The Dubai Development Authority (DDA), formerly the Dubai
Creative Clusters Authority, has issued a new circular1
on requirements relating to disclosure of Ultimate Beneficial
Ownership (UBO) in the DDA Free Zone. This briefing looks at the
changes affecting companies operating in the DDA.
The new circular (the Circular) supplements
United Arab Emirates (UAE) Federal Law No 20 of
2018 on Anti Money Laundering and Countering the Financing of
Terrorism (AML Law) and Cabinet Decision No 10 of
2019 issued pursuant to the AML Law, which came into force last
year.
Definition of UBO
The Circular defines a "UBO" as an individual, who
owns or controls 25% or more of a "Business Partner" in
the DDA Free Zone, either directly or indirectly.
