Benjamin Filaferro, Author at LexisNexis Middle East

Weekly Spotlight: Bahrain Bourse Launches Consultation on Proposed Administrative Fines Framework

08/12/201911/12/2019
by Benjamin Filaferro

Bahrain’s Bourse launched a public consultation on a proposed administrative fines framework. The consultation was launched on 24 November and ended on 5 December 2019. The proposed framework is being introduced in line with the Bourse’s Listing Rules which relate to their powers to impose administrative fines on issuers in the event of non-compliance with the Listing Rules and any other applicable rules, regulations and directives.

To ensure this power is used appropriately, the Bourse is proposing establishing a framework to impose administrative fines for non-compliance with the applicable rules, regulations and directives. The fines will vary depending on the impact and frequency of the violation. They will range between 500 and 10,000 Dinars for each violation and can be up to 100,000 Dinars for cross-listed companies exceeding 30% of an issuer’s share capital for each secondary market they are listed on. All cases will be assessed and reviewed by an Issuer Violation Committee which will be established by the Bourse.

News developments

Qatar: Independent Body to Oversee Public Private Partnership Projects Should be Established

07/12/201911/12/2019
by Benjamin Filaferro

A group of experts have called for an independent body to oversee public private partnerships in Qatar to be established. The experts made their call during a seminar on Public-Private Partnerships (PPP) which was hosted by the Qatar Chamber, the Qatar International Centre for Conciliation & Arbitration and the College of Law at Qatar University. The body would serve a similar function to competition commissions in other countries.

News developments

Oman Joins Multilateral Convention on Mutual Administrative Assistance in Tax Matters

07/12/201911/12/2019
by Benjamin Filaferro

Oman has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. It aims to tackle offshore tax evasion and avoidance. It provides for all forms of administrative assistance in tax matters: exchanges of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous tax examinations and assistance in tax collection. It also guarantees extensive safeguards for protecting taxpayers’ rights. The Sultanate also signed the Common Reporting Standard Multilateral Competent Authority Agreement.

News developments

Kuwait: Draft Anti-corruption Law Submitted

07/12/201911/12/2019
by Benjamin Filaferro

A Kuwaiti MP has submitted a draft amendment to the country’s law establishing the Kuwait Anti-Corruption Authority in terms of the provision on disclosing assets and liabilities. If approved, the amendment will mean MPs suspected of corruption will be immediately suspended and prohibited from contesting the next parliamentary election until a court verdict is issued. It will also mean that if a public prosecutor thinks they have collected sufficient evidence of the involvement of an MP in corruption, they will have to immediately inform the Speaker of the National Assembly and the relevant MP as well as refer the case to the appropriate court. The MP will then be suspended with full pay until a court verdict is issued or the current Parliamentary term ends.

News developments

Saudi Arabia: Yellow Band Companies Transferred to Red Band Under Nitaqat System

06/12/201911/12/2019
by Benjamin Filaferro

Saudi Arabia’s Labour and Social Development Minister has issued a Decision cancelling the yellow band under the Nitaqat system. All companies which fell under this band will now be transferred to the red band. The Decision will come into force on 28 December 2019. The aim is to encourage businesses to increase Saudisation rates.

Weekly Spotlight

Weekly Spotlight: Saudi Arabia to Nationalise Thousands of Jobs in the Industrial Sector

01/12/201911/12/2019
by Benjamin Filaferro

Saudi Arabia signs new agreement to nationalize thousands of jobs in the industrial sector. The Ministry of Labour and Social Development, represented by its deputy minister, Abdullah Abu Thunain, signed a memorandum of understanding (MoU) with the Ministry of Industry and Mineral Resources, the Technical and Vocational Training Corporation, the Saudi Human Resources Development Fund, and the Council of the Saudi Chambers.

The MoU establishes a partnership aimed at raising Saudization rates and promote the private industrial sector by nationalizing over 35,982 jobs in the industrial sector by 2021, after activating programmes and incentives supporting employment and training of nationals.

News developments

Kuwait: New Health Insurance Fees on Expats in 2020

30/11/201911/12/2019
by Benjamin Filaferro

Kuwait’s health ministry and the Health Assurance Hospitals Company (Dhaman) have started work to prepare a plan to implement new health insurance fees on expats by the beginning of 2020, according to official sources. The new fee would be KD 130 per expat working in the private sector and the same for each of their dependents. The sources said the new fee will cover medical and radiology tests and treatment. However, the new law does not specify who will be responsible for providing visitors with healthcare, but paying for healthcare of dependents will be the responsibility of the company the expat is registered with. The health ministry is expected to fully support insurance hospitals as part of its plan to force expats to receive medical treatment in private hospitals and leave public hospitals for citizens. Nonetheless, public hospitals are expected in exceptional circumstances to treat expats in emergency cases for specific fees which will be determined in related ministerial decisions.

News developments

Dubai: Golden Residency Visa System for Expatriates to be Introduced

30/11/201911/12/2019
by Benjamin Filaferro

Following an agreement between Dubai’s Chamber of Commerce and Industry and the General Directorate of Residency and Foreigners Affairs and Dubai Free Zone Council, a golden residency visa system for expatriates is going to be introduced. It will be launched as part of the ‘Be Part of Dubai’ initiative. As part of the agreement, the three organisations will work together to identify priority investment sectors in Dubai, in line with the Emirate’s income diversification targets. They will also work together to familiarise businesspeople with the opportunities available in key economic sectors, as well as with the incentives offered to foreign investors in Dubai. The agreement was signed on the sidelines of the Global Business Forum Africa 2019 in Dubai.

News developments

Bahrain: Verdicts Issued Against Six Terror Suspects

29/11/201911/12/2019
by Benjamin Filaferro

Bahrain’s First High Criminal Court issued verdicts in the case of six suspects found guilty of joining a terrorist group and attempting an explosion. They were also charged with acquiring and possessing explosives without a license, and training on the making of explosives. Five were sentenced to life in prison and the sixth was jailed for five years. They were each fined 500 Dinars and the items were seized. They had received money, advice and materials from abroad and had attempted to blow up a bank ATM but the device failed.

News developments

Oman: Discounting Rules Stressed

29/11/201911/12/2019
by Benjamin Filaferro

Oman’s Public Authority of Consumer Protection (PACP) has called on consumers to file complaints if they notice price manipulations in discount offers. There have been recent reports of so called discount prices being quoted which represent the real value of the goods in the market and another larger price is stated as the value of the goods before the discount was applied which is incorrect. The Commission has stated that it follows up on such complaints and will issue directions to violating institutions. Consumers are being asked to send the name of the shop and details of their complaints. Oman Sultani Decree No. 66/2014 and its executive regulation issued by Oman Decree No. 77/2017 under Article 36, when making discounts on the prices of goods and services, a supplier must obtain the approval of the relevant authority after coordination with the Authority, to ascertain the prices in accordance with the regulations determined by the Authority, provide a list of the number of goods available for each type of discounts and declare the sale price before and during the period of discounts for each commodity in a clear manner which is readable and provide the percentage of discount. In addition, it will cost 200 Rials to issue or renew a license for glasses shop in Muscat Governorate, 3000 Rials to renew a license of a private hospital in Muscat Governorate and 500 Rials to renew a license of a private clinic.