Dubai repays $500 million bond certificates

Inayat-Ur-Rahman, Business Editor

The Government of Dubai, acting through the Department of Finance (DoF),  on Tuesday announced that it repaid the $500 million bond certificates on time despite the worst COVID-19 challenges.

The $500 million Fixed Rate Note issued on June  22,  2011 under its Euro Medium Term Note Programme, reached maturity on  June 22, 2021.

Upon maturity, all the notes have been redeemed in full by making the required payment through the paying agent to the holders of the notes, along with accrued interest.

Abdulrahman Saleh Al Saleh, Director General of DoF, said: “The Government of Dubai’s ability to fulfill its financial obligations reflects its deep fiscal stability amidst the circumstances imposed by the current global crisis. The government’s solvency has allowed it to fulfill its past and current obligations and will continue to enable it to meet all future obligations on time.”

“We have been successful in overcoming the most challenging repercussions of the global pandemic, and have now entered a solid phase of recovery, thanks to the measures taken by the government to ensure rational prioritised spending, under the directives of our leadership,” Al Saleh added.

Beneficial Owner data: The last day for all registered businesses in Dubai to add their Beneficial Owner data to the commercial registry has now been extended to  June 30, 2021, Dubai Economy informed on Tuesday. Dubai Economy also urged businesses to provide the Beneficial Owner data as required by the UAE Cabinet Decision No. (58) of 2020 within the new deadline to avoid any legal consequences.

Registered businesses in Dubai can add the Beneficial Owner data by logging in to the eServices page of Dubai Economy on https://eservices.dubaided.gov.ae/BeneficiaryOwner

‘Beneficial Owner’ refers to those individuals/entities that benefit from owning a registered business. The Cabinet Decision No. (58) of 2020 requires all registered businesses in the UAE to reveal the identity and furnish details of their Beneficial Owner to be included in the commercial registry as part of enhancing corporate compliance in the country in line with international best practices.

The Beneficial Owner data required include name, nationality, gender, passport number, residence address and mobile number. All registered businesses in Dubai must register their Beneficial Owner data irrespective of their category (e.g. Commercial, Professional or Industrial) or legal form.

Customers logging in to the Dubai Economy eServices page can click on the Add / Modify the Beneficial Owner button. The customer will then be transferred to another screen to enter the Beneficial Owner data.

Any customer performing a business registration and licensing transaction at Dubai Economy is automatically alerted on the Beneficial Owner data via text message before a payment voucher for the transaction is issued. The customer can then click on the link provided in the text message and enter the Beneficial Owner data. Business owners requesting Auto Renewal of their licences via text message to ‘6969’ also receive the link to the Beneficial Owner registration.

The Ministry of Economy (MoE) announced that it has adopted additional steps to ensure the compliance of establishments registered in the UAE with the submission and the availability of ultimate beneficial owner information and to strengthen the UAE’s regime in anti-money laundering and combating financing. As part of these measures, the licensing authorities in all emirates and in the commercial free zones have been given the authority to impose administrative penalties and fines on non-complying establishments that fail to adhere to the ultimate beneficial owner requirements under the Cabinet Resolution (58) of 2020 regulating the Ultimate Beneficial Owner Procedure on or before June 30, 2021, in accordance with Cabinet Resolution No. (53) of 2021 on Administrative Penalties for Violators of Ultimate Beneficial Owner Procedures.

The latest move contributes to strengthening concerted efforts and integration of roles between federal and local authorities to ensure full compliance of the establishments, thus raising the level of transparency in the country’s business environment. In addition, it enhances the UAE’s efforts in developing the system of anti-money laundering  and combating terrorism financing and supports its efforts at a global level in such regards. Additionally, it consolidates the UAE’s position as a competitive economic hub that follows the highest standards of integrity and transparency in the field of financial and commercial controls and confronting unhealthy practices in business activities.