Benjamin Filaferro, Author at LexisNexis Middle East

Oman: New Online Investment Licensing Service Launched

19/12/202119/12/2021
by Benjamin Filaferro

Times of Oman, 16 December 2021: Oman’s Commerce, Industry and Investment Promotion Ministry has announced it has launched a new service for companies covered by the Foreign Capital Investment Law.

The investment licensing service will be available online via the Invest Easy portal.

It will allow all companies who are subject to the Foreign Capital Investment Law to obtain licenses for their projects through self-service or service centres.

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News developments

Qatar: Qatar Financial Centre Regulatory Authority (QFCRA) Proposes Amendments to Prudential Framework for Conventional QFC Authorised Banks

19/12/202119/12/2021
by Benjamin Filaferro

The Qatar Financial Centre Regulatory Authority has announced it has launched a consultation on the proposed Banking Business Prudential (Counterparty Credit Risk) and Miscellaneous Amendments Rules 2022. It ends on 31 March 2022.

Any amendments will be made to the Banking Business Prudential Rules 2014.

The prudential banking framework which applies to banks in the QFC is largely based on the international framework developed by the Basel Committee on Banking Supervision. In June this year, the Regulatory Authority issued a consultation paper on the Banking Business Prudential (Credit Risk and related Matters) Amendments Rules 2021. The Regulatory Authority did not include its proposals for rules concerning counterparty credit risk in that consultation.

The Regulatory Authority has now completed its work to develop draft Rules and is now proposing new prudential requirements for counterparty credit risk and exposures to central counterparties.

The Regulatory Authority is also proposing a minor change to the General Rules 2006 in terms of auditor appointment notification requirements. The aim is to clarify the notification requirements for when the appointment of an auditor ends. Article 91 of the QFC Financial Services Regulations requires an auditor to notify the Regulatory Authority about all issues related to their employment.

In addition, the Regulatory Authority is proposing to clarify the FSR requirement in the GENE Rules so auditors are clear about the circumstances where the notification requirement applies. The consultation ends on 28 February 2022.

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News developments

UAE: Dubai International Financial Courts to Establish Digital Economy Court

16/12/202116/12/2021
by Benjamin Filaferro

Alroeya, 14 December 2021: The Dubai International Financial Centre Courts have announced they are launching a court which will specialise in digital economy issues.

It will specialise in dealing with national and international disputes related to current and updated technologies in various area including big data, Blockchains, Artificial Intelligence and cloud services to disputes related to uninhibited air vehicles, 3D printing and robots.

The Courts are in the process of appointing leading judicial experts to operate and supervise the digital infrastructure and advanced service capabilities of the Court. It will start providing services in the first quarter of next year.

It will support specialist divisions in existing courts including the Technology and Construction Division and the Arbitration Division.

Early next year, the new court will assign a group of international lawyers and industry experts to draft and approve new rules for the Court. A 30-day consultation on them will be launched and they will then be issued.

The aim is to simplify and settle all complex commercial and civil disputes related to the international digital economy. For full story, click here.

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News developments

UAE: Working Week Circular Issued

15/12/202115/12/2021
by Benjamin Filaferro

Arabian Business, 13 December 2021: The UAE’s Federal Authority for Government Human Resources (FAHR) has issued a Circular on the working week changes.

It has been issued to all ministries and authorities.

The working week changes come into force on 1 January 2022.

The Circular clarifies that the official working week for federal government employees will be Monday to Friday from 7.30AM until 3.30PM daily, except for Friday when working hours will end at midday.

Federal authorities should comply with the new system and make the most of the benefits it offers provided the flexibility does not contradict with the work requirements and falls within the official working hours.

Federal authorities will be able to activate remote working system on some jobs provided they coordinate with the Authority before implementing the system. Also reported in Alroeya on 13 December 2021. For full story, click here.

