. Reda Hegazy, Egyptian Minister of Education, and Dr. Walid, Consultant at the Mohammed bin Rashid Al Maktoum Global Initiatives, will participate in the discussion.

Held in Dubai, WGS2023 will highlight six main themes across more than 110 sessions and forums. The summit will bring together more than 10,000 government officials and international experts from more than 140 countries and more than 80 international, regional, and governmental organisations.

Source: Emirates News Agency

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COP28 Presidency, NYUAD to cultivate cooperation on youth engagement, public awareness for climate action

ABU DHABI, The incoming Presidency of the 28th Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC) today signed a Memorandum of Understanding with New York University Abu Dhabi (NYUAD).

Signed by Majid Al Suwaidi, Director-General and Special Representative of COP28, and Mariët Westermann, NYU Abu Dhabi Vice Chancellor, this MoU will foster cooperation between the two entities on knowledge-sharing activities, public programming focused on climate action and enhanced youth engagement opportunities in the lead up to the UAE-hosted UN Climate Change conference.

NYU Abu Dhabi will support the organisation of a University Task Force comprising UAE-based universities and higher education institutes to collaborate on facilitating dialogues, workshops, public events and youth participation ahead of COP28. NYUAD’s research is conducted through multiple centres and laboratories, including the Water Research Centre and Arabian Centre for Climate and Environmental Sciences (ACCESS).

In addition, NYUAD will host the global Student Energy Summit 2023, organised by NYUAD’s student leaders and hosted on both the university campus and the Dubai Expo city. It will also develop public programming and youth engagement opportunities leading up to and during COP28, led by entities such as The Arts Centre, The Art Gallery, and The Institute at NYU Abu Dhabi.

Commenting on the MoU, Al Suwaidi said, “The UAE recognises that the young people of today will be the climate leaders of tomorrow, and is committed to raising climate awareness within the country and worldwide. The COP28 Presidency’s partnership with NYU Abu Dhabi is an important step towards engaging with the academic community and our youth, while ensuring open and inclusive dialogue at COP28, while the expertise provided by the university will help drive a constructive and solutions-oriented approach to climate action.”

Westermann, in turn, stated, “Climate change is one of the most significant challenges of our time, and our path forward must be charted through collaboration between universities, governments, businesses, and civil society organisations. We must recognise the world’s youth as the most critical stakeholders in this collective work.

The MoU, she said, will offer even more transformative courses and research on climate change and climate awareness and help drive sustainable growth in the UAE as the country gears up to host COP28.

As the host country of COP28, the UAE is committed to multilateral cooperation and an inclusive process that brings together emerging economies with developed nations, civil society, and businesses to achieve the solutions and the pace of change required.

Source: Emirates News Agency

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UAE leaders congratulate Grenada Governor-General on Independence Day

ABU DHABI, President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to Cécile La Grenade, Governor-General of Grenada, on the occasion of her country’s Independence Day, marked on 7th February.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, also sent similar messages to the Governor-General and the country’s Prime Minister Dickon Mitchell.

Source: Emirates News Agency

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Dubai Foundation for Women and Children receives Mediterranean Parliamentary Assembly delegation

DUBAI, The Dubai Foundation for Women and Children (DFWAC) has received a high-level delegation from the Parliamentary Assembly of the Mediterranean (PAM). The delegation’s visit aimed to learn about the foundation’s services offered to women and children, who fell victim to domestic violence.

Sheikha Saeed Al Mansouri, Acting Director-General of the Foundation, received the delegation, including Joana Lima, President of the PAM Women Parliamentary Forum; Maryam Majid bin Thaniya, Member of the Federal National Council and Vice President of the PAM Women Parliamentary Forum; Fatima Zahraa Abdi, Second Vice President of PAM Women Parliamentary Forum; and Celine Cervi, Parliamentary Secretary.

The visiting delegation was briefed on the services offered by the Foundation, including its campaigns, initiatives, and educational programmes. They were also informed about the rehabilitation plans for victims. Additionally, the delegation was given a tour of the Foundation’s facilities.

The Acting Director-General of the Foundation praised the visit of the delegation, highlighting that it is part of a series of visits from international delegations to the foundation, aimed at reviewing its experience and services, exchanging information and expertise, and sharing successful experiences and programmes.

“Since its establishment in 2007, the Foundation has gained a reputation as one of the leading organisations in the field of combating domestic violence, protecting children and addressing human trafficking crimes,” she added.

The Parliamentary Assembly of the Mediterranean is an international organisation, bringing together 34 member parliaments from the Euro-Mediterranean and Gulf regions.

The main goal of PAM is to promote political, economic and social cooperation among its member states in order to address common challenges facing the Euro-Mediterranean region and the Gulf states, and also to establish an environment of peace, prosperity and a quality of life for the peoples in the region.

Source: Emirates News Agency

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Ministry of Human Resources announces amendments to mechanism of achieving Emiratisation targets

DUBAI, The Ministry of Human Resources and Emiratisation (MoHRE) announced on Tuesday amendments to the mechanism of achieving Emiratisation targets in private sector companies with 50 employees or more, in line with the amendments of the provisions of Cabinet Resolution No. 5/19 for 2022.

Companies will now be required to increase Emiratisation in skilled jobs by 1% every six months, while remaining on track to achieve the overall 2% target by the end of the year.

This step supports the continuity of the Emiratisation pace in the private sector year-round, in line with the directives of the Government of the UAE, which prioritises Emiratisation in its national strategy and agenda.

The amendments do not include any additional commitments on the companies, nor any amendments to the amounts of financial contributions imposed for non-compliance. However, these contributions will now be collected semi-annually, encouraging the private sector to continuously employ Emiratis to meet their targets, instead of waiting until the end of the year.

At a media briefing organised today by MoHRE, Dr. Abdulrahman Al Awar, Minister of Human Resources and Emiratisation, said, “This step aims to maintain employment and retention rates of Emiratis in the private sector at a time where we witnessed a 70% increase of Emiratis working in the private sector in 2022, compared to 2021.”

Al Awar noted that the new mechanism does not amend the annual targets – companies with 50 employees or more are required to achieve a 2% increase in Emiratisation of skilled jobs. The new mechanism stipulates that companies need to achieve 1% increase in Emiratisation before the end of June 2023, and reach the targeted 2% by end of the year.

He pointed out that “supporting Emirati talent is a priority, in line with the vision of the nation’s wise leadership to provide a decent living to its people, boost their quality of life, and enhance the job opportunities available to them. This is evident in the exemplary results achieved by Nafis in 2022, which through the amended mechanism, the Ministry aims to support in balancing the pace of job seekers registering and the job opportunities being offered via Nafis’ platform.”

“The private sector has proven itself as a credible partner, and we are confident that the new amendments will reflect positively on the existing cooperation,” he added.

The financial contributions on companies that do not meet the target for the first half of 2023 will begin in July 2023, and the contributions for non-compliance from 2022 will continue to be collected.

Source: Emirates News Agency