Hannah Gutang, Author at LexisNexis Middle East

Kuwait: Launches New Phase of Capital Market Reforms

18/07/202518/07/2025
by Hannah Gutang

Kuwait Times, 12 July 2025: Kuwait’s Capital Markets Authority (CMA) has implemented the second part of phase three of its Capital Market System Development Program, introducing significant changes to the country’s financial infrastructure.

Under Kuwait Decision No. 101/2025, Kuwait Clearing Company has become the country’s first licensed central broker, marking a key milestone in implementing Kuwait Law No. 7/2010.

Ten brokerage firms have been upgraded to “Qualified Broker” status, expanding their capacity to offer financial services. The CMA has also developed and tested new technical systems for bonds, sukuk, and ETF indices trading.

The reforms include the introduction of sub-account numbers within consolidated accounts for both investment and electronic portfolios, enhancing market supervision capabilities at Boursa Kuwait.

The authority has completed preparations for cash settlements through the Central Bank of Kuwait system and settlement banks, while establishing a financial collateral chain.

These changes follow Kuwait Decision No. 101/2025, which required the CMA to issue new licenses and implement regulatory adjustments. Draft amendments to the executive regulations of Kuwait Law No. 7/2010 have been prepared to accommodate new financial products in the market.

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News developments

Bahrain: Sets New Rules for Bankruptcy Trustee Compensation

18/07/202518/07/2025
by Hannah Gutang

The Daily Tribune, 14 July 2025: Bahrain’s Minister of Justice has issued new regulations governing the payment of bankruptcy trustees, giving courts enhanced control over fee determinations.

Under the new order, trustees must submit proposed fees within 10 days of appointment or at nomination. Courts will review these proposals alongside the creditors’ committee recommendations before making final decisions.

Key provisions include:

Courts can modify fees throughout the case proceedings
Payments will be drawn from the insolvent estate
Assessment criteria include business size, work complexity, and asset value preservation
Additional compensation is available for exceptional services
Staged payments to follow prescribed tables unless courts decide otherwise

The regulations specify that:

Stakeholders have 30 days to challenge court-set fees
Trustee fees receive priority status over unsecured debts
Payment can be deferred if the estates lack immediate funds
New assessments are required for duties extending beyond six months post-reorganisation.

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News developments

Abu Dhabi: Introduces Comprehensive Maritime Safety Regulations

18/07/202518/07/2025
by Hannah Gutang

Gulf News, 12 July 2025: Abu Dhabi’s Department of Municipalities and Transport (DMT) has unveiled new maritime safety regulations to govern the emirate’s extensive waterways, spanning 45,000 square kilometres and featuring a 2,400-kilometre coastline.

The “Regulatory Bylaw for Maritime Safety” establishes mandatory standards for licensing, operations, and environmental protection across Abu Dhabi’s waters, including its 230 islands.

Abu Dhabi Maritime, working alongside the Integrated Transport Centre, will oversee the implementation of the new framework. Their responsibilities include conducting vessel inspections, managing wreck removal, monitoring infrastructure, and maintaining navigational aids.

The regulations introduce a new fee structure covering licenses, permits, and inspections. A system of financial penalties will be imposed for violations, including unsafe conduct, environmental infractions, and breaches of navigation rules.

Under the new framework, maritime stakeholders must comply with specific requirements regarding:

Operational conduct
Licensing procedures
Environmental protection measures
Emergency response protocols

The implementing body, Abu Dhabi Maritime, will provide maritime users with access to relevant legislation, codes of practice, and guidelines. The organisation will also deliver information services covering tidal conditions and weather forecasts.

These regulations will apply to both commercial and recreational waterway users across the emirate’s maritime jurisdiction, establishing unified standards for all vessel operations and water-based activities.

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News developments

UAE: New Media Legislation Enforces Strict Penalties Across Media Activities

10/07/202518/07/2025
by Hannah Gutang

Khaleej Times, 3 July 2025: The UAE enforced a new media law designed to regulate media activities, establishing stringent penalties that escalate to fines as high as Dh1 million for violations such as disrespecting religious beliefs and operating without proper licensing.

The law imposes penalties up to Dh1,000,000 for insulting religious beliefs and up to Dh100,000 for any media content violating public morals or spreading destructive ideas. Further fines up to Dh150,000 apply to inciting crimes like murder, rape, or drug abuse.

Disrespecting the UAE’s ruling system, national symbols, or state institutions incurs fines between Dh50,000 and Dh500,000, and content undermining national unity or foreign relations leads to fines up to Dh250,000.

Operating without a licence incurs penalties ranging from Dh10,000 for first-time offences to Dh40,000 for repeat violations. Similar fines apply to expired licences and unapproved changes to licensing conditions.

First-time dissemination of false information attracts a fine of Dh5,000, doubling upon repetition. Organising events like book fairs without permits draws fines of Dh40,000, incrementally increased for repeated offences.

Finally, if a foreign correspondent works without a licence they will receive written warnings, and repeat offences will lead to fines starting at Dh10,000.

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News developments

Sharjah: SEWA Introduces Automatic Service Connection System

10/07/202510/07/2025
by Hannah Gutang

Gulf Today, 6 July 2025: The Sharjah Electricity, Water, and Gas Authority (SEWA) and the Sharjah Municipality have launched an innovative electronic linkage system to facilitate automatic service connections.

