مكتب محاماة في دبي، الإمارات - إس تي إيهhttps://www.stalawfirm.com/ar.htmlSTA Law Firm - كورت أنكورت - مقالاتنا - The Expo 2020arCopyright 2024 STA Law Firm All Rights Reserved<![CDATA[Economic and Fraud Provisions in Middle East]]> Economic and Fraud Provisions in the Middle East

"There is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud."

- Milton Friedman

Economic fraud is a term that has been repeated over the years, so much so that the consequences it bears do not have any precedence or impact on the ones that hear it. For many companies and capitalist machinery, this term essentially triggers them to explore options to hide their fraudulent tracks and continue operating in the same manner. To have governments help them cover the tracks in certain jurisdictions ultimately defeats the purpose of the assignment.

Despite the incongruent activities of individuals, companies, and governments from the expected norm of justice in many jurisdictions, other countries are tenacious to implement a regulatory framework that will eradicate such fraudulent activities in the market. This article will discuss the economic and fraud provisions established in the Middle East, their effectiveness, and the scope of reach it possesses about financial crime.

What are the Economic and Fraud provisions in the Middle East?

If one area of the economy has seen a steady increase in the past years, it would be the economic fraud prevalent in society. Regardless of the number of provisions that jurisdictions and international organizations establish to combat financial fraud, none of them seems sufficient. The parties involved in economic fraud and other fraudulent practices are constantly evolving to cover their tracks efficiently.

Infamous scandals like Bernie Madoff and the Ponzi scheme leave one in absolute awe as it remains unclear, what is the culprit: the crime or the criminal? Many innocent parties, including employees and clients, were adversely affected by the ill-doings of these financial schemes. After the outburst of many scandals and its impact on many innocent individuals, jurisdictions are trying to fasten their pace to stay a step ahead of wrongdoers and hopefully eliminate the potential threats in the market.

The introduction of new anti-economic fraud regulations has paved the way for potential investors to feel a sense of security over their investments within the market, along with the ability of the regulations to enforce justice. Over time, people have understood that the formation and establishment of an anti-fraud legal framework are not sufficient to ensure peace and harmony in the market, an iron fist must be imposed on fraudulent parties and companies to deter them from doing such activities in the future and serving it as a lesson for other participants in the market who bear similar intentions.

The types of economic fraud can be quite varied and are spread across different industries and the scope of nature. These could include housing benefit fraud, tenancy fraud, council tax fraud, blue badge fraud, social care fraud, business rates fraud, insurance fraud, bribery, and money laundering. These are just a top layer of economic crimes prevalent in an ocean of fraudulent activities in the market. The crimes that are more coherent to the wrongdoings in the market include not declaring the business location, stating that a property is not in use while it is, dishonestly requesting for an exemption to pay for charges that are owed, or any unauthorized movement of money to make ill-gains.

Often, economic crime is caused not by companies but by customers towards companies. The highest reported crime boost in the Middle East is through customer fraud and procurement fraud, which have proved to be the most disruptive fraud within an economic crime. In a survey conducted on a global platform, the number of customer frauds was comparatively more in the Middle Eastern region.

In an ongoing effort to combat fraud together, many companies in the Middle East began investing in more stringent controls and implementation of the rules to avoid economic crime, while many others conducted a thorough examination into reasons after the occurrence of a crime in the company. Another issue that stands alongside customer fraud about its prominence is procurement fraud. This fraud entails the practice of favoring associates with vendor and supplier contracts.

All these efforts are measures taken to mitigate the risks involved and ensure that proper prevention is taken by instilling the right technology and talent to deviate from any fraudulent prone routes.

However, it is not easy to ensure that accountability will be maintained and transparent feedback is provided. Another limitation of this procedure is that advanced technologies to combat financial crime can be costly, which would further deplete if the company possesses insufficient resources to acquire and install the platform and is not equipped with properly trained employees to manage the technology. The lack of proper expertise to handle the in-place technology could attract various cyber threats, which allows a wrongdoer from any part of the world to infiltrate the company's system.

