News developments Archives - Page 166 of 224

Bahrain: Penalties for Not Reporting Medical Profession Crimes Announced

12/02/202112/02/2021
by Benjamin Filaferro

The Foreign, Defence and National Security Committee of Bahrain’s Parliament has approved a proposal to increase the penalties for those who refuse to report medical profession crimes. This relates to individuals who must do so because of their legal capacity. They should report any information which might help any suspected crimes be discovered. The law proposes replacing the text of Article 231 of Bahrain Decree-Law No. 15/1976 (the Penal Code) by increasing the penalties for those who work in the medical professions but fail to report suspected crimes. Under the amendment, the jail term would be between three months and a year and a fine of between 200 and 2,000 Dinars.

Abu Dhabi: Exchange Trading Commissions Reduced

12/02/202112/02/2021
by Benjamin Filaferro

Abu Dhabi’s Securities Exchange has announced it will reduce the total commissions for the trading activities on all deals which happen from this month. It is part of its ADX One strategy which is aimed at doubling the market value of the companies listed in the market over the next three years. This is the second time the Exchange has reduced commissions on transactions over the last two years to improve market liquidity.

Saudi Arabia: Major Airline Company to be Established

05/02/202105/02/2021
by Benjamin Filaferro

Saudi Arabia’s Public Investment Fund has announced its intention to plans to establish a major airline company in the Kingdom. It will compete with State-owned Saudi Arabian Airlines and other major aviation companies in the region. The Fund has made significant progress in establishing an aviation company which will operate both international and domestic flights. The aim is offer consumers more choice and increase the contribution of the aviation sector to the country’s GDP.

Qatar: Transport and Communications Ministry has announced it has published the guidelines to Qatar Law No. 13/2016 (the Personal Data Privacy Protection Law)

05/02/202105/02/2021
by Benjamin Filaferro

The Compliance and Data Protection Department of Qatar’s Transport and Communications Ministry has announced it has published the guidelines to Qatar Law No. 13/2016 (the Personal Data Privacy Protection Law). They provide a set of guidelines, controls, assistance tools, checklists and templates for regulated entities covered by the Law to support compliance with it. They also include guidance for individuals to be more aware of their rights and responsibilities under the Law. Regulated entities should refer to them and adapt according to their individual role either as data processor or data controller, without prejudice to the Law to avoid liability. They were issued on Data Privacy Day. They are aimed at helping individuals, regulated entities and stakeholders understand their respective responsibilities, rights and practices under the Law. They have also been introduced as part of efforts to implement the Law.

Oman: GCC Investors Do Not Need Residence Card

05/02/202105/02/2021
by Benjamin Filaferro

Oman’s Commerce, Industry and Investment Promotion Ministry has confirmed GCC investors do not need a residence card. It follows rumours on social media that GCC citizens need a lease contract and a municipal license to obtain a residence card. The Ministry confirmed GCC citizens are treated the same as Omani citizens. They are working with the Royal Oman Police Directorate-General of Civil Status. The Ministry added they do not ask GCC investors to obtain residence cards to get a commercial registration or facilitate the establishment of a business in the Sultanate.

Kuwait: Employment of Domestic Workers Suspended

05/02/202105/02/2021
by Benjamin Filaferro

Kuwait’s General Authority of Manpower has announced the workflow which should be followed by an employer if a domestic worker leaves to go to an unknown body or destination. The Authority said the employer should record a notice of absence of the employee in one of the service centres of the Interior Ministry. They should also visit the Department responsible for organising domestic worker recruitment in the Authority and file a complaint against paying for the tickets if the worker was found. The employer can also request compensation for their failure to complete the period. The Authority said if the worker doesn’t complete the first six months of recruitment the office has to refund the full amount.

Bahrain: Building Law Amendments Approved

05/02/202105/02/2021
by Benjamin Filaferro

The Public Facilities and Environment Committee of Bahrain’s Parliament has approved a proposal to reduce the fines imposed by the Building Organisation Law by amending Articles 23 and 24 of it. The Committee referred the proposal to the Council to consider. The aim of the amendment is to reduce the fines imposed on those who build a building or work without obtaining the license from the Municipality. The maximum fine will be 500 Dinars instead of between 1,000 and 10.000 Dinars.

Abu Dhabi: Funds Cannot be Taken Without Informing Customers First

05/02/202105/02/2021
by Benjamin Filaferro

Abu Dhabi’s Court of Cassation has ruled funds cannot be taken without informing the customer first. Their ruling amends a ruling which saw one bank in the country and two telecommunication companies fined. They were fined 20,000 AED for making a customer pay fake costs and deducting them from their account without their permission. The ruling was amended to exempt the telecommunications companies from the fine and ask the bank to pay 4,000 AED for withholding the money without informing the customers.

Saudi Arabia: Capital Market Authority have approved amendments to the Market Conduct Regulations

29/01/202129/01/2021
by Benjamin Filaferro

Following a public consultation on proposed amendments, Saudi Arabia’s Capital Market Authority have approved amendments to the Market Conduct Regulations. They will come into force on their published date. They are aimed at boosting protections for securities investors against unfair or unsound practices which involve fraud, deceit, or manipulation. They are also aimed at developing the capital market’s legal and regulatory framework and promote its stability, develop procedures to minimise risks associated with securities transactions and boost confidence in the capital market. Among other amendments, the provisions regulating the prohibition of acts or practices involving manipulation or deceit will be developed. This will be done by clarifying that the scope of these acts or practices will include promoting the purchase of a security for the purpose of selling or promoting the sale of a security for the purpose of purchasing it. The amendments will also develop the provisions regulating the prohibition of insider trading and disclosure of inside information for the purpose of including front running trades.

Qatar: Cabinet Reviews Property Ownership for Non-Qataris Report

29/01/202129/01/2021
by Benjamin Filaferro

Qatar’s Cabinet has reviewed the 2020 property ownership for non-Qataris report. The report was submitted to them by the appropriate committee. Among other things, they are responsible for proposing areas non-Qataris can own and use real estate. They are also responsible for proposing conditions and regulations for non-Qataris’ ownership and use of real estate. They report to the Justice Ministry.