News developments Archives - Page 180 of 226

Qatar: Qatar’s Emir has issued Qatar Decree-Law No. 19/2020 and also Qatar Decree-Law No. 18/2020

05/09/202004/09/2020
by Benjamin Filaferro

Qatar’s Emir has issued Qatar Decree-Law No. 19/2020 amending Qatar Law No. 21/2015 on the entry, exit and residency of expatriates in the country. The Emir also issued Qatar Decree-Law No. 18/2020 amending Qatar Law No. 14/2004 (the country’s Labour Law). Under the amendment, it will be easier for employees to transfer from one employer to another without the consent of their employer being given first. It is hoped it will increase competition and allow employees to change employer. The Decree-Laws will be published in the Official Gazette and will come into force the day after they are published.

Saudi Arabia: The Board of Saudi Arabia’s Capital Market Authority made an announcement on foreign investment

04/09/202004/09/2020
by Benjamin Filaferro

The Board of Saudi Arabia’s Capital Market Authority has announced foreigners can directly invest in listed and unlisted debt instruments. The decision has been issued in line with the Authority’s plan to develop the financial market through the Financial Leadership Programme. It is also part of the Financial Sector Development Programme, which is one of the main programmes to meet the Kingdom’s Vision 2030. Under the Decision, all foreign natural and legal persons can directly invest in debt instruments. Non-resident foreigners cannot invest in the market as a direct investor in listed debt instruments and as a qualified foreign investor or final beneficiary in a swap agreement at the same time. A foreign person who invests directly in debt instruments cannot convert them into shares listed in the main market unless they are one of the categories of investors who are allowed to invest directly in shares listed on the main market, or becomes a final beneficiary in a swap agreement according to the provisions of the Authority’s instructions regarding swap agreements.

Oman: Joint Panel Report on Draft VAT Law Discussed

04/09/202004/09/2020
by Benjamin Filaferro

Oman’s Shoura Council has discussed a Joint Panel report on the draft VAT Law. Their discussion followed the referral of the draft law to it by the State Council and associated discrepancies. The Economic and Financial Committee of the Shoura Council had previously proposed VAT be applied only if economic growth of at least 3% was achieved. They had also proposed social security families and those with limited or low incomes be potentially exempt. The Shoura Council sent the draft law back to the State Council to finalise. The VAT Law is expected to come into force in the first half of next year and follows the introduction of excise tax in the Sultanate.

UAE: Residency and Foreigners Affairs Clarifies Status of Those Who Lost Their Jobs

31/08/202031/08/2020
by Benjamin Filaferro

The Director of the General Administration of Residency and Foreigners Affairs in Dubai has confirmed the Humanitarian Cases Department will facilitate the return of people who have lost their jobs to their home countries following the expiry of their residence. Even though their residency expired they had to remain in the UAE because of Coronavirus. They will be allowed to stay until their company reemploys them or they get a new job. Those who have had to pay fines because of this will be dealt with separately.

Saudi Arabia: Centre for Commercial Arbitration Signs Cooperation Agreement with British Royal Legal Surveyors

31/08/202031/08/2020
by Nawell Bel Hhaddou

Saudi Arabia’s Centre for Commercial Arbitration has signed a cooperation agreement with the British Royal Society of Legal Surveyors. The agreement is aimed at encouraging the use of alternatives to settling disputes, particularly mediation in the contracting sector. It is also aimed at encouraging and enhancing growth and boosting confidence and investment in the contracting and real estate sector in the Kingdom. The Centre added the agreement is aimed at establishing a long-term cooperation relationship to encourage the exchange of professional knowledge and professional development of dispute settlement and avoid contracting sector disputes.

Qatar: Quality Mark Launched

31/08/202031/08/2020
by Benjamin Filaferro

Qatar’s Prime Minister and Interior Minister has announced the launch of the Qatar Quality Mark. It is aimed at promoting national products and making them more competitive regionally and globally. It is also aimed at supporting development plans and enhancing consumer protection. The first Qatar Quality Mark was given Al Qataria for Production of Reinforcing Steel. They were the first entity to meet the criteria set by the Qatar General Organisation for Standards and Metrology to get the mark. They were one of several organisations to apply. The Qatar Quality Mark is a badge which is given by the Qatar General Organisation for Standards and Metrology and is used to advertise the licensed commodity during the two years the license is valid for. It provides evidence the good or goods have met the approved national standards and has been examined and tested by an internationally recognised certified laboratory. The badge is difficult to remove or be obscured.

Egypt: Commercial Registry Law Amendments Approved

31/08/202031/08/2020
by Benjamin Filaferro

Egypt’s House of Representatives has approved a draft law amending Egypt Law No. 34/1976 (the Commercial Registry Law). If approved, Article 3 of Egypt Law No. 34/1976 will be amended. It will state anyone who is registered in the commercial registry must be an Egyptian national and be approved to practice a trade from the competent Chamber of Commerce for individuals and companies established to practice a commercial activity, or have obtained approval to practice industrial activity from the competent Chamber of Industry for companies established to practice industrial activities.

UAE: Grace Period for Entry and Residence of Foreigners Law Violations Extended

23/08/202023/08/2020
by Benjamin Filaferro

The UAE’s Federal Authority for Identity and Citizenship has announced the grace period for Entry and Residence of Foreigners Law violations has been extended. It has been extended for another three months until 17 November 2020. It means violations of the Law which were committed after 1 March 2020 will be exempt from fines. However, they have to leave the country before the November date.

Qatar: National Employment Platform Launched

23/08/202023/08/2020
by Benjamin Filaferro

Qatar’s Administrative Development, Labour and Social Affairs Ministry has announced the launch of the National Employment Platform or Kawader. It displays all available Government and private sector jobs in Qatar. From 24 August 2020, the platform will be available for jobseekers to enter, register and create CVs, and from September, jobseekers will be able to view jobs and choose the right job based on their qualifications and experience. Registration on the platform will be available to male and female citizens who do not hold jobs first to enable them to look and apply for jobs as well as enabling children of Qatari women to look and apply for private sector jobs.

Kuwait: Bankruptcy Law Approved

23/08/202023/08/2020
by Benjamin Filaferro

Kuwait’s National Assembly has approved a bankruptcy law which will help troubled companies, give them legal protections and provide them with various options before they declare bankruptcy. It specifies two main ways out of trouble for a defaulting company or merchant. The first is a preventive settlement with the agreement of the creditor and debtor. The second is the creation of a plan for restructuring before declaring bankruptcy and even where bankruptcy is declared, only the corrupt bankrupt will be punished. Under the existing law, which is 40 years old, stopping the payment of debt means declaring bankruptcy, which leads to the bankrupt party being jailed, having a travel ban imposed on them and being stripped of their political rights.