News developments Archives - Page 105 of 226

Oman: New App Launched to Combat Counterfeit Goods

02/03/202302/03/2023
by Benjamin Filaferro

Muscat Daily, 28 February 2023: Oman’s Tax Authority has launched an app called ‘Ta’akad’ to protect consumers from counterfeit goods and to verify the validity of tax stamps on products.

The app is available on both Android and IOS devices and allows consumers to report any commodity which violates the law.

The Tax Authority is working with the Royal Oman Police and the Consumer Protection Authority to prevent the entry into the country of cigarettes and tobacco products without the distinctive tax stamp to prevent fraud.

For the full story, click here.

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Kuwait: Capital Market Launches Reporting Service

02/03/202302/03/2023
by Benjamin Filaferro

Alanba, 24 February 2023: The Capital Market Authority has recently launched an application called “Sahel,” which offers a reporting service for crimes and violations as defined by Kuwait Law No. 7/2010 On the Establishment of the Capital Market Authority and Regulation of Securities Exchange Activity.

The service’s primary aim is to facilitate the reporting of crimes and violations by providing an easy-to-use platform for individuals to provide full details, including time, location, and any other pertinent information.

For the full details, click here.

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Dubai: Unified Service for Citizen’s Services “Emirati”

02/03/202302/03/2023
by Benjamin Filaferro

Albayan, 26 February 2023: In Dubai, the “Emirati” application has been launched as a unified platform for citizen services.

This comprehensive platform features 153 services, including social and housing services, payment facilities, event listings, health insurance cards, and discounts.

The Dubai Digital Authority has been instructed to collaborate with agencies and institutions to include all necessary services for citizens into the platform by the end of this year.

For the full story, click here.

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UAE: Importance of Indian Customs Agreement

23/02/202323/02/2023
by Benjamin Filaferro

Emaratalyoum, 18 February 2023: At the Global Business Summit in India, the UAE’s Economy Minister has highlighted the agreement signed between India and the UAE which came into effect in May 2022.

He has stated the agreement cancelled the customs tariff between the two countries on more than 80% of Indian and Emirati products.

He has also added customs tariffs will be fully terminated within 10 years to increase commercial exchange and joint investments.

The agreement has enabled service providers to reach 11 main markets and more than 100 sub-sectors.

For the full story, click here.

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Saudi Arabia: Building Code Implementation System Executive Regulations Approved

23/02/202323/02/2023
by Benjamin Filaferro

Alarabiya, 18 February 2023: Saudi Arabia’s Trade Minister has approved amendments to the executive regulations of the Building Code’s implementation system.

The amendments aim to establish minimal requirements and conditions which ensure the public’s health and safety by guaranteeing the stability of buildings.

They also aim to ration water and energy and protect lives and properties against fire, earthquakes, and other dangers.

The conditions include procedures and controls for obtaining building licences.

Engineering plans for buildings and establishments and criteria used will also be an integral part of the requirements.

For the full story, click here.

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Oman: Commercial Franchise Programme Launched

23/02/202323/02/2023
by Benjamin Filaferro

Alroya, 20 February 2023: Oman’s Trade, Industry, and Investment Promotion Minister has launched the Commercial Franchise Programme which aims to enable Omani companies to qualify for commercial franchise opportunities.

As part of the programme several workshops will be organized by the Chamber of Industry and Commerce throughout the provinces.

The scheme will support Omani companies by enabling them to assign Commercial Franchise Rights or connect with companies which are doing so.

For the full story, click here.

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Kuwait: Circular Issued on Conflict of Interest

23/02/202323/02/2023
by Benjamin Filaferro

On 16 February 2023, Kuwait’s Capital Market Authority has published a new circular on conflict of interests on its website.

The circular aims to determine and regulate circumstances in which companies and their employees will be considered to be in a conflict-of-interest situation, including companies to which the state or other public agencies contribute.

It has also specified disclosure requirements.

The Authority has confirmed in the circular that all companies subject to supervision according to the provisions of Kuwait Law No. 7/2010 On the Establishment of the Capital Market Authority and Regulation of Securities Exchange Activity, its Executive Bylaws and their amendments must comply with the provisions of Kuwait Law No. 1/2023 Concerning the Prevention of Conflicts of Interest on written notification upon the occurrence of a conflict.

