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UAE: Dubai World Trade Centre to Become a Zone Supporting Virtual and Crypto Assets

  • 21/12/202121/12/2021
  • by Benjamin Filaferro

Alroeya, 20 December 2021: It has been announced that Dubai World Trade Centre will be turned into a comprehensive zone that supports the organisation and supervision of virtual and crypto assets.

This will include their products, digital exchange, and operators of these products in Dubai.

The aim is to reflect Dubai’s wish to create new approaches in the economic and financial sectors which will help attract talent and those who work in promising areas of this specialisation.

The Dubai World Trade will work with the private sector and other relevant bodies to build a legislative and supervisory system for digital assets. For full story, click here.

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.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

UAE: Changes to Film Editing

  • 21/12/202121/12/2021
  • by Benjamin Filaferro

The National, 19 December 2021: Films with adult content will no longer undergo editing or changes in the UAE, following the introduction of a new 21 age rating in cinemas.

The UAE Media Regulatory Office has stated that screenings will be shown without editing of their original “international version”.

However, Cinemas will have to adhere strictly to the new age rating, which requires proof of ID that a person is over 21.

Though most international releases are allowed to be shown in the Emirates, it is common for films with adult themes to have certain scenes edited out.

Up until now the highest age rating for films was 18, and relatively few releases came under this classification.

Editing of films has been largely restricted to films shown in cinemas. Material shown on home streaming services or airlines has rarely been edited.

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.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

UAE: Penalties for Impersonation and Defamation of Others Confirmed

  • 19/12/202119/12/2021
  • by Benjamin Filaferro

Alroeya, 16 December 2021: Lawyer and legal researcher Khaled Al Mazmi has clarified the penalties which will be imposed on those who impersonate and defame others.

The penalties will be imposed in line with Federal Decree-Law No. 34/2021 which will come into force on 2 January 2022.

For full story, click here.

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.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Oman: Amphibious Aircraft Approved

Oman: New Online Investment Licensing Service Launched

  • 19/12/202119/12/2021
  • by Benjamin Filaferro

Times of Oman, 16 December 2021: Oman’s Commerce, Industry and Investment Promotion Ministry has announced it has launched a new service for companies covered by the Foreign Capital Investment Law.

The investment licensing service will be available online via the Invest Easy portal.

It will allow all companies who are subject to the Foreign Capital Investment Law to obtain licenses for their projects through self-service or service centres.

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.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Qatar: Draft Law on Control of Import, Export and Transportation of Rough Diamonds Approved

Qatar: Qatar Financial Centre Regulatory Authority (QFCRA) Proposes Amendments to Prudential Framework for Conventional QFC Authorised Banks

  • 19/12/202119/12/2021
  • by Benjamin Filaferro

The Qatar Financial Centre Regulatory Authority has announced it has launched a consultation on the proposed Banking Business Prudential (Counterparty Credit Risk) and Miscellaneous Amendments Rules 2022. It ends on 31 March 2022.

Any amendments will be made to the Banking Business Prudential Rules 2014.

The prudential banking framework which applies to banks in the QFC is largely based on the international framework developed by the Basel Committee on Banking Supervision. In June this year, the Regulatory Authority issued a consultation paper on the Banking Business Prudential (Credit Risk and related Matters) Amendments Rules 2021. The Regulatory Authority did not include its proposals for rules concerning counterparty credit risk in that consultation.

The Regulatory Authority has now completed its work to develop draft Rules and is now proposing new prudential requirements for counterparty credit risk and exposures to central counterparties.

The Regulatory Authority is also proposing a minor change to the General Rules 2006 in terms of auditor appointment notification requirements. The aim is to clarify the notification requirements for when the appointment of an auditor ends.  Article 91 of the QFC Financial Services Regulations requires an auditor to notify the Regulatory Authority about all issues related to their employment.

In addition, the Regulatory Authority is proposing to clarify the FSR requirement in the GENE Rules so auditors are clear about the circumstances where the notification requirement applies. The consultation ends on 28 February 2022.

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.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

UAE: Dubai International Financial Courts to Establish Digital Economy Court

  • 16/12/202116/12/2021
  • by Benjamin Filaferro

Alroeya, 14 December 2021: The Dubai International Financial Centre Courts have announced they are launching a court which will specialise in digital economy issues.

