Qatar’s Emir, Sheikh Tamim bin Hamad al-Thani has issued a Decree-Law amending the 2004 Law on combating terrorism. It includes definitions of terrorists, crimes and terrorist acts and entities. It also contains provisions on the freezing of funds and terrorist financing. Two national lists of individuals and terrorist entities will be created. The procedures for who gets listed have also been laid out. In addition, relevant parties will be able to challenge a decision to list at the Court of Cassation.
Dubai’s Crown Prince and Executive Council Chairman, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has issued a Decision to regulate the rental of buses, trucks, recreational vehicles, motorcycles and bicycles in the Emirate. It also aims to regulate the transporting of passengers, goods, valuables, packages, food and furniture by specialist companies. It applies to all relevant entities in Dubai, including those based in special development zones, free zones and the Dubai International Financial Centre. The Decision will be published in the Official Gazette and will come into effect 60 days after it has been published.
The UAE’s Finance Ministry has confirmed certain financial services, residential properties, bare land and local passenger transport will be exempt from VAT. The UAE is set to implement 5% VAT on 1 January 2018. Supplies, including sales or leases, of commercial properties will be taxable at the standard VAT rate of 5% percent but supplies of residential properties will generally be exempt from VAT. In addition, the first supply of newly-constructed residential properties within 3 years of their completion will be zero-rated for VAT purposes. VAT will also be charged at 0% for exports of goods and services outside the GCC and international transportation and related supplies. Supplies of certain sea, air and land transportation (like aircrafts and ships), certain investment grade precious metals (like gold or silver which reach 99% purity), supply of certain education services and supply of relevant goods and services and supply of certain healthcare services and supply of relevant goods and services will be taxed at 0%.
The UAE’s Economy Ministry has called on companies dealing with commercial partners in the EU to keep up with the new European public information protection legislation. The Assistant Undersecretary for the Ministry’s External Trading Sector, Joma Mohammed Alkait said the Ministry is issuing this call as part of its efforts to keep all companies informed on new developments in policies and legislations in the relevant markets in which they may have trading partners. The legislation will be implemented in May 2018 and is aimed at strengthening and protecting private personal information in the European Union. It will not only affect companies operating in European countries but also companies who have commercial and investment activities with European countries. Companies should reconcile their procedural and operational activities in line with the legislation.
The accession procedures of Jordan to the Patent Cooperation Treaty (PCT) with the Secretary General of WIPO have been completed and came into effect on 9 June 2017. Jordan becomes the 152nd member of the Treaty. Any PCT applications filed on or after the effective date will include the designation of Jordan. It will be possible to file international patent applications through the Jordanian Patent Office.
Egypt’s Investment Minister, Sahar Nasr has announced the Executive Regulations to the Investment Law will be issued by 30 June. The drafting committee will hold a meeting on Sunday to finalise the Regulations. The Investment Law was approved by President Al-Sisi on 1 June.
Bahrain’s Central Bank has announced new regulations to create a regulatory framework to allow start-ups and fintech firms to test and experiment their banking ideas and solutions. It will provide a virtual space for companies to test their technology-based innovative solutions and will be open to existing Central Bank licensees and other local and foreign firms. The testing duration will be nine months and can be extended for up to three months. To be eligible, solutions need to demonstrate their solution is innovative, beneficial to customers, technically tested and will be deployed in the Kingdom after the trial period ends.
Dubai’s Ruler, HH Sheikh Mohammed bin Rashid Al Maktoum has issued a Law to regulate civil organisations in the Emirate. Under the law, the organisations, which will be legally referred to as civil establishments will have to designate a specific financial allocation to cover the cost of their activities. The activities can be in the social, health, educational, cultural, scientific, occupational, creative, art or humanitarian fields. Each civil organisation must have at least 10 founders, including two Emiratis. No activity can be undertaken until the organisation is granted a licence by the Community Development Authority. Registration will include the organisation’s headquarters, geographical range, its purpose, activities and target groups, its member’s names and their nationalities, professions and residences.
Event licencing changes have been approved following an agreement between Abu Dhabi’s Tourism and Culture Authority and the General Command of the UAE Armed Forces. The agreement will establish an e-service for event licences to be obtained. It was signed for the Authority by its Director-General, Saif Saeed Ghobash and by the Head of Administration and Human Resources at the UAE’s Defence Ministry, Major General Salem Saeed Ghafan Al Jabri.
The Chairman of the Insurance Committee at the Alshariqyia Trade and Industry Chamber, Salah Aljabr has confirmed the Saudi Arabian Monetary Agency has requested insurance companies send quarterly reports on their activities. This includes showing their commitment in training Saudi nationals. Aljabr added these reports should include details of training policies for managers and employees. Aljabr explained the relevant companies are completing the necessary procedures to complete the full Saudisation of the Vehicle Claims Management Department, Customer Service and Complaint. The deadline to introduce full Saudisation to these sectors is July 2017. Aljabr added the Agency has given companies sufficient time to complete the procedures and confirmed the Saudisation level in these sectors is 100%.