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News developments

Out Now! Qatar Business Law Review No. 02/2021

14/12/202114/12/2021
by Benjamin Filaferro

The QATAR Business Law Review No. 02/2021 is brought to you in Arabic and English by LexisNexis Middle East and the وزارة التجارة والصناعة Ministry of Commerce and Industry. In this issue:

Recent Changes to the Commercial Companies Law, by Buthaina Al Hail, Legal Specialist, Ministry of Commerce and Industry
The Arbitration of Disputes Related to a Company’s Memorandum of Association, by Sarrah N. ElJaili (LL.M.), Associate, Hamad Al-Yafei Law Firm
The Sole Proprietorship: Between Enactment and Reality, by Hassan Abdul Razzaq Al Sayed, Legal Specialist, Legal Affairs Department – Ministry of Commerce and Industry
The Qatar Legislator: Between Attracting Foreign Investment and Combating Commercial Concealment, by Hilal Mohammed Al-Khulaifi, Director, Legal Affairs Department, Ministry of Commerce and Industry
The Position of the Qatar Courts on Delay Interest, by Dr. Zain Al Abdin Sharar, Senior Legal Counsel – CEO Office, Qatar International Court
Practical Guidance: QICCA Arbitration Checklist, by Joseph Lee, Lawyer, Pinsent Masons, Doha

Get your copy here!

News developments

Oman: Central Bank Issues Prizes on Deposit Accounts Circular

14/12/202114/12/2021
by Benjamin Filaferro

Atheer, 10 December 2021: Oman’s Central Bank has issued a Circular to banks authorised to operate in the Sultanate on awarding prizes to deposit accounts.

A similar Circular was issued in March 2009.

The Central Bank has decided to withdraw the prize scheme linked to deposit savings from 1 January next year.

Banks should develop appropriate plans for savings deposits and refine their money management strategies to ensure reasonable interest rates and profits are paid to depositors, without raising the interest rate on loans. For full story, click here.

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News developments

Bahrain: Proposal to Double VAT Approved

12/12/202112/12/2021
by Benjamin Filaferro

Gulf Daily News, 8 December 2021: Bahraini MPs have approved a proposal to double VAT in the Kingdom.

It will be increased from 5% to 10%.

It will amend Bahrain Decree-Law No. 48/2018.

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News developments

Saudi Arabia: Anti-bribery Law Amended

12/12/202112/12/2021
by Benjamin Filaferro

Saudi Gazette, 7 December 2021: The Saudi Arabian authorities have approved amendments to the Kingdom’s Anti-bribery Law.

The first amendment sees the phrase every public employee replaced with every person.

Article 8(7) has been amended to read ‘Foreign public officials and employees of international institutions and organisations in connection with the conduct of international business’.

Finally, Article 15 has been amended to read ‘Judgment shall be issued in the case of a person, who has been proven guilty of the crime of bribery, to confiscate the money, advantage or benefit that involved in the crime whenever possible, or confiscate its value, as the case may be, and confiscate any proceeds from the money or advantage or benefit’.

The amendments were approved following a letter from the Oversight and Anti-Corruption Authority or Nazaha on proposed amendments to the Law. Also reported in Okaz on 7 December 2021. For full story, click here.

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News developments

UAE: Working Week Changes Announced

07/12/202107/12/2021
by Benjamin Filaferro

Gulf News (United Arab Emirates), 7 December 2021: The UAE authorities have announced working week changes.

The working week will be reduced to four and a half days in a first in the world.

The weekend will now run from Friday afternoon to Sunday.

The new working week will apply in Federal Government departments from 1 January next year.

They will work eight and a half hours a day Monday to Thursday and four and a half on Fridays. Employees will also be allowed to choose flexible work or work-from-home options on Friday.

The move is aimed at improving productivity and creating a more positive work-life balance.

In addition, Friday sermons and prayers will be held after 1.15pm around the country throughout the year.

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News developments

Bahrain: New Plants Varieties Protection Law Approved

07/12/202107/12/2021
by Benjamin Filaferro

Al Watan, 5 December 2021: Bahrain’s King has approved Bahrain Law No. 31/2021 on the protection of new varieties of plants.

It sets out the relevant definitions and its scope of implementation.

It also covers all the types, kinds and groups of plants which have been subject to a patent.

In addition, it sets out the conditions for a variety of plants to be considered worthy of protection. These include that the plant is new, unique, homogeneous, consistent and is given an acceptable name in line with Article 28 of Bahrain Law No. 31/2021 and Article 29 of Bahrain Law No. 31/2021.

For full story, click here.

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