News developments Archives - Page 169 of 226

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.

Oman: Citizens Will Not Have to Pay for Healthcare Services

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

Oman’s Health Minister has confirmed citizens will not have to pay for healthcare services. They added the right to healthcare is guaranteed for all citizens. They went on to say there are no plans to start charging citizens for healthcare services. Finally, they said a health insurance proposal has been referred to the Council of Ministers and the Capital Market Authority will be responsible for implementing it.

Kuwait: Over-60s Ban to be Enforced

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

The Deputy Head of Kuwait’s Public Authority of Manpower has announced a ban on expatriates over 60 has started being enforced. Under the ban, the work permits of these individuals with a pre-university degree cannot be renewed. They added it has not been reviewed or amended. They went on to say they did not know how many expatriates would be affected. However, the ban does not apply to expatriate university degree holders who are 70 or over.

Bahrain: E-commerce Activities Decision Issued

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

Bahrain’s Crown Prince and Prime Minister has issued an Edict on e-commerce activities for companies with foreign capital. Under Bahrain Edict No. 6/2021, businesses with foreign stakes and a minimum investing capital of BHD 50,000 can participate in e-commerce activities. It repeals Article 55 of Bahrain Edict No. 17/2018, relating to commercial activities for companies with foreign capital. The Industry, Commerce and Tourism Minister will be responsible for implementing the Edict. It will be published in the Official Gazette and come into force on its issued date.

Abu Dhabi: Environment Licenses Conditions for Construction Projects Explained

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

Abu Dhabi’s Environment Authority is now requiring owners of construction buildings to obtain environment licenses in three circumstances. The first is if a new project is starting or a new building is being constructed. The second is when an existing project or establishment is being added or amended. The third and final one is when the building is being removed completely. The Authority confirmed the aim of these licenses is to assess the environmental impact of these projects and remove or reduce their impact. The Authority added the license is a legally binding document.

UAE: Central Bank has announced they have issued the Consumer Protection Regulation

22/01/202122/01/2021
by Benjamin Filaferro

The UAE’s Central Bank has announced they have issued the Consumer Protection Regulation. It is aimed at protecting all licensed financial establishments. They issued Central Bank Circular No. 444/2021 to this effect to all establishments on 20 January 2021. Licensed financial entities have to be transparent in terms of their price structures and special products. They are also banned from using misleading, deceptive, fraudulent or unfair marketing approaches.

Qatar: Government Agencies and Bodies Have to Announce Tenders on Official Website

22/01/202122/01/2021
by Benjamin Filaferro

Qatar’s Prime Minister and Interior Minister has announced all Government agencies and bodies have to announce all tenders and auctions on the unified government tenders website. The aim is to provide equal opportunities and provide information to investors on the needs of Government agencies.

Oman: Additional Omanisation Rules for Occupational Health and Safety Supervisors Announced

22/01/202122/01/2021
by Benjamin Filaferro

Oman’s Labour Ministry has announced additional Omanisation rules for occupational health and safety supervisors. Under these, owners of entities which employ at least 50 employees must appoint an Omani occupational safety and health supervisor. These supervisors must be trained and qualified by the facility for this work which includes preparing an appropriate occupational safety and health plan for the entity. They will also have to work with specialists on health and safety training programmes for employees and periodically inspect all the entity’s workplaces and employee accommodation. Other tasks will include carrying out inspections and investigations when there are serious accidents and work injuries at the entity.

Kuwait: Gold Companies Monitored Over Money Laundering Concerns

22/01/202122/01/2021
by Benjamin Filaferro

According to local newspaper reports, the Kuwaiti Trade Ministry is monitoring six gold companies over money laundering concerns. It follows them experiencing rapid business growth, including in the number of branches they have compared to other companies in the sector. The growth was discovered in an audit by the Ministry of the companies’ activities for the last three years. If the Ministry confirm irregularities in their financial statements, they will submit a report to the Financial Investigation Unit to take the action it considers appropriate.