MoE to clamp down on illegal TV channel decoders

The ministry of economy has issued a warning against importing and trading in decoders which illegally open the scrambled TV satellite channels.

In a statement, MoE said that any illegal trade in such decoders will be penalised under anti-piracy law prevailing in the country.

The ministry had issued circulars to all port authorities in the country to be on vigil against the import of this type of decoders without authentication from the concerned television station authorities.
/WAM/

Read more!

First female judge in UAE

President HH Sheikh Khalifa bin Zayed Al Nahyan has issued, in his capacity as Ruler of Abu Dhabi an emiri decree appointing Kholoud Ahmed Juwan Al Dhahiri as a primary judge on at the Abu Dhabi Judiciary Department.

Al Dhahiri will go down the history as the first woman judge in the country.

Sheikh Khalifa's decree underlines the government's commitment to engage women in the emirate's overall development.

The judiciary landscape in Abu Dhabi has seen major developments, thanks to the unlimited support and care lent by the President to the sector, close follow up by HH General Sheikh Mohammed bin Zayed Al Nahyan, crown prince of Abu Dhabi and deputy supreme commander of the UAE Armed Forces and sound directives by HH Sheikh Mansour bin Zayed Al Nahyan, minister of Presidential Affairs and chairman of the Judiciary Department in Abu Dhabi.

Adviser Sultan Saeed Al Badi, undersecretary of judiciary department in Abu Dhabi, said that the decree appointing the first woman judge in the country "reflects care of the government to involve woman in the comprehensive development process".

He added that the move shows governance wisdom in the UAE and Abu Dhabi under leadership of Sheikh Khalifa, indicating that women have been playing pivotal role in significant fields as they become ministers and members of parliament and now a judge.

On her part, Al Dhahiri thanked the UAE leadership who vested confidence on her, noting that "there will be focused on her to gauge success of women in the judiciary field".

She added that the UAE woman has shown great efficiency in many fields, adding that the judiciary will be another challenge for women's performance.

Al Dhahiri holds a Bachelor in Shariah and Law from UAE University and has been a lawyer for eight years. She is now preparing to get MA in Law from UAE University. WAM

Read more!

Four new amendments to the regulation governing the brokerage firms & stock exchanges

The Securities and Commodities Authority (SCA) yesterday approved four new amendments to the regulation governing the brokerage firms, authorising stock exchanges to monitor issues relating to companies disclosure of financial statements and other matters.

"Accordingly, the markets may refer the violating companies to the SCA for consideration and appropriate decision. However, the amendment maintains transparency levels guaranteeing at the same time, the balance between the listed public joint-stock companies and public investor's interests, said an amendment made to a clause regarding disclosure and transparency regulations, which were approved by the board of directors of Securities and Commodities Authority (SCA).

The SCA ratified an amendment made on Article 17 of the regulatory system.

The meeting was chaired by Sultan bin Saeed Al Mansouri the Minister of Economy and the chairman of SCA Board. Others who attended the meeting included Sultan Bin Nasser Al Suweidi, the Governor of UAE Central Bank, Abdullah Salem Al Turifi, the CEO of SCA, Sami Zahen Al Qemzi, the director finance department, Dubai, Hamid Qazem and Mahmoud Ibrahim Al Mahmoud.

An amendment has been made to trading, clearance and settlement regulation. The amendment is basically concerned with the information release procedure which mainly affects the share price. However, the new text stipulates periods for the management staff as well as the insiders during which, they are prohibited to release or disclose any information.

Ratification on the SCA Fees pertinent to registration term : According to the amendment, the SCA fees pertinent to registration which will be for one year only and the year ends by December. As for the new companies to be registered for the first time, the term will be effective from the ESCA approval and the fees will be collected on a pro-rata-basis up to the end of December.

Ratification on brokers regulations: The amendment grants the broker the right to declaim against the ESCA decisions issued regarding licence cancellation in front of the concerned court. At the same time the Chairman of ESCA may request to solve or liquidate the broker based on the capital market's, investor's or public interests.

