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Dubai, UAE: – Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, announced today that His Highness Sheikh Mohammed bin Rashid Al Maktoum, in his capacity as the Ruler of Dubai, has enacted the Employment Law Amendment Law No. 4 of 2021, which makes amendments to the Employment Law. The Board of Directors of the DIFC Authority also issued new Employment Regulations, which brings the Qualifying Scheme regime under the Employment law in line with DFSA’s Employee Money Purchase Scheme, so that only a single layer of regulation is applied to these schemes.
The amendments to the Employment Law clarify the application of limitation periods to claims made under the Employment Law, the accrual of vacation leave, the duration of the probationary period for short term fixed-term contracts, and certain defined terms used in the law. The Amendment Law also modifies the basic workplace health and safety requirements under the Employment Law, to account for working from home arrangements.
The amendments to the Employment Law and Regulations reflect the Centre’s continuing commitment to maintaining a transparent and robust legal and regulatory framework aligned with global best practice.
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About Dubai International Financial Centre
Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and an estimated GDP of USD 7.7 trillion.
With a 17-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai.
DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of almost 28,000 professionals working across over 3,200 active registered companies – making up the largest and most diverse pool of industry talent in the region.
The Centre’s vision is to drive the future of finance through cutting edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.
Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations.
For further information, please visit our website: www.difc.ae
For media enquiries, please contact:
Sophie McNulty | Omar Nasro
ASDA’A BCW
+9714 4507 600
sophie.mcnulty@bcw-global.com | omar.nasro@bcw-global.com
www.asdaa-bcw.com
www.arabyouthsurvey.com
Tarek Kiwan
Dubai International Financial Centre Authority
Manager, Corporate Communications
+971 4 362 2454
Tarek.kiwan@difc.ae
© Press Release 2021
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