Tanya Jain, Author at LexisNexis Middle East

Saudi Arabia: Banks Banned From using WhatsApp Communications

04/03/202504/03/2025
by Tanya Jain

The Saudi Central Bank (SAMA) has announced a ban on the use of instant messaging applications, such as WhatsApp, by local banks for customer communications, citing these platforms as unreliable. In response, the Central Bank has urged financial institutions to explore secure alternatives, such as integrating instant messaging services like Live Chat or ChatBot within their applications or websites, while ensuring compliance with personal data protection requirements.

Local banks have been instructed to implement these measures and educate their staff, including branch, customer service, and marketing employees, about the new guidelines, conducting necessary assessments to ensure compliance.

The Media and Awareness Committee at Saudi Banks has highlighted the prevalence of fraud cases involving impersonation of charitable organisations or public figures on social media.

Fraudsters deceive victims by pretending to represent official entities, using fake documents and seals to solicit fees for supposed financial assistance.

The committee has emphasised that legitimate organisations do not solicit donations or search for beneficiaries through social media or instant messaging platforms. Fraudsters often lure victims by falsely claiming they are entitled to donations or support from well-known charities, or by exploiting the names of legal entities, demanding fees through money transfers or payment links.

Customers are encouraged to use the secure SADAD system, available in all Saudi banks and banking applications, for official bill payments and service fees. In the event of fraud, immediate notification to the bank is crucial for recovery actions.

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News developments

Bahrain: Tightens Advertising Regulations

28/02/202528/02/2025
by Tanya Jain

The Daily Tribune, 26 February 2025: Bahrain is set to impose stricter penalties on misleading advertising, with a new government-drafted bill proposing fines of up to BD20,000 and potential jail time for offenders.

The legislation, currently under review by Parliament’s Public Utilities and Environment Committee, aims to eliminate harmful advertising practices and streamline the licensing process.

The bill seeks to amend Bahrain Law No. 14/1973, introducing tighter controls on advertising, particularly for roadside promotions and commercial displays overseen by the Municipalities Affairs Ministry.

Under the proposed regulations, violations such as advertising without a licence, breaching licence conditions, providing false information, or using unlawful means to secure a permit could result in jail terms or fines ranging from BD1,000 to BD20,000.

Additionally, obstructing ministry inspectors or concealing necessary records and documents would incur penalties.

Each infraction would be treated individually, with courts mandated to order the removal of unauthorised advertisements at the advertiser’s expense.

The bill defines advertising as any medium intended to inform the public or a specific group about a product, service, or offering, encompassing visual, audio, or illuminated adverts, as well as those made from materials like wood, metal, paper, fabric, plastic, or glass.

Advertisers would be required to obtain prior approval from the relevant authority before displaying content.

The ministry would have the authority to inspect advertisements and remove those that violate the rules, providing advertisers with at least 15 days’ notice before removal and requiring them to cover the cost of restoring the site.

The ministry could also revoke an advertising licence permanently or temporarily.

Penalties would apply to each offending advertisement, and anyone who removes, damages, or defaces a licensed advertisement, or any part of it, would face a separate fine of up to BD1,000.

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News developments

UAE: Launches Blue Visa

21/02/202521/02/2025
by Tanya Jain

Khaleej Times, 12 February 2025: The UAE has initiated the first phase of the Blue Visa, unveiling the specifics of this ten-year residency permit at the World Governments Summit 2025.

This innovative visa is aimed at individuals who have significantly contributed to environmental protection and sustainability, both within the UAE and globally.

In this initial phase, twenty sustainability thought leaders and innovators will be awarded the Blue Visa, as announced by the Ministry of Climate Change and Environment and the Federal Authority for Identity, Citizenship, Customs and Ports Security (ICP).

The Blue Visa is designed to recognise and support those actively engaged in environmental action.

It is available to members of international organisations, global companies, associations, non-governmental organisations, as well as global award winners and distinguished activists and researchers in the field of environmental work.

This initiative is an extension of the UAE’s Golden and Green Residencies, which were introduced earlier to attract exceptional talent to the country.

To apply for the Blue Visa, interested sustainability advocates and experts can either apply directly to the ICP or be nominated by relevant authorities within the UAE.

The first phase of the application process is conducted electronically, allowing for the submission of applications through government agencies involved in sustainability sectors, following the procedures outlined on the ICP’s website.

The ICP ensures 24/7 access to the Blue Visa service for eligible individuals via its website and mobile application, complying to the approved terms and conditions.

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News developments

Sharjah: Imposes 20% Tax on Natural Resource Companies

21/02/202521/02/2025
by Tanya Jain

Khaleej Times, 13 February 2025: Sharjah has introduced a new law imposing a 20% corporate tax on companies involved in both extractive and non-extractive natural resource activities.

