News developments Archives - Page 133 of 224

Key Dubai International Financial Centre Laws Amended

10/03/202210/03/2022
by Benjamin Filaferro

Mubasher, 8 March 2022: Dubai’s Ruler has issued DIFC Law No. 2/2022 regarding the Dubai International Financial Centre to incorporate amendments to some of its key laws.

The amendments approved affect the 2020 Data Protection Law, the 2019 Insolvency Law and the 2018 Trusts Law.

They also affect the 2017 Electronic Transactions Law, 2018 Common Reporting Standard Law and 2007 Strata Title Law.

The amendments also affect the rules of interpretation for various DIFC laws.

The amendments include clarifying the process of judicial legislation to individuals so it is more in line with international practice, especially in light of recent rulings in Europe regarding the rights of data subjects.

The amendments also set out better conditions for the legal accountability of controllers and data processors in which the privacy of individuals may be affected by repeated attempts and requests to access their data. For full story, click here.

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Saudi Arabia: Nitaqat Clarification Issued

10/03/202210/03/2022
by Benjamin Filaferro

Saudi Gazette, 7 March 2022: Saudi Arabia’s General Organisation for Social Insurance has issued a Nitaqat clarification.

They have introduced a new mechanism which means Saudi employees will only be included in the firm’s Saudisation programme with their knowledge express consent.

The express consent will be evidenced by a signature on an electronic contract.

The aim is to avoid their names being exploited.

Under the mechanism, when a company or establishment wants to hire a Saudi citizen, the Saudi national must accept the contract sent to them by the firm within seven days.

If they are not, they will not be counted in the Nitaqat programme and the contract will be rejected automatically.

Previously, the Organisation allowed Saudi employees to be calculated in the Nitaqat programme without their approval of the contract.

Where a Saudi employee agrees to the electronic contract, they will receive a message stating they are registered in the social insurance system.

The employee’s wage and insurance subscription number will be mentioned in the message. At the same time, the employer will receive a message stating the employee’s registration has been approved.

In terms of non-Saudi employees, their data will be sent from the Human Resources and Social Development Ministry to the Organisation after their sponsorship is transferred or they enter the Kingdom.

A message will then be sent to the employer from the Organisation stating they have a non-Saudi subscriber who needs to update their information.

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Dubai International Arbitration Centre Finalises New Arbitration Rules

08/03/202208/03/2022
by Benjamin Filaferro

Dubai’s International Arbitration Centre (DIAC) has announced it has finalised its new Arbitration Rules.

They were finalised following a review by its Arbitration Court.

A dedicated task force consisting of regional and international arbitration practitioners and members of their Secretariat drafted the new rules.

The new rules contain provisions dealing with consolidation, joinder, expedited proceedings, alternative process for appointing arbitrators and exceptional proceedings, like emergency arbitrator and conciliation.

In addition, legal fees will now be part of arbitration costs and could be claimed by the parties to the arbitration.

The rules will come into force on 21 March 2022.

They will apply to all new requests for arbitration and exceptional procedures submitted after this date.

The new rules reflect the latest international arbitration developments and evolving business needs.

They aim to improve the efficiency of arbitration procedures and ensure users benefit from multiple enhancements.

The Centre has also announced it Arbitration Court has formally been established. The Court replaces the Centre’s Executive Committee and assumes responsibilities for undertaking general supervision of the alternative dispute resolution services offered and supervising the management of all cases administered by the Centre.

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Oman: Muscat International Airport Free Zone to be Established

07/03/202207/03/2022
by Benjamin Filaferro

Oman’s Sultan has issued Oman Sultani Decree No. 10/2022 to establish a free zone at Muscat International Airport and Sohar and Salalah airports.

They will be established in the designated land plot according to the relevant layouts and concession agreements.

The Council of Ministers will determine the Operating Party for these free zones from companies who report to the Oman Investment Authority. These companies may seek the assistance of departments and companies specialising in the development, marketing, management and operation of those free zones.

Both the Operating Party and companies will be granted the incentives and privileges specified in Oman Sultani Decree No. 56/2002 (the Law on Free Zones).

The Operating Party and companies will be granted a 15-year Income Tax waiver for each separate project. This can be extended for an additional five years. The waiver is not valid for banks, financial institutions, insurance and reinsurance companies or projects providing telecommunications, land transport or contract services.

The waivers will be issued by a Decision of the Chairman of the Tax Authority and in line with the rules, regulations and procedures approved by the Board of the Public Authority for Special Economic Zones and Free Zones, following the approval of the Ministry of Finance.

The operating companies will pay amounts owed to the Operating Party in return for the services the Operating Party provides to them. The Operating Party has to specify the value of the service fee and the method of its collection once the Board of the Public Authority for Special Economic Zones and Free Zones has approved it.

The Operating Party will stick to governing aerial affiliation regulations and requirements for safety and security of civil aviation under the supervision of the Civil Aviation Authority.

The Operating Party has to work with the Public Authority for Special Economic Zones and Free Zones to achieve the measures considered necessary for the safety of individuals, operating companies, installations, goods and commodities within the purview of each zone. They also have to fully cooperate with the Public Authority for Special Economic Zones and Free Zones to observe the regulations governing environmental and security protection.

The Decree will be published in the Official Gazette and come into force the day after it is published.

Also reported in Shabiba on 2 March 2022. For full story, click here.

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Qatar: Fire and Life Safety Manual Launched

07/03/202207/03/2022
by Benjamin Filaferro

The Peninsula, 4 March 2022: Qatar’s General Directorate of Civil Defence has announced it has launched an updated fire and life safety manual.

The manual is contained in the Civil Defence Technical Requirements Manual 2022. It includes all of the engineering requirements related to prevention systems in buildings. It has also been updated to keep up with urban developments in the country.

