News developments
Following the issuing of an equal wages Decree by the UAE’s President, under Article 32 of Federal Law No. 8/1980, it came into force on 25 September. The amendment to Federal Law No. 8/1980 was contained in Federal Decree-Law No. 6/2020. It states the new Article 32 will say ‘Female employees shall receive wages equal to that of Males if they perform the same work or another of equal value’.
News developments
Saudi Arabia’s Monetary Authority has launched a public consultation on insurance policies for those who are involved in car accidents abroad and die or are injured. The proposal is for insurance companies to offer additional coverage including covering deaths, injuries and medical costs for insured people or drivers in accidents which happen outside the Kingdom. The aim of the law is to regulate the contractual relationship between an insured individual and an insurance company.
News developments
Following the issuing of Oman Sultani Decree No. 118/2020 amending Oman Sultani Decree No. 28/2009, the Sultanate’s Tax Authority has announced the dual tax return system has been abolished. It means taxpayers only have to file one tax return within four months of the end of the relevant tax year from the 1 January 2020. Previously, taxpayers had to file a provisional return of income within three months and an annual return of income within six months from the end of the accounting year. Despite the change being welcomed, tax professionals have advised taxpayers to be aware audits of financial statements will need to be carried out well in advance of the tax return filing deadline. Oman Sultani Decree No. 118/2020 was published in the Official Gazette on 20 September 2020. It also includes provisions to facilitate the Automatic Exchange of Information (AEOI) between tax jurisdictions, the introduction of tax residency provisions and changes in the proceedings for appeals.
News developments
Bahrain’s King issued has issued a Decree restructuring the Industry, Commerce and Tourism Ministry. Under Bahrain Decree No. 60/2020, Bahrain Decree No. 55/2019 restructuring the Industry, Commerce and Tourism Ministry will be repealed. The Industry, Commerce and Tourism Minister will be responsible for implementing this Decree. It will be published in the Official Gazette and will come into force on its issued date.
News developments
Dubai’s Chamber of Commerce and Industry has signed a strategic cooperation agreement with Tel Aviv’s Chamber of Commerce who were represented by the Federation of Israeli Chambers of Commerce. The aim of the agreement is to explore business opportunities and boost bilateral cooperation following the signing of the peace treaty between the UAE and Israel. Under the agreement the two bodies will cooperate on conducting economic studies on bilateral markets, investment opportunities, growth prospects, and partnerships which can form the basis for bilateral cooperation in various economic sectors. They will also cooperate on organising virtual events on growth opportunities and cooperation between the business communities in both countries and visits of economic delegations. They will also organise joint business forums and cooperate in the fields of entrepreneurship and emerging enterprises.
Weekly Spotlight
Abu Dhabi’s Investment Office has issued new Public-private Partnership Procurement Regulations. They have also published a Partnership Projects Guidebook to support greater cooperation between the private and public sectors in the Emirate.
The framework is consistent with international best practices to support greater private sector investment in the procurement and delivery of public sector infrastructure assets and services across Abu Dhabi.
The new regulations have been issued in line with the Emirate’s 2019 Public-Private Partnership Law (Abu Dhabi Law No. 2/2019). They provide greater clarity to the private sector in terms of engaging with the Government during the procurement and development phase of any major PPP project.
The Regulations have been issued following an Abu Dhabi Government announcement earlier this year to procure approximately 10 billion AED worth of infrastructure partnership projects across various sectors, including education, transport and municipality. The announcement was made as part of Ghadan 21 which is aimed at driving the Emirate’s development by investing in business, innovation and people.
The Office’s Infrastructure Partnerships Unit will be responsible for implementing the Regulations. They will also work with Government departments to identify, develop and procure infrastructure partnership projects.
The Partnership Projects Guidebook, includes a practical and comprehensive overview of the processes and procedures for developing, procuring and managing partnership projects in Abu Dhabi to support public and private sector entities deliver projects transparently and in a timely and efficient way.
It is aimed at improving the ease of doing business with the public sector by providing developers, investors and financiers with a single, trusted source of information when assessing, bidding and executing projects. It covers procurement procedures, as well as best practice approaches to promote effective partnerships between Government and private sector stakeholders.
Earlier this year, the Office enabled its first partnership project under the new Partnership Projects framework. The Noor Abu Dhabi Street Lighting PPP project involved the design, supply, retrofitting, financing, operating and maintenance of approximately 43,000 luminaires with power-saving state-of-the-art sustainable LED-based technology. It is also expected to save enough energy to power 8,000 homes.
News developments
The UAE’s Finance Ministry has announced new categories of movable assets. The announcement says there are nine types of funds and movable assets which can be used as collateral for loans and bank financing, including fish, bees and agricultural crops. It also includes equipment and work tools, goods intended for sale or lease and raw materials and goods being manufactured or altered.
News developments
Qatar’s Administrative Development, Labour and Social Affairs Ministry has announced a minimum wage committee is going to be established soon. It will be responsible for reviewing and studying the minimum wage for workers and domestic workers. It will also submit its recommendations to the Administrative Development, Labour and Social Affairs Minister.
News developments
Boursa Kuwait has announced it will list its shares on the Premier Market. It follows approval from the country’s Capital Markets Authority. They will start trading on 14 September under the BOURSA ticker symbol and will be classified under the Financial Services category. They will be the 174th company on the Exchange and will be the 20th listed company on the Premier Market. Its initial paid-up capital will be approximately 20.1 million Dinars which will be divided into approximately 201 million shares. Around 50% of the company’s shares, or what amounts to around 100 million shares have been offered to Kuwaiti citizens in an initial public offering process which concluded in December 2019 and was oversubscribed by 850%.
News developments
Dubai’s Diamond Exchange has signed a cooperation agreement with their Israeli counterpart, the Israel Diamond Exchange. It aims to promote cooperation and dialogue between the two exchanges and will see the Israel Diamond Exchange set up a representative office in Dubai, UAE while the Dubai Diamond Exchange will open a sales office in the Israel Diamond Exchange’s headquarters in Israel. The two exchanges will share knowledge, expertise and experience, promote bilateral trade opportunities and partner on exhibitions, visits and conferences to boost regional trade and support the growth of the global diamond industry.
