Latest news with #ModelLawonElectronicTransferableRecords
Qatar Tribune
6 days ago
- Business
- Qatar Tribune
Qatar advances to stage 6 in implementation of UNCITRAL Model Law on Electronic Transferable Records
DOHA: The International Chamber of Commerce Qatar (ICC Qatar) has announced the successful completion of Qatar's first draft law aligned with the UNCITRAL Model Law on Electronic Transferable Records (MLETR). This development marks Qatar's transition from Stage 2 to Stage 6 on the global MLETR adoption tracker, positioning the country at the forefront of digital trade modernization in the region. On this occasion, Chairman of the Qatar Chamber of Commerce and Industry and ICC Qatar HE Sheikh Khalifa bin Jassim bin Mohammed Al Thani stated: 'This achievement is a testament to Qatar's commitment to embracing innovation and positioning itself as a global leader in digital trade. By implementing MLETR, we are not only enhancing the competitiveness of Qatari businesses but also fostering an environment of legal clarity, efficiency, and trust across our trade ecosystem.' MLETR, developed by the United Nations Commission on International Trade Law (UNCITRAL), is a pioneering international legal framework that enables the legal use of electronic transferable records—digital equivalents of paper-based trade documents that are essential in domestic and cross-border commerce. These include bills of lading, promissory notes, warehouse receipts, and cheques, all of which facilitate the financing, shipping, and ownership of goods in international trade transactions. In a statement issued by the ICC Qatar, it said that under traditional legal systems, many of these documents are required by law or custom to be in paper form in order to demonstrate possession, authenticity, or negotiability. It further noted that MLETR resolves this issue by providing a set of technology-neutral rules that allow such documents to be issued and transferred in a purely digital format, while maintaining their functional equivalence with paper versions. The statement noted that the law outlines a set of key legal requirements for electronic records to ensure their uniqueness, control, integrity, and reliability. These requirements guarantee that only one official version of an electronic record exists at any given time—similar to an original paper document. They also enable verification of the identity of the rightful holder, ensure that the record's contents remain unaltered unless properly authorized, and confirm that the systems and mechanisms managing such records are both trustworthy and auditable. It also clarified that these provisions remove the legal ambiguity surrounding electronic trade documents and enable their recognition in courts and commercial transactions around the world. By aligning its national legislation with the Model Law on Electronic Transferable Records (MLETR), Qatar is establishing a strong legal foundation for electronic commerce, helping to reduce costs, accelerate procedures, and enhance transparency and compliance across global supply chains. The new draft law ensures that transferable electronic records carry the same legal effect, validity, and enforceability as their traditional paper-based counterparts. This brings strategic benefits to Qatar's economy and business environment, including the simplification of trade logistics and customs procedures, reduced risks of fraud and document tampering, greater alignment with global digital trade platforms, improved access to trade finance and digital banking services, and enhanced environmental sustainability through reduced paper usage. This legislative achievement is the result of a comprehensive national effort led by the Qatar MLETR Taskforce, an ICC Qatar initiative through its Customs & Trade Facilitation Commission. The taskforce brings together experts and decision-makers from government entities, financial institutions, legal professionals, and private sector leaders. The legislative draft was developed with technical assistance from UNCITRAL and the ICC Digital Standards Initiative (DSI), ensuring best-in-class international alignment. As part of the forthcoming phase, the draft legislation will be formally submitted to the relevant authorities and stakeholders in Qatar for thorough review, consultation, and subsequent approval through the appropriate legislative and regulatory channels. This step is essential to ensure alignment with national legal frameworks and to facilitate the effective implementation of the proposed measures. This initiative supports Qatar's broader ambition to become a regional hub for digital commerce, innovation, and regulatory leadership, contributing to the modernization of trade infrastructure and the seamless integration of Qatari businesses into the global digital economy.
Web Release
06-03-2025
- Business
- Web Release
Dubai Chambers organises four workshops to enhance awareness of key laws and regulations among the business community
By Editor_wr Last updated Mar 6, 2025 Dubai Chambers organised four workshops recently aimed at enhancing companies' awareness of business environment regulations and strengthening compliance with legal frameworks governing economic sectors. The sessions attracted 260 private sector representatives, equipping participants with valuable insights on key topics including cybersecurity, employment and workplace-related legal matters, trade digitalisation, and corporate tax. The first workshop was organised in collaboration with Al Sahlawi & Co and Morgan, Lewis & Bockius. The session covered strategies for meeting employee expectations, ensuring legal compliance in employment policies, handling workplace grievances, and clarifying the legal obligations of employers and employees. The second workshop, which was held in partnership with the International Chamber of Commerce (ICC-UAE) and Fichte & Co Legal, focused on trade digitalisation requirements and global trade transformations. The session highlighted the UAE's achievements in reinforcing its position as a leading hub for digital trade. Key topics covered included the role of the ICC Digital Standards Initiative, the Model Law on Electronic Transferable Records, the legal standing of electronic trade documents in the UAE, and best practices in digital identification of trade counterparties. The third workshop addressed the UAE's evolving cybersecurity landscape. Hosted in collaboration with Kreston ME Consulting and Galadari Advocates and Legal Consultants, the session addressed the security challenges businesses face in digital adoption, compliance requirements for cybersecurity laws, and the key pillars of the Dubai Cybersecurity Strategy. The fourth workshop was organised in collaboration with Al Tamimi & Company and provided valuable insights on corporate tax in the UAE. The discussion covered areas including tax compliance requirements, the key features of the UAE's tax system, and corporate taxation in free zones. The interactive workshops came as part of Dubai Chambers' commitment to fostering a business-friendly environment by providing access to vital legal information and promoting best practices in compliance. By equipping businesses with the knowledge to navigate legal frameworks more effectively, Dubai Chambers empowers companies to enhance their competitiveness and contribute to sustainable economic growth. Comments are closed.
