Tanya Jain, Author at LexisNexis Middle East

Oman: New Building Codes to be Drafted

15/03/202415/03/2024
by Tanya Jain

Oman Daily Observer, 11 March 2024: Oman’s Housing and Urban Planning Ministry has signed a cooperation agreement with the International Code Council to draft new building codes in the Sultanate.

Under the agreement, six comprehensive building codes will be drafted. They will be drafted to take national considerations into account.

They will cover safety standards, sustainability, and technology integration and will be drafted by 2026.

They will also be based on the 2021 and 2024 International Codes.

The aim is to improve building safety and construction standards in the country.

It was signed for Oman’s Housing and Urban Planning Ministry by its Housing and Urban Planning Minister, Dr Khalfan bin Said al Shueili and for the International Code Council by its Senior Vice President of Global Operations and Solutions, Judy Zakreski.

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News developments

Dubai International Financial Centre Publishes New Digital Assets Law

15/03/202415/03/2024
by Tanya Jain

The Dubai International Financial Centre has published a new Digital Assets Law.

Following the publication of DIFC Law No. 2/2024, the DIFC has also published amendments to the Contract Law 2004 (DIFC Law No. 6/2004), the Implied Terms in Contracts and Unfair Terms Law 2005 (DIFC Law No. 6/2005), the Law of Damages and Remedies 2005 (DIFC Law No. 7/2005), the Law of Obligations 2005 (DIFC Law No. 5/2005), the Trust Law 2018 (DIFC Law No. 4/2018), the Foundations Law 2018 (DIFC Law No. 3/2018), the Personal Property Law 2005 (DIFC Law No. 9/2005) and the Insolvency Law (DIFC Law No. 1/2019).

The amendments to those pieces of legislation are contained in the DIFC Amendment Law, DIFC Law No. 3/2024.

The Centre had announced a consultation on a proposed Digital Assets Law in October 2023. It ended on 5 November 2023.

The consultation on the proposed legislation and its enactment followed international common law developments and judgments, which have started to provide some clarity on digital assets. However, they have not provided a comprehensive legal framework mapping out the full extent of the legal characteristics of a digital asset and how users and investors within this asset class may interact with digital assets and each other.

DIFC Law No. 2/2024 defines a digital asset as

something that exists as a notional quantity unit manifested by the combination of the active operation of software by a network of participants and network-instantiated data, independently of any particular person and legal system and something that is not capable of duplication and use or consumption of the thing by one person or specific group of persons necessarily prejudices the use or consumption of that thing by one or more other persons.

It is characterised as intangible property and is neither a thing in possession nor a thing in action.

The Law also contains provisions on who will be considered to control a digital asset and how.

In addition, it includes general rules regarding title, transfer of title and the exercise of rights over digital assets in the event of death, incapacity or insolvency.

It includes provisions on the control of a digital asset where there is impairment and provisions on how control of a digital asset can be recovered as well.

There are also miscellaneous provisions on power to make Regulations.

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News developments

Bahrain: Amendment to 2014 State Information and Documents Protection Law Approved

15/03/202415/03/2024
by Tanya Jain

Gulf Daily News, 11 March 2024: Bahrain’s Shoura Council has unanimously approved an amendment to Bahrain Royal Decree No. 14/2023 amending the 2014 State Information and Documents Protection Law.

Under the amendment, employees in entities which the State owns more than 50% of the capital or contributes to its management, are now considered officially responsible as civil servants.

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News developments

Abu Dhabi Global Market Launches Consultation on Comprehensive Whistleblowing Framework

15/03/202415/03/2024
by Tanya Jain

Abu Dhabi’s Global Market (ADGM) has launched a consultation on a comprehensive whistleblowing framework. It ends on 30 April 2024.

It will complement the Global Market’s existing regulatory framework and expand upon the publication of the Global Market’s Guiding Principles on Whistleblowing in December 2022.

The proposed measures will support the Global Market’s efforts to ensure market participants to operate in line with the highest global standards of business practice.

The measures include the establishment of a dedicated regulatory framework that recognises and protects good faith reporting of protected disclosures and those making them.

They also include making internal and external channels explicitly available for reporting reasonably held suspicion of breaches of Global Market legislation or financial crime.

In addition, they include good governance requirements to support whistleblowing for all entities and integrating non-retaliation protections into existing employment regulations to guard employees against retaliation for speaking up.

Affected entities will have to implement arrangements that are proportionate to the scale and complexity of their operations to support effective whistleblowing. Additional requirements will be imposed on companies over a certain size or with additional financial crime risks.

