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News & Updates

Mark Cutis, former ADNOC Chief Financial Officer has been appointed as the new Chief Executive Officer of ADGM Authority from June 1st.

ADGM has approved the new Authority with the purpose of expanding its horizon to new areas which are focused on new and upcoming trends which have been in demand across the financial services sector. 

The new Authority will provide an Office of Strategy and Business Development, Corporate Services, and the Office of Information Security and Enterprise Risk Management.

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The Ministry of Human Resources and Emiratisation (MoHRE) have announced that employers who do not pay their staff on time will be required to pay additional penalties. These penalties will be more than double the amount of the workers’ insurance policy value that they pay for each employee.

Businesses in the UAE are required to submit all salary payments through the central clearing Wage Protection System (WPS). The system will check if the correct salaries are being paid, and at the correct time. Failing to pay through the WPS system or failing to pay the right amount at the right time will lead to penalties being imposed on the company. If the company persistently fails to pay correct salaries and on time, then MoHRE can block the company as well.

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According to the Henley Passport Index, the UAE passport has moved up by one position from 16^th to 15^th in terms of its global ranking.

This is quite a significant jump from 2011 where it was ranked as 65^th on the index. With the UAE striving to enhance its diplomatic ties worldwide, these efforts are starting to pay off. The most recent change was signing of the Abraham Accords between the UAE and Israel.

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The UAE Telecommunications and Digital Government Regulatory Authority (TDRA) has announced their new identity following their decision last September 2020.

The purpose of the rebrand is to reflect its broader remit - which is focused on a transition to an electronic government. The objective is to provide robust infrastructure which will connect with government agencies to provide top quality digital services.

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Abu Dhabi real estate market continues to bounce back, with Aldar Properties recent development sold out within 4 hours of its first phase launch, following a strong opening. The second phase of the Noya Development sold out within 48 hours of launch also.

As a result of this, Aldar has already generated over Dh1 billion of sales from the 480 properties. The development is to start within the fourth quarter of 2021 and tenants are to expect a handover within the first quarter of 2024.

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The Land Department in Dubai has put forwarded new legislation to minimise disputes between tenants and landlords.

The proposed legalisation is to ensure there is a fair market value when it comes to property rental. If the law is passed it will mean that rents cannot be changed for a period of 3 Years.

The aim behind this is to stabilise the real estate market and instil confidence with local and foreign investors.

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Congratulations to Nora Al Matrooshi and Mohammed Al Mulla who have just joined the UAE’s Astronaut Programme.

Both Emiratis have been chosen amongst over 4,000 applicants who also applied. Nora Al Matrooshi is the first female astronaut in the Arab world, a huge milestone for the UAE.

Applicants compete for the position based on rigorous technical assessments, as well as age, educational achievement, IQ and personality. A percentage of these make it through to the next stage where they are then medically examined and taken through a series of fitness tests, and tests on communication and teamwork.

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The Ministry of Human Resources and Emiratisation (MOHRE) have confirmed that the Private Sector are to work two hours less during the month of Ramadan.

The Ministries and Federal departments will be operating between 9am – 2pm during the Holy Month.

As of now, Ramadan is expected to commence on Tuesday April 13^th, however this is dependent upon the sighting of the moon.

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Abu Dhabi Department of Culture and Tourism have given the go ahead to allow world renowned British comedian, Michael McIntyre to host a stand-up comedy event at Yas Island on July 16^th at the newly opened Etihad Arena, where attendees will have the opportunity watch some of his best jokes and stories.

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