The Federal Authority for Identity, Citizenship, Customs and Port Security said on social media X: “The Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP) has announced a two-month grace period starting September 1st, 2024 for residents in violation of the residency system.

“During this period, violators can regularize their status or leave the country without incurring fines.”

The UAE introduced a similar Visa amnesty scheme in 2018, from August to December.

Founded in 2008, FIM Partners has firmly rooted itself as a specialist in emerging markets, managing $3.4bn in assets on behalf of institutional clients from North America, Europe, the Middle East, and Asia, with a team of over 45 professionals based in London, Dubai, Riyadh, and Muscat.

As part of the next phase of its growth plans, FIM Partners’ Saudi-based arm, FIM Partners KSA has received approval from the Capital Markets Authority to upgrade its license to add operating funds to its business activities, enabling the firm to offer a broader range of investment management services.

The move will bring about the hiring of new talent with expertise in both public and private market strategies such as equities, fixed income, private equity and real estate. To accommodate this growth, FIM Partners KSA will take up new offices in the prestigious King Abdullah Financial District (KAFD).

Mr. Hedi Ben Mlouka, founder and CEO of FIM Partners, said: “We are eager to strengthen our presence in Saudi Arabia, a market with immense potential and opportunity. What we are witnessing in Saudi is without a doubt the most powerful and credible economic transformation in Emerging Markets.

“We are committed to making Saudi central to our regional operations, delivering high calibre services to our clients and supporting the development of a vibrant financial sector, contributing to the Kingdom’s vision for economic diversification and growth. ”

The value of cases across all divisions in the first half of 2024 was AED 1.05bn, with a total number of 480 cases filed.

In the main Court of First Instance (CFI), 57 cases were filed, with the total value of AED 1.02bn and an average case value of AED 39.3m.

Justice Omar Al Mheiri, director, DIFC Courts, said: “Following a record-year for the DIFC Courts in 2023, we have continued to record strong uptake of core and ancillary services of the DIFC Courts for the first six (6) months of 2024.

“We have also committed to further research and development of new innovative, efficient and cost-effective mechanisms in 2024 to assist our court users, whilst also maintaining core judicial excellence through our case management and skilled bench of judges.

“The UAE’s recently confirmed top ten (10) position with the global competitiveness ranking is a testament to the dynamism of our shared economy, with the report specifically noting the UAE’s stellar and effective dispute resolution mechanisms as the underpin of its competing economic segments. As the DIFC reflects on its 20-year anniversary in 2024, the DIFC Courts remains confident that our mandate continues to enable businesses to flourish and people to interact in a stable and predictable environment, supporting federal and local strategic goals.”

Claims brought before the CFI involved companies and business across a wide range of sectors, including banking & finance, real estate, construction, manufacturing, retail, intellectual property, and pharmaceutical, and involving disputes related to breach of contract, employment, and outstanding payments.

The operational capacity of the region’s first Small Claims Tribunal (SCT) was strong in the first six months of 2024, with 265 claims filed, and an overall claim value totalling AED 27.2m. The average claim value of cases filed at the SCT was AED 109,000. Claims were driven primarily by disputes involving breach of contract, employment, and property & tenancy.

Reinforcing year-on-year increased efficiency through its digital and paperless strategy, statistics also confirmed that the DIFC Courts issued 100% of Orders and Judgments digitally, with over 913 Orders in the first six months of 2024, and a further 85 Judgments issued for the same period. In addition, 96% of hearings in the CFI were conducted remotely, whilst the SCT recorded 100% and the Court of Appeal recorded 75% remote hearings in the first six months of 2024.

Launched through a partnership in 2015 between the DIFC Courts and the Government of Dubai, the Wills Service was established to enable non-Muslims who are investing and living in the UAE to pass on their assets and appoint guardians for their children in line with their wishes through a Will registration service.

In the first six months of 2024, the Wills Service registered 810 Wills, a 6% increase in the number of registrations compared with the first six months of 2023, and issued nine (9) Probate orders. Since its inception, the Wills Service has registered over 11,000 Wills.

Also part of the DIFC Courts’ expanding ancillary services, tejouri, launched in 2022, has recorded over 20% increase in the number of registered digital vaults in the first half of 2024. tejouri provides a unique platform that functions simultaneously as a cloud vault and an online safe for data, supported by a state-of-the-art onsite DIFC data centre and a secondary UAE-based backup data centre.

