News developments Archives - Page 145 of 224

Dubai World Trade Centre Authority Approves New Single and Multiple Family Offices Licensing Regulations

11/10/202114/10/2021
by Benjamin Filaferro

The Dubai World Trade Centre Authority has announced it has approved new Single and Multiple Family Office Regulations.

The Single Family Offices Regulations allow for offshore entities, founded directly by members of a single family, to own and manage their collective wealth, assets, businesses and investments by incorporating a new Free Zone Establishment or Free Zone Company. It will be subsequently licensed to operate from the designated free zone.

The new Multiple Family Offices regulations are aimed at the increasing numbers of international professional and wealth management and advisory service industry providers who want to operate and expand their market presence and management portfolios in the region.

Multiple Family Offices licenses facilitate and enable services offered to multiple families, their members, businesses, entities, trusts and foundations.

The aim is to encourage family businesses to register as these entities.

They address the needs of family-run entities and also introduce a new platform for these entities to set-up offshore holding companies in the Zone.

It will help them manage their private family global wealth, assets and investments from Dubai. Also reported in Alroeya on 10 October 2021. For full story, click here.

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Kuwait: Over-60s Expatriate Ban Reversed

10/10/202110/10/2021
by Benjamin Filaferro

Gulf News (United Arab Emirates), 8 October 2021: A Kuwaiti Government agency has reversed a ban on expatriates over 60 who do not have a university degree from renewing their work permit.

The decision was revered by the Legal Advice and Legislation Department.

It was issued by the Public Authority of Manpower in August 2020 without authorisation.

They issued a subsequent decision allowing expatriates over 60 to renew their residency permits in for 2,000 Dinars.

The Commerce Minister as Chairman of the Public Authority of Manpower will now have to issue a decision to reverse the ban.

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UAE: Telecommunications and Digital Government Regulatory Authority Launches Public Consultation on Spectrum Resources

10/10/202114/10/2021
by Benjamin Filaferro

The UAE’s Telecommunications and Digital Government Regulatory Authority has launched a public consultation on spectrum resources.

It aims to get feedback on its activities related to reviewing spectrum allocation for IMT applications in certain frequency bands.

These are specifically the UHF and 3.8 – 4.2 GHz bands and 6 GHz band.

Following the feedback, the Authority will update the part on the current and future uses of IMT in the Spectrum Future Foresight document of 2020-2025 and develop directions on the uses of these bands.

A new 3.8 GHz to 4.2 GHz band may also be introduced.

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Turkey: Paris Climate Agreement Ratified

10/10/202110/10/2021
by Benjamin Filaferro

Hurriyet Daily News, 7 October 2021: Turkey’s Parliament has ratified the Paris Climate Agreement.

It was referred to the Parliament last month.

It was unanimously approved yesterday.

The relevant legislation has been published in the Official Gazette and it came into force on its published date.

They become the last G20 country to ratify it.

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UAE: Federal Authority for Identity and Citizenship to be Merged with Federal Customs Authority

06/10/202106/10/2021
by Benjamin Filaferro

Gulf News (United Arab Emirates), 6 October 2021: The UAE’s President has issued a decree to merge the Federal Authority for Identity and Citizenship with the Federal Customs Authority and the General Authority for Ports, Borders and Free Zones Security.

The merged entity will be called the Federal Authority for Identity, Citizenship, Customs and Ports Security.

They will be responsible for regulating citizenship, passports, entry and residence of foreigners in the country, promoting ports, borders and free zones’ security, raising their efficiency and readiness.

They will also be responsible for organising and managing customs work in the country in line with global standards.

In addition, they will be responsible for proposing and preparing policies, strategies and legislation related to identity and citizenship affairs, passports, entry and residence of foreigners, customs and port security along with proceeding with the relevant Cabinet approvals.

They will also be responsible for establishing, developing and updating the population registry and personal data system in the country and managing it in line with the best practices. They will be responsible for setting up systems, programmes and procedures to ensure identity cards are issued to all citizens and residents in the country as well.

