Kuwait’s National Assembly has approved a draft SMEs support Law. It will help SMEs adversely affected by Coronavirus. It will do this by securing guarantees for local banks to extend loans to businesses which have been adversely affected by Coronavirus. They also agreed to allow citizens who have been affected to delay repayments to both public and private institutions for six months.
Egypt’s Suez Canal Authority has announced it has launched an inquiry into the grounding of the Ever Given cargo ship. The inquiry will examine events before, during and after the accident. It will consider whether the ship’s captain responded to the Authority’s instructions before it ran aground. The Authority has requested the ship’s black box. The Authority added they expect to finalise a compensation agreement with the ship in three or four days. If the ship rejects the investigation findings, the case will be transferred to a civil court and the vessel will be seized. The inquiry’s findings will be made public.
The Real Estate Regulatory Agency at Dubai Land Department has announced it has signed agreements with 27 audit offices to establish and tighten standards and controls for auditing annual budgets for service charges and financial reports for jointly owned properties in the Emirate.
Bahrain’s Shoura Council has approved a Decree-Law to carry out the amendments necessary before the World Bank Review for the usual assessment which takes place in the first quarter of each year. The aim of the law is also to boost confidence in the economic and financial system in the Kingdom to improve its international credit rating. The Law aims to reconcile the financial and economic situation of the investments and companies and to boost the rights of creditors as well as encourage them to utilise the benefits given by the Bahraini legislature.
Abu Dhabi’s Global Market has announced it has introduced a framework to regulate Company Service Providers in the Market. It will come into force on 12 April 2021. The framework has been introduced following a public consultation on the introduction of a commercially balanced and proportionate CSP Framework. It will be administered by the Global Market’s Registration Authority. Affected entities will benefit from a transition period.
The UAE’s Energy and Infrastructure Ministry has signed a safety permits agreement with Etihad Rail. Under the agreement, they will work together on issuing safety permits for Stage Two of the UAE’s national rail project. Stage Two of the National Rail Network extends from Al Ghuwaifat on the UAE’s border with Saudi Arabia to Fujairah on the east coast. Once it is completed, the network will link ports, manufacturing hubs and cities in the UAE and connect it with the wider GCC rail network. The agreement was signed by the Undersecretary of the UAE’s Energy and Infrastructure Ministry Hassan Mohammed Juma Al Mansouri and for Etihad Rail by its Chief Executive Officer, Shadi Malak.
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’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.
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.
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.
