New law to protect Investors Trust in Dubai’s Financial Market

Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, in his capacity as Ruler of Dubai issued Law No (4) of 2016 on the Dubai Economic Security Centre,new law to safeguard investors and to ensure Dubai’s financial stability.

The centre aims to maintain Dubai’s position as a global financial and economic hub, ensure its financial stability and protect its investments from crimes that may harm its economy.

The new law seeks to ensure the proper implementation of international best practices in Dubai’s financial markets, protect investors from risks, combat illegal and harmful activities, and predict and manage risks and negative economic trends that can jeopardise the stability of the market and the national economy.

The new law will enhance investors’ trust in Dubai’s financial markets and encourage them to use Dubai as a hub for their businesses, contribute to ensuring the integrity of procedures related to financial operations, and encourage market players to actively combat activities that can affect economic security and increase awareness about threats that such activities might pose.


Centre’s authority

Entities subject to the centre’s authority include local government bodies that are guaranteed minimum profit by the government as well as those that are subsidised by the government and any company or institution licensed to engage in economic activity in the emirate, including licensed companies operating in special development zones, free zones including the Dubai International Financial Centre.

The centre will also have oversight over charities operating in the emirate as well as any institution that is required to be monitored by the centre as per a decision of the Chairman of Dubai Executive Council.

The new law also defines the roles and responsibilities of the Dubai Economic Security Centre, which include: combating corruption, fraud, crimes, bribery, embezzlement, destruction of public property, forgery, counterfeiting, money laundering , terrorism financing, illegal organisations or other crimes that may be committed by entities that are under the jurisdiction of the Centre.

The law authorises the centre to monitor and analyse economic phenomena in the emirate and reduce any potential negative impact; monitor abuses, financial irregularities, financial markets, institutions, commercial sectors and free zones in Dubai; supervise trading of currencies, commodities, precious metals and listed and unlisted trading securities; supervise donations sent or received by charities; develop rules and procedures to prevent interactions with individuals or organisations involved in terrorism, or with any individual who maintains contacts with these organizations.

Reviewing legislation

As per the law, the Dubai Economic Security Centre is tasked with proposing and reviewing legislations related to the supervision of financial and economic activity in the emirate, preparing specialised studies on the financial and economic affairs of the emirate in order to enhance economic and investment awareness, in addition to providing recommendations in this regard; providing support and advice on the economic security of entities under its jurisdiction upon request; providing training programmes; and preparing reports on important issues affecting the economic security of Dubai for submission to the Chairman of the Dubai Executive Council.

Furthermore, the centre is tasked with the development and publication of reports and periodic statistics on the financial and economic status of the emirate, participation in councils and committees focused on Dubai’s financial and economic affairs, following up on criminal proceedings that may impact the emirate’s economy, and combating activities and practices that may have a detrimental impact on the emirate’s economy and its resources.

The new law stipulates that the executive arm of the centre will have an Executive Director and will be staffed by a number of administrative, financial and technical employees. The law also outlines the roles of the Executive Director, who will be appointed by the Chairman of the Dubai Executive Council.

The new law enables the Centre to coordinate with concerned authorities to carry out its responsibilities and tasks such as supervision, research, investigation, information gathering, taking preventive measures, data and information exchange, financial and administrative auditing, as well as recording crimes and offences in accordance with the provision of this law.

The centre will also provide protection and ensure the safety of individuals collaborating with it for the purpose of maintaining the economic security of the emirate by not disclosing information about the identity and whereabouts of the collaborator. 
For the purposes of this Law, providing information on matters affecting the economic security of the emirate shall not be considered a violation. Any person providing the information shall not be subject to any legal or disciplinary action unless proven to be providing false information.

The new law outlines the penalties for violations of its provisions. Disclosure of information or data that is considered confidential as per the Law could bring imprisonment of up to a maximum of one year and a minimum of three months, apart from a fine of up to Dh50,000 and a minimum of Dh10,000. Any person who violates the provisions of this law will incur a minimum fine of Dh10, 000 and a maximum fine of Dh500, 000.

The law requires concerned individuals and entities to fully cooperate with the Centre in order to enable it to fulfill its mandate without hindrances. 
The new law annuls any other legislation that contradicts or challenges its provisions. The new law shall be published in the Official Gazette and is valid from the date of its publication.