Additional reporting from Khaleej Times (United Arab Emirates) on 6 October 2021.

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Saudi Arabia: Final Restructuring Order Issued in Algosaibi Case

06/10/202106/10/2021
by Benjamin Filaferro

Arab News, 3 October 2021: The Dammam commercial court has issued a final restructuring order in the Algosaibi case.

The order concludes the largest family debt case in Saudi Arabian history and is the first case to apply the country’s Bankruptcy Law.

The Group along with Saad Group defaulted on approximately $22 billion in 2009.

The final orders will now be uploaded to the online judicial or Najiz portal.

It will lift restrictions on the group’s assets and terms of the proposal can be fulfilled.

However, no timeframe for completion was given.

A regulated fund to manage real estate carefully and maximise recoveries from it has been established. It will be owned by creditors, so the title in the assets will transfer to creditors quickly.

Under the settlement, the creditors are expected to receive about 26 cents on the Dollar for debt claims amounting to 27.5 billion Riyals.

The settlement assets include over SR800 million in cash, a portfolio of publicly traded shares worth about SR3.7 billion, and real estate assets in Saudi Arabia.

The company will retain its core operating assets.

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Saudi Arabia: Attorney General Launches New Prosecution Categories

03/10/202103/10/2021
by Benjamin Filaferro

Saudi Gazette, 30 September 2021: Saudi Arabia’s Attorney General has confirmed a number of new prosecution areas that have been added for the first time to the existing public prosecution system.

The Public Prosecution Council has approved these prosecutions that include the Cassation Prosecution, the Appeals Prosecution, and the Ethics Prosecution.

The new names of the branches and departments of the Public Prosecution after their renaming have been announced.

They include Traffic Prosecution, Environment Prosecution, Trafficking in Persons Prosecution, Cybercrimes Prosecution, Public Ethics Prosecution, Funds Prosecution, Family and Juvenile Prosecution, Drugs Prosecution, Economic Crimes Prosecution, Crimes Against Public Trust Prosecution, National Security Prosecution, Assault on Persons Prosecution, International Cooperation Prosecution, Public Prosecution, Prison Oversight Prosecution, and Inspection Prosecution.

To read more, click here.

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Qatar: Draft Amendment to Anti-Money Laundering Law Approved

03/10/202103/10/2021
by Benjamin Filaferro

The Peninsula, 30 September 2021: The Qatari Cabinet has met with the Prime Minister and Minister of Interior and given its approval to a draft law which amends some provisions of the Anti-Money Laundering and Terrorist Financing Law Qatar Law No. 20/2019.

It has also approved a draft Cabinet decision which will amend some provisions of the executive regulations of the Anti-Money Laundering and Terrorist Financing Law, issued by Cabinet Resolution No. 41/2019.

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Dubai: Special Judicial Department Established to Consider Money Laundering Cases

03/10/202103/10/2021
by Benjamin Filaferro

Alabayan, 21 September 2021: The Chief of the Court of Appeal has revealed that a special judicial department has been established to consider the cases involving money laundering.

The new department consists of three judges and will work once a week according to the chief. The chief has said that the establishment of the department came as part of the national strategy for combating money laundering crimes. He has added it will enable related cases to be considered efficiently and quickly. The aim is to achieve judicial excellence and enhance integrity and transparency in economic activities.

For full story see: https://www.albayan.ae/uae/news/2021-09-29-1.4257428

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Saudi Arabia: Ministry of Justice digitises 50m title deeds

30/09/202130/09/2021
by Benjamin Filaferro

Arab News, 29 September 2021: The Saudi Ministry of Justice has digitised more than 50 million title deeds as part of the Real Estate Wealth Digitisation Initiative.

The service was launched as part of the ministry’s National Transformation Program 2020 initiatives. It is hoped the digitisation project will enhance property services and simplify property management procedures through the availability of central digitisation facilities. The digitisation process starts at the courts and notary public offices where documents are accounted for and compiled. The data is then entered and audited. Later documents are processed for transfer to the central digitisation facility for processes including restoration, photography, archiving, auditing and quality review.

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