5 banks, 2 insurance firms fined AED 2.62 million for flouting tax rules
Five banks and two insurance companies operating in the UAE have been penalised for violating tax rules, the Central Bank of the UAE (CBUAE) announced on Tuesday.
The authority said they handed out a total of AED 2.62 million in fines.
According to a statement issued by the CBUAE, the seven entities had failed to comply with the reporting procedures required by the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) guidelines.
The authority said the fines were imposed after the entities were given ample time for rectification.
The CBUAE, through its supervisory and regulatory mandates, said it works to enhance the quality of the financial system in the UAE and combat tax evasion.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
7 minutes ago
- Arabian Post
Dubai Sets Record with Blockchain-Powered Property Sell-Out
Arabian Post Staff -Dubai Dubai Land Department's second tokenised property offering was fully subscribed in just one minute and 58 seconds, marking the fastest-ever blockchain-backed real estate transaction globally. The project, made available through the PRYPCO Mint platform, attracted 149 investors across 35 nationalities, while more than 10,700 others joined a waitlist to participate. The speed of uptake underscores growing trust in digital property ownership within the emirate's broader Property Tokenization Initiative. The feature property—a one‑bedroom apartment in Kensington Waters on Mohammed Bin Rashid City—was valued at AED 1.5 million, discounted from an estimated AED 1.875 million. Fractional ownership began at AED 2,000, enabling micro‑investing in prime Dubai real estate. This landmark offering followed an inaugural tokenisation in May 2025, which sold out within 24 hours, suggesting escalating global appetite for fractional property investments. ADVERTISEMENT PRYPCO Mint is jointly operated by the Dubai Land Department and PRYPCO, under a regulatory framework accredited by the Virtual Asset Regulatory Authority, the UAE Central Bank, and Dubai Future Foundation within the Real Estate Sandbox initiative. The blockchain infrastructure is built by Ctrl Alt on the XRP Ledger and supported by Zand Digital Bank, ensuring tokens align with official title deeds. Market data indicates robust momentum behind this pivot to tokenisation. In May, Dubai recorded total real estate sales of AED 66.8 billion, a 44 per cent increase year-on-year. The surge was driven by a 314 per cent rise in primary sales, with experts citing tokenisation as a catalyst for further growth. Scott Thiel, CEO of Tokinvest, observed that 'tokenisation will not just accompany the next record, we believe, it will help drive it,' signalling strong confidence in the emerging asset class. Dubai's roadmap for tokenised real estate charts transformative ambitions. The DLD estimates that by 2033 tokenised assets could account for 7 per cent of the city's total real estate market—equivalent to roughly US$16 billion. The first offering had drawn 224 investors from over 40 countries, with certificates of ownership now logged on the blockchain to ensure legal validity. Industry insiders have noted the implications across the investment ecosystem. Zaher El Orm, a blockchain advocate in Dubai, commented that the asset 'sold out in less than two minutes … with an average investment of around AED 10,000, a clear demonstration of the market's appetite for on‑chain, fractional property investment,' adding that title certifications were issued within hours. Earlier in the year, DAMAC Group—one of the UAE's major developers—agreed to tokenize its assets worth US$1 billion via the MANTRA platform, reinforcing Dubai's ambition to become a global digital assets hub. This aligns with regulatory updates from VARA in May extending tokenisation frameworks to real-world assets, bolstering transparency and operational efficiency. Dubai Land Department and PRYPCO are now preparing to expand PRYPCO Mint's offerings, encouraging investors to register early. Future phases aim to include international participants and onboard additional developers, scaling the initiative beyond its pilot phase. Tokenisation is reshaping Dubai's real estate landscape. By lowering barriers to entry, increasing liquidity, and embedding ownership in blockchain-secured records, Dubai is forging a path toward a digitally enabled property market that caters to both local and global investors. As the platform extends its reach, tokenised offerings may soon become a mainstream vehicle for property investment.
