The UAE has implemented strict penalties for individuals charging interest on loans without proper licensing.

Federal Decree Law No. 31 of 2021, specifically Articles 458 and 459 of the UAE Criminal Law, mandates that only licensed banks and financial institutions can provide interest-based loans. Applicable to civil and commercial transactions, the law imposes significant penalties for violations, including a minimum one-year jail term and fines starting at AED50,000. 

Repeat offenders may face up to five years of temporary imprisonment and a minimum fine of AED100,000. The legislation aims to protect consumers from predatory lending practices and maintain financial stability. 

Legal expert Ashish Mehta suggests opting for interest-free loan agreements with all parties duly signing to ensure legality, addressing concerns about the legality of private lending practices in the UAE.

Qatar Airways has been named the ‘Middle East’s Leading Airline’ for the second consecutive year at the World Travel Awards 2023.

Demonstrating its regional dominance, the airline also earned titles for ‘Middle East’s Leading Airline Lounge Business Class’ and ‘Middle East’s Leading Airline Rewards Programme’ in 2023. 

Additionally, Qatar Duty Free was recognized as the ‘Middle East’s Leading Airport Duty Free Operator.’ Known for its innovative approach, Qatar Airways recently announced a significant upgrade, offering free high-speed, low-latency wifi with frictionless ‘One-Click-Access’ to enhance the in-flight experience. 

The World Travel Awards, in its 30th anniversary, honors excellence in the global travel and hospitality industry through votes from travel experts and the public. Qatar Airways, a consistent winner, reinforces its status as a leading global carrier, operating from Doha’s Hamad International Airport with a fleet of over 250 aircraft serving 150+ destinations worldwide.

Scheduled for November 30, 2023, at the Radisson Blu Hotel Dubai Deira Creek, the inaugural Emirates Finest Business Awards 2023 will honor exceptional entrepreneurs, showcasing their achievements and contributions to business excellence. 

The event, organized by TFI Events, underscores the UAE’s dedication to nurturing innovation and entrepreneurial spirit. The ceremony, commencing at 7 PM, promises an evening of glamour, bringing together influential leaders in the business community. 

For more details or inquiries, contact Vivien Cuenca, Event Coordinator at Emirates Finest Business Awards Magazine, via email at vn.cuenca@emiratesfba.com or by phone at +971 50 779 1871 / +971 56 929 9248.

The Roads and Transport Authority (RTA) in Dubai, in collaboration with Dubai Police General HQ, has decided to reduce the speed limit on Al Ittihad Road from 100 kph to 80 kph. 

This change, effective from November 20, follows a recent study considering factors such as entrances and exits, intersections, accidents, and recent developments. This move aims to enhance safety on Dubai’s road network. 

Additionally, ongoing projects, including a road and bridge connecting Sheikh Zayed Road with Sheikh Mohamed Bin Zayed Road, contribute to the city’s infrastructure development.

During COP28, climate activists will have a dedicated area, “Voices for Action,” at Expo City Dubai, allowing them to peacefully assemble and express their views on climate action.

The designated hub, located in the Green Zone, emphasizes the importance of inclusivity and aligns with the UAE and UNFCCC’s joint statement on transparency and respect. COP28, taking place from November 30 to December 12, will have two zones – the Blue Zone for formal negotiations and the Green Zone for public engagement and awareness around climate action. 

Over 70,000 delegates are expected to attend the conference.

Etihad Airways plans to hire 1,000 employees annually for the next seven years, aiming to double its fleet during this period. The announcement was made by Antonoaldo Neves, CEO of Etihad Airways, at the Dubai Airshow. 

The airline also intends to add 10 new destinations next year and has exhibited its new Boeing 787-9 at the airshow. Etihad Airways has grown by 35% this year and plans a 10% year-on-year growth. Neves highlighted challenges in the aviation industry, particularly in the supply chain, emphasizing the difficulty in finding planes due to high demand. 

The airline is also moving operations to the new Midfield terminal in Abu Dhabi.

Muhammad Yousuf, a 40-year-old Pakistani residing in Ajman, won a BMW 740i M Sport in the Dubai Duty Free Finest Surprise draw at the Dubai Airshow. 

Yousuf, who bought the winning ticket on his way to Karachi to visit his ailing father, expressed gratitude for his luck and credited his parents’ blessings. The draw, part of the Dubai Duty Free promotions at the airshow, showcased luxury vehicles alongside aircraft. 

The remaining luxury vehicles, including a BMW 740i M Sport, Mercedes Benz G 63, and an Indian FTR R Carbon motorbike, are available for ticket purchase throughout the airshow.

Expo City Dubai is unveiling the Expo City Farm, showcasing desert crop cultivation and regenerative agriculture, accessible to the public during COP28. 

The farm, a permanent feature, will host workshops and cooking classes by sustainability-focused chefs. COP28 attendees can make pledges for environmental initiatives. 

The event, from November 30 to December 12, is divided into the Green Zone for the public and the Blue Zone for world leaders. Expo City Dubai will feature sustainability programs, including the iconic Terra Pavilion and the Expo City Dubai Pavilion focusing on the city’s sustainable living blueprint. 

Access to Expo City Dubai’s attractions is free during COP28.