Latest news with #AED100
Sharjah 24
12-07-2025
- Business
- Sharjah 24
Mohammed bin Rashid issues law regulating contracting activities
The new law sets out a unified regulatory framework for contractor classification, oversight, transparency and accountability, supporting Dubai's goals for sustainable growth. It also aligns with the emirate's building codes, planning regulations, and long-term development strategy. A key provision of the law is the establishment of the 'Contracting Activities Regulation and Development Committee', which will be formed by a decision of the Chairman of The Executive Council of Dubai. The committee, chaired by a representative from Dubai Municipality, will include members from government authorities and entities concerned with contracting activities. The committee will be responsible for approving contracting activities in Dubai, identifying entities responsible for supervising each activity, overseeing the implementation of the law, proposing new policies and legislation for the sector, and resolving any jurisdictional disputes that may arise between regulatory entities. The committee will also adopt a code of ethics for the sector, coordinate with both public and private stakeholders, and review and act upon recommendations submitted by the authorities. The law applies to all contractors operating in Dubai, including those based in special development zones and free zones such as the Dubai International Financial Centre. Contracting activities related to airports and their associated infrastructure, as well as any other activities exempted by a decision from the Chairman of The Executive Council based on the committee's recommendation, are excluded from the scope of the law. Dubai Municipality has been assigned the responsibility of establishing, operating, and managing an integrated electronic system for all contracting activities in the emirate. This system will be linked to the 'Invest in Dubai' platform and serve as the central registry for contractors. Dubai Municipality is also tasked with preparing a code of conduct for the sector, classifying contractors engaged in construction, building, and demolition activities, and issuing professional competency certificates to technical personnel. The law outlines rules for contractor registration. Contractors must comply with all relevant legislation and operate within their approved classification and capacity. They are prohibited from exceeding their technical or financial limits or subcontracting without prior approval. Penalties for violating the provisions of the law or any related decisions include fines ranging from AED1,000 to AED100,000. Repeat violations within a year may result in doubled fines, up to a maximum of AED200,000. Additional actions may include suspension from contracting activities for up to one year, downgrading of classification, removal from the registry, cancellation of commercial licenses, and suspension or de-registration of technical staff and revocation of their professional certificates. All contractors operating in Dubai at the time the law comes into force are required to regularise their status within a year. This period may be extended by the Committee for another year if necessary. Contractors whose registration expires during this period will be allowed to renew it upon submitting a declaration pledging to comply with the law's provisions within the given timeframe. Any existing legislation that conflicts with this law will be annulled. The law will be effective six months after its publication in the Official Gazette.
Gulf Today
30-06-2025
- Automotive
- Gulf Today
SINGAUTO to establish Dhs100 million smart logistics facility in KEZAD
Khalifa Economic Zones Abu Dhabi – KEZAD Group and SINGAUTO, a Singapore-based tech innovator, have announced the signing of a 50-year land lease agreement to establish a state-of-the-art facility in KEZAD Area A (KEZAD Al Ma'mourah). SINGAUTO has committed AED100 million in investments to build a 100,000 square metre advanced facility focused on the development of green logistics solutions. The new site will integrate SINGAUTO's latest smart technologies to manufacture intelligent refrigerated vehicles, designed to enhance the efficiency and sustainability of cold-chain logistics across the region. The facility will launch operations with an expert team of over 100 professionals, each with more than 15 years of industry experience, ensuring the delivery of services aligned with top-tier international standards. Abdullah Al Hameli, CEO, Economic Cities and Free Zones, said, 'We welcome SINGAUTO to KEZAD's thriving industrial ecosystem for sustainable automotive businesses. Their presence supports our goal to add value to the region's logistics and automotive sectors, while driving green innovation that benefits all stakeholders. 'The automotive sector is a strategic priority for us, especially in alignment with our strong commitment to sustainability. KEZAD Group and SINGAUTO share a unified vision to accelerate the future of green mobility. With SINGAUTO's cutting-edge solutions improving cold-chain logistics, this project represents a significant step toward strengthening our sustainable transport capabilities and reinforcing KEZAD's role in shaping a resilient, future-ready supply chain.' Chen Xuefeng, CEO, SINGAUTO said, 'We are confident that operating within KEZAD's integrated automotive ecosystem will provide us with the ideal foundation for scaling our business and meeting the region's demand for eco-friendly, high-efficiency logistics. We look forward to leveraging KEZAD's specialised support to produce smart, sustainable commercial vehicles tailored to the needs of the regional cold-chain sector.' This initiative is part of KEZAD Group's broader vision to develop a fully integrated automotive hub, offering modern infrastructure, advanced logistics support, and a business-friendly environment that drives innovation and growth. The partnership with SINGAUTO marks a significant milestone in KEZAD's mission to become the global hub of excellence for automotive and logistics industries. WAM
Al Etihad
11-06-2025
- Business
- Al Etihad
Emirates Franchise Association organises ‘Franchise Unites Us and Innovation Leads Us' forum
