News developments Archives - Page 172 of 223

KSA: Saudi Arabia Mining Investment Law to Come into Force Next Year

06/11/202006/11/2020
by Benjamin Filaferro

The Vice Minister for Mining Affairs at Saudi Arabia’s Industry, and Mineral Resources Ministry has announced the Mining Investment Law will come into force next year. It is aimed at revolutionising the Kingdom’s mining sector and boosting its contribution to GDP by more than 240 billion Riyals. It is also aimed at reducing imports by 37 billion Riyals and creating 200,000 jobs by 2030. Under the Law, a mining fund will also be established and will provide sustainable finance for the sector as well as support geological survey and exploration programmes. Experts have valued mineral resources in the Kingdom at five trillion Riyals which the Law is aimed at tapping into. Finally, a National Geological Database has been set up to support the sector. It will provide access to 10,000 mining reports and 80 years of data.

Qatar: Financial Centre Approves New Representative Office Regulations

06/11/202006/11/2020
by Benjamin Filaferro

Qatar’s Financial Centre has approved new Representative Office Regulations. The regulations will govern how these offices can be run in Qatar. Financial institutions will be able to carry out a range of activities, including marketing the products and services of its group, carrying out market research or feasibility studies in relation to financial products or financial services on behalf of the head office and serving as a liaison office for its group. They are aimed at helping financial service entities establish in the country and promote their products and services.

Oman: Income Tax on Wealthy Under Consideration

06/11/202006/11/2020
by Benjamin Filaferro

Oman’s Government is considering introducing an income tax on the wealthy in the Sultanate. The measure is being considered as the Sultanate tries to address an increasing budget deficit. The Government are also considering reforming public service subsidy schemes, increasing power and water tariffs, strengthening tax compliance and administration, rationalising expenditure and boosting efficiency. They are also considering liberalising visa regimes for tourists and introducing labour reforms.

Bahrain: Financial Disclosures Examination Authority Established

06/11/202006/11/2020
by Benjamin Filaferro

Bahrain’s King has issued Bahrain Royal Order No. 42/2020, establishing the Financial Disclosures’ Examination Authority. The Authority will be chaired by the Court of Cassation President and Supreme Judicial Council Deputy President. Its panel will consist of the Prosecutor at the Cassation Court, Judge Shaikh Mohammed bin Ali Al Khalifa, High Civil Court Judge, Dr. Riyadh Mohammed Ibrahim Siyadi and High Civil Court Judge, Isa Mohammed Isa Daraj. They will be members for two years. The Authority will start receiving financial disclosure statements to examine them and verify related complaints, in line with the Law and procedures determined by its Implementing Regulations. It will have the same remit as its predecessor which was established by Bahrain Royal Order No. 26/2014.

A framework agreement of cooperation between IsDB and Standard Chartered Bank

02/11/202002/11/2020
by Benjamin Filaferro

IsDB President Dr. Bandar Hajjar and M. Sunil Kaushal, CEO for Africa and Middle East, Standard Chartered Bank (SCB), signed a Memorandum of Agreement to participate in IsDB’s Restore Track Program aimed to supporting IsDB’s member countries’ private sector through stimulus packages to the economic sectors most impacted by the CoVID19 pandemic.

This agreement leverages on IsDB’s $2Bn “COVID Guarantee Facility” to establish an operational cooperation framework for IsDB and SCB to facilitate financing arrangements to IsDB’s Member Countries.

The COVID pandemic has disrupted international financial channels and put pressure on hard currency inflows to Emerging Markets. This pressure led to considerable limitations of the private sector’s access to financial liquidity. Combined with the loss of income due to reduced demand, the health crisis poses unprecedented challenges to the private sector and especially SMEs.

Through its cooperation with Standard Chartered Bank, IsDB aims to help alleviate some of these pressures by providing blended lines of finance to local banks at competitive prices.

“I am glad to see our, already strong, relationship with Standard Chartered Bank further strengthened with this unique and innovative partnership” stated H.E IsDB’s President, Dr. Bandar Al Hajjar. He also expressed his firm conviction that SCB’s funding expertise added to IsDBG de-risking guarantees will make a lasting impact for IsDB’s Members Countries.

M. Sunil Kaushal expressed his thanks to IsDB for the developing partnership between the two institutions noting that IsDB is the first Bank to sign such agreement with SCB. He also expressed his strong commitment to support IsDB member countries to fight COVID-19.

