Tanya Jain, Author at LexisNexis Middle East

Oman: Statements of Bank Assets and Liabilities Regulations Amended

16/02/202416/02/2024
by Tanya Jain

Al Watan, 11 February 2024: Oman’s Central Bank has issued a Decision amending the statements of bank assets and liabilities of licensed banks in the Sultanate regulations.

Oman Central Bank Decision No. MM/201/06/23/22/2024 amends Oman Regulation No. 20/09/1980.

Under the Decision local banks must submit statements of their assets and liabilities, including a profit and loss account and all their operations and branches within the Sultanate of Oman, within their annual budget, provided that they are audited by independent auditors to the Central Bank during the first quarter of each year.

Local banks must electronically display the summary statement dating back to 31 December the previous year throughout March through the channel they conduct banking business through.

For more information, click here.

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News developments

Kuwait: Auditing Activities Facilitation Circular Issued

16/02/202416/02/2024
by Tanya Jain

Alrai, 10 February 2024: The Undersecretary of Kuwait’s Audit Bureau has issued an auditing activities facilitation Circular.

The Circular has been sent to entities subject to supervision by the Bureau.

It aims to promote cooperation and facilitate the Audit Bureau’s mission.

It also aims to organise the Bureau’s relationship with these entities to help them achieve their objectives in line with the Audit Bureau Law.

The Circular states: “The entities subject to the Bureau’s oversight must fully cooperate with its auditors, facilitate direct communication with the heads of accounts, their directors, and auditors, or whoever acts in their place, respond to their correspondence and inquiries, and submit all documents and records, or any other papers that are necessary to carry out their specific duties according to the law, in the most complete and expeditious manner possible, and facilitating the tasks of the audit team regarding field visits to the entity’s sites.”

For the full story, click here.

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News developments

Dubai: International Financial Centre Announces Launch of Sustaining Family Business Success Programme

16/02/202416/02/2024
by Tanya Jain

Arabian Business, 12 February 2024: The Dubai International Financial Centre has announced the launch of a Sustaining Family Business Success Programme.

It has been launched together with the DIFC Academy and MIT Sloan Executive Education.

It will take place from 24 to 26 June and will provide family businesses with training on sustaining success across generations.

It is aimed at equipping family businesses with the knowledge and strategies needed to navigate opportunities and challenges as they expand regionally and globally.

They will earn a certificate from the MIT Sloan School of Management after completing the Programme.

The Programme has been developed around six pillars, including future vision, managing turbulence, governance, talent and succession and multigenerational success.

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News developments

Abu Dhabi Global Market: Financial Services Regulatory Authority Fines Six Financial Institutions for Common Reporting Standard Regulations Breaches

16/02/202416/02/2024
by Tanya Jain

The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has fined six financial institutions a total of 170,000 AED for Common Reporting Standard Regulations 2017 breaches.

The institutions were fined for failing to follow due diligence procedures in line with the Regulations, keep records of the performance of due diligence, report the required information in a complete and accurate way and/or submit the required annual information return.

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News developments

Sharjah: New Property Laws Proposed

16/02/202416/02/2024
by Tanya Jain

Arabian Business, 13 February 2024: Sharjah’s Crown Prince and Deputy Ruler have announced new property laws have been proposed.

The new laws have been proposed as a property boom is being seen in the Emirate.

The laws were formally presented to the Executive Council today.

The Council has approved the proposed laws which relate to the leasing of real estate and the establishment of a Rental Disputes Centre in the Emirate.

The draft laws will now be sent to the Consultative Council to consider.

The leasing of real estate law is aimed at regulating the rental market in the Emirate and developing the legal framework in line with urban development and real estate sector demand.

It is also aimed at streamlining government procedures, protecting the rights of all parties and making procedures easier for landlords and tenants alike.

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News developments

UAE: Draft Emirates Council for Sharia Fatwa Law Approved

09/02/202409/02/2024
by Tanya Jain

Al Bayan, 31 January 2024: The UAE’s Federal National Council has approved a draft federal law regarding the Emirates Council for Sharia Fatwa.

It will organise the Emirates Council for Sharia Fatwa and grant it the necessary capabilities to organise fatwa affairs and consolidate the status of the fatwa in line with the national identity of the state locally and globally.