Employee Always Late to Work Not eligible for Gratuity - HR Ministry UAE

Employees who are sacked because of their failure to abide by work timings are not entitled for gratuity, according to the Ministry of Human Resources and Emiratization.

The Ministry outlined such a rule in a response to a query by an employer who complained that some of his workers persistently fail to come to office on time despite his repeated warnings that their services could be terminated.

In his letter to the Ministry, the employer said those workers ignored his warnings and continued to violate work timings. He asked the Ministry whether he would be committed to paying them gratuity in case he terminates their services.

“Workers whose service is terminated due to job misbehavior after repeated notices by the employer are not entitled for end-of-service benefits or any compensation for the sacking,” the Ministry said, according to Emarat Al Youm daily.

The paper quoted a Ministry official as saying employers must first take measures to ensure discipline by their employees in line with Article 120 of the UAE Labour Law.

The source said such measures include notices and meetings with the non-punctual workers, adding that employers can gradually cut those workers’ wages.

“In case the worker does not respond to such warnings, the employer can issue an ultimatum to the worker that he would terminate his service…after that ultimatum, he is authorized to sack the worker if he fails to comply.”

Dubai Visa System through Typing centres

The UAE Vision System, a new visa system which allows residents to apply and renew visas directly through typing centres without the need of visiting the General Directorate of Residency and Foreigners Affairs (GDRFA), has been officially adopted by a number of typing centers in Dubai.

One such centre even launched a toll-free number on Wednesday to help with the new system. ID Card Centre, located in Deira, launched its 800 IDCARD (800 432273) hotline on Wednesday. The hotline is available in Arabic, English, Hindi, and Malayalam, to help customers enquiring about the new ‘UAE Vision’ system. It allows customers to schedule the pickup and delivery of their visa-related documents through Zajel courier at a convenient location.

With the unveiling of the UAE Vision system earlier this month, residents are no longer required to visit the General Directorate of Residency and Foreigners Affairs headquarters or any of its external branches in order to renew or apply for visas. Instead, all transactions will be carried out through the approved typing centres.

The transactions include applying for visa, renewing residency, applying for new residency, and visa cancellation, in addition to any other related services. According to a GDRFA official, there have been no changes to the required documents or charges related to the visa transactions.

“When customers visit typing centres, they need to look out for the Amer logo,” a GDRFA official said. “The logo will be clearly visible on the counters and on the staff uniform. The logo is a badge of approval from the GDRFA, indicating that the typing centre is qualified to carry out visa-related transactions through the UAE Vision system.”

Speaking on the delivery of new services to customers, Esmail Ebrahim, managing director of ID Card Centre, said, “Keeping with the government’s efforts of digitization and technological development, we decided to offer our customers services that will make the visa application processes more convenient and less frustrating.”

The other related services the centre offers range from documentation for medical tests, attestation, legal translation, and wages protection system (WPS).

Jailab Abdullah, marketing manager of the centre, said the centre is equipped with facilities as per the GDRFA standards. “To be accredited by the GDRFA, the typing centres need to have a space of at least 1500 square metres, a token system, security and camera systems and a waiting area,” he said, adding that the centre aims to make visa application procedures as efficient as possible for customers.

Elaborating on the new system, Colonel Hussain Ebrahim, assistant of the director-general for administrative support at the GDRFA, earlier said: “The UAE Vision System is a new system where public members will be able to visit any of the typing service offices and submit their transactions without having to visit the GDRFA building or any of the centres to complete their transactions as everything will be done at the typing centre only.”

Visa applicants are urged to provide accurate contact information to typing centres. Those who apply for visit visa-related transactions will have it sent to their email and those applying for residency visa service will have it sent to them via Zajel courier service, Col Ebrahim explained.

Zajel counters will be available at all approved typing centres. Those applying for residency visas can hand over their passport to the counter after the application process is complete. The Zajel courier service will deliver the customer’s passport once the visa is issued and stamped.

Mandatory health insurance for all in Dubai by June 2016

Dubai Health Authority (DHA) will complete the implementation of Dubai’s Mandatory Health Insurance Scheme ISAHD (Bringing Happiness), by the end of June, 2016.

