Tanya Jain, Author at LexisNexis Middle East

Qatar: Real Estate Company Services Fees

04/04/202404/04/2024
by Tanya Jain

Qatar Tribune, 3 April 2024: Qatar’s Real Estate Regulatory Authority has announced the Authority is going to review the fees for services provided by real estate companies.

The review is aimed at ensuring transparency and protecting the rights and interests of all parties.

It is also aimed at discussing the possibility of reducing these fees for citizens and investors.

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News developments

Kuwait: Healthcare Professional Licence Requirements

04/04/202404/04/2024
by Tanya Jain

Arab Times, 31 March 2024: Kuwait’s Health Ministry has issued a Ministerial Decision outlining the general conditions and regulations for licensing healthcare professionals in the public and private sectors.

Under Kuwait Ministerial Decision No. 71/2024, resident doctors and registered assistants are banned from practicing in the private sector unless they work in licensed training establishments, which are supervised.

Health professionals seeking promotion to higher technical levels in the private sector must obtain 100 educational units of continuing medical education approved by the Kuwait Institute for Medical Specialties.

Individuals over 65 must take part in medical examinations specified by the Ministry to ensure they meet the fitness conditions required before being granted or renewing licences.

These medical examinations must be repeated every two years.

Titles and years of experience required for healthcare professionals in the public sector apply to the private sector, provided the experience is in the same specialty.

General practitioners can work in private clinics, health dispensaries and hospitals, but they must start in accident departments, outpatient clinics or hospital wards under supervision. They cannot perform specialist surgery.

Dentists at general practitioner level can work in private clinics, dental centres and hospitals but must begin at dental departments in outpatient and accident clinics. They cannot work in operating rooms.

The regulations have been issued to ensure the quality and standardisation of medical care provided in both the public and private healthcare sectors in the country.

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News developments

Dubai: New Rent Revaluation Rules

04/04/202404/04/2024
by Tanya Jain

Gulf News (United Arab Emirates), 3 April 2024: Dubai’s Real Estate Regulatory Authority or RERA has announced new rent revaluation rules came into force on 1 April 2024.

While landlords can still apply to RERA for a rent revaluation if they believe they are entitled to a higher rent than the one suggested by the updated Rental Index, they must attach a legal order or judgment.

The Index was updated on 1 March 2024 and became the single source for calculating rental increases.

Landlords will have to go through the Rental Dispute Centre or RDC and apply for a case to obtain the legal order.

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News developments

Bahrain: Industrial Zones Tender

04/04/202404/04/2024
by Tanya Jain

Gulf Daily News, 27 March 2024: Bahrain’s Industry and Commerce Ministry has announced investment opportunities in industrial zones in the Kingdom.

The initiative has been launched with the Tender Board.

It aims to develop essential facilities through public-private partnerships. This includes workers’ housing, a petrol station and service and commercial support areas.

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News developments

Abu Dhabi: Working Group for Startups and SMEs Established

04/04/202404/04/2024
by Tanya Jain

Gulf News (United Arab Emirates), 28 March 2024: Abu Dhabi’s Chamber of Commerce and Industry or ADCCI has announced a working group for startups and SMEs has been established.

It will report to the Chamber and will be responsible for representing the interests of startups and SMEs registered in the Emirate.

It will also be responsible for empowering businesses and helping them support the Emirate’s economic development.

It will partner with government agencies and the private sector to solve the challenges faced by these entities as well as foster innovation and drive economic diversification.

This will support sustained growth and development.

It will closely monitor the needs and requirements of these entities too.

It will be responsible for developing plans and proposing policies to attract representatives from these entities to enter promising sectors, particularly modern technology sectors too.

It will be responsible for spearheading various programmes, initiatives and activities designed to equip these entities with the necessary guidance and skills as well as coordinating with various parties to provide a platform to improve cooperation and the exchange of experiences, ideas and opportunities that support their growth.

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News developments

UAE: Investor Rule Change

04/04/202404/04/2024
by Tanya Jain

Gulf News (United Arab Emirates), 2 April 2024: The UAE’s Securities and Commodities Authority has approved a rule change which will mean UAE-based individual investors cannot directly subscribe to foreign funds through their bank accounts in the country.