All uploaded life admin files are secured under the highest standards of security regulation, using multiple factors of authentication, encrypted data, personalised biometric information and safe-keeping ledgers through advanced cryptography. Using Distributed Ledger Technology (DLT), tejouri ensures the transmission of your entire portfolio to your designated stakeholders, or loved ones, at a key time.

In February 2024, Moro Hub, a subsidiary of Digital DEWA, the digital arm of Dubai Electricity and Water Authority (PJSC), awarded the Green Certificate to the DIFC Courts in recognition of its commitment to sustainability for utilising Moro Hub’s Green Cloud, which was adopted in 2023 for its expanding digital infrastructure needs.

Moro Hub’s Green Cloud is designed and developed to offer private and public enterprises energy-efficient solutions. This initiative actively contributes to diminishing carbon footprints and supports sustainable practices within the dynamic digital realm.

In April 2024, in his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Decree No. (29) of 2024 on the ‘Judicial Authority for Resolving Jurisdictional Conflicts between DIFC Courts and Judicial Authorities in the Emirate of Dubai’.

The provisions of the Decree are applicable to judicial bodies in Dubai, including the Court of Cassation, the Court of Appeal and the Court of First Instance, and any other court that will be established as part of the Judicial Authority in Dubai. The Decree also applies to DIFC Courts. New Rules and Procedures are scheduled to be confirmed by the new Tribunal in the coming months that will provide further clarity to court users.

In May 2024, the DIFC Courts further cemented relations with one of Asia’s leading financial centres through a cooperation agreement with The Law Society of Hong Kong. The MoU was signed as part of a Hong Kong delegation visit, which also included Mr. Paul Lam SC, Secretary for Justice of the Hong Kong Special Administrative Region Government, and the Hong Kong Trade Development Council (HKTDC).

Devised as a mandate for knowledge sharing and cooperation, resulting collaboration through memoranda activities serve as a mechanism to foster investor confidence and cultivate further access to justice. This memorandum with The Law Society of Hong Kong aids closer relations between two leading common law institutions, as well as facilitating more confidence for businesses from Hong Kong and the UAE transacting between two of Asia’s leading financial centres.

Cavenwell specialises in global wealth structuring for international clients, and Wood’s extensive experience would significantly bolster the firm’s international engagement strategy and strategic growth, the firm said in a statement on 12 July.

“Allan joins as a Strategic Advisor at Cavenwell Group, leveraging his extensive experience to support our international growth strategy” said Andrew Horbury, founder and managing director of Cavenwell Group. “We are thrilled to welcome someone of Allan’s calibre and experience to our team. His deep knowledge of international wealth management, and his extensive network will be invaluable as we continue to expand our services and international reach.”

Over a career spanning more than 30 years, he has cultivated an extensive international network, collaborating with major global brands and regularly engaging with C-suite executives, government ministers, and regulatory officials.

In his most recent role as global head of market development at Jersey Finance, Wood oversaw the promotion of Jersey’s financial services sector across key strategic markets, including the Middle East, Africa, Asia, the US, the UK, and Europe.

“I am delighted to be joining Cavenwell Group,” said Allan Wood. “The firm’s commitment to excellence and its innovative approach to global wealth structuring make it an exciting place to contribute my experience. I look forward to working with the team to drive international market growth and strategic initiatives.”

Cavenwell Group, headquartered in Dubai, specialises in global wealth structuring for entrepreneurs, UHNW individuals and their families, offering bespoke digitally enabled solutions to international clients.

The framework which is part of ADGM’s progressive business environment complements its existing regulatory frameworks

It covers dedicated regulations that recognise and protect good faith reporting of ‘protected disclosures’ and availability of internal and external channels for reporting reasonably suspected breaches of ADGM legislation or financial crime.

There is also protection for anonymous reporting in good faith of reasonably suspected misconduct, and non-retaliation protections integrated into existing employment regulations to guard employees of all ADGM entities against retaliation for speaking up.

Good governance requirements are included in the new rules too, to support whistleblowing for all ADGM entities, with written policies and procedures for firms licenced by the FSRA, designated non-financial businesses or professions (DNFBPs) and large ADGM entities.

The statement said: “The endeavours of ADGM market participants to operate in line with the highest global standards of business practice are also reflected strongly within the framework. Entities within the centre will implement proportionate arrangements to support effective whistleblowing by 31st May 2025. These arrangements need to be captured in writing by companies that are over a certain size or that carry additional financial crime risks.

“The whistleblowing framework provides a solid foundation that ADGM continuously builds upon and strengthen, ensuring the highest international business standards are upheld.”