TECHx
13 hours ago
- TECHx
The UAE Media Law Update Everyone's Talking About
Home » Editor's pick » The UAE Media Law Update Everyone's Talking About New UAE Media laws introduce fines up to AED 1M for unlicensed content. Learn how to stay compliant with publishing, podcasting, and media rules. If you're in media, publishing, or content creation in the UAE, this is big. The UAE has rolled out a new framework that brings sharper clarity to what's allowed in media, and what isn't. From hefty fines to stricter licensing, these updates are reshaping the way media works across the Emirates. Let's break it down. Why This Matters With digital content growing fast, the UAE is pushing for more responsible media practices. The goal? Clear rules. Smarter regulation. And a media space that reflects national values while supporting creativity. Two new Cabinet Decisions, No. 41 and No. 42 of 2025, introduce detailed penalties and updated licensing structures for everyone in the media game. This includes individuals, institutions, and digital platforms, even those in free zones. The Big One: Content Penalties (Table No. 2) This is where things get serious. For the first time, violations are sorted into 20 categories across four severity levels, First Degree (least serious) to Fourth Degree (most severe). Fines range from AED 5,000 to AED 1,000,000. Here's what could land you in trouble: Disrespecting religious values (including Islam and other faiths): AED 100,000 to AED 1,000,000 Offending UAE leadership or national symbols: AED 50,000 to AED 500,000 Publishing content harmful to foreign relations: AED 30,000 to AED 250,000 Promoting sectarianism, terrorism, or violence: AED 100,000 to AED 500,000 Sharing fake, misleading, or immoral content: AED 10,000 to AED 100,000 Violating privacy or children's rights: AED 5,000 to AED 100,000 Ignoring age ratings or national identity standards: AED 5,000 to AED 100,000 Each case will be assessed based on its impact, media, economic, political, and social. Who Decides the Fine? A new body called the Committee for Violations of Media Content Standards will handle that. Made up of 3 to 7 media experts, the committee will decide the penalties based on severity and societal impact. They'll evaluate violations and match them to the right category and fine. Media Licenses Just Got Stricter Alongside content rules, Cabinet Decision No. 41 of 2025 and Table No. 1 of Decision No. 42 outline new rules for media activity licensing. From podcasts and electronic publishing to video production, every media activity now has: Clear license types Specified fees Administrative fines for non-compliance Operating without a license? You're looking at a minimum fine of AED 5,000. Repeat violations will cost more. Can You Appeal a Fine? Yes. If you've been penalized, you can file a grievance within 15 days. A response must be given within another 15 days from your submission date. This adds a layer of fairness and gives professionals a chance to explain or challenge decisions. What This Means for UAE Media These decisions mark a major moment for UAE Media. The new rules bring structure, transparency, and accountability to a fast-evolving industry. Whether you're a journalist, vlogger, podcaster, or running a digital platform, compliance is no longer optional. These updates ensure that freedom of expression and cultural responsibility can grow side by side. Media professionals now have clearer expectations and stronger guidance on what's acceptable, and what's not. Final Thought The UAE is moving toward a more ethical, secure, and future-ready media ecosystem. With clearer laws and better oversight, media professionals are now better equipped to create responsibly, without crossing red lines. Stay updated. Stay licensed. Stay compliant.
Hi Dubai
19 hours ago
- Hi Dubai
Hiring in Dubai: Labour Laws and Best Practices in 2025
Dubai's skyline sparkles with ambition, and its workforce mirrors that energy. As a global hub for business, innovation and talent, the city attracts companies and professionals from every corner of the world. In 2025, hiring in Dubai is about navigating a dynamic legal landscape, embracing cultural diversity and aligning with the UAE's vision for a sustainable, inclusive economy. For business owners, HR managers and startups, understanding the updated UAE Labour Law and adopting smart HR practices is critical to thriving in this competitive market. The stakes are high: compliance ensures smooth operations, while strategic hiring builds teams that drive growth. Recent reforms, particularly Federal Decree Law No. 33 of 2021 and its 2024 amendments, have reshaped the employment scene. From mandatory fixed-term contracts to stricter Emiratisation quotas, the rules are evolving fast. Add to that Dubai's unique position as a magnet for expatriates (who make up over 88% of the population) and its push for local talent through programs like Nafis, and you've got a hiring environment that demands both precision and creativity. Dive into the essentials of hiring in Dubai in 2025, offering clear guidance for businesses and residents alike. Whether you're a startup in a free zone or an established firm on the mainland, here's how to hire smart, stay