UAE looks to protect and grow gig economy
Four multinational organisations have joined forces to help develop regulations that enable the development of the gig economy, the Dubai Future Foundation (DFF) has announced.
Emirates, Amazon, app developer Careem and GEMS Education will join the Gig Economy Sandbox initiative to advance new sectors and develop a future-ready knowledge-based economy in the UAE.
The Gig Economy Sandbox aims to develop regulations to meet the needs of sectors that require seasonal workers, including retail, hospitality, tourism, aviation, education, transport and logistics. The aim is to help these sectors to grow while boosting the competitiveness and future-readiness of Dubai’s labour market. Under the platform, government and private sector entities collaborate to create regulations and legislation that help businesses leverage new trends and technologies.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, recently approved the Sandbox Dubai initiative as part of Dubai Economic Agenda (D33). There are two sandboxes under the initiative: The Gig Economy Sandbox and the PropTech Sandbox.
Khalifa AlQama, executive director of Sandbox Dubai, emphasised the essential role of private sector partners in developing regulations. Partners also play a key role in testing ideas and piloting projects to make Dubai the most future-ready city.
“Sandbox Dubai team will work in collaboration with public and private sector partners to explore future opportunities and establish an ecosystem that gives everyone a chance to contribute to shaping the future of Dubai’s key sectors,” he added.
Oliver Grohmann, executive vice president of human resources at Emirates Group, said: “We are enthusiastic around the possibilities this new initiative will bring to promote innovation, boost capacity and broaden the talent pool in Dubai, and we stand ready to support with our expertise as this sector’s landscape evolves in size and significance.”
And Ronaldo Mouchawar, vice president of Amazon Middle East, Africa and Tukey said: “By leveraging Amazon’s global expertise and technology, we aim to pilot programs that create new opportunities for talent, enhance economic productivity, and drive innovative solutions that elevate customer experience.”
Andro Valdes, VP of operations at Careem Technologies, explained that the Sandbox Dubai initiative is accelerating the adoption of emerging technologies by connecting public and private sectors to iterate and adapt regulatory practices. Valdes also noted that the gig economy is an important component of any strong economy, helping enhance efficiency and create flexible earning opportunities.
UAE making ‘significant progress’ in tackling financial crime
The UAE is making significant progress in combating financial crimes, according to Hamid Al Zaabi, Secretary-General of the National Committee for Anti-Money Laundering and Countering the Financing of Terrorism and Financing of Illegal Organisations (NAMLCFTC).
Speaking at the 2024 Asia Pacific Group on Money Laundering (APG) Annual Meeting and Technical Assistance and Training Forum, held in Abu Dhabi, Al Zaabi highlighted recent amendments to anti-money laundering and counter-terrorism financing laws. These amendments have strengthened the national sustainability system and enhanced its efficiency in addressing emerging threats, reinforcing the UAE’s position as a leading international financial and commercial centre.
In 2023, the UAE imposed fines exceeding AED254 million ($70 million) related to money laundering and seized assets valued at more than AED2.348 billion for violations of anti-money laundering practices and procedures.
He stated that the Central Bank of the UAE conducted over 119 field inspections, imposing fines of nearly AED113 million last year, while the Ministry of Economy conducted 3371 field inspections, imposing fines amounting to AED101 million in 2023.
The number of suspicious activity reports related to the gold sector increased from 223 in 2021 to 6432 in 2023, indicating heightened awareness and vigilance. Inspections in the gold sector increased by about twentyfold, leading to clear enforcement measures, including the imposition of fines amounting to AED78.65 million.
In August, the Ministry of Economy suspended 32 local gold refineries for their failure to comply with anti-money laundering laws. These refineries were accused of committing 256 violations, and the suspensions between July and October 2024.
He explained that the UAE has signed 45 mutual legal assistance treaties in line with the efforts made by the Ministry of Justice, while plans are under way to sign new mutual legal assistance treaties in 2024 and 2025.
