May 2019 - LexisNexis Middle East

Weekly Spotlight: Launch of a New Residency System for Expatriates in Dubai

26/05/201911/12/2019
by Benjamin Filaferro

Dubai’s Ruler and the UAE’s Vice President has announced the launch of a new residency system for expatriates. Under the Golden Card Scheme, residency for qualifying investors, entrepreneurs, those with special talents, researchers and outstanding students will be available. The spouses and children of Golden Card holders will also be able to obtain permanent residency under the scheme.

6800 expatriates from more than 70 countries have already been selected for the scheme. The investors are worth. an estimated 100 billion AED. The new permanent visa will generate foreign investment, encourage entrepreneurship, and attract top engineers, scientists and students. Exact criteria for the visa are yet to be made public but more details are expected in the coming days.

In the past, foreign residents typically had renewable visas valid for two or three years which were often tied to their employment. However, last year the government announced plans to reform its visa policies.

News developments

Oman: New Takeover and Acquisition Regulations Issued

25/05/201911/12/2019
by Benjamin Filaferro

Oman’s Capital Market Authority has announced it has issued new Takeover and Acquisition Regulations. Oman Decision No. 2/2019 will apply to public joint stock companies listed on the Muscat Securities Market (MSM). It has been published in the Official Gazette.

News developments

Kuwait: Draft Law Granting Citizenship to up to 4,000 People

25/05/201911/12/2019
by Benjamin Filaferro

The rapporteur of the Interior and Defence Committee of Kuwait’s Parliament has announced a draft law, which if approved, will grant citizenship to up to 4,000 people. It has been submitted to Parliament to consider and it is hoped it will be approved before the end of Parliament’s current term. If approved, those looking to benefit from it will have to submit all of the necessary documents and records before they can benefit from the Law.

News developments

Bahrain: Launch of a Model Contract Between Real Estate Sellers and Brokers

25/05/201911/12/2019
by Benjamin Filaferro

Bahrain’s Real Estate Regulatory Authority has launched a model contract for use between real estate sellers and brokers. The CEO of the Authority said it is not mandatory to use the model contract and is intended for use as a unified model for mediation contracts, with more items to be added in line with the relevant regulations. The model was prepared following consultation with the relevant parties including real estate brokers and sellers. The Authority is going to prepare more models and guidelines in the coming months, covering other types of real estate transactions.

Weekly Spotlight

Weekly Spotlight: Amendments to the Abu Dhabi Global Market’s Crypto Asset Activities Guidance

19/05/201911/12/2019
by Benjamin Filaferro

Abu Dhabi Global Market’s Financial Services Regulatory Authority has amended its Crypto Asset Activities Guidance. The Guidance was first issued in mid-2018 and has since been amended twice. It was the first guidance of its kind when it was published then. The amended Guidance includes key updates on Stablecoins and Fiat Tokens, Custody, Technology Governance and Anti-Money Laundering and Sanctions Rules and Guidance.

Stablecoins which are fully backed by fiat currencies (Fiat Tokens) will be treated as a form of digital currency. When they are used as a payment instrument for Money Transmission which is defined under the Global Market’s Financial Services and Markets Regulations 2015, the activity will be licensed and regulated as Providing Money Services. The amended guidance also sets out the Authority’s approach to regulating issuers, custodians and exchanges using Fiat Tokens. The amended guidance provides further clarity on the types of crypto asset custody activities which can be undertaken and sets out the Authority’s expectations in terms of custody governance and operations.

In addition, there are amendments to the technology governance provisions in the guidance. For example, there are changes in the underlying protocol of a crypto asset which results in a fork or coding change, and the associated governance and control expectations for crypto asset exchanges and license holders.

Finally, the guidance has been amended to reflect the latest changes in anti-money laundering and sanctions changes and there is additional clarity on the use of new regulatory and surveillance technologies in this area.

News developments

Bahrain: New Providing Cloud Computing Services to Foreign Parties Law Approved

18/05/201911/12/2019
by Benjamin Filaferro

Bahrain’s Shoura Council have approved four laws including a new Providing Cloud Computing Services to Foreign Parties Law. It is aimed at international cloud providers who have shown an interest in establishing in the Kingdom following the launch of Amazon Web Services. The Council also approved a Letters and Electronic Transactions Law which will establish a new framework for associated banking and financing services.

News developments

Kuwait: New Insurance Law Approved

18/05/201911/12/2019
by Benjamin Filaferro

Kuwait’s National Assembly has approved a new Insurance Law in the country at first reading. The changes would be the first to the legislation since 1981. MPs are still debating whether the sector should be regulated by the Central Bank or the Commerce Ministry but have called for a bespoke regulator not to b established. While Kuwait was the first GCC country to regulate its insurance sector they are the last to amend the legislation to reflect sectorial developments.

News developments

KSA: Implementing Regulations to the Special Residency Permits Law in the Making

18/05/201911/12/2019
by Benjamin Filaferro

Saudi Arabia’s Centre for Special Residency Permits is currently working on drafting the Implementing Regulations to the Special Residency Permits Law. The Regulations will include the conditions and procedures for applying for these permits. The Centre will announce details of the Implementing Regulations and how applications from applicants who are already in Saudi Arabia or from abroad will be handled. The aim of the law is to diversify the Saudi economy.

News developments

Abu Dhabi Global Market Courts and Ras al Khaimah Courts Sign Cooperation Agreement

13/05/201911/12/2019
by Benjamin Filaferro

The Abu Dhabi Global Market Courts and Ras al Khaimah Courts have announced they have signed a cooperation agreement to facilitate the reciprocal enforcement of their judgments, decisions and orders and arbitral awards. The agreement was signed for the Global Market Courts by their Chief Justice, Lord Hope of Craighead KT. It was signed for the Ras al Khaimah Courts by their Chairman, HE Ahmed Mohammed Al-Khattari.

News developments

KSA: Special Residency Permits Draft Law Submitted to the Government

13/05/201911/12/2019
by Benjamin Filaferro

Saudi Arabia’s Shoura Council has approved a draft special residency permits law and has submitted it to the Government to consider. The aim of the law is to provide various benefits to those who hold special residency permits including the right to recruit foreign worker, own property and transport vehicles and obtain visitor permits for family members. There are two types of special residency permit. The first is unlimited while the other is only available for one year but can then be renewed. It is similar to the Green Card system in the US and if approved will mean applicants will not have to have a Saudi sponsor or employer. To be eligible, applicants must have a valid passport with a credit report, a health report and no criminal record.