Mid East Info
06-03-2025
- Business
- Mid East Info
Dubai Chambers organises four workshops to enhance awareness of key laws and regulations among the business community
Sessions attracted the participation of 260 private sector representatives Interactive workshops covered key legal requirements relating to cybersecurity, the workplace environment, trade digitalisation, and corporate tax. Dubai, UAE – Dubai Chambers organised four workshops recently aimed at enhancing companies' awareness of business environment regulations and strengthening compliance with legal frameworks governing economic sectors. The sessions attracted 260 private sector representatives, equipping participants with valuable insights on key topics including cybersecurity, employment and workplace-related legal matters, trade digitalisation, and corporate tax. The first workshop was organised in collaboration with Al Sahlawi & Co and Morgan, Lewis & Bockius. The session covered strategies for meeting employee expectations, ensuring legal compliance in employment policies, handling workplace grievances, and clarifying the legal obligations of employers and employees. The second workshop, which was held in partnership with the International Chamber of Commerce (ICC-UAE) and Fichte & Co Legal, focused on trade digitalisation requirements and global trade transformations. The session highlighted the UAE's achievements in reinforcing its position as a leading hub for digital trade. Key topics covered included the role of the ICC Digital Standards Initiative, the Model Law on Electronic Transferable Records, the legal standing of electronic trade documents in the UAE, and best practices in digital identification of trade counterparties. The third workshop addressed the UAE's evolving cybersecurity landscape. Hosted in collaboration with Kreston ME Consulting and Galadari Advocates and Legal Consultants, the session addressed the security challenges businesses face in digital adoption, compliance requirements for cybersecurity laws, and the key pillars of the Dubai Cybersecurity Strategy. The fourth workshop was organised in collaboration with Al Tamimi & Company and provided valuable insights on corporate tax in the UAE. The discussion covered areas including tax compliance requirements, the key features of the UAE's tax system, and corporate taxation in free zones. The interactive workshops came as part of Dubai Chambers' commitment to fostering a business-friendly environment by providing access to vital legal information and promoting best practices in compliance. By equipping businesses with the knowledge to navigate legal frameworks more effectively, Dubai Chambers empowers companies to enhance their competitiveness and contribute to sustainable economic growth. About Dubai Chambers: Dubai Chambers is a non-profit public entity that supports Dubai's vision as a global player by empowering businesses, delivering innovative value-added services, and unlocking access to influential networks. In March 2021, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the restructuring of Dubai Chamber of Commerce and the formation of three chambers for the emirate, namely Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy, which now operate under the umbrella of Dubai Chambers.
Zawya
06-03-2025
- Business
- Zawya
Dubai Chambers organises four workshops to enhance awareness of key laws and regulations among the business community
Interactive workshops covered key legal requirements relating to cybersecurity, the workplace environment, trade digitalisation, and corporate tax. Dubai, UAE – Dubai Chambers organised four workshops recently aimed at enhancing companies' awareness of business environment regulations and strengthening compliance with legal frameworks governing economic sectors. The sessions attracted 260 private sector representatives, equipping participants with valuable insights on key topics including cybersecurity, employment and workplace-related legal matters, trade digitalisation, and corporate tax. The first workshop was organised in collaboration with Al Sahlawi & Co and Morgan, Lewis & Bockius. The session covered strategies for meeting employee expectations, ensuring legal compliance in employment policies, handling workplace grievances, and clarifying the legal obligations of employers and employees. The second workshop, which was held in partnership with the International Chamber of Commerce (ICC-UAE) and Fichte & Co Legal, focused on trade digitalisation requirements and global trade transformations. The session highlighted the UAE's achievements in reinforcing its position as a leading hub for digital trade. Key topics covered included the role of the ICC Digital Standards Initiative, the Model Law on Electronic Transferable Records, the legal standing of electronic trade documents in the UAE, and best practices in digital identification of trade counterparties. The third workshop addressed the UAE's evolving cybersecurity landscape. Hosted in collaboration with Kreston ME Consulting and Galadari Advocates and Legal Consultants, the session addressed the security challenges businesses face in digital adoption, compliance requirements for cybersecurity laws, and the key pillars of the Dubai Cybersecurity Strategy. The fourth workshop was organised in collaboration with Al Tamimi & Company and provided valuable insights on corporate tax in the UAE. The discussion covered areas including tax compliance requirements, the key features of the UAE's tax system, and corporate taxation in free zones. The interactive workshops came as part of Dubai Chambers' commitment to fostering a business-friendly environment by providing access to vital legal information and promoting best practices in compliance. By equipping businesses with the knowledge to navigate legal frameworks more effectively, Dubai Chambers empowers companies to enhance their competitiveness and contribute to sustainable economic growth. -Ends- About Dubai Chambers: Dubai Chambers is a non-profit public entity that supports Dubai's vision as a global player by empowering businesses, delivering innovative value-added services, and unlocking access to influential networks. In March 2021, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the restructuring of Dubai Chamber of Commerce and the formation of three chambers for the emirate, namely Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy, which now operate under the umbrella of Dubai Chambers. Follow us on: For more information, please contact: Mohamad Mouzehem PR & Corporate Communications Email:
