Benjamin Filaferro, Author at LexisNexis Middle East

Abu Dhabi: Global Market Introduces New Company Service Providers Framework

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

Abu Dhabi’s Global Market has announced it has introduced a framework to regulate Company Service Providers in the Market. It will come into force on 12 April 2021. The framework has been introduced following a public consultation on the introduction of a commercially balanced and proportionate CSP Framework. It will be administered by the Global Market’s Registration Authority. Affected entities will benefit from a transition period.

Weekly Spotlight

Qatar: Landmark Arbitration Judgment Issued

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

Qatar’s International Court and Dispute Resolution Centre First Instance Circuit has issued a landmark arbitration judgment. The judgment in C v D (QFC 0004/2021, [2021] QIC (F) 8) has confirmed the Centre’s status as an opt-in court of arbitration.
It has clarified parties can select the Qatar International Court as the competent court in the arbitration by virtue of an arbitration agreement where neither party is a Qatar Financial Centre registered entity.
It has also approved the position under Qatar Law No. 2/2017 (the Arbitration Law).

News developments

UAE: Energy Ministry Signs Safety Permits Agreement with Etihad Rail

26/03/202126/03/2021
by Benjamin Filaferro

The UAE’s Energy and Infrastructure Ministry has signed a safety permits agreement with Etihad Rail. Under the agreement, they will work together on issuing safety permits for Stage Two of the UAE’s national rail project. Stage Two of the National Rail Network extends from Al Ghuwaifat on the UAE’s border with Saudi Arabia to Fujairah on the east coast. Once it is completed, the network will link ports, manufacturing hubs and cities in the UAE and connect it with the wider GCC rail network. The agreement was signed by the Undersecretary of the UAE’s Energy and Infrastructure Ministry Hassan Mohammed Juma Al Mansouri and for Etihad Rail by its Chief Executive Officer, Shadi Malak.

News developments

Saudi Arabia: Short-selling Changes Announced

26/03/202126/03/2021
by Benjamin Filaferro

Saudi Arabia’s Stock Exchange has announced short-selling changes have been introduced. Under the changes, all eligible investors will be able to sell any stock short or stock-lend. However, new rules state the short ratio to average daily traded volume of any security should not exceed 10 days. Total net short positions should not exceed 10% of the free float. Collateral rules for those lending and borrowing securities have also been amended. The amendments are aimed at developing a regulatory environment consistent with international best practices.

News developments

Qatar: Mortgaging Movable Assets Law Approved

26/03/202126/03/2021
by Benjamin Filaferro

Qatar’s Shoura Council has approved a mortgaging movable assets law. Under the law, SMEs will be allowed to receive loans mortgaged to movables assets. The movable assets could include equipment, machines and crops among others. It aims to facilitates credit lines to SMEs and mitigate the risks of loans defaults. The Council amended two provisions in the law before approving it. It has been referred to the Cabinet to consider.

News developments

Oman: Services Exempt From VAT Announced

26/03/202126/03/2021
by Benjamin Filaferro

Following the issuing of the Implementing Regulations to the VAT Law earlier this month, the services which will be exempt from VAT have been clarified. Oman Decision No. 53/2021 implements Oman Sultani Decree No. 121/2020. Banking and financial services supplied by banks and financial institutions licensed by the Central Bank of Oman or any of the competent authorities will be tax-exempt for VAT purposes or zero-rated for VAT purposes. Healthcare supplies and services provided by licensed medical institutions will also be tax-exempt for VAT purposes or zero-rated for VAT purposes. Services provided by educational institutions licensed by the relevant education authorities in the Sultanate will be tax-exempt for VAT purposes or zero-rated for VAT purposes. VAT will come into force in the Sultanate on 16 April.

News developments

Egypt: Ships Affected by Suez Canal Blockage Could be Compensated

26/03/202126/03/2021
by Benjamin Filaferro

The Head of Egypt’s Suez Canal Authority has announced the authorities are considering giving compensation to ships affected by the Suez Canal blockage. It follows the running aground of the container ship Ever Given which is operated by Evergreen. Rescue units are continuing to try and refloat the ship which was sailing from China to Rotterdam. Authorities are blaming strong winds for the incident.

News developments

Dubai: International Financial Centre Joins World Alliance of International Financial Centres

26/03/202126/03/2021
by Benjamin Filaferro

The Dubai International Financial Centre has joined the World Alliance of International Financial Centres. They were established in July 2018 in a meeting for the leaders of the international financial leaders in Paris. It represents 19 financial centres worldwide and works to enhance the positions of its members. The Dubai International Financial Centre said it will utilise its membership to cooperate with other financial centres. The Centre also said it will focus on the promotion of companies’ governance and sustainable development and the application of new innovations.

News developments

Bahrain: Court of Cassation Law Amendments Approved

26/03/202126/03/2021
by Benjamin Filaferro

The Judicial and Legal Committee of Bahrain’s Parliament has reviewed a law to amend Bahrain Law No. 8/1989 (the Court of Cassation Law). The Committee has considered the recommendations made by the Justice Ministry, the Supreme Judicial Council and other institutions in this regard. The new law has been amended and approved.

Weekly Spotlight

Kuwait: Insurance Regulation Division has announced they have issued Kuwait Decision No. 1/2021

26/03/202126/03/2021
by Benjamin Filaferro

Kuwait’s Insurance Regulation Division has announced they have issued Kuwait Decision No. 1/2021 to organise the sector.
The Vice President of the Unit added the Implementing Regulations to the Insurance Law will be published in the next edition of the Official Gazette.
They will cover the issuing of permits, the registration of companies, commitments regarding required solvency, investment policies, arbitration and penalties.