With this in mind, companies must equip themselves from the arsenal of defenses to protect themself and the financial and reputational facets of the company. The extent of damage that infiltration of the company's system can cause to the operations is quite unfathomable. It would be better for companies to leave their vault of secrets wide open than installing an IT platform that is managed poorly. The necessity of combating such insecurities is proliferating and must be countered at the earliest. One would like to believe that the efforts of the legal jurisdictions in the Middle East to battle economic crime are practical and promptly applied. However, many of the jurisdictions still fail to provide a proper implementation of the provisions established against economic crime.

The readiness of companies in the Middle East to confront the indecisive nature of economic crime and report any issues as they arise is still moving at a stagnant rate. The stark increase in cyberattacks and its potential threats is not a mystery to the companies in these regions. Nevertheless, they decide against preparing themselves in defense of such risks and attacks. The firms in the region and the governmental organizations must understand the types of threats that could arise in the economy and the nature of such economic crimes. Although this would seem like an insignificant step, this particular action could help achieve a more profound revelation of the gaps and vulnerabilities of the economy and its protective framework.

Many would argue that the relationship of the Middle East with economic crime and fraud dates back ages. All the glitz and glamour and the boom of economies are incongruent with the fraudulent activities occurring within the firms and regions. A region's legal systems cannot enforce the regulatory frameworks established to fight against economic crime if the country's government does not implement the rulings.

To know more about Economic and Fraud Provisions in the Middle East in Singapore Click here 

 

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Thu, 30 Sep 2021 14:28:00 GMT
<![CDATA[Unveiling Dubai Expo 2020]]> Unveiling Dubai Expo 2020

 

Introduction to Expo 2020

 "Our region deserves the chance to organize this great world exhibition. Our country is ready to host it. We will keep our promise in connecting great minds to build a better future and we will organize the best event in the history of the World Expo." – HE Sheikh Mohammed bin Rashid Al Maktoum

Prior to the Expo 2020 vote being declared, some extremely memorable quotes rightly captured the quintessence of Dubai's bid. Consequently, the Bureau International des Expositions (BIE) in its general assembly hosted on 27 November 2013 awarded Dubai as the host of Expo 2020. The Director of Global Foresight and Innovation at Arup, Chris Luebkeman, rightly stated that "seven years is a short time but I can't imagine a better place to make that drive real."

Being the first World Expo to be held in the region starting from the 20th of October, 2020, the United Arab Emirates (UAE) is welcoming the world for six months to celebrate culture, innovation and collaboration whilst aiming to leave a lasting and meaningful legacy. The mammoth trade fair shall be open for business against the backdrop of the scintillating skyscrapers and supermalls that Dubai is irrefutably renowned for. The Expo 2020 will be the largest event that has ever been staged in the Arab world and is set to welcome approximately 190 participant countries.

It is pertinent to note that each World Expo held till date is based on a theme. For example, "Feeding the Planet, Energy of Life" was the theme of Milan Expo 2015; "Man and His World" was the theme of Montreal Expo 67. The theme chosen by Dubai for the Expo 2020 is "Connecting Minds, Creating the Future." Under this theme, millions of visitors from across the globe will experience hospitality at its finest, as well as the UAE's values of tolerance, cooperation and inclusion. Through this theme, Expo 2020 envisions to build partnerships as well as inspire ideas that forge the world of tomorrow. There are subthemes which form the key pillars:

  • Opportunity: Dubai, through the theme of Expo 2020, firmly believes that we possess the power to shape our future. Therefore, Expo 2020's goal is to unlock this potential in various ways, including supporting solutions to an array of social problems through Expo's Live Programme, as well as introducing the visitors to new ideas to inspire them to act.
  • Mobility: Indubitably, with the smarter movement of ideas, goods and knowledge, a whole new world of prospects and possibility unfolds. The Expo 2020 enlightens how this has assisted us to venture new frontiers, and how humanity is continually making grander leaps than ever through digital connectivity.
  • Sustainability: There is a growing need to live in balance with the world that we inhabit. The Expo 2020 embraces alternative sources of water, food and renewable energy, whilst emboldening us to reevaluate the ways in which we can preserve the planet.
  • Why is the World Expo important?