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News developments

UAE: First Digital Islamic Bank Launched

08/03/202408/03/2024
by Tanya Jain

Al Bayan, 1 March 2024: The first digital Islamic bank has been launched in the country.

Roya Local Islamic Bank has launched its services in the UAE.

It describes itself as offering digital, modern and advanced Islamic banking services.

It is licensed by the Central Bank and aims to professionally and seamlessly integrate advanced technology with the basic principles of Islamic finance, to meet the requirements of individuals and companies. It also aims to provide a seamless digital banking experience and provide the highest levels of security and modernity.

For the full story, click here.

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News developments

Saudi Arabia: Insurance Authority Now Responsible for Health Insurance

08/03/202408/03/2024
by Tanya Jain

Saudi Gazette, 4 March 2024: Saudi Arabia’s Insurance Authority has announced it is now responsible for health insurance in the Kingdom. It assumed responsibility today.

The powers were transferred to it from the Council of Health Insurance.

The Authority’s CEO said the transfer of powers won’t affect current insurance policies or claims because the current laws and regulations will continue to be implemented.

Policyholders and health insurance beneficiaries will also be able to continue to exercise all their rights under the current laws and regulations and there won’t be any change in the current terms and conditions of insurance policies.

In terms of complaints and claims, all complaints and enquiries related to health insurance will be transferred to the Insurance Authority from today.

The Authority will follow up on old complaints and claims and new complaints will be filed through the Authority’s via the appropriate channels.

These are the complaints hotline, which can be reached on 800124055, via care.ia.gov.sa or via the customer protection account @ia_care_gov on X.

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News developments

Qatar: Financial Centre Regulatory Authority Launches Consultation on Amendments to the Governance and Controlled Functions Rules 2020

08/03/202408/03/2024
by Tanya Jain

Qatar’s Financial Centre Regulatory Authority has launched a consultation on significant amendments to the Governance and Controlled Functions Rules 2020. The consultation ends on 6 June 2024.

If approved, there will be new rules in the Governance and Controlled Functions Rules addressing the growing level and complexity of operational risks facing authorised firms, as well as placing an increased regulatory focus on their operational resilience in the event of disruptions and clarify and simplify specific rules relating to a firm’s risk management framework and centralising these in the Rules.

They will also remove the Sharia Supervisory Board requirements in the Islamic Banking Business Prudential Rules 2015 as these duplicate the Sharia Supervisory Board requirements contained in the Governance and Controlled Functions Rules.

There will also be miscellaneous amendments.

The proposed amendments are set out in the Governance and Controlled Functions (Operational Risk and Resilience) Amendments Rules 2024 and the BANK, PINS, INMA and IBANK (ORR and SSB) Amendments Rules 2024.

The amendments would come into force on 1 July 2025.

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News developments

Oman: State of Emergency Law Amended

08/03/202408/03/2024
by Tanya Jain

Shabiba, 3 March 2024: Oman’s Sultan has issued a number of Decrees including Oman Sultani Decree No. 13/2024 amending the State of Emergency Law.

It will be published in the Official Gazette and come into force the day after it is published.

The Sultan also issued Oman Sultani Decree No. 14/2024 on the determination of the competences of the Social Development Ministry and adopting its organisational structure.

For the full story, click here.

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News developments

Kuwait: Airport Tender Investigation Urged

08/03/202408/03/2024
by Tanya Jain

Alrai, 3 March 2024: Kuwait’s Public Works Minister and Minister of State for Municipal Affairs has urged the supervisory authorities to launch an investigation into a tender for Package No 3 related to aircraft parking and service buildings for the new passenger terminal at Kuwait Airport.

They requested an impartial investigation committee be established.

This committee should include members from the University of Kuwait, the Fatwa and Legislation Department and the Finance Ministry.

Members should commit to the principle of transparency and application of the law in order to preserve public funds in line with Article 17 of the Constitution.

The committee would be responsible for verifying the award procedures and confirming their validity or highlighting any suspicions in an urgent report which must also include the names of any violators.

For the full story, click here.

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News developments

Bahrain: Shoura Council to Consider Draft Artificial Intelligence Law

08/03/202408/03/2024
by Tanya Jain

Gulf Daily News, 1 March 2024: Bahrain’s Shoura Council is going to consider a draft Artificial Intelligence Law at its next session.

If approved, the Law would regulate Artificial Intelligence.

There would be penalties for violations. These would include jail terms of at least three years or fines of up to 2,000 Dinars.

It was proposed by five MPs.

If it is approved it will be sent to the relevant Council Committee to consider.

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