Tanya Jain, Author at LexisNexis Middle East

UAE: Removed From ‘Grey List’ by FATF

26/02/202426/02/2024
by Tanya Jain

Arab News, 24 February 2024: The international organisation responsible for anti-money laundering and terrorist financing, the Financial Action Task Force or FATF, has announced it has removed the UAE from its grey list.

It did so after the authorities in the UAE implemented all 15 of its recommendations.

The UAE authorities reported significant progress in addressing significant anti-money laundering and terrorist financing deficiencies identified during FATF’s evaluations.

The UAE authorities had committed to implementing an action plan swiftly to fix the strategic deficiencies identified within agreed timeframes.

Removal from the list means the UAE will no longer be subject to monitoring by FATF.

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News developments

Saudi Arabia: Sources of Funding for Infrastructure Projects Defined

26/02/202426/02/2024
by Tanya Jain

Alsaber, 21 February 2024: Saudi Arabia’s Cabinet has approved a Law that defines the permitted sources of funding for the National Infrastructure Fund.

Under the National Infrastructure Fund Law, its resources consist of the support provided to it by the state for its activities and cash flows from the loans disbursed from its capital.

It also consists of the revenues from its assets and investments, the funds subject to law enforcement carried out to collect its dues, the financial compensation it receives for the services and work it provides and the donations, grants, proceeds from endowments as well as any other resources accepted by the Cabinet.

The Fund has been established to support, finance and develop infrastructure projects together with the public or private sector in line with the relevant policies and strategies adopted.

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News developments

Qatar: Draft Law on Protection of Public Electricity and Water Facilities Approved

22/02/202422/02/2024
by Tanya Jain

Qatar Tribune, 22 February 2024: Qatar’s Cabinet has approved a draft law on the protection of public electricity and water facilities.

They have referred it to the Shoura Council to consider.

If approved, the law will update the legislation related to the Qatar General Electricity & Water Corporation and replace Qatar Law No. 11/1979 regarding the protection of public facilities of electricity and water.

The Cabinet also adopted the Qatar National Cyber Security Strategy for 2024 to 2030 and approved the measures required to implement it.

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News developments

Oman: Independent Quality Checks Should be Carried Out on Fuel

21/02/202421/02/2024
by Tanya Jain

Oman Daily Observer, 20 February 2024: A growing number of people in Oman are calling for independent quality checks to be carried out on fuel to ensure it is not contaminated.

The calls have grown following concerns over the quality of M91 fuel dispensed by some fuel stations in the Sultanate.

Drivers can lodge contamination concerns at their local fuel station.

In response to the calls, the Commerce, Industry and Investment Promotion Ministry held a joint meeting with stakeholders to discuss consumer concerns and the calls for independent quality checks.

OQ has acknowledged responsibility for fuel quality and distribution. It has undertaken to investigate complaints, update consumers on fuel quality and damage causes and share laboratory test results.

However, that has not placated some of those who have expressed concerns.

Some have questioned OQ’s dual role as supplier and quality arbiter. They have called for an independent body to ensure objectivity.

Others have called for specific reasons for fuel quality issues to be publicly disclosed.

They have also called for complete transparency in communication with recipients and complainants.

The Ministry has authorised OQ to submit quality certificates for each product.

A joint complaint resolution mechanism has also been established and fuel companies have to receive complaints via designated channels.

These complaints must include relevant details like the fuel station’s name and location and batch number.

OQ has to track product quality, review certificates and re-examine samples together with the Ministry and Consumer Protection Authority.

Technical teams will launch investigations where there are compliance failures.

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News developments

Saudi Arabia: Financial Security Offerings Rules Amended

21/02/202421/02/2024
by Tanya Jain

Al Riyadh, 18 February 2024: The board of Saudi Arabia’s Capital Market Authority has approved amendments to the Financial Security Offerings Rules.

They have also approved instructions for offering real estate shareholding certificates and the list of terms used in the regulations and rules of the Authority.

They will come into force on their published date.

They have been adopted in line with the Authority’s remit. They define the real estate contributions system, specifically in terms of organising the shareholder register for real estate contributions and organising the issuing of the real estate contribution certificate that proves the shareholder owns a share in the real estate contribution.

They have also been issued to regulate the registration and offering of real estate contribution certificates, including specifying the requirements that must be met before offering, marketing, advertising, or raising funds for these certificates as well as the requirements for private placement and public offering of these certificates and regulating the obligations of the financial market institution through which the offering will take place.

For the full story, click here.

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News developments

Qatar: Amendments to Tender Law Approved

21/02/202421/02/2024
by Tanya Jain

Qatar Tribune, 15 February 2024: Qatar’s Cabinet has approved a draft law amending Qatar Law No. 24/2015 (the Law on the Regulation of Tenders and Auctions).

The Cabinet also approved a proposed Cloud Computing Policy.

The Policy was proposed by the Communications and Information Technology Ministry.

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News developments

Oman: Postal Sector Law Being Drafted

21/02/202421/02/2024
by Tanya Jain

Oman Daily Observer, 12 February 2024: Oman’s Transport, Communications, and Information Technology Minister has announced a postal sector law is being drafted.

The announcement came as the first Arab Postal Leaders Forum got underway in Muscat.

They added the government has developed the regulatory framework in this area in line with the best global practices.

The law is being prepared together with all relevant entities.

A general policy is also being drafted to act as a roadmap to align global and local trends.

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News developments

Kuwait: National Assembly Dissolved

21/02/202421/02/2024
by Tanya Jain

Al Riyadh, 15 February 2024: An Emiri Decree dissolving the country’s National Assembly has been issued.

News to this effect was aired on Kuwait TV.

It stated: “The National Assembly was dissolved due to the Council’s transgression of constitutional principles in highlighting the respect of the Supreme Leader and deliberately using expressions.”

For the full story, click here.

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News developments

Dubai: First 3D Printing Construction Licence Approved

21/02/202421/02/2024
by Tanya Jain

Arabian Business, 19 February 2024: The Planning and Development Department or Trakhees of the Ports, Customs and Free Zone Corporation or PCFC has announced it has approved the first 3D printing construction licence.

It was granted to Nakheel and is the first licence for construction using 3D printing technology for buildings in the Emirate.

It was granted to Nakheel for the Al Furjan Hills project in December 2023.

The printing process for the initial project was concluded 20 days after the start of construction operations.

3D printing is allowed in the construction sector in the Emirate under Dubai Decree No. 24/2021.

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News developments

UAE: Implementation of Heavy Vehicle Weight and Dimension Regulations Postponed

21/02/202421/02/2024
by Tanya Jain

Arabian Business, 19 February 2024: The UAE’s Cabinet has announced it has issued a Decision postponing the implementation of Ministerial Decision No. 138/2023 (the heavy vehicle weight and dimension regulations).

It has asked the Energy and Infrastructure Ministry to extensively study its rationale for the decision.

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