Extractive companies, which focus on the extraction of raw materials such as oil, metals, minerals, and aggregates, will be taxed based on their taxable base.

This base is determined by the total share of the company from the value of produced oil and gas, following specific agreements with the Sharjah Oil Department.

Additionally, royalties, bonuses, and annual rents for concession areas will be calculated according to these agreements.

Non-extractive companies, which handle the separation, treatment, refinement, processing, storing, transporting, marketing, or distribution of natural resources, will also face a 20% tax.

Their taxable base is calculated from net taxable profits, with adjustments for asset depreciation and tax losses.

Depreciation of non-current assets is set at 20% annually, and tax losses can be carried forward to future periods.

Compliance with this tax law is essential for renewing concession rights or commercial licenses in Sharjah.

Companies must maintain accurate records and supporting documents for seven years.

A financial penalty of 5% of the total due tax will be imposed for intentional tax evasion violations.

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News developments

Saudi Arabia: Finance Minister Approves Executive Regulations for Zakat Collection

21/02/202521/02/2025
by Tanya Jain

Agraam, 15 February 2025: The Saudi Finance Ministry has approved the latest executive regulations for Zakat collection, aimed at streamlining the process across various business sectors.

The comprehensive 128-article regulations provide detailed guidance on Zakat procedures, addressing challenges faced by those required to pay.

These regulations includes all aspects of Zakat collection, including rules established through independent ministerial decisions.

They cover the calculation of Zakat for taxpayers, financing activities, and investors in investment funds.

Additionally, exemptions are outlined for properties owned by endowments, charitable organisations, and training units.

Significant updates include the introduction of a minimum Zakat base and a cap to protect taxpayers from escalating costs.

These regulations will apply to fiscal years beginning 1 January 2024, with declarations due in 2025, following the specified conditions and guidelines.

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News developments

Qatar: Streamlined Environmental Permits for Industrial Growth

21/02/202521/02/2025
by Tanya Jain

The Peninsula, 14 February 2025: The Ministry of Commerce and Industry (MOCI) and the Ministry of Environment and Climate Change have unveiled a new initiative aimed at streamlining the process of issuing environmental permits for industrial facilities.

The initiative introduces a simplified process for granting environmental permits, aligning with international best practices.

Under this new system MOCI will directly issue industrial permits for 861 activities, based on predefined environmental criteria, once the construction of the facility is completed.

This change benefits investors involved in 66% of all industrial activities.

Additionally, the initiative exempts 257 industrial activities from needing environmental and operational permits from the Environment and Climate Change Ministry, covering 20% of all industrial activities.

Only 182 activities, representing 14% of the total, will require prior environmental approval.

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News developments

Oman: FSA Implements IFRS for Financial Reporting

21/02/202521/02/2025
by Tanya Jain

The Arabian Stories, 17 February 2025: The FSA has issued Oman Financial Services Authority Decision No. 2/2025, mandating the adoption of International Financial Reporting Standards (IFRS) for preparing and reviewing financial statements across the Sultanate.

The resolution, which is based on the law regulating the accounting and auditing profession and the establishment of the Financial Services Authority (Oman Sultani Decree No. 20/2024), states that all practitioners in the accounting and auditing field must comply to IFRS when preparing financial statements.

However, the decision allows SMEs to opt for the simplified IFRS for SMEs model, as long as it does not conflict with any regulatory requirements.

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News developments

Kuwait: Introduces New Service to Access Constitutional Court Rulings

21/02/202521/02/2025
by Tanya Jain

Arab Times, 13 February 2025: The Justice Ministry has unveiled a new service, allowing users to access the Constitutional Court’s rulings via the unified government e-services application, “Sahel.”

Available in the Constitutional Court section of the app, it offers a swift and efficient method for reviewing significant judicial decisions.

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News developments

Fujairah: All Government Employees to Receive Comprehensive Health Insurance

21/02/202521/02/2025
by Tanya Jain

Khaleej Times, 12 February 2025: In a move to enhance employee welfare, all government employees in Fujairah will now receive health insurance coverage.

This initiative is part of a decision by the Crown Prince of Fujairah to implement a comprehensive health insurance system for all workers across local government institutions and departments.

News developments

Bahrain: Parliament Approves Immediate Housing Allowance Plan

21/02/202521/02/2025
by Tanya Jain

The Daily Tribune, 12 February 2025: Bahrain’s Parliament has approved a proposal to eliminate the five-year waiting period for housing allowance payments, allowing families to receive financial support as soon as their applications are approved.

The initiative, described as long overdue, addresses the rising cost of living and aims to provide immediate relief to families, particularly newlyweds, who struggle with rent while awaiting assistance.

The current system, which requires applicants to wait five years before receiving any financial aid, has been criticised as an unnecessary burden on those already facing financial difficulties.

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