Benjamin Filaferro, Author at LexisNexis Middle East

Abu Dhabi: Rogue Real Estate Marketing Calls Should be Reported

31/10/202131/10/2021
by Benjamin Filaferro

Gulf News (United Arab Emirates), 27 October 2021: Abu Dhabi’s Municipalities and Transport Department has announced rogue real estate marketing calls should be reported.

They should be reported to the Abu Dhabi Government Contact Centre on 800555.

The Department added these calls are illegal in the Emirate.

Real estate companies and agents should only use company websites or social media to promote their services and properties.

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News developments

Oman: Amphibious Aircraft Approved

31/10/202131/10/2021
by Benjamin Filaferro

Times of Oman, 26 October 2021: Oman’s Civil Aviation Authority has announced amphibious aircraft can establish themselves and operate in the Sultanate.

They will be used by Musandam Airlines and Unified Power for Investments companies.

Investors wanting to establish and operate amphibious aircraft should submit their applications including, among other requirements, a detailed offer which should be attached to the application. This should include an economic feasibility study, the company’s business plan and evidence of financial ability. Additional reporting from Atheer on 26 October 2021. For full story, click here.

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News developments

Saudi Arabia: Correction Period for Building Code Violation Announced

31/10/202131/10/2021
by Benjamin Filaferro

Okaz, 26 October 2021: Saudi Arabia’s Commerce Minister has announced an amendment to the regulation for classifying violations of the Saudi Building Code has been approved.

The Code started to be implemented recently.

Violators will have 90 days to undo the violation. After this they will be fined up to 10,000 Riyals among other penalties.

Violations include issuing an occupancy certificate for a building despite the presence of serious construction violations. The supervising office will be fined 7,500 Riyals in this case. Another violation includes assigning the supervising engineering office or the contractor executing their tasks, or part of them, to an individual who is not qualified in the relevant specialist field.

The supervising office will be fined 2,000 Riyals and the contractor will be fined 4,000 Riyals.

For full story see https://www.okaz.com.sa/news/local/2086247.

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News developments

Saudi Arabia: Draft Personal Status Law to be Published

27/10/202127/10/2021
by Benjamin Filaferro

Arab News, 25 October 2021: Saudi Arabia’s Justice Ministry has announced it is going to publish a draft of the Personal Status Law.

The Justice Minister made the announcement at the Saudi Family Forum 2021.

The legislation will be published as part of Vision 2030.

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News developments

Dubai Financial Services Authority Approves Investment Tokens Regulations

27/10/202127/10/2021
by Benjamin Filaferro

Dubai’s Financial Services Authority has announced it has approved Investment Tokens Regulations.

They have been approved following a consultation which was launched earlier this year.

It marks the completion of the first phase of the Authority’s Digital Assets regime.

It defines an Investment Token as a Security Token or a Derivative Token.

These include a Security or Derivative in the form of a cryptographically secured digital representation of rights and obligations which is issued, transferred and stored using Distributed Ledger Technology or DLT or other similar technology.

It also includes a cryptographically secured digital representation of rights and obligations which is issued, transferred and stored using DLT or other similar technology and: confers rights and obligations which are substantially similar in nature to those conferred by a Security or Derivative; or has a substantially similar purpose or effect to a Security or Derivative.

The Regulations apply to those interested to market, issue, trade or hold Investment Tokens in or from the Dubai International Financial Centre (DIFC) and Authorised Firms wishing to undertake Financial Services relating to Investment Tokens, like dealing in, advising on, or arranging transactions relating to, Investment Tokens, or managing discretionary portfolios or collective investment funds investing in Investment Tokens.

The Authority added they are drafting proposals for tokens not covered by the Investment Tokens regulatory framework. These are expected to cover exchange tokens or cryptocurrencies, utility tokens and certain asset-backed tokens or stablecoins. They are going to issue a second consultation paper before the end of the year.

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News developments

Qatar: International Court and Dispute Resolution Centre’s Expanded Jurisdiction Comes into Force

25/10/202125/10/2021
by Benjamin Filaferro

The Peninsula, 21 October 2021: The Law expanding the jurisdictional remit of the Qatar International Court and Dispute Resolution Centre has come into force.

It came into force on 13 October.

The relevant provisions were contained in Qatar Law No. 15/2021. This Law amended Qatar Law No. 34/2005.

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News developments

Abu Dhabi: Virtual License for Non-resident Foreign Investors Launched

25/10/202125/10/2021
by Benjamin Filaferro

Alroeya, 21 October 2021: Abu Dhabi’s Economic Development Department has announced it has launched a virtual license. It will allow a foreign investor not living in the UAE to obtain an economic license to conduct business in the Emirate from abroad.

They can start the residency procedures later on.

They made the announcement at the GITEX Technology Week. For full story, click here.

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News developments

Turkey: New Rules for Taxi Drivers Announced

25/10/202125/10/2021
by Benjamin Filaferro

Hurriyet Daily News, 20 October 2021: Turkey’s Interior Ministry has announced it has issued a booklet to taxi drivers in 81 provinces in the country.

It has been issued following increases in complaints about taxi drivers in cities.

The bilingual booklet contains 12 rules taxi drivers should comply with.

It will be placed on taxi stands and in the back of vehicles so passengers can easily access it.

Divers must only work in regions permitted by the municipality.

They should not smoke or listen to music loudly in their vehicles.

They should wear a face mask and comply with social distancing rules.

They should open the taximeter at the start of the trip and no extra fees will be imposed on passengers other than the taximeter or toll fee.

Drivers cannot refuse to drive passengers short distances.

They should also not favour tourists over locals.

In addition, they should take the shortest route unless a passenger asks for another way, propose the shortest option if a passenger does not know the route and not interfere in dialogue for other routes.

Finally, drivers should obey the traffic rules and act to protect public peace.

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News developments

Qatar: Law Establishing Investment and Trade Court Issued

24/10/202124/10/2021
by Benjamin Filaferro

Lusail, 19 October 2021: Qatar’s Emir has issued Qatar Law No. 21/2021 promulgating the law establishing the Investment and Trade Court.

It will be published in the Official Gazette and come into force six months after. For full story, click here.

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