The rule change came into force on 1 April 2024. It is believed the rule change only applies to subscriptions made after 1 April.

According to industry sources, all existing investment commitments can continue.

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News developments

Oman: Consultation on New Bonds and Sukuk Regulation

03/04/202404/04/2024
by Tanya Jain

Oman Daily Observer, 1 April 2024: Oman’s Financial Services Authority has announced it has issued a public consultation on a new Bonds and Sukuk Regulation.

If approved, it will regulate the long-term debt market in the Sultanate.

It will offer flexibility in structuring diversified financing products such as Green and Sustainable Bonds and Sukuk and Waqf Sukuk. It will also provide for special types of bonds and Sukuk customised to the financing needs of an investor and an issuer of a security.

These green products will improve green and sustainable financing in line with green and sustainable financing requirements approved by the Authority’s Board of Directors.

It also includes a chapter on disclosure rules, specifically disclosures related to green and sustainable bonds and sukuk. An issuer will have to implement the rules and terms and conditions of these disclosures to improve the integrity of the capital market and encourage conventional investors and those interested in sustainability issues to invest in these securities.
Along with the issuing of the Commercial Companies Law (Oman Sultani Decree No. 18/2019) and the Securities Law (Oman Sultani Decree No. 46/2022), the Bonds and Sukuk Regulation has been proposed to bring the national market into line with the latest global practices and standards.
It will enable debt instruments to be designed to be one of the main financing options to provide an appropriate investment environment and allow additional alternative instruments for local and foreign investors.

It has been proposed in line with three strategic objectives. The first is related to providing resilient and innovative financial instruments. The second is related to issuing flexible legislation and the third is the sustainable usage and investment of resources and natural wealth.

The Regulation has been proposed to encourage innovative and diversified financing products in line with the nature of financing needs of projects.

The Regulation will also allow conventional bonds and Sukuk to be issued.

The Regulation will incentivise Waqf Sukuk to help the development of the Waqf sector, specifically in terms of activating monetary Waqf and development of Waqf institutions, be they civil or charity institutions too.

The aim is to expand the base of subscribers and participants in Waqf activity.

Bonds and Sukuk can be issued in Oman in any convertible currency and the Authority will accept prospectuses in English for private placement.

The Regulations also contain provisions on special purpose companies, financial trusts, Sharia compliance, agents of beneficiaries or issuers, and general meetings.

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News developments

UAE: Golden Business Licences

01/04/202401/04/2024
by Tanya Jain

Gulf News (United Arab Emirates), 27 March 2024: The UAE’s Economic Integration Committee has discussed a proposal to introduce long-term business licences.

Golden business licences could be valid for 10 years.

The Committee also discussed a proposal to introduce silver business licences.

These would be valid for five years.

The licences would be introduced to support revenue growth, encourage business continuity and help business activities grow economically and prosper in alignment with the We are the UAE 2031 vision.

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News developments

UAE: Mandatory Health Insurance

27/03/202427/03/2024
by Tanya Jain

Khaleej Times, 21 March 2024: A new mandatory health insurance scheme is to be required from 1 January 2025 in the UAE.

Under the scheme all employers in the UAE will be required to provide and pay for the insurance of their employees. This will also include employers of domestic workers. Employers will have to pay for the health insurance coverage of their employees when applying for or renewing residency visas. The scheme clarifies the position for employees who are on their husband or father’s visa.

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News developments

Saudi Arabia: Second Phase of Consultancy Professions Saudisation to Begin

27/03/202427/03/2024
by Tanya Jain

Saudi Gazette, 25 March 2024: Saudi Arabia’s Human Resources and Social Development Ministry has announced it is going to start implementing the second phase of the Saudisation programme in consultancy professions.

The second phase covers 40% of professions related to consulting services, specifically financial consulting, engineering and architectural consulting, health consulting and senior management consulting.

Professionals including financial consulting specialists, business consulting specialists, cyber security consulting specialists, project management managers, project management engineers and project management specialists are included.

They have done so together with the Finance Ministry, the Local Content and Government Procurement Authority, Expenditure and Project Efficiency Authority or EXPRO and the Human Resources Development Fund or HADAF.

The second phase starts on 25 March 2024.

Also reported in Al Riyadh on 25 March 2024. For the full story, click here.

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