The UAE’s Finance Ministry has announced new categories of movable assets. The announcement says there are nine types of funds and movable assets which can be used as collateral for loans and bank financing, including fish, bees and agricultural crops. It also includes equipment and work tools, goods intended for sale or lease and raw materials and goods being manufactured or altered.
Qatar’s Administrative Development, Labour and Social Affairs Ministry has announced a minimum wage committee is going to be established soon. It will be responsible for reviewing and studying the minimum wage for workers and domestic workers. It will also submit its recommendations to the Administrative Development, Labour and Social Affairs Minister.
Boursa Kuwait has announced it will list its shares on the Premier Market. It follows approval from the country’s Capital Markets Authority. They will start trading on 14 September under the BOURSA ticker symbol and will be classified under the Financial Services category. They will be the 174th company on the Exchange and will be the 20th listed company on the Premier Market. Its initial paid-up capital will be approximately 20.1 million Dinars which will be divided into approximately 201 million shares. Around 50% of the company’s shares, or what amounts to around 100 million shares have been offered to Kuwaiti citizens in an initial public offering process which concluded in December 2019 and was oversubscribed by 850%.
Dubai’s Diamond Exchange has signed a cooperation agreement with their Israeli counterpart, the Israel Diamond Exchange. It aims to promote cooperation and dialogue between the two exchanges and will see the Israel Diamond Exchange set up a representative office in Dubai, UAE while the Dubai Diamond Exchange will open a sales office in the Israel Diamond Exchange’s headquarters in Israel. The two exchanges will share knowledge, expertise and experience, promote bilateral trade opportunities and partner on exhibitions, visits and conferences to boost regional trade and support the growth of the global diamond industry.
UAE:Abu Dhabi Global Market Launches Public Consultation on Proposed Electronic Transactions Regulations
The Abu Dhabi Global Market have announced they have launched a public consultation paper on proposed Electronic Transactions Regulations. The consultation ends on 14 October 2020. The aim of the Regulations is to clarify e-signatures are enforceable and electronic records have an equivalent impact to physical copies. They highlight references to ‘writing’ in legislation include electronic form and therefore confirm the validity of electronic contracts. It comes as businesses and consumers are adapting to electronic dealings, including online contracting and e-signatures. Legal concepts have traditionally been based on the existence of a tangible or physical medium. Concepts like document, an ‘original’ or a ‘signature’ still remain relevant in legislation and need to be considered in today’s ever-changing digital environment, particularly when taking the impact of Coronavirus into account.
The UAE’s National Media Council has clarified influencers must be authorised to run advertisements on their social media sites. They must be approved by the Council. This is in line with regulations issued in 2017 by the country’s Cabinet. Advertisements involving health or pharmaceutical products and medical equipment will have to be approved by the Health and Prevention Ministry. All information in the advertisements has to be correct and there should be no errors in the names or specifications about the products. Advertisements must not be vague, ambiguous or unclear; contain false or misleading claims, use fabricated images, exaggerate the product or service being advertised or cause confusion between names, products or activities. The advertisement’s identity should be transparently defined and use clear and unconfusing language. Firms and individuals who don’t comply with the rules will be fined.
Saudi Arabia’s Commerce Minister has announced they have approved an amendment to the bylaws of the Saudi Foreign Business Councils. Under Saudi Arabia Ministerial Decision No. 56103/1442, a system will be implemented to review the Regulations after a year. It will come into force on its issued date and has been published in the Official Gazette.
According to local newspaper reports, the Undersecretary for Oman’s Labour Ministry has announced the Omanisation rules for sub-contractors. Under the rules, Omanis will be prioritised. The sub-contracting of expatriates should stop to enable this.
Kuwait’s Health Ministry has announced they have approved regulations for performing obesity operations in the Government and private sectors. The patient must be between 18 and 50, with a BMI of 50 or less and classified under the third category or less. This is according to the American Anaesthesia Association classification.
The Dubai International Financial Centre has announced it has expanded the applicant criteria for its Prescribed Companies regime. The expanded regime is aimed at attracting companies to establish in the DIFC in a way which aligns with international best practices. The expanded Prescribed Company regime is open to all DIFC non-retail companies, along with their shareholders, Ultimate Beneficiary Owners and affiliates. It can now also be used by family businesses with a large presence in the UAE.