Both agree that this “out of the box” partnerships between MDBs and the private sector are now necessary to overcome the challenges of our times.

The Islamic Development Bank (IsDB) is a multilateral development bank (MDB) counting 57 member countries across four continents – touching the lives of 1 in 5 of the world’s population.

IsDB works to improve the lives of those it serves by promoting social and economic development, delivering impact at scale. IsDB is one of the world’s most active MDBs, and global leaders in Islamic Finance, with a AAA rating. Headquartered in Jeddah, Saudi Arabia, IsDB is a truly global institution with major hubs in Morocco, Malaysia, Kazakhstan and Senegal; and gateway offices in Egypt, Turkey, Indonesia, Bangladesh and Nigeria.

Standard Chartered Bank (SCB) is a leading international banking group, with a presence in 60 of the world’s most dynamic markets and serving clients in a further 85. SCB’s purpose is to drive commerce and prosperity through it unique diversity, and heritage; and values are expressed in it brand promise, “Here for good”.

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.

Saudi Arabia: Businesses Urged to Comply with Anti-Coronavirus Rules

30/10/202030/10/2020
by Benjamin Filaferro

Saudi Arabia’s Food and Drug Authority has urged businesses to comply with the anti-Coronavirus rules. The call followed the referring of five businesses to the Interior Ministry for non-compliance. The violations included a lack of commitment to safety instructions like taking employee and customers’ temperatures before they entered the entity, failing to wear face-masks and providing sanitisers in designated places. The Authority has issued a detailed guidebook on the measures food, drugs, cosmetic and medical equipment entities have to take to comply with the anti-Coronavirus rules.

Qatar: Draft Media Activities Regulation Law Reviewed

30/10/202030/10/2020
by Benjamin Filaferro

Qatar’s Cabinet has reviewed a draft media activities regulation law. If approved, it will regulate the press, publications, publishing, media activities and the arts in the country. The Cabinet also approved a Finance Ministry proposal to determine the value of the bank guarantee for tax warehouses, based on Qatar Law No. 25/2018 on excise tax and its Implementing Regulations. The Regulation defines a tax warehouse as the ‘place where the licensee is allowed to produce, transfer, possess, store, or receive excise goods imported or produced in the state under a tax suspension arrangement’.

Oman: Ministerial Decision amending the regulation for running promotional campaigns based on the Commercial Registry Law

30/10/202030/10/2020
by Benjamin Filaferro

Oman’s Commerce, Industry and Investment Promotion Ministry has issued Oman Ministerial Decision No. 184/2020 amending the regulation for running promotional campaigns based on the Commercial Registry Law (Oman Law No. 3/1974). It has also been issued in line with the Trade Law promulgated by Oman Sultani Decree No. 55/1990 and the regulation organising promotional activities issued by Oman Decision No. 239/2013. Under the Decision, shops in commercial centres can hold collective promotional offers, once a year for three days , provided the decision is published in the Official Gazette and comes into force the day after it is published in the Official Gazette.

Kuwait: Law Firm Organisation Decision Issued

30/10/202030/10/2020
by Benjamin Filaferro

Kuwait’s Commerce and Industry Ministry has issued a Decision which includes a regulation for organising professional law firms. The Trade and Industry Ministry said it was drafted and approved together with the Kuwaiti Lawyers Association. It specifies the form of professional law firms. They can be a solidarity, a closed shareholding or a simple recommendation, or with limited liability. It also specifies the conditions for incorporation. The capital of the professional law firm, whatever form it takes, may not be less than 10,000 Kuwaiti Dinars. Under the new regulations, professional law firms cannot practice unless it is through a licensed partners or shareholder. However, a professional law firm may seek the assistance of licensed lawyers who are registered in the list of practicing lawyers, provided they are subject to the supervision and responsibility of the firm.

Bahrain: Bahrainisation Rate in Government-owned Companies Increased

30/10/202030/10/2020
by Benjamin Filaferro

Bahrain’s Parliament has approved an increase in the Bahrainisation rate in Government-owned companies in the Kingdom. It means the rate will be able to be increased to 95% within three years. The proposal has been submitted to the Government to consider. They also approved a proposal to ban foreigners from assuming Director of Human Resources positions in Government entities or entities or companies owned by the State where the State contributes more than 50% the capital. They have also referred it to the Government to consider.