The Dubai Government, operating through the Department of Finance (DoF), stated on Tuesday that the $500 million bond certificates were returned on time despite the worst COVID-19 problems.

The $500 million Fixed Rate Note issued on June 22, 2011, as part of its Euro Medium Term Note Programme matured on June 22, 2021.

At maturity, many of the notes were repaid in full by making the requisite payment to the holders of the notes, together with accumulated interest, with the help of paying agent.

“The Government of Dubai's ability to pay its financial commitments demonstrates its profound budgetary stability notwithstanding the circumstances enforced by the present global crisis,” stated Abdulrahman Saleh Al Saleh, Director General of DoF. The government's solvency has enabled it to meet its previous and current commitments on time, and this will proceed in the future.”

“We had also succeeded in surviving the most difficult effects of the worldwide pandemic, but have now achieved a solid period of recovery, owing to the steps implemented by the government to ensure sensible prioritized expenditure, under our leadership's directives,” Al Saleh continued.

The deadline for all registered firms in Dubai to upload Beneficial Owner data to the commercial registration was already extended to June 30, 2021, according to Dubai Economy on Tuesday. Dubai Economy also advised companies to produce the Beneficial Owner data needed by UAE Cabinet Decision No. (58) of 2020 before the revised date to avoid legal ramifications.

Registered companies in Dubai can add Beneficial Owner information by logging in to the Dubai Economy eServices page at https://eservices.dubaided.gov.ae/BeneficiaryOwner

The term ‘Beneficial Owner' refers to persons or organizations who profit from holding a registered firm. As part of strengthening corporate adherence in the country in line with worldwide best practices, Cabinet Decision No. (58) of 2020 mandates all registered firms in the UAE to identify the name and deliver information of their Beneficial Owner to be listed in the commercial registry.

Name, nationality, gender, passport number, residential address, and cellphone number are all needed Beneficial Owner data. Regardless of their type (e.g., commercial, professional, or industrial), or legal form, all registered firms in Dubai must record their Beneficial Owner data.

Customers who log in to the Dubai Economy eServices page can add or change the Beneficial Owner by clicking the Add / Modify the Beneficial Owner button. The client will then be directed to another screen where they can enter the Beneficial Owner information.

Any consumer completing a company registration and licensing transaction at Dubai Economy is informed immediately by text message about the Beneficial Owner data before a payment voucher for the transaction is provided. The client can then enter the Beneficial Owner details by clicking on the link supplied in the text message. Business owners who request Auto-Renewal for their licenses by texting ‘6969' receive a link to the Beneficial Owner registration too.

The Ministry of Economy (MoE) declared that it has taken additional steps to ensure that establishments registered in the UAE comply with the submitting and accessibility of ultimate beneficial owner information, and to reinforce the UAE's regime in anti-money laundering and countering financing. As a portion of these initiatives, the licensing authorities in all emirates and commercial-free zones were given the right to enact administrative penalties and fines on non-complying companies that refuse to adhere to the ultimate beneficial owner requirements under Cabinet Resolution (58) of 2020 regulating the Ultimate Beneficial Owner Procedure by June 30, 2021, according to Cabinet Resolution No. (53) of 2021 on Administrative Penalties for Violators of Ultimate Beneficial Owner Procedures

The new step helps to the development of coordinated efforts and the integration of responsibilities between federal and local authorities to ensure complete adherence of businesses, thereby increasing openness in the country's business climate. It strengthens the UAE's efforts in developing an anti-money laundering system and combatting terrorism funding, but it helps its efforts on a worldwide scale in this respect. Moreover, it strengthens the UAE's role as a competitive economic powerhouse that follows the greatest standards of integrity and openness in financial and commercial regulations and combating unethical corporate practices.