    Notably, the World Expo is a global destination for people from across the world to share their ideas, encourage collaboration, showcase innovation and rejoice human ingenuity. Some of the most dynamic inventions that were brought first to this world at an expo include the typewriter in Expo 1876 held in Philadelphia, the telegraph in Expo 1851 in  London, the diesel engine in Expo 1900 in Paris, etc. Most recently, inventions like solar trees as well as energy-saving elevators were showcased in Expo 2015 in Milan. Therefore, being the largest global gathering, the World Expo brings together the greatest mind from across the world to discuss how we can all shape the future, which is the very theme for Dubai Expo 2020. Below, we shall explore how World Expo will be beneficial for Dubai.

    Benefits of Dubai Expo 2020

    There are a number of changes that have been put in place to essentially embrace this event which includes new visa rules, infrastructure, business incentives, as well as various economy-boosting measures. Ever since the announcement of Dubai to hold the Expo 2020, there has been an exponential rise in the business setup in Dubai as well as company formation in the UAE. Further, Dubai's strategic location between the developing and developed nations is an advantage in regard to wider influx of expected visitors, not only during but also after the event. Let us explore how Expo 2020 boosts diverse industries in Dubai.

    Hospitality, Tourism and Leisure

    There is not even an iota of doubt that the event will have a noteworthy impact on these industries. Dubai is expected to host over 170 million visitors from across the globe. While Dubai has an array of different ranges of hotels to suit every visitor's convenience, the Emirate has witnessed the construction of various high rises which further indicates the creation of jobs. Amongst various researches and surveys, Dubai is expected to receive over USD 60 billion worth of purchases, most of which includes the culinary sector; which has resulted in investors establishing various retail restaurants and chains in the region.

    Construction and Real Estate Industry

    In addition to the residents that Dubai already births, the construction industry has seen a rise in demand in the number of properties to meet the needs of the expected visitors. Further, for the construction and infrastructure alone, the government has awarded contracts up to a tune of AED 12 billion. Incentive offering, guaranteed periods of rental income as well as lower service charge has encouraged potential buyers to invest in Dubai.

    Aviation and Transport

    A sum of approximately AED 28.6 billion has been apportioned by the UAE government for the expansion of DXB (Dubai International Airport). Furthermore, the Road and Transports Authority (RTA) has also invested an estimated USD 1.36 billion for the expansion of Dubai's Metro Red Line.

    Financial Services Industry

    The banking sector resourcefully supports the UAE well and additionally, is positioned and prepared for the anticipated visit. The UAE's Central Bank's tailored approach to Expo 2020 has put in place flexible regulations to assist the fiscal stability of investors who, in the wake of upcoming Expo 2020, are already tapping into an array of opportunities presented. For example, the combat on large financial exposure as well as the mortgage cap which has been introduced, curbs all forms of excessive spend. There various European and United States banks that have set up branches in the UAE.

    Residency Rules

    The government's introduction of the long term residency visa is a step towards ensuring the tourists who are interested in UAE residency are able to process the same at ease, before as well as after the event. There have been a plethora of professionals and entrepreneurs enquiring with STA's immigration lawyers in the UAE with regards to the possibility of obtaining the long term visa for their intended service sector. Further, the substantial turnaround in all the industries has been brimming with job opportunities in the UAE, especially in the construction, hospitality and the real estate sector.

    Legal Advisory Services

    Considering the rise in investments in the region since the Expo win, there is consequently a high demand for legal advisory services to secure oneself from business pitfalls. As one of the leading law firm in Dubai, we receive countless enquiries with regards to laws, rules and regulations which applies to individual entrepreneurs that earn large, medium as well as small enterprises. Furthermore, our lawyers in Dubai guide the clients against future disputes that a prudent businessman should understand at length, whilst carrying out comprehensive due diligence prior to committing to a transaction.

