News developments Archives - Page 169 of 223

Kuwait: According to local media reports, the first case for Coronavirus losses has been launched in Kuwait

18/12/202018/12/2020
by Benjamin Filaferro

According to local media reports, the first case for Coronavirus losses has been launched in Kuwait. The case involves a nursery who are requesting financial and moral compensation from the State for losses incurred as a result of anti-Coronavirus measures. They are relying on the principle that the State has to provide compensation for damage suffered by natural disasters. The nursery is not disputing the State’s authority to close nurseries. They claim the decision was arbitrary and have asked the court to delegate an expert to determine the value of the damages caused to their facilities as a result of this decision and the consequences of preventing them from collecting child registration fees for 2019 and 2020 and 2020 and 2021. Nurseries were closed down on 11 March and were meant to reopen in the fifth and final phase of the country’s unlocking. However, this phase has been postponed. 400 nurseries are estimated to have been affected by the Government decision. It is expected more nursery owners and similar businesses will join the litigation.

UAE: Dubai Financial Service Authority Launches Public Consultation on Proposed Amendments to Employee Money Purchase Regime

18/12/202018/12/2020
by Benjamin Filaferro

The Dubai Financial Service Authority have announced they have launched a public consultation on proposed amendments to the Employee Money Purchase Regime. It ends on 17 January 2021. The aim is to address various practical issues the Authority has encountered in administering the regime. Employees of DIFC businesses, DIFC employers, Operators and Administrators of Employee Money Purchase Schemes, persons offering foreign Employee Money Purchase schemes to DIFC employers and employees, life insurers conducting pension fund management, persons conducting other financial services that involve an interest in an Employee Money Purchase Scheme and persons who intend to carry out any of these activities should review these proposals.

Bahrain: Approves Accession to Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting

18/12/202018/12/2020
by Benjamin Filaferro

Bahrain’s Cabinet has approved a memorandum from the Ministerial Committee for Legal and Legislative Affairs on the Kingdom’s accession to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI).

Saudi Arabia: Wages Protection Agreement Ratified

10/12/202010/12/2020
by Benjamin Filaferro

Saudi Arabia’s Human Resources and Social Development Minister has announced the Kingdom has ratified the International Labour Organisation agreement No. 90 on the protection of salaries and agreement No. 120 on health rules in the work environment. The Ministry launched a wages protection programme in 2013 which has been improved since then to reflect the 2030 Vision.

Qatar: Cheque Cases Can be Filed Online

10/12/202010/12/2020
by Benjamin Filaferro

Qatar’s Interior Ministry has announced cheque complaint cases can now be filed online through the Interior Ministry’s website. The facility is available to companies, banks and individuals who will not have to visit the relevant security department in person. Instead they will be able to log in to the service and submit a report by attaching all the required documents. Once submitted, the relevant department will review the report and the required documents and confirm validity. A text message will then be sent via Metrash confirming the successful receipt of the report and its reference number. If further documents are required, the complainant will get a text message asking them to complete the case procedures and refer to the Public Prosecution in line with the law. Complainants can also make enquiries about the status of the case through the electronic follow up service by giving the case details.

Oman: Decision No. 8/2020 On the Issuance of the Arbitration Rules of Oman Commercial Arbitration Centre

10/12/202010/12/2020
by Benjamin Filaferro

The Chairman of Oman’s Commercial Arbitration Centre has issued Oman Decision No. 8/2020 implementing the Centre’s rules. The centre itself was established under Oman Sultani Decree No. 26/2018 and Oman Decision No. 37/2019 was issued to approve its workflow and Board. The rules will come into force, the day after the Decision is published in the Official Gazette.

Kuwait: Rules and Conditions for Issuing Compulsory Insurance Policies Published

10/12/202010/12/2020
by Benjamin Filaferro

Kuwait’s Insurance Unit has issued rules and conditions for issuing compulsory vehicle insurance policies against civil liability resulting from traffic accidents. Kuwait Decision No. 9/2020 specifies the companies which are qualified to issue the insurance policies and a list of the approved companies will be published soon. The Decision will be implemented on 13 December 2020. The Unit has stated insurance policies issued before the Decision by unqualified companies will remain valid, as will all of the rights and duties set out in these policies.

Abu Dhabi: Artificial Intelligence System for Detection of Traffic Violations Introduced

10/12/202010/12/2020
by Benjamin Filaferro

The Abu Dhabi Digital Authority and Abu Dhabi Police have announced they have introduced an artificial intelligence system to detect traffic violations in the Emirate. The Vehicular Attention and Safety Tracker or VAST system will come into force on 1 January 2021 and will enable the automatic detection of seatbelt and mobile phone use violations.

UAE: Arabtec to File Insolvent Liquidation Application

04/12/202004/12/2020
by Benjamin Filaferro

Arabtec is going to file an insolvency liquidation application as soon as possible with the relevant courts in the UAE. It will be filed following approval at the company’s General Assembly. The application will also request Arabtec Construction LLC, Arabtec Constructions LLC, Austrian Arabian Readymix Concrete Co LLC and Arabtec Precast LLC also be placed into insolvent liquidation. No applications involving the company’s other subsidiaries will be made. Until an insolvency trustee is appointed, the Company will continue engaging with key stakeholders to explore options to preserve value and where possible avoid these subsidiaries needing to be placed into a formal insolvency process. It follows two months of consultations with all of the company’ relevant stakeholders.

Qatar: ATM Withdrawal Limit Reports Dismissed

04/12/202004/12/2020
by Benjamin Filaferro

Qatar’s Central Bank has dismissed reports ATM withdrawal limits have been imposed. The reports were published on social media. According to the posts, limits of 5,000 Riyals will be imposed. The Bank added a circular attached to the posts is a forgery.