The First Virtual Assets Law in Dubai Establishes a New Regulator
Overview As UAE takes giant strides toward becoming an international hub for virtual assets and generating long term economic growth through digital innovation, the country announces a new law for regulating virtual assets and creating a regulated onshore industry for such assets in Dubai. On February 28, 2022, Law No. 4 of 2022 on the […]
Oman Aims to Increase the Non-oil Sector’s Share of Total GDP to 90%
The national GDP contribution of non-oil sectors in Oman is expected to reach 90% by 2040, noted Ahmed Al Hajri, Director General of Nizwa Industrial City. Ahmed Al Hajri, in a seminar titled ‘Nizwa Industrial City: Reality and Prospects’ affirmed, “The economic stimulus plan, approved by the Council of Ministers and endorsed by His Majesty […]
UAE Joins Singapore Convention to Boost Trade and Promote Commercial Dispute Mediation
In its bid to boost global trade and investment and promote mediation to settle cross-border commercial disputes, the UAE has joined the Singapore Convention on Mediation as the 56th signatory of the convention. The UAE is all set to start enacting a framework for the enforcement of settlement agreements resulting from commercial disputes, noted a […]
Saudi Accreditation Center and UK Accreditation Services Sign Pact to Improve National Quality Assurance Infrastructure
A five-year Memorandum of Understanding (MoU) has been signed between the Saudi Accreditation Centre (SAC) and the UK Accreditation Service (UKAS) to help improve quality infrastructure and boost consumer confidence. This is one of the most notable among several agreements being reached between Saudi Arabia and the UK recently. Matt Gantley, the Chief Executive Officer […]
India-UAE Comprehensive Economic Partnership Agreement: The Key Impacts and Benefits
Introduction India-UAE CEPA was signed on February 18 in New Delhi during the India-UAE Virtual Summit. The CEPA holds strategic importance to both countries as the UAE is currently India’s third-largest trade partner and second-largest export destination after the USA. UAE has also made considerable investments in company formation in India with an estimated investment […]
Singapore Introduces a New Assessment Framework for Employment Pass
A new Complementary Assessment Framework (COMPASS) for evaluating applications for Employment Pass in Singapore (EP) will come into effect from September 2023 and would enable employers to select highly qualified foreign talents and diversify the workforce. COMPASS will be applicable for new EP applications starting 1st September 2023, and renewal of EP applications from 1st […]