DHA is currently in the third and final phase of implementing the scheme on companies with less than 100 employees, including all spouses, dependents and domestic workers

Dr. Haidar Al Yousuf, Director of Public Health Funding at DHA said that 75 per cent of Dubai expatriates are now covered by the insurance, thanks to the mandatory health insurance."This means we have 25 per cent left to cover by June, we hope to have close to 100 per cent of Dubai expatriates covered by the insurance by the end of next month," he said.

He added that the implementation of the scheme, to have all Dubai resident covered by health insurance is going according to the adopted time frame. Dr. Al Yousuf said that linking the health insurance scheme to visa issuance and renewal in partnership with the General Directorate of Residency and Foreigners Affairs (GDRFA) contributed to the success of the implementation process.

Dr. Al Yousuf called on all companies to hurry in insuring their employers before the end of June 2016, to avoid penalties imposed by Executive Council Resolution No.7 of 2016. DHA has completed the first phase that included companies with more than 1,000 in 2014 and the second phase, which included companies with 999 to 100 employees in 2015.

The necessity to hold the Health Insurance Permit (HIP) is mandatory and only those companies with a valid permit are eligible to provide insurance cover as part of Dubai's Mandatory Health Insurance Scheme which is being rolled-out in phases until June -2016. The scheme is known as ISAHD which stands for Insurance System for Advancing Healthcare in Dubai and also means happiness in Arabic.

So far, 46 insurance companies and four TPA's have achieved unconditional compliance, AL Maidoor said: "Putting these criteria in place is important as it sets unified quality standards for the health insurance industry in Dubai and protects all parties involved especially customers. Since we have set minimum criteria many insurance companies have improved their standards in terms of customer service, complaints handling, data security and operational effectiveness in order to obtain a permit. Putting such a process in place also assures the public that these companies have met minimum standards required. From a regulatory point of view, we can ensure that checks and measures are in place and in case of violations we can take action with the ultimate sanction being revocation of the permit."

He said insurance companies who qualified as Participating Insurers to provide essential health benefits (EHB) package to resident employees with salaries below AED 4,000 underwent a rigorous assessment procedure to ascertain their ability to provide an insurance package at an affordable rate. The premium for this package will range between AED 500-700 per person per year. Al Maidoor said: "The objective of the essential benefits plan is to provide adequate cover at a reasonable cost to employers. DHA recognizes that in doing so insurers also have to make a reasonable profit. Only those capable of handling volume business and who can operate effectively over the long term can make the system sustainable.

New System for Residence Visa and Visit Visa in Dubai

The General Directorate of Residency and Foreigners Affairs in Dubai (GDRFA) introduced the "UAE vision" new system, which allows public to apply for all kind of visa and residency related transactions only via typing service centers approved by the residency department.

Major General Mohammed Ahmed Al Marri, Director General of the General Directorate of Residency and foreigners’ Affairs in Dubai, said yesterday that public will not be required any more to visit the GDRFA headquarters or any of its external branches in order to apply for any visa or residency related transaction including applying for visa, renewing residency, applying for new residency or cancellation in addition to any other related services as all the services will be available at the typing services centers.

Major General Al Marri said that the GDRFA is introducing the "UAE vision" new system, which is deemed one of the best systems introduced for public to save effort and time and this is in line with the vision of Vice President, Prime Minister and Ruler of Dubai who stressed on facilitating governmental services offered for and reach them wherever they are.

Colonel Hussein Ibrahim, Assistant of the Director-General for administrative support at GDRFA said the " UAE Vision System" is a new system where public members will be able to visit any of the typing service offices and submit their transactions all without having to visit the GDRFA Building or any of the centers to complete their transactions as everything will be done at the typing center only.

Colonel Hussein pointed out that clients must provide accurate information to the typing center such as valid phone numbers, address and email in order to allow communication with them.He said that those who apply for visit visa related transaction will have it sent to their email and those applying for residency visa service will have it send to them via Zajel service.

