Latest news with #AlAwadi
Gulf Today
4 days ago
- Business
- Gulf Today
Life in jail, Dhs10 million fine for money laundering in UAE
Money laundering crime in the UAE is penalized by life imprisonment, a fine of up to Dhs10 million, and deportation for foreign offenders, according to lawyer and legal consultant Omar Al Awadi who emphasised that the UAE has tightened its measures against such crimes due to their severe impact on the financial and economic systems. Under Federal Law No. 26 of 2021 on Combating Money Laundering and Terrorist Financing, money laundering is treated as a major crime, with stringent penalties for individuals and entities involved. Al Awadi noted that strict administrative sanctions have been adopted for those who neglect or cooperate in such crimes, including the temporary or permanent closure of involved establishments and the cancellation of commercial licences in some cases. The money laundering crimes include depositing illicit funds in banks to disguise them as legitimate, purchasing real estate or vehicles using proceeds from criminal activities, transferring funds abroad to conceal their true source, and financing unauthorised or illegal organisations, according to the law.
Zawya
17-02-2025
- Business
- Zawya
35th Sharjah Ramadan Festival to kick off next Saturday with exciting marketing and heritage activities
Sharjah: The Emirate of Sharjah is set to kick off the 35th edition of the Sharjah Ramadan Festival 2025 next Saturday, running from February 22 to March 31. Organised by the Sharjah Chamber of Commerce and Industry (SCCI), the festival will cover all cities and regions of the emirate, in partnership with local government entities, authorities, institutions, and the private sector. Shopping centres and commercial stores throughout Sharjah will also play a key role in the event's wide-reaching participation. Considered one of the country's most prominent social and economic events, the festival aligns with the Year of Community, aiming to celebrate and preserve authentic Emirati heritage while strengthening bonds within families and the broader community. The event will feature a diverse range of heritage, historical, artistic, and religious activities that highlight the spiritual significance of the holy month of Ramadan while spreading joy among residents and visitors. It also aims to strengthen social cohesion, promote cultural exchange, and create an atmosphere of tolerance and positivity. Extending to the central and eastern regions of the emirate, the event promises a unique shopping experience with major promotional offers and discounts on top brands and products. In addition to shopping incentives, the festival will feature entertainment activities designed to enhance the festive spirit throughout Ramadan. Shoppers will also be treated to exciting surprises and valuable prizes offered by participating shopping centres and retail stores, making the festival an unmissable occasion for both residents and visitors. His Excellency Mohammed Ahmed Amin Al Awadi, SCCI's Director-General, emphasised that the Sharjah Ramadan Festival is one of the chamber's most significant initiatives, having been a key part of Sharjah's annual calendar for over three decades. 'The festival continues to play a vital role in strengthening the retail sector, a core pillar of the emirate's economic activity, while also boosting the tourism industry and supporting the business community. Seasonal promotional campaigns are essential in stimulating commercial and tourism activity across the emirate,' Al Awadi said. Abdul Aziz Al Shamsi, Assistant Director-General for Communication and Business Sector at SCCI, noted that the Sharjah Ramadan Festival is one of the most awaited marketing events by the community during the holy month. He stressed that the Chamber is committed to maintaining the festival's success and reputation, ensuring that each edition provides unique and memorable experiences for Sharjah's residents and visitors alike. The festival will also feature the Ramadan Nights at Expo Sharjah Expo Centre Sharjah, a key attraction that annually draws over 150,000 visitors and hosts more than 200 exhibitors, including major retailers and 500 international and local brands. This year, the festival promises an even more dynamic Ramadan experience, offering a rich blend of cultural and entertainment activities designed for families. Alongside these attractions, shoppers will have the opportunity to engage in interactive experiences, from prize draws and exciting giveaways to exclusive discounts on top brands, ensuring a festive and rewarding atmosphere throughout the holy month. For further information, please contact: Ali Elgendy Misbar Communications ali@ Aldwairi Misbar Communications