Two brokers' licences cancelled: The board decided to cancel the licences of the two brokers due to non-compliance with the ESCA decision # (176/C) of 2006. The two brokers are Faisal Brokerage and Merchant Securities. Source

Read more!

International conference explores Sharia Law as a legal system

Three major issues including Sharia law as a judicial system are being discussed in a two-day conference that will gather presidents and delegations of Supreme Courts worldwide.

In the first international conference of its kind, delegations from 32 countries are discussing the relationship between federal and local courts, the challenges to judicial systems in the 21st century and the application of Sharia law as a legal system.

"We welcome you to the land of peace, love and order. I am proud to say that while other conferences of this nature have happened before, this is most certainly the first of its kind in the Arab and Islamic world," President of the Supreme Court of the UAE Dr Abdul Wahab Abdul, said in his opening remarks.

Delegates spent Sunday explaining their countries' judicial systems and discussing with other delegates the justice process. "The conference is being held as an opportunity to create dialogue among nations with different legal systems," Abdul said. Several justice systems are presented at the conference including common law, civil law, Latin and Anglo-Saxon law. Although very different from one another, the diverse representation in judicial systems is meant to create a culture of understanding among the attendees.

Among the many representatives, the French delegation praised the conference as a chance to open up communication among different nations. "This is a great opportunity to see for ourselves how the judicial systems work in other countries," said Catherine Bolteau, a member of the delegation.

Dialogue

The delegates arrived in Abu Dhabi on Friday and were shown around the capital. They visited the Grand Mosque and the Art of Islam exhibition at Emirates Palace.

The issue of Sharia law is expected to create the most dialogue as many of the nations presented have a large number of Muslims. France for example, has approximately six million Muslims. Belgium's Muslims make up four per cent of the population and there are well over seven million Muslims living in the United States.

Aside from Sharia law, the delegates will spend today discussing the new challenges to the justice system. Source

Read more!

Food security in the country

The Federal National Council (FNC) discussed on Tuesday plans adopted by the Ministry of Economy to achieve food security in the country.

The house also debated amendments to three federal laws on commercial fraud, formation of the Federal Electricity and Water Authority and medical accountability.

Following debate with Minister of Economy Sultan Al Mansouri, members of the house unanimously passed amendments to the federal law no 17 of 2004 on commercial fraud. The executive regulations of the law will go into force by March 2009.

Members were divided over the law. Some called for immediate enforcement while others stood against it arguing that it would harm the interest of the country, citizen in favour of foreign investors.

Dr. Anwar Mohammed Gargash, Minister of State for FNC Affairs, warned that non-enforcement of the law would invite a disaster though he called for implementing the legislation through logical and mature mechanisms.

He put the commercial fraud percentage at 80.

Speaking about food security, Al Mansouri said his ministry had backed strategies by the Ministry of Environment and Water for development of the agricultural sector and spurred the private sector to invest in the farming and poultry sectors.

''The ministry is conducting study for establishing foodstuff warehouses to supply the local market with its needs,''the minister disclosed.

He added that he would present the study to the house after six months.

Meanwhile, Health Minister Humaid Al Qattami unveiled that his ministry had taken a number of initiatives to engage the private health sector in some programmes dealing with diabetes and blood pressure.

He said that a series of legislations on pharmacological institutions and products had been prepared to cope with the latest developments in the health sector.

''A study on encouragement of the private investment in the health sector would be ready by October 2008,''he added. (WAM)

Read more!

New Companies Law to encourage IPOs

Expected changes in new Companies Law on floating 30-50 per cent of shares through Initial Public Offering (IPO) may encourage family businesses to go public and will bring the boom in IPO activity during next couple of years, a top executive said.
“It can help launch hundreds of companies going public and raising hundreds of millions of dollars worth capital,” said Tom Healy, director-general of Abu Dhabi Securities Market (ADSM).

Speaking at a session on the UAE Global Investment Forum, he said new offerings will give depth to the market, which has Dh435 billion capitalisation from 66 listed companies and two convertible bonds.

