The Legal and Legislative Affairs Committee of Qatar’s Shoura Council has held a meeting. They examined the draft law on establishing an investment and trade court and submitted its recommendations to the Shoura Council.
Oman’s Commerce and Industry and Investment Promotion Minister has announced the Ministry is working on more foreign investment initiatives for various sectors. The initiatives will include drafting a national strategy for intellectual property, e-commerce activities and regulations regarding fees for displaying Omani products in commercial complexes. Amendments to the Sultanate’s Industrial Law are also being considered and an industrial strategy is being prepared which will be in line with Oman Vision 2040.
Kuwait’s Parliament has discussed amendments to the Auditing Bureau Law which if approved, would give the Chairman of the Bureau law enforcement powers. The Council approved the article which states the Bureau is a monitoring independent body which enjoys legal personality and administrative and financial independence. The Bureau also has the power to carry out all of the legal dealings necessary to achieve its objectives including concluding contracts, owning transferable and non-transferable monies and has the right to litigate.
The Committee of the Chairmen of the Capital Market Authorities of the GCC has announced a consultation on an agreement on inter-State financial products registration has been launched. It will be circulated between the bodies which regulate the financial markets in the GCC, and they should their feedback on the most appropriate legislative and legal instrument which should be adopted to register financial products. The General Secretariat must receive these comments by the end of July 2021.
Dubai’s Government Media Office has said no gambling licenses are being issued. They were responding to rumours on social media saying these licenses had started to be issued.
Bahrain has signed a mutual recognition of vaccination and green passports agreement with Israel. It is the first agreement of its kind between the two countries and is a global precedent for a bilateral agreement on mutual recognition of vaccination certificates. Under the agreement, those who have been vaccinated in both countries and received vaccinations recognised in the other country will be exempt from isolation rules and be able to enter places which require a green passport. In the second phase, arrangements will be made for people who have been vaccinated with a vaccine which is not recognised by one of the two countries. The identification process will be carried out digitally. This will facilitate entry into both countries. It is expected to strengthen tourism, trade and economic relations between the two countries. It follows recent talks between the Bahraini Foreign Affairs Minister and their Israeli counterpart, Gabi Ashkenazi.
Abu Dhabi’s Culture and Tourism Department has announced a new Tourism Quality Standards and Licensing Framework. The ten quality manuals will apply to amusement parks, events, cultural sites, tourist transportation services, tourist accommodation and outdoor and adventure facilities and services. A trial phase of the frameworks is currently being rolled out and it will be fully implemented by the end of this year. The aim is to boost their sustainability, inclusivity and cultural richness.
Saudi Arabia’s Cabinet has approved amendments to the Implementing Regulations to the White Lands Fees Law. They were issued by Saudi Arabia Cabinet Decision No. 379/1437. Under the amendments, the Regulations will be implemented in three phases. The first phase will include undeveloped plots of land with an area of 10,000 square metres or more, which fall within the scope specified by the Ministry. It will be implemented in Riyadh, Jeddah, Dammam and Makkah. The second phase will include developed plots of land with an area of 10,000 square metres or more for a single proprietor of 10,000 of square metres or more in one housing plan within the scope specified by the Ministry. The third phase will include developed land with an area of 5,000 square metres or more and the total area of developed plots of land for a single owner is 10,000 square metres or more in one city within the scope specified by the Ministry. It will also be possible to apply for more than one implementation phase in one city. The Ministry will carry out and periodically review the situation in any city to decide whether to apply taxes to plots of land there or suspend the application of tax, or implement one or more phases to bypass a certain phase and move to the next phase in the same city.
Qatar’s Cabinet has approved a draft law on non-Qatari investors. Among other amendments to Qatar Law No. 1/2019, the amendment to Article 7 it will allow non-Qatari investors to own up to 100% of the capital of Qatari shareholding companies listed on the Qatar Stock Exchange. They also approved a draft Finance Ministry Decision to apply the requirements of substantial activity to the economic activities practiced in Qatar.
Oman’s Finance Ministry has issued Oman Financial Circular No. 1/2021 on awarding Government tenders which are no more than 10,000 Rials to SMEs. Under the Circular, all Ministries and public departments should award Government tenders for providing services and carrying work of no more than 10,000 Rials to SMEs who have the Riyada card.