The guidelines will be enforceable.

At the launch of the manual, the General Directorate of Civil Defence organised a technical workshop for specialists to introduce the design and construction requirements for fire prevention control systems. In addition, technological developments related to firefighting systems, conditions approved by the relevant authorities in the country and the updated technical requirements to improve safety and protection systems in buildings and facilities were also discussed in the workshop.

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Dubai: Savings Scheme for Foreign Employees in Government Launched

07/03/202207/03/2022
by Benjamin Filaferro

Dubai’s Crown Prince and Chairman of the Executive Council has announced a Savings Scheme for Foreign Employees in the Government has been launched.

It has been launched to improve the end-of-service benefits system and retain Dubai’s position as an attractive place to work.

It will be supervised by the Dubai International Financial Centre together with several international investment firms.

It will offer an integrated system which will offer employees various saving opportunities across financial portfolios who can grow their benefits and savings.

It will be available to both citizens and residents.

It will provide employees with various financial benefits, particularly the opportunity to save across different financial portfolios to grow their savings and provide financial sustainability to them and their families. It will also protect and manage amounts owed more effectively by depositing them in the Scheme from the date of enrolment.

It will therefore not include any amounts owed from former years of service which the current legislation applies to. In addition, employees will be able to choose multiple investment structures including traditional investment funds and others which are compatible with Islamic Sharia. Employees who do not wish to invest their benefits will also be provided with options which ensure capital protection.

The Crown Prince has also ordered a steering committee be established which will be led by the General Secretariat of the Executive Council. Committee members will include the Department of Finance, the Dubai Government Human Resources Department, the Government of Dubai Legal Affairs Department, the Supreme Legislation Committee and the Dubai International Financial Centre. They will be responsible for developing an action plan, setting executive procedures, overseeing the workflow of the Scheme and ensuring it achieves its objectives. They will also be responsible for studying the possibility of extending the system to the private sector in Dubai on a voluntary basis, in line with the legislation in force and the relevant federal and local authorities.

The board of trustees and international investment firms will assume the duties of overseeing the Savings Scheme within a governance system which ensures the efficiency and effectiveness of the Scheme to guarantee it serves employees’ interests first and foremost. They will also be responsible for ensuring it provides multiple investment avenues and supports the planning and management of human resources in Dubai by securing end-of-service benefits for employees on a regular and sustainable basis within an efficient integrated system. Also reported in Alroeya on 2 March 2022. For full story, click here.

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Dubai International Financial Centre Launches Consultation on Proposed Amendments to Real Property Law for Consultation

02/03/202202/03/2022
by Benjamin Filaferro

Dubai’s International Financial Centre has launched a consultation on proposed amendments to its Real Property Law (DIFC Law No. 10/2018). It ends on 29 March 2022.

The proposed amendments relate to Part 9 of the Law. They relate to default remedies for mortgagees. The key changes include the removal of the mortgagee’s right of foreclosure in its entirety. They will also clarify the mortgagee’s rights and obligations in terms of the exercise of their statutory power of sale in the event of a default by a mortgagor and remove the reference to ‘under the principles of English common law and equity’ in Article 29(b) of DIFC Law No. 10/2018.

The amendments are aimed at facilitating the administration and enforcement of the Law and improving the regulatory framework within the DIFC, in line with current common law practice.

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Abu Dhabi: Self-employed Citizens Can Register in Pension System

02/03/202202/03/2022
by Benjamin Filaferro

Al Bayan, 28 February 2022: The Abu Dhabi Pension Fund has issued a Decision to include self-employed citizens in the Emirate’s Retirement Law.

They will be allowed to be registered as insured with the Fund voluntarily and treated as insured in the private sector.

Citizens covered by this decision can submit registration applications from 1 March 2022.

Self-employed workers must be citizens of the State and have their own project. This can be a commercial, industrial or agricultural activity or they can own a commercial register or any official register in the Emirate.

Applicants must be over 18, medically fit and not be insured already or retired. For full story, click here.

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Oman: Contractual Changes Announced for Public Sector Employees

01/03/202201/03/2022
by Benjamin Filaferro

Times of Oman, 27 February 2022: Oman’s Labour Ministry has announced public sector employees in the Sultanate will be offered fixed-term contracts.

They will be offered these contracts instead of open-ended contracts.

In addition, either the employer or employee can terminate the employment contract before its duration ends.

Employees can also be denied their annual bonuses if they are considered to have performed poorly at work.

The Decision was issued in line with Oman Sultani Decree No. 89/2020, establishing the Labour Ministry and determining its areas of competency.

Article 4 of the new Decision states: ‘Either of the two parties may terminate this contract before the end of the contractual year without giving reasons, provided that the other party is notified of this no less than three months prior to their termination. During this time, the second party will remain in service.

The first party may waive the right of the second party to continue working after they have been notified of termination, or will require them to continue working until the end of their notice period, if circumstances so require, provided this does not conflict with the interest of the work, and provided that this notice period is fully calculated within the actual service period of the second party.

The second party is entitled to periodic bonuses on the first of January each year, in the category prescribed to their pay grade, and equivalent to their financial allocations, provided that at least six months have passed since the date on which the contract was issued.’

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Saudi Arabia: Excess Cash Must be Disclosed

28/02/202228/02/2022
by Benjamin Filaferro

Saudi Gazette, 25 February 2022: Saudi Arabia’s General Authority of Civil Aviation has issued a circular to all airlines operating in Saudi airports on the necessity of excess cash, jewellery and precious metals being declared.

Airlines must educate passengers who are departing and arriving in the Kingdom about the requirement.

The disclosures must be made to the relevant authorities.

Also reported in Al Riyadh on 24 February 2022. For full story, click here.

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