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Out Now! MENA Business Law Review No. 02/2022

04/07/202205/07/2022
by Benjamin Filaferro

The MENA Business Law Review No. 02/2022 is brought to you by LexisNexis Middle East and features articles in Arabic, English, and French. In this issue of the MENA Business Law Review:

FIFA World Cup Qatar 2022: Legislative Developments, by Khadeja Al-Zarraa of Al-Ansari & Associates
The UAE’s New Corporate Tax Regime, by Mourad Chatar of Value Square and Ilias Paraskevopoulos
[Arabic] Highlights of Buy-Back Contracts (Repo Agreement): A Comparative Study, by Dr. Zain Al Abdin Sharar of QICDRC
A New Era: English Language Litigation in the Kingdom of Bahrain, by Jodie Martyndale-Howard of Charles Russell Speechlys
Fully Booked: A Return to Form for the Middle East Hospitality Sector, by Llowri Lwydd and Oliver Stevens of Addleshaw Goddard
[French] Affaire Bank Melli Iran versus Telekom Deutschland GmbH, by Maryam Sodayreh
Legislative Insight: Oman’s Crowdfunding Regulations, by Maria Mariam Rabeaa Petrou and Alaa Al Hinai of SASLO
Case Comment by David Russell QC of Outer Temple Chambers: The Industrial Group Ltd v. Abdelazim El Shikh El Fadil Hamid

Get your copy here!

Qatar: Draft Tax Exemptions for Qatar 2022 Approved

04/07/202204/07/2022
by Benjamin Filaferro

Gulf Times, 29 June 2022: Qatar’s Cabinet has approved a draft Ministerial Decision on tax and customs exemptions for hosting the FIFA World Cup Qatar 2022.

They also approved a draft Ministerial Decision specifying additional refund cases for excise tax.

They also approved a draft Cabinet Decision to reorganise the National Committee for Occupational Safety and Health.

In addition, they approved a draft Ministerial Decision to issue forms of contract or document establishing private charitable associations and institutions and their respective statutes.

Finally, they approved a draft Ministerial Decision establishing a Tender and Auctions Committee in the relevant Ministry. Also reported in Al-Sharq on 29 June 2022.

For full story, click here.

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Oman: Notary Public Law Amended

04/07/202204/07/2022
by Benjamin Filaferro

Atheer, 28 June 2022: Oman’s Sultan has issued four Sultani Decrees, including Oman Sultani Decree No. 53/2022, on the General Authority for Special Economic Zones and Free Zones and the Public Establishment for Industrial Estates.

Under Article 1, the Public Establishment for Industrial Estates will be transferred to the General Authority for Special Economic Zones and Free Zones. The Public Establishment for Industrial Estates will exercise the competencies related to the operation of industrial zones.

The Chairman of the Board of Directors of the General Authority for Special Economic Zones and Free Zones will issue the necessary decisions to implement the Decree. Anything which contradicts or contravenes it will be repealed. It will be published in the Official Gazette and come into force on the day it is published.

They also issued Oman Sultani Decree No. 51/2022 amending the Notary Public Law. Anything which contradicts or contravenes it will be repealed. It will be published in the Official Gazette and come into force on the day after it is published.

In addition, they issued Oman Sultani Decree No. 52/2022 amending the Documents and Archives Law. Anything which contradicts or contravenes it will be repealed. It will be published in the Official Gazette and come into force on the day after it is published.

Finally, they issued Oman Sultani Decree No. 54/2022 establishing the National Natural Park Reserve in the Musandam Governorate. A Natural National Park in Musandam Governorate will be established and the specified area and map will be allocated to it. Anything which contradicts or contravenes it will be repealed. It will be published in the Official Gazette and come into force on the day after it is published.

For full story, click here.

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UAE: Details of Draft Commercial Agencies Law Announced

04/07/202204/07/2022
by Benjamin Filaferro

Arabian Business, 30 June 2022: The UAE’s Economy Minister has announced details of a draft Commercial Agencies Law.

If approved, public joint-stock companies and public legal entities with a minimum 51% national capital contribution will be able to act as commercial agents.

Only UAE nationals will be able to act as commercial agents as is the case at the moment.

The existing law on regulation of commercial agencies imposes some restrictions on the cancellation of commercial agencies, even after the contract term has expired.

Under the new law, the agency contract will terminate on the expiry of the contractually agreed term.

The Minister added a draft law on cooperatives will allow various forms of cooperatives to be established in the country. This will enable them to benefit from the economic and development opportunities offered by this sector and boost its contribution to GDP.

It specifies the penalties which will be imposed on anyone who violates the law. These include fines of between 50,000 and one million AED.

A fine of between 200,000 and one million AED will be imposed on anyone who provides false or misleading statements in the articles of incorporation, annual statements and reports, financial statements and financial position or financial statements.

Additional reporting from Al Bayan on 29 June 2022. For full story, click here.

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Saudi Arabia: New Companies Law Approved

30/06/202230/06/2022
by Benjamin Filaferro

Saudi Gazette, 29 June 2022: Saudi Arabia’s Cabinet has approved a new Companies Law.