The draft law specifies various penalties which will be imposed on offenders.

These include a fine of between 10,000 AED and 200,000 AED for anyone who issues a general legal fatwa in the country on any of the issues and topics that concern the Council.

In addition, the facility may be closed and the website blocked.

The Court may also order the closure of the violating facility or institution or block the platform or website that published the fatwa in violation of the provisions of the law or the decisions issued to implement it.

For more information, click here .

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News developments

Saudi Arabia: New Privatisation Project Rules Announced

09/02/202409/02/2024
by Tanya Jain

Arabian Business, 4 February 2024: Saudi Arabia’s National Centre for Privatisation & PPP has published new guidelines for privatisation projects in the Kingdom.

The new guidelines are contained in the Implementing Regulations to the country’s Privatisation Law (Saudi Arabia Administrative Decision No. 1/4/2023/1445).

The Privatisation Law is contained in Saudi Arabia Cabinet Decision No. 114/1443.

They have done so following the approval of amendments late last year.

The new rules have been issued to provide businesses with more clarity.

Among the amendments, new minimum value thresholds are specified for different project types.

The minimum for public-private partnership schemes is 200 million Riyals.

The minimum for deals involving the transfer of asset ownership is 50 million Riyals.

This minimum has been based on the estimated value determined by the executive entity for the target assets.

Projects below these thresholds can still go ahead if they are approved by relevant authorities.

If the minimum threshold is not met but the relevant authority infrastructure or public service project has to go ahead, the regulations and rules related to that project will apply.

In addition, the amendments provide clearer criteria for determining if a company has been set up specifically for privatisation.

Among other considerations, a company will be deemed to have been set up for privatisation if the establishment or ownership of the company by the government is for the purpose of offering a project related to infrastructure or public services through privatisation.

The amendments have taken international practices and local experiences into account. They will replace the previous guidelines and specify the principles that must be taken into account in implementing projects. These are fairness, transparency, contract enforcement, planning and feasibility.

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News developments

Qatar: Shoura Council Committee Discusses Fees for Interior Ministry Certificates

09/02/202409/02/2024
by Tanya Jain

Raya, 5 February 2024: The Interior and Foreign Ministry Committee of Qatar’s Shoura Council has discussed fees for Interior Ministry and affiliated entity certificates.

Under Qatar Law No. 2/1991 fees can be imposed for these certificates.

The Committee also discussed Qatar Law No. 7/1991 imposing fees for the issuing of certificates by the Defence Ministry. It submitted the relevant report to the Council.

In addition, it discussed the procedures for the departure of domestic workers from the country and decided to continue this discussion in its next meeting.

For the full story, click here.

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News developments

Oman: E-commerce Regulations Implementation Begins

09/02/202409/02/2024
by Tanya Jain

Oman Daily Observer, 5 February 2024: Oman’s Commerce, Industry and Investment Promotion Ministry has announced the implementation of the e-commerce regulations has begun.

The regulations are contained in Oman Ministerial Decision No. 499/2023. The regulations stated that they would be implemented 90 days after they were published in the Official Gazette.

They have been introduced to align the Sultanate with international developments in this area.

They were introduced together with the Transport and Communications Ministry, Information Technology Ministry, the Royal Oman Police represented by the General Directorate of Customs, the Consumer Protection Authority, the Central Bank, the Telecommunications Regulatory Authority Asyad Group and the ITHCA Group.

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News developments

Kuwait: Part-Time Work Permits for Expatriates Launched

09/02/202409/02/2024
by Tanya Jain

Arabian Business, 1 February 2024: Kuwait’s Public Authority for Manpower has announced it has launched a part-time work permit for expatriates.

The permit has been launched to help employers use expatriates already working in the country without having to carry out additional recruitment.

The permits will be issued via the Authority’s Sahel application.

The fees for the new work permit will be five Dinars for one month, 10 Dinars for three months, 20 Dinars for six months and 30 Dinars for a year.

Kuwaiti citizens will not have to pay these fees and can carry out unlimited part-time work. The expatriate applying for a part-time work permit will be able to work for a maximum of four hours a day.

Permission must also be given by the individual’s primary employer. The rules do not apply to employees in the contracting sector.

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