This system activation follows the authentication of rental contracts by the Sharjah Municipality, which integrates into SEWA’s services seamlessly. These include the automatic closure of accounts once a clearance certificate is provided by the Sharjah Municipality.

As part of this new system, on authenticating a rental contract, new subscribers receive a text message indicating the required deposit. Once this deposit is paid, services are automatically connected, eliminating the need for any further subscriber intervention.

This will simplify new tenants’ access to essential utilities.

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News developments

Saudi Arabia: CMA Approves Regulation on Close-Out Netting and Collateral Arrangements

10/07/202510/07/2025
by Hannah Gutang

Argaam, 3 July 2025: The Saudi Capital Market Authority (CMA)’s board has approved new regulations on close-out netting and associated collateral arrangements, in order to streamline netting agreements and financial collateral dealings where a capital market institution is a participant.

The regulation’s primary purpose is to enhance financial system stability and protect investors by ensuring qualified financial contracts involving capital market institutions remain binding in the event of a default by either party. The regulations have been designed to secure all parties’ rights, under a netting agreement’s terms, providing a robust framework for addressing defaults.

It includes procedural guidelines for default situations in netting agreements and other specified scenarios when one involved party is a capital market entity. The framework concentrated on regulating these agreements and collateral arrangements tied to qualified financial contracts under CMA’s jurisdiction, ensuring their enforceability even amidst changes to initial contract conditions.

The regulations included several provisions, defining key terms, outlining financial collateral arrangements, specifying the scope, and identifying the entities affected.

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News developments

Qatar: Cabinet Approves New Laws on Areas Including Lawyers

10/07/202510/07/2025
by Hannah Gutang

Qatar Tribune, 3 July 2025: At a recent Cabinet meeting, several draft laws have been approved, including amendments to the Lawyers’ Law (Qatar Law No. 23/2006).

These amendments are designed to modernise the legal profession, ensuring alignment with international standards and improving practice quality, thereby legal practitioners across the nation.

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News developments

Oman: IBAN required for Domestic Bank Transfers

10/07/202510/07/2025
by Hannah Gutang

Khaleej Times, 2 July 2025: With effect from 1 July 2025, Oman will require the use of the International Bank Account Number (IBAN) for all domestic financial transactions.

Financial institutions have notified their users of the change and advised them to update their beneficiary details by including the IBAN to prevent payment failures. Beneficiaries in Oman will have to be re-registered using the IBAN to align with the new banking regulations.

The IBAN system is essential for seamless cross-border payment transactions, functions as an international standard for identifying bank accounts worldwide, helping mitigate delays and errors in monetary transfers. The implementation of IBAN for domestic use in Oman aligns with practices in other jurisdictions in Europe, the Middle East, and parts of the Caribbean.

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News developments

Kuwait: Systematic Risk Assessments for Money Laundering in Financial Institutions

10/07/202510/07/2025
by Hannah Gutang

Al Rai Media, 7 July 2025: The Kuwaiti regulatory authorities, represented by the Central Bank of Kuwait, the Capital Markets Authority, and the Insurance Regulatory Unit, have developed guidelines for assessing business risks.

Issued as a directive, it requires all supervised financial and banking institutions to systematically evaluate risks related to money laundering, terrorist financing, and the proliferation of weapons of mass destruction based on their activities, customer base, monitoring services, and geographic exposure.

The guideline is divided into eight key sections, obliging institutions to periodically assess business risks and initiate immediate reviews in response to significant developments. The aim is to empower institutions to make informed decisions regarding risk acceptance and adopt proactive measures to prevent financial crimes.

Affected parties, primarily financial and banking institutions, must regularly follow a systematic risk assessment process. This includes the evaluation of inherent business risks, categorising them into various levels such as high, medium-high, or medium-low, and developing strategies for resource allocation and risk mitigation which are aligned with guidelines from the Financial Action Task Force (FATF).

The guideline suggests effective customer due diligence measures, record retention practices to meet regulatory obligations, and internal risk management controls. Institutions must set policies on client acceptance, conduct risk evaluations, operate compliance frameworks, independently test controls, monitor transactions, and deploy stringent staff training programs.

Key risk categories identified include structural risks arising from ownership and governance complexity, customer risks related to client types and transaction patterns, product and service transaction risks, service delivery channel risks, geographical risks, and technology-related risks.

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News developments

Dubai: New First-Time Property Buyer Incentives Unveiled

10/07/202510/07/2025
by Hannah Gutang

Gulf Today, 2 July 2025: Dubai Land Department (DLD) has launched a “First Property Ownership” programme, targeting UAE citizens and residents to facilitate property ownership.

The legal framework of the programme introduces substantial incentives for first-time property buyers. It extends credit facilities up to 18 years and allows the registration fee of 4% with the DLD to be paid in instalments. Real estate developers involved in the scheme are offering significant price reductions, lowering property costs by up to 10% below the market rate for both ready and off-plan properties.

Eligibility criteria are that applicants must be UAE residents aged 18 or older, who do not own any freehold residential property in Dubai, and wish to purchase properties valued at up to Dhs5 million. The programme applies a one-time eligibility and waives rental restrictions for long-term investments.

The programme enforces legal obligations by integrating exemptions and facilitating financial processes within established legal requirements. It prioritises access to new project units, offers preferential rates, and provides interest-free registration fee payment options through credit cards and competitive financing offers with reduced interest and fees.

Applications are subject to review, and eligible participants are added to the beneficiary list, which will be accessible to developers, providing legal assurance and clarity for all those involved.

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