He said new companies law may allow offering lesser percentage of shares to general public through IPOs, against mandatory condition of 55 per cent, which is detrimental to the IPO activity, as a less number of firms show interest in raising capital from equity markets. Healy said stock markets in the UAE and region are undergoing tremendous transformation, from local capital markets to becoming regional.

ADSM, he said for instance has entered into an MoUs with Karachi and Lahore stock exchanges and others to allow cross-listing and share trading, which will help foreign companies to raise capital.

He also stressed to improve the regulatory structure on European style, which will help better the business environment on stock exchanges.

While focusing on the self-governance, ADSM has introduced tough guidelines on corporate governance, transparency and disclosures, he said adding that this process will be completed by the second half of this year.

“The remaining regulations coming into effect will create more credibility and trust in the share market business as well as companies’ affairs,” he said.

He said that his recent remarks on one stock market for the GCC region, after the introduction of common currency, were published out of the context by a section of Press.

“One stock market would be a bad idea, as it would eliminate the competition, which is the essence of every business,” he added.

He was of the view that there should be a secondary market or a separate counter for Small and Medium Enterprises (SMEs) or companies with little paid-up capital, where they could raise capital to meet their expansion requirements.

“This counter/market would not trade the shares,” he elaborated.

He said that in order to widen the scope of share markets and encourage institutional investors, Emirates Securities & Commodities Authority (Esca) was framing rules and regulations for allowing short selling, market-making, and stock landings like features to attract portfolio investors at the stock markets.

Orphan Osmansoy, CEO of National Investors, agreed that family businesses would not want offering 55 per cent of shares to general public, and retaining 45 per cent as sponsors.

He was of the view that minimum listing requirements are key to IPO boom. Osmansoy expected launching of 12-18 IPOs in one-year time.

In reply to a question on the linkage of plunging real estate scrips that resulted in three major corrections on stock markets recently at a time when the housing sector itself was growing, Osmansoy linked it market panic caused by housing crisis emanating out of subprime crises and jittery equity markets in US and elsewhere.

To a question on DP World recent IPO and poor response it generated from the investors, he said book building allocation were poorly managed that led to a disaster. Source

Read more!

Courts to hold sessions in the evenings in Abu Dhabi

Minister of Presidential Affairs and the Chairman of the Abu Dhabi Judicial Department HH Sheikh Mansour bin Zayed Al Nahyan has issued an ordinance to set up evening courts in the emirate to try cases various kinds. All the circuit courts in the emirate will function during evenings, thus becoming the first to offer this facility in the UAE.

Studies are under way at the Department of Judiciary in Abu Dhabi to set up these courts, and an announcement will be made as soon as the preparations are over.

Undersecretary of the Department of Judiciary Sultan Saeed Al Baadi said that the idea of setting up the evening courts was mooted as per the directives of HH Sheikh Mansour bin Zayed Al Nahyan to modernise and reform the judicial process in the emirate. The evening courts will make it easy for the parties to a case of dispute to attend the court sessions, considering the fact that many of them will be working in the mornings.

Baadi also said that the number of cases seen at the courts of law is showing a study increase, and the Department of Judiciary is filing all types of cases, including the trade disputes, banking and insurance disputes and labour dispute cases.

The Department of Judiciary is pursuing an intensive modernisation programme, and this will be implemented in accordance with a timetable; Al Baadi added. (WAM)

Read more!

President issues amendments to the transportation law in Abu Dhabi

President HH Sheikh Khalifa bin Zayed Al Nahyan, in his capacity as the ruler of Abu Dhabi emirate, has issued a law making amendments to law No.4 for year 2006 regulating the Department of Transport.

The first article of the law added to the existing law, a new set of terms and general definitions.

Article two of the amendment law made changes to articles 2, 3 and 4 of the law No.4 for year 2006.

According to the amendment, the Department of Transport will be responsible for the economic supervision and control of the aviation sector, ports and airports, infrastructure, land and marine transport services and general transport as per the legislations prevailing in the emirate and the country.

