News developments Archives - Page 107 of 224

Dubai: Tribunal Upholds Decision Against Abraaj Founder, Including Largest Ever Fine

05/01/202305/01/2023
by Benjamin Filaferro

3 January 2023: The Financial Markets Tribunal (FMT) has upheld a decision by the Dubai Financial Services Authority (DFSA) against the founder of the Abraaj Group, including its most significant ever fine for an individual of US$135m.

Abraaj Group was fined almost US$3m in 2019 for its misconduct of misleading or deceiving investors and carrying on unauthorised financial service activities in or from the Dubai International Financial Centre (DIFC).

The DFSA ruled against the company’s founder after it found he had personally proposed, orchestrated, authorised, and executed actions that directly or indirectly misled or deceived the investors. In upholding the ruling, the FMT said that ‘the US$135m penalty is unusually high, but the remuneration that Mr Naqvi received was high amidst conduct that was exceptionally serious and the cause of what appears to have been unprecedented harm to the entire community of the DIFC’.

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Qatar: Social Insurance Law Comes into Force

05/01/202305/01/2023
by Benjamin Filaferro

Gulf Times, 3 January 2023: The Director of Customer Management at Qatar’s General Retirement and Social Insurance Authority (GRSIA) has confirmed that Social Insurance Law No.1/2022 will be implemented on 3 January 2023.

The new law aims to expand the scope of insurance coverage to include all citizens working in the private sector, to add the housing allowance to the salary of subscription calculation, and to allow civilian pensioners to combine their pension and job salary in case they join the private sector.

The Director said GRSIA is fully prepared to implement the provisions of the law, meaning all employers subject to its provisions can update or register their information and receive inquiries or requests of the insured regarding the law electronically through the digital services portal of the employers on the GRSIA’s website.

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Saudi Arabia: 194 Health Facilities Closed in a Year

04/01/202304/01/2023
by Benjamin Filaferro

Arab News, 3 January 2023: Saudi Arabia’s Ministry of Health (MoH) has shut down 194 health facilities for violating regulations, including COVID, in the last year.

The institutions included ten hospitals, 135 medical complexes, nine pharmacies, and 40 other health sector institutions.

Health practitioners faced 2,420 penalties for 44,849 violations, of which 3,058 were levied on individuals and 4,1791 on health institutions.

The ministry announced the figures based on over 700,000 visits in 2022 to ensure that the health institutions apply COVID-19 requirements and prevention measures.

The inspections aimed at ensuring COVID preventive measures for coronavirus, such as wearing face masks inside health institutions and ensuring their implementation of the approved health practice practices to manage the pandemic.

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Kuwait: Second Group of Banks Joins Cross-Border Payment System

03/01/202303/01/2023
by Benjamin Filaferro

2 January 2023: The Central Bank of Kuwait (CBK) has announced the second group of local banks to join the Gulf Cooperation Council (GCC) Cross-border Payment System (AFAQ) after they have completed all required tests and procedures.

AFAQ aims to develop cross-border payment systems and advanced technologies to enhance efficiency, minimise reliance on financial systems and external payment platforms and reduce cost.

The second group of banks are the National bank of Kuwait, Kuwaiti Finance House, Ahli United Bank, Commercial Bank of Kuwait, Burgan Bank and Kuwait Industrial Bank.

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Abu Dhabi: Penalties for Improper Practices in Food Production Announced

29/12/202229/12/2022
by Benjamin Filaferro

Khaleej Times, 26 December 2022: The Abu Dhabi Agriculture and Food Safety Authority has announced seven administrative penalties to reduce improper practices in the emirate’s agriculture and food production sector.

The penalties include a notice used in low or medium-risk violations; a warning penalty; placing facilities under financial, administrative, and technical supervision; temporary suspension of the facility’s activity; eliminating or suspending the facility’s licence.

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Jordan: New Platform for Receiving Labour Complaints Announced

28/12/202228/12/2022
by Benjamin Filaferro

Jordan Times, 24 December 2022: Jordan’s Labour Ministry has announced it has finalised the new Himaya (protection) platform for recording labour-related complaints, which will allow labour associations, embassies, and civil society organisations to submit e-complaints on behalf of workers, especially with cases of suspected human trafficking.

Workers will also be able to submit complaints themselves directly.

The platform will launch in 2023 and will be available in ten languages, including Bengali, Hindi, Chinese, Indonesian, Nepali, Sri Lankan, Filipino, Arabic and English.