    Media

    Dubai Expo 2020 Bureau along with the Telecommunications Regulatory Authority (RTA) have mutually agreed to enhance the cooperation in various areas including organizing the use of Information and Communications Technology (ICT) systems and devices, coupled with the encouraging the participation of government entities in all programs that are launched by the center to host the Dubai Expo 2020. It is essential that these parties enhance their cooperation to ensure coordination with all authorized media entities in the Expo, essentially to identify the frequency requirements of the local and international media agencies that are participating in the exhibition, as well as to keep in place a mechanism for the submission of forms and applications for spectrum permits. Furthermore, it would also result in the cooperation of customs clearance to make sure the entry of all devices to the UAE is in the appropriate manner.

    Brand Protection Guidelines

    There is no doubt that entities and individuals in the UAE and across the globe would be eager to use the intellectual properties of Dubai Expo 2020 in order to boost their business activities by linking their services and products to Expo, consequently raising their own profile in the process.

    For the Expo's commercial partners, the apex beneficial asset is the intellectual property of Expo 2020 including the brand. Apart from the participant countries, below is the list of commercial partners that will be authorized to associate themselves with Dubai Expo 2020:

    • Official Partners;
    • Official Premier Partners;
    • Official Ticket Resellers;
    • Official Supporters like the government agencies who have signed a contract with the event;
    • Official Licensees and Retailers;
    • Official Providers; and
    • Official Media Partners.

    Why is it necessary to protect the brand?

    Without the financial support of various official partnerships, the Expo 2020 would not have been possible. The official partnerships are substantially devalued when businesses without the authority link themselves to the Expo 2020. These partnerships upon signing agreements with Dubai Expo 2020 commit to supporting and believing in the values that are embedded in the core of the brand, whilst working to bring Expo's vision, values and ideals to life.

    Ambush Marketing

    The act of creating a deceiving, authorized or false association with an event, with or without the intention, is referred to as ambush marketing. As an illustration, if a particular website uses the logo of Expo 2020 to enhance their services or products, it unjustifiably benefits from such association without actually paying for the privilege. This is ambush marketing. As another example, consider this situation: Supposedly the official media broadcast right is given to XYZ Media Company, though another Media Company ABC puts up billboards and advertisements outside the venue of the event; it is likely that a person would directly relate ABC to the event, even though XYZ is the official partner, thereby increasing the viewership of ABC where it enriches unethically. Hence, the Expo Brand Team is vigorously engaged in numerous monitoring activities in order to combat and prevent ambush marketing, and have asked the public to report any illegal or suspicious activity. Our media lawyers in the UAE are actively engaged in assisting client who is victims of ambush marketing and are glad to provide further tidings on the same.

    The Expo 2020 allows the editorial use of its protected marks. For example, when journalists provide more information or reports about the events in an article; on the condition that the statements are factual statements that are not made gratuitously for the purpose of marketing or linking to the commercial entity.

    Tawassul

    Tawassul, which means 'connect' in Arabic, is the operational tool that connects various media organizations to important updates and information on elements including licenses and permits, media accreditation, content assets like photographs, press releases, audio and video, electronic media kit etc. The Global Media Briefing is set to take place from the 20th to 22nd of October 2019, which is open to all genuine media organizations that wish to cover Expo 2020 to submit their interest through Media Accreditation Expression of Interest (Tawassul). This opens a window for all media organisations to receive a technical briefing to understand Expo 2020's plan for media to attend as well as cover the event.

    Conclusion

    Most certainly, Expo 2020 will cement Dubai's reputation and status as the epitome of business hubs in the world. Staging such a mega event as the World Expo has most definitely boosted the international profiles and economies of its host cities for over decades; and soon, it is Dubai's chance to step into the spotlight. When highlighting what the legacy of the event will be, it is pertinent to note that more than 80 per cent of the venue is premeditated in a way which can be repurposed and reused in the legacy phase.

     

     

     

     

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    Thu, 03 Oct 2019 17:42:00 GMT