compliant and build a team that reflects Dubai's global spirit. Key UAE Labour Laws to Know The UAE Labour Law, anchored by Federal Decree Law No. 33 of 2021 and amended by Federal Decree Law No. 9 of 2024, governs private-sector employment across the UAE, including Dubai. These laws apply to both UAE nationals and expatriates, with exceptions for federal employees, armed forces and domestic workers. Staying compliant is non-negotiable, as violations can lead to fines ranging from AED 50,000 to AED 200,000. Here's what businesses need to know. Recent Updates The 2024 amendments, effective from August 31, 2024, refine the 2021 law to align with international standards. Key changes include stricter anti-discrimination measures, enhanced maternity leave (60 days paid, plus 45 days unpaid for pregnancy-related illness), and mandatory enrollment in government-approved savings plans like the DEWS scheme, replacing traditional end-of-service gratuity for some employees. The law also caps working hours at 48 per week (40 in Dubai's private sector) and mandates overtime pay at 1.25 times the regular rate. Employment Contract Rules Unlimited contracts are history. All employment contracts must now be fixed-term, typically lasting two to three years and renewable. Probation periods are capped at six months, with a 14-day notice required for termination during this period. Notice periods post-probation range from 30 to 90 days, depending on the contract. All contracts must use Ministry of Human Resources and Emiratisation (MoHRE) templates, available in Arabic and English, and be registered digitally by Q3 2025. Work Models The law now supports diverse work arrangements: full-time, part-time, freelance, temporary and flexible. Part-time and flexible models are gaining traction, especially for remote work, but employers must clearly define terms in contracts to avoid misclassification. Freelance permits allow self-sponsored foreigners to work without a traditional employment contract, ideal for project-based roles. Emiratisation Quotas The UAE's Emiratisation push requires private-sector companies with 50 or more employees to achieve a 2% annual increase in UAE national hires, reaching 10% by 2026. Smaller firms (20-49 employees) in sectors like IT and real estate must hire at least two Emiratis by 2025. Non-compliance triggers monthly fines of AED 6,000 per unfilled position. Compliance Issues Common pitfalls include failing to register employees with MoHRE, neglecting the Wages Protection System (WPS) for timely salary payments and ignoring health and safety standards. Employers must also avoid fictitious Emiratisation practices, such as falsifying data to meet quotas, which can lead to fines and repayment of government incentives. Hiring Emiratis: What Businesses Need to Do Emiratisation is a cornerstone of the UAE's Vision 2021 and 2030, aiming to integrate 75,000 UAE nationals into the private sector by 2026. For Dubai businesses, this is an opportunity to tap into local talent and align with national goals. Companies with 50 or more employees must hire one Emirati for every 50 skilled workers, increasing annually. By 2025, firms with 20-49 employees in 14 key sectors must employ two Emiratis. MoHRE's Tawteen Gate system reserves 160 senior job titles for UAE nationals, blocking new expatriate permits for these roles. Free zones like DIFC are exempt, but mainland businesses face strict oversight. The Nafis programme, launched in 2021, supports Emiratisation through training, job placement and financial incentives. Employers who meet quotas gain priority in government tenders, while non-compliant firms face penalties. Nafis also offers a recruitment portal to connect businesses with Emirati job seekers, though its use is voluntary. To integrate Emiratis effectively, offer competitive salaries (matching expatriate counterparts), provide mentorship and invest in training aligned with Nafis initiatives. Highlight career growth opportunities to attract young Emiratis, as 70% of UAE employers now prioritize local talent. Regular diversity training ensures Emiratis feel valued in multicultural teams. With expats comprising 88% of Dubai's workforce, hiring international talent is a core business strategy. However, the process involves navigating visas, permits and mandatory benefits. Work Visa Process To hire expatriates, employers need an establishment card from MoHRE and must sponsor work permits. The process involves: Obtaining MoHRE approval for a job offer. Securing an entry permit from the General Directorate of Residency and Foreigners Affairs (GDRFA). Arranging a medical fitness test and Emirates ID for the employee. Standard work visas last two to three years. The Golden Visa (for high-skill professionals) and Green Visa (for self-sponsored workers) offer longer-term options but require specific qualifications. Free zones like Dubai Multi Commodities Centre offer benefits like 100% foreign ownership and tax exemptions, but employment laws align with federal standards. Mainland companies face stricter Emiratisation rules but have broader market access. Both require MoHRE-approved contracts. Remote work is permitted, but contracts must specify terms like hours and