Sheikh Mohammed Bin Rashid, Vice President and Ruler of Dubai, passed a new law that broadens the scope of responsibilities for Dubai International Financial Centre, the emirate's financial free zone.
The new law replaces regulations put in place when the DIFC was established in 2004 and provides greater clarity on the role of its president, governor, the centre itself and the bodies within it, according to a Dubai government media office statement.
"It also ensures the centre's operational, financial and administrative independence that is crucial for the continued growth and success of the centre," the statement said.
The DIFC is ranked as the biggest finance hub in the Middle East and Africa and the 19th biggest globally, according to the Global Financial Centres Index ranking published in March.
It registered a 20 per cent increase in the number of companies last year, bringing the total number of businesses operating in the centre to 2,919 – 915 of which are financial entities. New members joining last year included Spain's Caixabank, insurer AfricaRe and India's Tata Asset Management.
Under its broader remit, the DIFC has an objective of advancing sustainable economic growth for Dubai by increasing the gross domestic product contribution of the financial sector, promoting inward investment and attracting regional and international entities into the centre to operate "their principal place of business".
The law also "provides clarity on what DIFC establishments may do outside their physical premises in the centre", confirming they are able to supply products and services outside the free zone as long as they are primarily provided from within it. It also allows them to market and promote their activities outside the DIFC.
Under the law, the DIFC's president will be allowed to exempt a number of federal and local government authorities, companies and other entities from adhering to DIFC laws "that were never intended to apply to them", the statement added.
The law will split the role of the centre's Dispute Resolution Authority, with a new Arbitration Institute that will operate separately from the DIFC Courts. This will allow both bodies to pursue separate mandates, the statement said.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
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Specs
Engine: Duel electric motors
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Korean Film Festival 2019 line-up
Innocent Witness, June 26 at 7pm
On Your Wedding Day, June 27 at 7pm
The Great Battle, June 27 at 9pm
The Witch: Part 1. The Subversion, June 28 at 4pm
Romang, June 28 at 6pm
Mal Mo E: The Secret Mission, June 28 at 8pm
Underdog, June 29 at 2pm
Nearby Sky, June 29 at 4pm
A Resistance, June 29 at 6pm
Global state-owned investor ranking by size
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
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Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
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Price: From Dh450,000, Autograph model from Dh510,000
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Killing of Qassem Suleimani
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UAE currency: the story behind the money in your pockets
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4.35pm: Tilal Al Khalediah
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
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First Person
Richard Flanagan
Chatto & Windus
Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
Is beekeeping dangerous?
As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
SPECS
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Mohammed bin Zayed Majlis
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Launched: 2016
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Always use only regulated platforms
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Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
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Courtesy: Crystal Intelligence
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Profile box
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Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
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