News developments Archives - Page 181 of 239

Oman: GCC Investors Do Not Need Residence Card

05/02/202105/02/2021
by Benjamin Filaferro

Oman’s Commerce, Industry and Investment Promotion Ministry has confirmed GCC investors do not need a residence card. It follows rumours on social media that GCC citizens need a lease contract and a municipal license to obtain a residence card. The Ministry confirmed GCC citizens are treated the same as Omani citizens. They are working with the Royal Oman Police Directorate-General of Civil Status. The Ministry added they do not ask GCC investors to obtain residence cards to get a commercial registration or facilitate the establishment of a business in the Sultanate.

Kuwait: Employment of Domestic Workers Suspended

05/02/202105/02/2021
by Benjamin Filaferro

Kuwait’s General Authority of Manpower has announced the workflow which should be followed by an employer if a domestic worker leaves to go to an unknown body or destination. The Authority said the employer should record a notice of absence of the employee in one of the service centres of the Interior Ministry. They should also visit the Department responsible for organising domestic worker recruitment in the Authority and file a complaint against paying for the tickets if the worker was found. The employer can also request compensation for their failure to complete the period. The Authority said if the worker doesn’t complete the first six months of recruitment the office has to refund the full amount.

Bahrain: Building Law Amendments Approved

05/02/202105/02/2021
by Benjamin Filaferro

The Public Facilities and Environment Committee of Bahrain’s Parliament has approved a proposal to reduce the fines imposed by the Building Organisation Law by amending Articles 23 and 24 of it. The Committee referred the proposal to the Council to consider. The aim of the amendment is to reduce the fines imposed on those who build a building or work without obtaining the license from the Municipality. The maximum fine will be 500 Dinars instead of between 1,000 and 10.000 Dinars.

Abu Dhabi: Funds Cannot be Taken Without Informing Customers First

05/02/202105/02/2021
by Benjamin Filaferro

Abu Dhabi’s Court of Cassation has ruled funds cannot be taken without informing the customer first. Their ruling amends a ruling which saw one bank in the country and two telecommunication companies fined. They were fined 20,000 AED for making a customer pay fake costs and deducting them from their account without their permission. The ruling was amended to exempt the telecommunications companies from the fine and ask the bank to pay 4,000 AED for withholding the money without informing the customers.

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.