Article three of the amendment law specifies the responsibility of the Department of Transport in achieving high standards of safety, security, environmental protection and economic growth with regard to air, sea and land transport in the emirate.

Article four of the amendment law delineates the prerogatives of the Department of Transport and specifies them in 22 sections, which include evolving of the general transport strategy, implementation of the emirate's air, land and sea transport policy, making recommendations to the government on setting up corporations in the related sector, recommendations on legislations, privatisation and tariffs, cooperation with international maritime organisations, monitoring and control of the shipping movements and container traffic, among other. (WAM)

Read more!

New law on procurement , tendering , bidding and warehouses

President HH Sheikh Khalifa bin Zayed Al Nahyan , in his capacity as the Ruler of Abu Dhabi, has decreed a new law on procurement , tendering , bidding and warehouses in Abu Dhabi emirate.

The new law which abrogates the existing law of 1977 is aimed at decentralizing government procurements in a way that will strike a balance between powers and responsibilities and ultimately achieve the following goals:

1. Imrpove procurement system and introduce best practices.

2. Ease procurement procedures while upholding principles of accountability, transparency, equality, and free competition.

3. Create a legal mechanism for improving performance when and if necessary.

4. Use of latest technology with regard to e-procurement and e-government.

5. Imrpove efficiency in handling procurements tasks. (WAM)

Read more!

Dh100 fine imposed for spitting in public places

The local municipalities in Abu Dhabi, Al Ain and the Western Region are now imposing a Dh100 fine on those caught spitting in the streets and public places.

Engineer Omar Al Hashimi, Director of the Department of Municipal Service Affairs, told Khaleej Times that move is aimed at protecting the community from unhygienic practices.

He noted that spitting in the streets and floors of public places in the emirates have become a problem, particularly indulged in by a large number of taxi drivers.

Engineer Al Hashimi pointed out that violators will be required to pay the fines on the spot if caught by the municipal inspectors.

In case, the violator, particularly taxi drivers and other motorists or pedestrians are unable to pay on-the-spot fine, inspectors will seize their driving licence or work permit which will be returned only on payment of fine. Source

Read more!

Call for law on protection of children’s rights urged

The Abu Dhabi Police have urged the need for a federal law on the protection of children’s rights in the country.

A study carried out by the capital’s law-enforcement authorities said it was necessary to enact a comprehensive law that incorporates all the provisions currently being enforced as part of a number of local and federal government laws.

The law should also be based on international norms and conventions, including the Convention on Children’s Rights, keeping in mind the nature of the UAE society, the study said.

The research carried out by First Lieutenant Basheer Saleh Al Belaisi from the Researches and Studies Centre of the Abu Dhabi Police called for early detection of cases where children were abused.

This should be done in cooperation and coordination with police stations and social workers in schools keeping in view the fact that the issue of protection and counselling the traumatised children was important.

The study titled The Role of Police in the Protection of Children from Violence and Abuse urged the police departments to improve training and conduct dedicated courses for the officers involved in investigations.

The trainees will, accordingly, absorb the approaches and measures to be adopted in giving psychological support to the young victims of violence and abuse during the preliminary stages of investigation and collection of evidences, the study said.

The study underlined the support of programmes and activities conducted by the Abu Dhabi Police’s Social Support Centre and Dubai Police’s Human Rights Care Department for the victims of violence and crime, in general, and children, in particular.

The research report also called on institutions dealing with cases of child abuse to forge efforts in laying down programmes on protection of children .

These institutions, the study pointed out, are the police, the judiciary, the Ministry of Education, the information departments, the media, forensic labs and social welfare departments.

The programmes should focus on safeguarding children against abuse and creating a sense of awareness about the consequences of child abuse, the study suggested.

It also called for introducing the role of the substitute family or creating shelters for children who have been victims of abuse and for whom it was difficult to return to the homes of their parents, who are deemed incompetent of looking after the welfare of their own offsprings. Source

Read more!