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Fintech world’s best minds converge at inaugural Dubai Summit

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Dubai is set to host the first-ever Dubai Fintech Summit on May 8 and 9 under the patronage of Sheikh Maktoum bin Mohammed Al Maktoum, First Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE.

The event will take place at Madinat Jumeirah and will bring together over 5,000 global Fintech C-suite executives and technology experts to discuss the latest innovations and challenges in the sector.

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The Summit will feature a lineup of distinguished speakers from both local and international arenas. Notable speakers include Abdulla bin Touq Al Marri, UAE Minister of Economy, and chief executives Bill Winters, Brad Garlinghouse, Piyush Gupta, Jenny Johnson and Brian Armstrong from Standard Chartered, Ripple, DBS Bank Singapore, Franklin Templeton and Coinbase respectively, among others.

Mohammad AlBlooshi

Mohammad Alblooshi, head of organisers DIFC Innovation Hub and Fintech Hive, underscored the importance of the summit. “Nearly 60% of all Fintech companies in the GCC are currently based in the city. With the industry growing at an unprecedented rate, it is crucial for stakeholders to gather and discuss the challenges and opportunities that lie ahead. The Dubai Fintech Summit promises to bring together the most prominent figures in the industry, with an agenda that will captivate and inspire audiences worldwide.”

The global Fintech sector is rapidly growing and is predicted to be valued at $305 billion globally by 2025, according to Research and Markets, an intelligence and market analysis firm.

In the Middle East, Africa and South Asia (MEASA) region, the industry is expected to double in value from $135.9 billion in 2021 to $266.9 billion in 2027, according to a 2022 report by DIFC Fintech Hive.

The DFS will offer a unique platform for startups, investors, and industry leaders to connect and capitalise on the growing Fintech market in the region and beyond. The DFS will feature a series of panel discussions, fireside chats, and over 100 Fintech exhibitors.

There are over 800 Fintech startups worth $15.5 billion in the MEASA region alone, according to data by dealroom.co. Dubai alone is home to over 20% of the world’s Fintech businesses, according to a report by Mordor Intelligence.

Mastercard’s 2022 Digital Payments Index report reveals that digital payments are gaining traction in the MENA region. More than 85% of respondents reported using at least one emerging payment method in the past 12 months, indicating a shift away from cash-based transactions. Among MENA countries, the UAE stands out as being ready to embrace a cashless society. According to the event’s co-host sponsor Visa, 52% of UAE consumers are already cashless or plan to be by 2024.

The DFS will offer attendees a platform to participate in discussions and exchange ideas on emerging trends, regulatory frameworks, and future possibilities.

The event will feature discussions on a range of topics, including ‘Building the Economies of the Future’, ‘Crypto and the Evolving Regulatory Framework’, ‘The World of Finance: Where are the Women?’, and ‘Building a Resilient and Sustainable Financial Sector in the Age of Disruption’. Participants will have the opportunity to gain valuable insights on these critical issues from industry leaders and experts.

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UAE’s new cultural heritage law: Dh10mn fines and 10-year jail terms proposed

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The UAE Federal National Council (FNC) has approved a draft law to protect the country’s cultural heritage, with severe penalties for anyone who damages, steals, or illegally trades in protected heritage items.

If enacted, the legislation would introduce fines of up to Dh10 million and prison sentences of up to 10 years for the most serious offences involving archaeological and heritage sites.

Why the new law?

The proposed legislation is designed to preserve the UAE’s rich cultural identity while supporting sustainable development and cultural tourism.

The law aims to:

  • Protect, preserve, document, and promote the UAE’s cultural heritage.
  • Encourage research and education related to heritage.
  • Support cultural exchange and diversity.
  • Preserve heritage for future generations.
  • Boost heritage tourism across the UAE.
  • Integrate cultural heritage into everyday community life.
  • Encourage government and private organisations to include heritage in sustainable development plans.

What the law covers

The proposed legislation applies across all seven emirates, including free zones.

It protects a wide range of heritage, including:

  • Tangible heritage such as historic buildings and artefacts.
  • Intangible heritage, including traditions, customs, and cultural practices.
  • Natural heritage.
  • Digital heritage, including culturally significant digital records and archives.

The draft law classifies historical buildings as structures built before 1960, while modern heritage includes significant buildings constructed after 1960, such as schools, hospitals, museums, and industrial facilities.

Archaeological sites, shipwrecks, and submerged aircraft located within UAE territory are also protected under the proposed legislation.

Reporting heritage discoveries is mandatory

Anyone who discovers an archaeological object or cultural heritage item must report it within 48 hours to the relevant authority, the Ministry of Culture, or the nearest police station.

People who promptly report discoveries may be eligible for a reward, encouraging public participation in protecting the nation’s heritage.

Major penalties

Fines of Dh500,000 to Dh10 million

The highest penalties apply to offences such as:

  • Deliberately damaging or destroying heritage sites or artefacts.
  • Stealing or unlawfully taking cultural heritage items.
  • Carrying out construction, demolition, or infrastructure work at protected sites without official approval.
  • Smuggling cultural or archaeological items into or out of the UAE.

Up to 10 years in prison

Offenders may face prison sentences of up to 10 years, along with fines ranging from Dh300,000 to Dh5 million, for:

  • Conducting illegal archaeological excavations.
  • Using heritage sites as dumping grounds.
  • Submitting false documents to export antiquities.
  • Forging heritage artefacts or intentionally creating fake cultural items to deceive others.