It will specialise in dealing with national and international disputes related to current and updated technologies in various area including big data, Blockchains, Artificial Intelligence and cloud services to disputes related to uninhibited air vehicles, 3D printing and robots.

The Courts are in the process of appointing leading judicial experts to operate and supervise the digital infrastructure and advanced service capabilities of the Court. It will start providing services in the first quarter of next year.

It will support specialist divisions in existing courts including the Technology and Construction Division and the Arbitration Division.

Early next year, the new court will assign a group of international lawyers and industry experts to draft and approve new rules for the Court. A 30-day consultation on them will be launched and they will then be issued.

The aim is to simplify and settle all complex commercial and civil disputes related to the international digital economy. For full story, click here.

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.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

UAE: Working Week Circular Issued

  • 15/12/202115/12/2021
  • by Benjamin Filaferro

Arabian Business, 13 December 2021: The UAE’s Federal Authority for Government Human Resources (FAHR) has issued a Circular on the working week changes.

It has been issued to all ministries and authorities.

The working week changes come into force on 1 January 2022.

The Circular clarifies that the official working week for federal government employees will be Monday to Friday from 7.30AM until 3.30PM daily, except for Friday when working hours will end at midday.

Federal authorities should comply with the new system and make the most of the benefits it offers provided the flexibility does not contradict with the work requirements and falls within the official working hours.

Federal authorities will be able to activate remote working system on some jobs provided they coordinate with the Authority before implementing the system. Also reported in Alroeya on 13 December 2021. For full story, click here.

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.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Out Now! Qatar Business Law Review No. 02/2021

Out Now! Qatar Business Law Review No. 02/2021

  • 14/12/202114/12/2021
  • by Benjamin Filaferro

The QATAR Business Law Review No. 02/2021 is brought to you in Arabic and English by LexisNexis Middle East and the وزارة التجارة والصناعة Ministry of Commerce and Industry. In this issue:

  • Recent Changes to the Commercial Companies Law, by Buthaina Al Hail, Legal Specialist, Ministry of Commerce and Industry
  • The Arbitration of Disputes Related to a Company’s Memorandum of Association, by Sarrah N. ElJaili (LL.M.), Associate, Hamad Al-Yafei Law Firm
  • The Sole Proprietorship: Between Enactment and Reality, by Hassan Abdul Razzaq Al Sayed, Legal Specialist, Legal Affairs Department – Ministry of Commerce and Industry
  • The Qatar Legislator: Between Attracting Foreign Investment and Combating Commercial Concealment, by Hilal Mohammed Al-Khulaifi, Director, Legal Affairs Department, Ministry of Commerce and Industry
  • The Position of the Qatar Courts on Delay Interest, by Dr. Zain Al Abdin Sharar, Senior Legal Counsel – CEO Office, Qatar International Court
  • Practical Guidance: QICCA Arbitration Checklist, by Joseph Lee, Lawyer, Pinsent Masons, Doha

Get your copy here!
Oman: Amphibious Aircraft Approved

Oman: Central Bank Issues Prizes on Deposit Accounts Circular

  • 14/12/202114/12/2021
  • by Benjamin Filaferro

Atheer, 10 December 2021: Oman’s Central Bank has issued a Circular to banks authorised to operate in the Sultanate on awarding prizes to deposit accounts.

A similar Circular was issued in March 2009.

The Central Bank has decided to withdraw the prize scheme linked to deposit savings from 1 January next year.

Banks should develop appropriate plans for savings deposits and refine their money management strategies to ensure reasonable interest rates and profits are paid to depositors, without raising the interest rate on loans. For full story, click here.

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.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Bahrain: Decision on Reporting Information and Measures Against Frozen Funds Issued

Bahrain: Proposal to Double VAT Approved

  • 12/12/202112/12/2021
  • by Benjamin Filaferro

Gulf Daily News, 8 December 2021: Bahraini MPs have approved a proposal to double VAT in the Kingdom.

It will be increased from 5% to 10%.

It will amend Bahrain Decree-Law No. 48/2018.

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.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

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