The Dubai International Financial Centre (DIFC), a global financial center situated in the MENA and South Asia region, has issued a consultation paper “proposing to amend the Real Property Law, DIFC Law No. 10 of 2018.”
The Proposed amendments will aim to “facilitate the administration and enforcement of the DIFC Real Property Law and enhance the regulatory framework within DIFC, in line with current common law practice.”
The Proposed amendments “are in Part 9 of the Real Property Law, relating to default remedies for Mortgagees.”
As mentioned in the update, the key aspects of the changes to the Real Property Law “include the removal of the Mortgagee’s right of foreclosure in its entirety; clarifying the Mortgagee’s rights and obligations with regards to the exercise of its statutory power of sale in the event of a default by a Mortgagor; and the removal of the reference to the wording, “under the principles of English common law and equity” in Article 29 (b) of the Real Property Law.”
The consultation paper and legislative proposal can be viewed by checking out the Consultation Papers (via Dubai International Financial Centre)
The deadline for “providing comments is 29 March 2022.”
The Proposed amendments “reflect the Centre’s commitment to maintaining a transparent and robust legal and regulatory framework aligned with global best practice.”
In a separate announcement, it was noted that DIFC has announced the launch of an Artificial Intelligence (AI) and coding license, “in cooperation with the UAE Artificial Intelligence Office.”
The license, which is a UAE first, will aim to “advance the country’s Artificial Intelligence Strategy 2031, which aims to enhance the UAE’s reputation in this field by attracting AI companies and coders from around the world.”
As explained in a release, the companies holding the license will be able “to work within a stimulating environment at the DIFC Innovation Hub, which is the largest cluster of FinTech and innovation companies in the region.”
The update further noted that the Hub hosts over 500 firms, “ranging from start-ups to global unicorns, representing over 60 per cent of all GCC FinTechs.”
In addition, the license “provides an opportunity to obtain UAE Golden Visas for employees working in those companies.”
Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, stated:
“Such initiatives reflect positively on the country’s readiness to become a global destination for pioneering the industries of the future by adopting advanced technology and stimulating innovation in various fields. The UAE Government is keen to support digital transformation processes that embody of the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. This is being achieved by developing digital activities and providing innovative solutions that contribute to improving the performance of governments and the lives of communities. DIFC has opened new horizons for leading global companies that aspire to enhance their efforts in the field of AI and expand their businesses further.”
Essa Kazim, Governor of DIFC, said:
“Dubai and DIFC are global ambassadors for AI. Financial Services companies in DIFC and a broad spectrum of other industries across the emirate are setting the standard which is also contributing to the UAE’s ambitious goal to have an internationally competitive, knowledge-based economy. DIFC is proud to be collaborating with the UAE AI Office, confirming our commitment to the country’s Artificial Intelligence Strategy 2031 and leveraging the potential of AI to drive the future of finance.”