Present procedure for Issuing families Residence visa –resident’s family reside in UAE
   
Description of Procedures of Residency Department to offer a service of issuing a family Residence visa of a resident in UAE include the following:
1-Spouse 2-Sons 3-Relative of first degree (parents/ humanitarian situation) and relatives of second degree (grandparents and brothers/humanitarian situation).
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Applicant: Sponsor, Agent

Documents Required
1- Application Form of newly born prepaid through E-form + (signature of sponsor).
2 -2 Nos. photographs of the sponsored.
3-Original Entry permit of sponsored.
4- Original passport of sponsored.
5-Copy of sponsor passport.
6-Copy and original receipt of financial security (5000) AED if sponsoring parents of first or second degree relatives for humanitarian situation.
7-Original medical test or online (persons over 18 years old) valid.
8- Copy of employment contract or salary certificate salary should not be less than (4000) AED or (3000) AED + accommodation, with profession condition.

Fees Required
1-(370) AED issuing a family Residence visa of a resident fees payable through (E-form), broken down as follow:
(100) AED Residence visa fees against each year (maximum 3 years) for spouse and sons, while relatives of first degree or second degree (humanitarian situation) one year only.
 (50) AED service charges.
(10)AED Datel service fees...
(10) AED knowledge Dirham.
2-(5000) AED refundable guarantee to sponsor  relatives of first degree or second degree (humanitarian situation)
3-(130) AED urgent fees (optional), broken down as follow:
(100) AED Local charges.
(10) AED Administrative fees.
(10) AED Bank charges.
(10) AED knowledge Dirham.
4-(20) AED Zajil delivery service for ordinary applications.
Classification of Fees Required for default issuing new Residence visa, fine is imposed after (60 days) of Residence visa expiry...
The fine is calculated according to the local system based on public prosecutor list as follow:
(15) AED (cash) for each day during the first 6 months (180 days)
(30) AED (cash) for each day during the second 6 months (180 days)
(50) AED (cash) for each day after one year and above.
Fine fees for Ministry system:
(25) AED (cash) for each day during the first 6 months (180 days)
(50) AED (cash) for each day during the second 6 months (180 days)
(100) AED (cash) for each day after one year and above.

Applicant Notices
Residence visa validity given for one year to student male children (over 18 years) in following situation:
#Student inside UAE: submit a continued education certificate issued by a school or university approved by UAE Ministry of Education or Ministry of Higher Education and Scientific Research or follower Dubai Academic City in Emirate of Dubai (without financial security) is given one renewable year up to age 21 only.
#Student sons inside UAE in non-approved university pay a guarantee of 5000 AED and are given one renewable year up to age 21 only.
#Student sons studying outside UAE in non-approved School, university or institute or non-studying pay a guarantee of 5000 AED and are given one renewable year up to age 21 only.
#Male sons above 18 years old are requested to medical test annually upon renewal, as for relatives of first and second degree residence visa period is one year. Medical test is approved for three years but a copy of the medical test to be submitted upon annual renewal. The service shall be offered at the following sections to the building employees in charge only:
1- General Directorate of Residency and Foreigners Affairs-Dubai General Headquarters Branch -Dubai Police.
2-. General Directorate of Residency and Foreigners Affairs-Dubai Municipality Clinic Branch.
3- General Directorate of Residency and Foreigners Affairs-Dubai -  Dubai Media City Branch.
4- General Directorate of Residency and Foreigners Affairs-Dubai- Dubai Financial Center Branch.
5- General Directorate of Residency and Foreigners Affairs-Dubai - Rashid Hospital Branch.

Beneficiary: Resident
Submission places

• General Directorate of Residency and Foreigners Affairs-Dubai,
•  Dubai Industrial City Branch,
•  Dnata Section-Sheikh Zayed Road, 
• Um Suqaim Section, Ladies Section – Residence Department, 
• Al Arabi Center Section, 
• Medical Fitness Section,
•  Dubai Airport Free Zone Area Section,
•  Bin Sougat Center Section, Jebel Ali Section,
•  Hatta Section, 
• Hayatt Regency Section, 
• Dnata- Deira Section, 
• His Highness Dubai Ruler’s Court Section,
•  Emirate Airlines Section, 
• Municipality Clinic Section,
•  Al-Safa Clinic Section, 
• Dubai Technology and Media City Section, 
• Dubai International Financial Center Section,
•  Rashid Hospital Section.

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