Among other things, it will provide more flexibility in protecting companies and enable the private sector to keep up with best international practices better.

It regulates all provisions related to commercial companies, non-profit companies and professional companies.

It enables a family charter to be concluded which regulates family ownership in family businesses, their governance and management, work policies, the employment of family members and the distribution of profits.

The aim is to make these companies more sustainable.

SMEs will also be exempt from the audit requirement.

A new type of company called the simplified joint stock company has been established.

This has been established to respond to the needs and requirements of entrepreneurs and venture capitalists.

It will enable non-profit companies to advance to the third sector, stimulate social responsibility and allow them to generate returns in their businesses and spend them on non-profit purposes.

The requirements and procedures for establishing companies are also simplified.

There is flexibility to include special terms and conditions in the contracts of incorporation of companies or their articles of association and create possible mechanisms for entrepreneurs, owners of venture capital and private ownership.

Various restrictions are removed.

These include restrictions on company names.

A limited liability company is allowed to issue debt instruments or negotiable financing instruments.

The provisions of transformation and merger between companies have been amended.

A company can now be divided into two or more companies and the owners of individual entities can transfer their assets to any types of companies.

Different types of shares with varying categories and rights, privileges or restrictions may be issued and shares may be allocated to employees to attract and motivate talent.

Profits may be distributed temporarily or annually without compromising the rights of creditors.

Electronic procedures may be implemented via remote means of communication.

This includes the submission of incorporation applications, general assembly attendance and votes.

Disputes and disagreements may be resolved by arbitration or other alternative means and there are new provisions on the liquidation of a company in line with the Bankruptcy Law.

It has been approved to stimulate and develop the Kingdom’s commercial system.

It aims to improve the sustainability of companies, support investment in SMEs through facilitating procedures and regulatory requirements and achieve greater market diversity by adding new corporate entities.

It also aims to preserve the rights of customers, reduce the numbers of disputes and ensure all stakeholders are treated fairly.

Also reported in Okaz on 28 June 2022. For full story, click here.

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Dubai: Fees Imposed on Airline Agents to be Cancelled

30/06/202230/06/2022
by Benjamin Filaferro

Al Bayan, 27 June 2022: Dubai’s Crown Prince and Chairman of the Executive Council has issued Dubai Executive Council Decision No. 32/2022 cancelling fees imposed on airline agents and offices operating in Dubai.

Under the Decision, fees imposed under the regulations issued on 12 March 1985 and Dubai Decision No. 4/1998 on airlines agents and their branches and airline offices operating in Dubai, will be cancelled.

Anything which contradicts or contravenes the Decision will be repealed.

It will be published in the Official Gazette and come into force on its issued date. For full, click here.

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Kuwait: Expatriates to be Banned from Health Clinics

28/06/202228/06/2022
by Benjamin Filaferro

Kuwait Times, 26 June 2022: Kuwait’s Health Minister has announced they are implementing a plan to ban expatriates from public hospitals, polyclinics and health centres.

The ban will apply to entities in the private sector.

Public hospitals will only be open to citizens.

The ban is being imposed to address a supply and demand issue.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

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Qatar: Amendments to Implementing Regulations to Tenders and Auctions Law Approved

27/06/202227/06/2022
by Benjamin Filaferro

Gulf Times, 22 June 2022: Qatar’s Cabinet has approved a draft Cabinet Decision amending the Implementing Regulations to the Law regulating tenders and auctions. They are contained in Qatar Cabinet Decision No. 16/2019.

Among other things, a definition of local value, which is the total amount spent by a contractor, supplier or service provider within the country to develop national business, services or human resources to stimulate productivity in the local economy will be added.

Model contracts which Government agencies are bound by when concluding any contract, without the need to review the Contracts Department will also be prepared. The model should not be modified and if there is a need to amend it, the department’s approval is required after co-ordinating with the Contract Department.

In bids worth less than five million Riyals, the Government entity may limit participation in it to micro, small or medium companies, or all of them classified at the Ministry.

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Qatar: Stock Exchange to Introduce Short Selling

27/06/202227/06/2022
by Benjamin Filaferro

Arab News, 23 June 2022: Qatar’s Stock Exchange has announced it is going to introduce short selling and securities lending and borrowing.

They will introduce it in the next quarter.

They are consulting with regulators and policy makers on these moves.

They added they have partnered with London Stock Exchange Group Plc to develop a new trading, clearing and market surveillance system which will allow the Exchange to launch a new derivatives market.

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Kuwait: Smoking to Be Banned in Enclosed and Semi-Enclosed Places

27/06/202227/06/2022
by Benjamin Filaferro

Alqabas, 22 June 2022: The Legal and Financial Committee of the Municipal Council has recommended approving a ban on smoking in enclosed and semi-enclosed places, but allowing it in places designated for that in accordance with the requirements and controls contained in the Environment and Family Law.

The committee has decided to refer the draft controls and rules for naming cities, suburbs, regions, roads, streets and squares to the executive body and the legal department to express an opinion.

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