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Insights General and Legal News from the UAE – March 2022 № 2

General and Legal News from the UAE – March 2022 № 2

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published on 25 March 2022 | reading time approx. 3 minutes

 

The following provides a brief overview about the latest business, economic and legal news from all around the United Arab Emirates and GCC region.

  

  

 

Mohammed bin Rashid approves law to regulate virtual assets in Dubai

On Wednesday, Dubai Media Office has announced that Mohammed bin Rashid al Maktoum Prime Minister of the UAE and Ruler of Dubai has approved a law to regulate virtual assets and set an independent body – The Dubai Virtual Assets Regulatory Authority- to oversee the implementation of the law in accordance with the best international practices and to ensure maximum transparency and security for investors.
 
As Mohammed bin Rashid al Maktoum said, “the goal is to establish the UAE and Dubai’s position as a key player in designing the future of virtual assets globally.”
 
The law will come into force from the date of its official publication in the Official Gazette and will precisely define the tasks and competencies of the Authority. Precisely it forbids any person in Dubai to engage in any VA activities without prior VARA authorization.
 
The Dubai Virtual Asset Regulatory Authority will be tasked with the organization, the issuing and the trading of virtual assets and virtual tokens. It will be responsible for the organization and the authorization of virtual asset service providers while ensuring the highest standards of protection for beneficiaries’ personal data. Moreover, the new authority will oversee the organization of the operation of virtual asset platforms and portfolios as well as the monitoring of transactions while preventing virtual asset price manipulation.
 

Apple supplier Foxconn in talks to build $9billion factory in Saudi Arabia

The biggest assembler of Apple iPhones, the Foxconn Technology Group is in talks with the Saudi government to cooperatively build a multipurpose factory that would make microchips, electric vehicle components and other electronics. The facility build up would amount to a total cost of about $9 billion and would be built in Neom, the tech-focused city-sate that Saudi Arabia is developing in the desert, strategically located next to the Red Sea.
 
As Saudi Arabia is – in line with the Agenda 2030- diversifying its oil focused economy, the kingdom is keen in attracting Foxconn’s relocation by negotiating incentives such as financing, tax holidays and subsidies for power and water. Furthermore, the Saudi government could offer industrial development loans, low-interest debt from local banks, direct equity co-investment and export credits to compete with other countries that might be an interesting location for Foxconn.
 
Foxconn is also considering options to set up the project in the United Arab Emirates.
 

Saudi National Development Fund to inject $152bn in local economy by 2030, Crown Prince says

As Saudi Arabia is continuously diversifying its economy the kingdom launched a strategy for the NDF (National Development Fund, originally established by royal order in 2017), which as Mohammed bin Salman, Crown Prince of Saudi Arabia, stated, will contribute to tripling the non-oil GDP to SR605 billion.
 
It will strengthen the position of the private sector as it increases the participation of this sector in the GDP times three by 2030 through its funds and development banks. Stephen Groff, Governor of the NDF was quoted “At NDF, we have a huge opportunity to enhance the efficiency of government development funds and banks in terms of identifying and investing in financing opportunities across the kingdom. Our goal is to become a global brand of excellence in development finance through integration, alignment, and facilitation of synergies between partners.”
 
Since its establishment in 2017 the fund has invested more than SR690billion, which turns this fund into one of the largest development finance funds in terms of the ratio of assets to GDP in the G20 economies.
 

Abu Dhabi updates entry requirements for non-vaccinated visitors to events and attractions

Starting from March 17, non-vaccinated visitors in Abu Dhabi will need a negative 48-hour PCR test to enter cultural sites, attend tourist attractions and events.
 
The Abu Dhabi Media Office announced that “The updated guidelines are part of reduced precautionary measures in line with the ongoing recovery phase of the COVID19 pandemic:” Other changes to the loosening of precautionary Covid19 measures include the ending of PCR tests for travelers upon arrival, the non-obliga­tory wearing of face masks in outside areas, as well as the back-to-normal entry into Abu Dhabi. However, the Al Hosn App remains essential for easily showing PCR test results.

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