Benjamin Filaferro, Author at LexisNexis Middle East

Dubai: Al Quoz Creative Zone Launched

09/04/202109/04/2021
by Benjamin Filaferro

Dubai’s Crown Prince and Chairman of the Executive Council has launched the Al Quoz Creative Zone which will offer a hub for artists and designers to live, work and create in. It will offer various facilities, services and incentives to drive innovation and boost investment in creative businesses. It is the first plan and initiative to be launched as part of the Dubai Creative Economy Strategy which aims to transform the Emirate into a global innovation hub. Artists with projects and activities in Al Quoz Creative Zone and emerging creative entrepreneurs will receive an exclusive Al Quoz Creative Membership. This will give them access to various incentives including fee exemptions, reduced rents and logistic business support. It will also provide access to relevant training and programmes to help artists transform their creative ideas into business.

News developments

Bahrain: The Legislative and Legal Affairs parliamentary committee has discussed a draft law

09/04/202109/04/2021
by Benjamin Filaferro

The Legislative and Legal Affairs parliamentary committee has discussed a draft law on the issuing of the advocacy law and decided to approve it with the amendments which have been introduced. The law has been subject to extensive examination by the committee. The chairman of the committee stated the aim is to issue a new law to regulate the profession of advocacy law to keep up with the developments that happened since the current law Bahrain Law No. 26/1980 was issued.

News developments

UAE: Abu Dhabi’s Global Market has announced amendments to the Insolvency Regulations 2015

09/04/202109/04/2021
by Benjamin Filaferro

Abu Dhabi’s Global Market has announced amendments to the Insolvency Regulations 2015. The amendments to the 2015 Insolvency Regulations boost the Market’s insolvency framework by providing additional flexibility for administrators following the execution of a deed of company arrangement used to restructure an insolvent company.

Weekly Spotlight

UAE: Law on Minimum Capital for Banks Issued

09/04/202109/04/2021
by Benjamin Filaferro

The UAE Central Bank has issued a new law on the minimum capital for banks which applies to all banks including branches of foreign banks which work in the UAE.
The law will be effective on the beginning of next month and requires banks which do not yet meet its requirements to do so by no later than 31 December 2023.
The second article of the law requires banks at all times to maintain a minimum level of the paid capital and to keep the required level on a continuous basis as a main condition of their licence.

News developments

UAE: Accedes to Strasbourg Agreement on International Patent Classification

02/04/202102/04/2021
by Benjamin Filaferro

The UAE authorities have announced it has acceded to the Budapest Treaty on the International Recognition of the Deposit of Microorganisms for the Purposes of Patent Procedure. They have also acceded to the Strasbourg Agreement Concerning the International Patent Classification. It comes as the country looks to develop a legal intellectual property framework and legislative environment which support innovation and patents. After joining the Budapest Treaty, Emirati inventors and researchers will be able to benefit from the services of the International Depositary Authority which is recognised by the World Intellectual Property Organisation. The country’s accession to the Strasbourg Agreement will facilitate patent classification and increase the number of patents registered in the country, as well as improve their quality.

News developments

Oman: Clarity Sought on VAT Impact on Oil and Gas Industry

02/04/202102/04/2021
by Benjamin Filaferro

The oil and gas industry in Oman is awaiting clarity on the impact of VAT on them. Upstream and midstream activities are zero-rated for VAT purposes. Downstream activities are likely to be taxed at the standard rated of 5%. This includes refining and petrochemicals. These expectations are based on the provisions of the Implementing Regulations to the VAT Law. The Regulations to Oman Sultani Decree No. 121/2020 were issued in Oman Decision No. 53/2021.

News developments

Kuwait: SMEs Support Law Approved

02/04/202102/04/2021
by Benjamin Filaferro

Kuwait’s National Assembly has approved a draft SMEs support Law. It will help SMEs adversely affected by Coronavirus. It will do this by securing guarantees for local banks to extend loans to businesses which have been adversely affected by Coronavirus. They also agreed to allow citizens who have been affected to delay repayments to both public and private institutions for six months.

News developments

Egypt: Ever Given Inquiry Launched

02/04/202102/04/2021
by Benjamin Filaferro

Egypt’s Suez Canal Authority has announced it has launched an inquiry into the grounding of the Ever Given cargo ship. The inquiry will examine events before, during and after the accident. It will consider whether the ship’s captain responded to the Authority’s instructions before it ran aground. The Authority has requested the ship’s black box. The Authority added they expect to finalise a compensation agreement with the ship in three or four days. If the ship rejects the investigation findings, the case will be transferred to a civil court and the vessel will be seized. The inquiry’s findings will be made public.

News developments

Dubai: Enhanced Auditing Standards and Controls on Annual Budgets for Jointly Owned Properties Introduced

02/04/202102/04/2021
by Benjamin Filaferro

The Real Estate Regulatory Agency at Dubai Land Department has announced it has signed agreements with 27 audit offices to establish and tighten standards and controls for auditing annual budgets for service charges and financial reports for jointly owned properties in the Emirate.

News developments

Bahrain: Investment Reconciliation Decree-Law Approved

02/04/202102/04/2021
by Benjamin Filaferro

Bahrain’s Shoura Council has approved a Decree-Law to carry out the amendments necessary before the World Bank Review for the usual assessment which takes place in the first quarter of each year. The aim of the law is also to boost confidence in the economic and financial system in the Kingdom to improve its international credit rating. The Law aims to reconcile the financial and economic situation of the investments and companies and to boost the rights of creditors as well as encourage them to utilise the benefits given by the Bahraini legislature.