This week saw the publication of key documents relating to financial regulation, labour law, the insurance sector, public tenders, climate risks and the activities of free zones. New official gazettes were also published in the UAE and Dubai, including decisions by the Cabinet, the Judicial Council and relevant departments.
Administrative and Financial Penalties for Emiratization Violations Regulation establishes a system of penalties for violations of the Emiratisation policy in private companies:
- fines are imposed for fictitious employment, failure to provide data to the Nafis system and understatement of salaries;
- an appeal procedure and the possibility of blacklisting companies that violate the rules are provided for;
- proceeds from fines are directed towards supporting the employment of UAE citizens.
Climate-related Financial Risk Management Regulation (2025) requires banks and insurance companies to take climate-related financial risks into account in their risk management strategies and policies. Companies must conduct stress tests, report to the Central Bank and impleme...