deliverables. Cross-border hiring requires compliance with UAE immigration laws, and employers must clarify tax obligations for remote workers abroad. Employers must provide health insurance for expatriates (mandatory in Dubai) and often include housing allowances, negotiated during hiring. End-of-service gratuity (21 days' basic salary per year for the first five years, 30 days thereafter) is standard for employees with over one year of service, unless enrolled in DEWS. Best Practices for Hiring the Right Talent in Dubai Attracting top talent in Dubai's competitive market requires strategy and compliance. Here are five best practices: Build a Strong Employer Brand: Showcase your company's values, growth opportunities and commitment to diversity. Highlight Dubai's tax-free lifestyle and vibrant culture on platforms like LinkedIn. Leverage Multiple Channels: Post jobs on MoHRE's portal, LinkedIn and local agencies like Bayt or GulfTalent. Attend career fairs to connect with Emirati and expat candidates. Craft Compliant Job Offers: Ensure offers align with MoHRE templates, detailing salary, benefits and job scope. Avoid vague terms to prevent disputes. Conduct Legal Background Checks: Verify qualifications and references, but respect UAE data protection laws. Skill assessments must be role-relevant and non-discriminatory. Prioritize Onboarding: Provide cultural orientation and clear role expectations to help new hires integrate, especially in diverse teams. HR Contracts & Documentation: What Must Be in Place Proper documentation is the backbone of compliant hiring in Dubai. Mandatory Contract Elements MoHRE requires contracts to include job title, salary, benefits, work hours and notice periods. Contracts must be bilingual (Arabic and English), with the Arabic version legally binding in disputes. Offer Letters and Agreements Offer letters should mirror contract terms and be registered with MoHRE. Non-disclosure agreements (NDAs) and intellectual property (IP) clauses are common but must comply with UAE law, limiting non-compete clauses to two years. Digital HR MoHRE's digital platform supports e-signatures for contracts, streamlining registration. Use approved systems to ensure legal validity and avoid fines for non-compliance. Probation, Termination & Grievances: Avoiding Common Pitfalls Navigating probation, termination and disputes requires precision to avoid legal trouble. Probation Period The six-month probation period allows employers to assess fit, with a 14-day notice for termination. Employees switching jobs during probation must give 30 days' notice, and new employers may need to compensate for recruitment costs. Termination Rules Termination requires 30-90 days' notice, except for gross misconduct (e.g., fraud), where no notice is needed. Gratuity is paid regardless of termination reason, calculated on basic salary. Employees can file complaints with MoHRE within 30 days of termination. Handling Disputes MoHRE mediates disputes for claims up to AED 50,000, with appeals to the Court of First Instance. Timelines are strict; claims filed over two years post-termination are dismissed. Engage a Public Relations Officer (PRO) or labour lawyer for complex cases. Common Hiring Mistakes Businesses Still Make Avoid these pitfalls to stay compliant and competitive: Skipping MoHRE Approvals: Failing to register contracts or job offers risks fines and operational bans. Misclassifying Freelancers: Treating freelancers as employees without contracts can lead to retroactive penalties. Ignoring Emiratisation Quotas: Non-compliance incurs hefty fines and reputational damage. Inadequate Onboarding: Skipping cultural training or role clarity leads to high turnover. The UAE Labour Law and Emiratisation mandates set clear rules, but success lies in building a diverse, engaged team that reflects Dubai's global ethos. By leveraging programs like Nafis, using compliant contracts, and fostering an inclusive culture, businesses can attract top talent and avoid costly mistakes. Embrace it, plan smart, and watch your workforce thrive in this dynamic city. Also Read: Hiring Top Talent in Dubai: A Quick Guide Unlock Dubai's talent pool! Get practical tips on attracting, interviewing, and onboarding skilled employees, plus essential visa basics for hiring in Dubai. UAE's 15 fastest-growing jobs Over the past few years, the UAE's job market has been evolving very fast, with more focus on the services sector as well as new-age technologies. UAE Jobseekers Demand 30% Higher Salaries as Living Costs Rise and Talent Shortages Grow The UAE job market is currently experiencing a significant mismatch between salary expectations and offers, as jobseekers demand up to 30% more than employers are willing to offer, according to the latest Naukrigulf Hiring Outlook Report. UAE Job Market Shifts to Employers' Advantage as Influx of Talent Boosts Options As more people come to country looking for jobs, companies are getting more opportunities to choose from the available talent UAE Jobs: Hiring Picks Up in 2024 with Growing Emphasis on Diversity Hiring is expected to increase by at least 15 per cent this year driven by an optimistic market outlook, according to headhunters and HR professionals in the UAE.