For the full details, click here.

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Abu Dhabi: New Mechanisms for Handing Over Labourers’ Dues Adopted

23/02/202323/02/2023
by Benjamin Filaferro

Albayan, 16 February 2023: Abu Dhabi’s Labour Court has adopted new mechanisms and procedures to guarantee labourers are paid quickly in a few easy steps.

According to this new mechanism, a private sector company responsible for providing labourers’ insurance coverage must open an office at the Labour Court’s headquarters to pay their financial dues faster based on legal controls.

Based on Abu Dhabi Ministerial Decision No. 318/2022 on the bank guarantee and insurance for labourers’ dues, private sector employers have two options.

They can either pay a bank guarantee of no less than 3,000 AED for each labourer or buy an insurance policy for 30 months at 137.50 AED for skilled labourers and 180 AED for unskilled labourers.

For the full story, click here.

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Sorbonne University Abu Dhabi joins as an Award Sponsor for the 2023 LexisNexis Women in Law Awards

23/02/202323/02/2023
by Benjamin Filaferro

We are thrilled to share that Sorbonne University Abu Dhabi will be an Award Sponsor at the highly anticipated LexisNexis Women in Law Awards 2023, set to take place on 2 March 2023 at The Ritz-Carlton JBR, Dubai.

This event celebrates the achievements and innovations of women in the legal field throughout the Middle East region. The Awards also acknowledge organisations that promote women and gender equality in their teams.

We warmly invite you to join us at this outstanding event on 2 March 2023. Visit the LexisNexis Women in Law Awards website to learn more!

UAE: The Central Bank Launches a Financial Infrastructure Transformation Programme

16/02/202316/02/2023
by Benjamin Filaferro

The UAE Central Bank has launched a Financial Infrastructure Transformation (FIT) Programme which aims at Accelerating the Digital Transformation of the Financial Services Sector.

The FIT Programme focuses on the financial services sector, digital transactions, and the UAE’s competitiveness. Its aim is to accelerate digital transformation in the UAE financial services sector and strengthen the country’s position as a global centrre for business and finance.

The Programme has nine key initiatives. These include the first unified, secure, and efficient card payment platform in the UAE which has been designed to enhance e e-commerce and digital transaction development; and eKYC: which provides a secure, user-friendly platform for conducting customer on-boarding and ongoing due diligence digitally. Other initiatives include the Central Bank Digital Currency (CBDC) which is used to tackle cross-border payment inefficiency and promote innovation for domestic payments and the Open Finance initiative which is driving innovation, competitiveness, and collaboration in the financial sector through interconnectivity and interoperability between institutions.

An advanced SupTech service has also been put in place to enhance supervisory processes. There is also an innovation Hub which is a collaborative platform for Fintech engagement, research, and development. In addition, the Instant Payments Platform is a secure, efficient, and robust payment platform which enhances financial inclusion and promots a cashless society through digital payments. There is also a Financial Cloud which provides a secure, resilient, scalable, and reliable sovereign financial infrastructure; and an initiative to supporting a unique customer experience and foster a culture of excellence across the financial sector.

In the first stage of the Programme, digital payment infrastructures and services such as a Card Domestic Scheme and Instant Payment Platform will be launched. The Central Bank Digital Currency for cross-border and domestic uses will also be issued. These initiatives will help lead to financial inclusion, payment innovation, security and efficiency, and a cashless society.

As part of the FIT Programme, the UAE Central Bank will adopt advanced supervisory technologies and data management solutions so that they can implement robust supervisory processes and ensure financial stability.

In the second stage, the FIT Programme will develop and rollout digital infrastructures like Financial Cloud, eKYC, and Open Finance Platforms. These will enhance regulatory compliance, reduce costs, enhance innovation and customer experience, and strengthen their security and operational resilience.

The FIT Programme, links in with he UAE 2031″ vision and National Digital Economy Strategy.

More details and updates of each pillar of the FIT Program will be announced in due course.

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