11 June 2025 19:42 ABU DHABI (WAM)The Emirates Franchise Association, affiliated with the Abu Dhabi Chamber of Commerce and Industry, organised the "Franchise Unites Us and Innovation Leads Us" forum at the Chamber's headquarters in celebration of World Franchise Day, observed on 11th event was held in collaboration with the Khalifa Fund for Enterprise Development and the Abu Dhabi Businesswomen Council, and featured a select group of entrepreneurs, decision-makers, and representatives from government and private sector entities involved in or interested in the franchise franchise sector is witnessing rapid growth both locally and internationally. In the UAE, revenues have exceeded AED100 billion annually, with an annual growth rate of 15%, while global revenues surpassed AED6 trillion. In the MENA region, the total market value is estimated at over AED120 the sector encompasses more than two million franchisees, providing jobs for more than 19 million people, reflecting its vital role in supporting economies and promoting forum is part of the Association's ongoing efforts to raise awareness of the importance of the franchise sector and its pivotal role in supporting the national economy and empowering entrepreneurs. Franchising is considered one of the most successful and sustainable models for the growth of SMEs as well as expanding the reach of local and regional forum was attended by Noor Al Tamimi, Chairwoman of the Emirates Franchise Association; Maher Taresh Al Alili, Vice Chairman of the Association; Sultan Al Hindasi, Member of the Association's Board of Directors; members of the Executive Committee; working groups; and several representatives from the UAE's chambers of her opening remarks, Noor Al Tamimi, Chairwoman of the Emirates Franchise Association, said that celebrating World Franchise Day reinforces the franchise sector's status within the UAE's economic ecosystem, especially considering national efforts to diversify sources of income and promote an entrepreneurial emphasised that franchising today is a practical tool for business growth, enabling entrepreneurs to operate within an integrated operational system, allowing them to benefit from knowledge, training, and institutional Tamimi said, "The Emirates Franchise Association continues to implement its national strategy aimed at enabling Emirati brands to expand locally and globally. The relaunch of the Association's corporate identity has been a significant turning point in its journey, especially after it received official recognition from the World Franchise Council, which made it the accredited representative of the UAE at this international forum.'She confirmed that the Association hopes to be a strategic partner in building an integrated franchise ecosystem in the UAE, one that is based on supportive legislation, accessible financing, specialised training, and international emphasised the Association's commitment to working with its partners at the Abu Dhabi Chamber, the Khalifa Fund, the Business Women Council, and all relevant national entities to expand the impact of franchising to reach every ambitious entrepreneur in the a recorded speech presented during the forum Simon Bartholomew, Secretary General of the World Franchise Council, stressed that World Franchise Day celebrates the global franchise community in recognition of its contributions to the international economic landscape, and raises awareness of the franchise sector's role in shaping modern encouraged all franchise associations around the world, as well as franchisors, franchisees, suppliers, and partners, to participate in World Franchise Day events to highlight the resilience that franchising offers entrepreneurs and its support for a sustainable economic future, encouraging more entrepreneurs to adopt this promising business forum included a dialogue session called, "Meeting of Minds," bringing together leading franchise owners in the UAE, along with specialised consultants and industry discussed key opportunities and challenges related to expanding local franchises along with the legal, operational, and financial support mechanisms needed to enhance their competitiveness and sustainable programme also featured an interactive visual presentation highlighting the Association's achievements and showcasing successful Emirati brands that have expanded locally and internationally through focused on the Association's efforts to support the development of an integrated franchise system in the UAE based on innovation, efficiency, and sustainable event also included several accompanying activities, most notably the "Franchise Walk," which showcased a selection of local and international brands. In addition, the Association organised advisory sessions in collaboration with several consultancy firms, offering specialised professional guidance on the legal, regulatory, and operational aspects of the franchise model. At the conclusion of the event, the Association reaffirmed its commitment to empowering entrepreneurs and strengthening the supportive environment for franchising in the country. It called on start-ups and local brands to take advantage of the benefits of Association membership, which include guidance, training, institutional representation, and access to new markets through local and international partnerships.
Dubai Eye
29-05-2025
- Business
- Dubai Eye
UAE exchange house fined AED100mn for regulatory breaches
The Central Bank of the UAE (CBUAE), on Thursday, fined an unnamed exchange house AED100 million due to what it called significant failures in the company's regulatory framework. The financial sanction is based on the results of the findings of examinations conducted by the CBUAE, with regards to Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations regulations. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff abide by UAE laws, regulations and standards to maintain transparency and integrity in financial transactions and safeguard the UAE financial system.
ARN News Center
29-05-2025
- Business
- ARN News Center
UAE exchange house fined AED100mn for regulatory breaches
The Central Bank of the UAE (CBUAE), on Thursday, fined an unnamed exchange house AED100 million due to what it called significant failures in the company's regulatory framework. The financial sanction is based on the results of the findings of examinations conducted by the CBUAE, with regards to Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations regulations. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff abide by UAE laws, regulations and standards to maintain transparency and integrity in financial transactions and safeguard the UAE financial system.
