News developments Archives - Page 162 of 224

Saudi Arabia: Short-selling Changes Announced

26/03/202126/03/2021
by Benjamin Filaferro

Saudi Arabia’s Stock Exchange has announced short-selling changes have been introduced. Under the changes, all eligible investors will be able to sell any stock short or stock-lend. However, new rules state the short ratio to average daily traded volume of any security should not exceed 10 days. Total net short positions should not exceed 10% of the free float. Collateral rules for those lending and borrowing securities have also been amended. The amendments are aimed at developing a regulatory environment consistent with international best practices.

Qatar: Mortgaging Movable Assets Law Approved

26/03/202126/03/2021
by Benjamin Filaferro

Qatar’s Shoura Council has approved a mortgaging movable assets law. Under the law, SMEs will be allowed to receive loans mortgaged to movables assets. The movable assets could include equipment, machines and crops among others. It aims to facilitates credit lines to SMEs and mitigate the risks of loans defaults. The Council amended two provisions in the law before approving it. It has been referred to the Cabinet to consider.

Oman: Services Exempt From VAT Announced

26/03/202126/03/2021
by Benjamin Filaferro

Following the issuing of the Implementing Regulations to the VAT Law earlier this month, the services which will be exempt from VAT have been clarified. Oman Decision No. 53/2021 implements Oman Sultani Decree No. 121/2020. Banking and financial services supplied by banks and financial institutions licensed by the Central Bank of Oman or any of the competent authorities will be tax-exempt for VAT purposes or zero-rated for VAT purposes. Healthcare supplies and services provided by licensed medical institutions will also be tax-exempt for VAT purposes or zero-rated for VAT purposes. Services provided by educational institutions licensed by the relevant education authorities in the Sultanate will be tax-exempt for VAT purposes or zero-rated for VAT purposes. VAT will come into force in the Sultanate on 16 April.

Egypt: Ships Affected by Suez Canal Blockage Could be Compensated

26/03/202126/03/2021
by Benjamin Filaferro

The Head of Egypt’s Suez Canal Authority has announced the authorities are considering giving compensation to ships affected by the Suez Canal blockage. It follows the running aground of the container ship Ever Given which is operated by Evergreen. Rescue units are continuing to try and refloat the ship which was sailing from China to Rotterdam. Authorities are blaming strong winds for the incident.

Dubai: International Financial Centre Joins World Alliance of International Financial Centres

26/03/202126/03/2021
by Benjamin Filaferro

The Dubai International Financial Centre has joined the World Alliance of International Financial Centres. They were established in July 2018 in a meeting for the leaders of the international financial leaders in Paris. It represents 19 financial centres worldwide and works to enhance the positions of its members. The Dubai International Financial Centre said it will utilise its membership to cooperate with other financial centres. The Centre also said it will focus on the promotion of companies’ governance and sustainable development and the application of new innovations.

Bahrain: Court of Cassation Law Amendments Approved

26/03/202126/03/2021
by Benjamin Filaferro

The Judicial and Legal Committee of Bahrain’s Parliament has reviewed a law to amend Bahrain Law No. 8/1989 (the Court of Cassation Law). The Committee has considered the recommendations made by the Justice Ministry, the Supreme Judicial Council and other institutions in this regard. The new law has been amended and approved.

UAE: Payment Systems Regulations Come into Force

19/03/202119/03/2021
by Benjamin Filaferro

The UAE’s Central Bank’s Large-Value Payment Systems Regulation and the Retail Payment Systems Regulation have come into force. They apply to payment systems operating in the UAE and payment systems which offer clearing or settlement in Dirhams outside the UAE. They aim to promote robust financial infrastructure, which is essential for financial stability and consumer protection. They also facilitate the UAE’s international competitiveness. The Large-Value Payment Systems Regulation sets standards for financial infrastructure systems which support wholesale payment activities in the UAE. The Retail Payment Systems Regulation focuses on systems for retail payments, which provide funds transfer, clearing and settlement services related to retail activities. The regulation covers all retail payment systems irrespective of currency or means of exchange in which the transactions are conducted. System operators and settlement institutions of existing large-value payment systems and retail payment systems operating in the UAE must comply with the requirements of these two regulations by the end of the transition period at the end of February 2022.

Saudi Arabia: Private Sector Participation Law Approved

19/03/202119/03/2021
by Benjamin Filaferro

Saudi Arabia’s Cabinet has approved a Private Sector Participation Law. The law will enable the privatisation of 16 key industries. It is aimed at boosting the private sector’s involvement in the Kingdom’s economy, particularly in infrastructure projects and public services. It has been approved as part of the new private sector participation programme.

Qatar: Financial Markets Authority Issues New Offering & Listing of Securities on the Financial Markets Rulebook

19/03/202119/03/2021
by Benjamin Filaferro

The new offering and listing rules in Qatar will come into force on 1 April. They introduce various controls for listing financial securities in public offerings. Under the rules, the issuing authorities, be they Qatari or foreign ones, as well as enterprises in the Qatari Financial Centre or Free Zones can list financial securities in public offerings provided they meet a number of conditions including submitting a request to get the approval of the Authority, prepare an announcement on the listing which includes full and sufficient details which matter to investors using the designated template and pay the relevant fees.

Oman: Labour Ministry Issues Warning

19/03/202119/03/2021
by Benjamin Filaferro

Oman’s Labour Ministry has issued a warning to all private sector companies to benefit from the facilities offered by the Ministry for companies and expatriate employees. It comes ahead of a 31 March 2021 deadline. All employers and employees who want to leave the country should use the time left to comply. The Ministry added no applications will be considered after this date. Foreign employees will be able to leave before 31 March 2021 and all approvals will be cancelled after this.