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Saudi Arabia: National Intellectual Property Strategy Launched to Support Innovation

27/12/202227/12/2022
by Benjamin Filaferro

Saudi Gazette, 22 December 2022: The Saudi Prime Minister has launched the National Intellectual Property Strategy (NIPST) to support innovation, competition and economic growth.

NIPST consists of four main pillars: IP Creation, IP Administration, IP Commercialisation, and IP Protection.

Each pillar will include several initiatives assigned to government agencies and will be measured periodically according to a governance framework that defines roles and responsibilities, including decision-making on important issues related to the implementation of NIPST projects.

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Kuwait: Law on Establishing Companies for Constructing Residential Cities Issued

23/12/202223/12/2022
by Benjamin Filaferro

Mubasher, 21 December 2022: Kuwait’s Cabinet has approved a proposed law on the establishment of companies for constructing and economically developing residential cities on state-owned lands.

A Housing and Real Estate Affairs Parliamentary Committee report recommended establishing such companies.

Under the law, the corporation is obliged to establish public joint stock companies with varying share ownership percentages.

The corporation’s articles of association must be compatible with the provisions of Islamic Sharia for establishing an integrated residential city.

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The MENA Business Law Review No. 04/2022 is out!

22/12/202222/12/2022
by Benjamin Filaferro

We are pleased to share the fourth edition of the MENA Business Law Review 2022, the definitive business law reference in the Middle East and North Africa! In this edition:

REGULATORY: البيع على الخارطة by Faisal Rashid Al Sahouti of the Qatar International Court and Dispute Resolution Centre (QICDRC)

We look into how Qatar is working on boosting and advancing the real estate sector by establishing the Real Estate Regulatory General Authority, which shall work on achieving stability in the real estate sector, protecting the investors’ money, and fulfilling the vision of the State of Qatar to reach a comprehensive urban renaissance.

LEGISLATIVE INSIGHT: Implementing Regulations under the UAE Immigration Law by Gordon Barr and Roxanne Vesuvala of Al Tamimi & Company

We summarise the new visa rules that have come into force in the UAE.

LITIGATION: The English Courts’ View on the “Convenience” of Litigating in the UAE by Peter Smith of Charles Russell Speechlys

This article considers cases in which English courts have considered the advantages and disadvantages of commercial disputes being heard in the courts of the United Arab Emirates as the alternative to England.

CONSTRUCTION LAW: The Middle East – Safe Harbour for the Global Construction Industry by Andrew Mackenzie and Terrick Mccallum of DLA Piper

In this article, we explore some of the significant projects and developments underway or set to commence in the Middle East soon, with a particular focus on Saudi Arabia, Qatar and the UAE and discuss what this means for the construction sector as a whole in the region.

DISPUTE RESOLUTION: Managing Disputes During the Life Cycle of a Construction Project by James Cameron of Fenwick Elliott LLP

Construction projects have an almost unique ability to generate disputes, which are often expensive and drawn out. This article reviews recent industry reports from HKA and Arcadis. It aims to provide real-world tips to help employers, main contractors, and subcontractors avoid and mitigate disputes where that is not possible.

LIBERALISATION: “Où va le droit des affairs en Tunisie” ? by Dr Najet Brahmi Zouaoui

The new Tunisian constitution of 15 July 2022 appears to be part of a logic of withdrawal from the liberalism of the past. This article explores how the texts of the constitution have been modified to strengthen the exemption of certain economic activities from the requirement of prior authorisation and aims to answer the question of where business law is going in Tunisia today.

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LexisNexis MENA Business Law Review No. 04_2022

Have you read the previous editions of the MENA Business Law Review? Click the links below to access and read previous editions.

LexisNexis MENA Business Law Review No. 03_2022

LexisNexis MENA Business Law Review No. 02_2022

LexisNexis MENA Business Law Review No. 01_2022

Qatar: Cabinet Approves Draft Public Hygiene Law

22/12/202222/12/2022
by Benjamin Filaferro

The Peninsular, 21 December 2022: Qatar’s cabinet has approved a draft law to amend provisions of Qatar Law No.18/2017 on public hygiene to, among other things, prohibit the occupation of squares, roads, streets, lanes, alleys, sidewalks, and public parking areas with abandoned vehicles, equipment, machinery, temporary or permanent buildings, without a license from the competent municipality.

The draft law also prohibits leaving, throwing or pouring waste, or disposing of it, in places other than those specified by the competent municipality.

In the event of a violation, the municipality may remove the objects at the violator’s expense and impound their vehicle for up to three months.

Under the law, the municipality is responsible for public cleaning, including the collection, transportation, unloading and disposal of waste, although it may employ contractors to carry out the work.

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