Up to three years in prison

The draft law also proposes prison terms of up to three years and fines between Dh100,000 and Dh5 million for offences including:

  • Removing or relocating heritage items without approval.
  • Trading materials taken from protected heritage sites.
  • Displaying advertisements on heritage or archaeological locations.
  • Failing to register heritage items in private possession.
  • Neglecting the preservation of registered heritage items.
  • Obstructing authorised inspectors.
  • Organising events involving cultural heritage without the required permits.

Strengthening heritage protection

The proposed legislation reflects the UAE’s commitment to preserving its history and cultural identity while promoting responsible tourism and sustainable development. If implemented, it will establish one of the region’s strongest legal frameworks for safeguarding cultural heritage and ensuring its preservation for future generations.

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Is your neighbourhood on the UAE’s train map? The full list of Etihad Rail stations

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The UAE’s passenger rail network is expanding, making travel between emirates faster and more convenient. Etihad Rail is introducing stations across key cities and towns, connecting communities from the capital to the country’s eastern and western regions.

Here’s a complete guide to the confirmed passenger stations and their expected opening schedule.

Mohammed Bin Zayed City, Abu Dhabi

One of the first passenger stations to begin operations, the Mohammed Bin Zayed City station serves as a major entry point into Abu Dhabi. It offers convenient access to the capital and is expected to become a central transport hub for commuters and visitors.

Jumeirah Golf Estates, Dubai

Dubai’s first Etihad Rail passenger station is located in Jumeirah Golf Estates near Sheikh Mohammed Bin Zayed Road. In the future, the station is expected to connect with Dubai Metro’s Red Line and the planned Gold Line, improving travel across the city.

Al Dhaid, Sharjah

Serving one of Sharjah’s largest inland communities, the Al Dhaid station is expected to support daily commuters travelling between Sharjah and Dubai while improving regional connectivity.

University City, Sharjah

Located close to Sharjah International Airport, the University City station will provide easier access for students, residents, and air travellers. It is also expected to benefit passengers flying with Air Arabia.

Madinat Zayed, Abu Dhabi

Situated in the Al Dhafra region, this station will connect Madinat Zayed with the wider Etihad Rail network, making travel across the UAE more accessible.

Al Hilal, Fujairah

The Al Hilal station, located near Fujairah city and Qidfa, is the easternmost passenger station on the network. Already in operation, it features ticketing facilities, parking, waiting lounges, taxi services, car rentals, and a variety of food and beverage outlets.

Al Mirfa, Abu Dhabi

The coastal town of Al Mirfa, known for its beaches and fishing heritage, will gain improved rail connectivity through its upcoming passenger station.

Al Dhannah, Abu Dhabi

Located in western Abu Dhabi, Al Dhannah is set to become another important stop, supporting residents and strengthening regional transport links.

Liwa, Abu Dhabi

The Liwa station will make it easier for travellers to visit the famous Liwa Oasis and explore one of the UAE’s most iconic desert destinations.

Al Sila, Abu Dhabi

Positioned near the UAE’s western border, Al Sila is expected to play an important role in the future GCC Railway Project, which aims to connect Gulf countries through a unified rail network.

Station opening schedule

  • Now Open: Mohammed Bin Zayed City (Abu Dhabi) and Al Hilal (Fujairah)
  • Opening on September 30: Jumeirah Golf Estates (Dubai) and Al Dhaid (Sharjah)
  • Opening on December 30: Al Dhannah, Al Mirfa, Madinat Zayed, Liwa, and Al Sila (Abu Dhabi)
  • Opening on March 30, 2027: University City (Sharjah)

A new era of travel in the UAE

As additional stations become operational, Etihad Rail is set to transform passenger transportation by offering a faster, more comfortable, and more sustainable way to travel between the UAE’s major cities and towns. The growing rail network is expected to reduce travel times, improve connectivity, and support the country’s long-term mobility goals.

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UAE approves paid leave for employees with communicable diseases under draft law

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Employees in the UAE who are diagnosed with a communicable disease, suspected of being infected, or identified as close contacts during an epidemic or pandemic could soon receive paid leave without it affecting their annual leave entitlement, under amendments approved by the Federal National Council (FNC).

The amendments form part of a draft federal law on combating communicable diseases, which was approved by the FNC during its session on Wednesday.

What the amendments mean

Under the proposed changes, employers will be required to prevent an employee from attending the workplace if they:

  • Are infected with a communicable disease.
  • Are suspected of having a communicable disease.
  • Have been identified as a close contact during an epidemic or pandemic.

The measure applies if the employee’s presence is likely to pose a health risk to others in the workplace.

Paid leave without affecting annual leave

The amendments also protect employees’ leave entitlements.

If an employee is required to stay away from work for health reasons under the law, the period of absence:

  • Will not be deducted from statutory leave entitlements.
  • Will be fully paid, with the employee continuing to receive their wage or gross salary.

To qualify, the employee must provide a certificate issued by the competent health authority.

FNC approves amendments

The amendments were approved during an FNC session attended by Minister of Health and Prevention Ahmed bin Ali Al Sayegh.

According to the FNC, the draft law was first submitted to the Council in March following approval by the Council of Ministers.

The President of the FNC referred the proposed amendments to the Health and Environmental Affairs Committee, which reviewed the changes during a meeting on July 6.

After examining the proposals and their role in strengthening the implementation of the law, the committee endorsed the amendments before they were approved by the Council.

If the draft law completes the legislative process and comes into force, it will strengthen workplace health protections while ensuring employees do not lose pay or annual leave when required to isolate because of communicable diseases.

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