News developments Archives - Page 182 of 239

UAE: Central Bank has announced they have issued the Consumer Protection Regulation

22/01/202122/01/2021
by Benjamin Filaferro

The UAE’s Central Bank has announced they have issued the Consumer Protection Regulation. It is aimed at protecting all licensed financial establishments. They issued Central Bank Circular No. 444/2021 to this effect to all establishments on 20 January 2021. Licensed financial entities have to be transparent in terms of their price structures and special products. They are also banned from using misleading, deceptive, fraudulent or unfair marketing approaches.

Qatar: Government Agencies and Bodies Have to Announce Tenders on Official Website

22/01/202122/01/2021
by Benjamin Filaferro

Qatar’s Prime Minister and Interior Minister has announced all Government agencies and bodies have to announce all tenders and auctions on the unified government tenders website. The aim is to provide equal opportunities and provide information to investors on the needs of Government agencies.

Oman: Additional Omanisation Rules for Occupational Health and Safety Supervisors Announced

22/01/202122/01/2021
by Benjamin Filaferro

Oman’s Labour Ministry has announced additional Omanisation rules for occupational health and safety supervisors. Under these, owners of entities which employ at least 50 employees must appoint an Omani occupational safety and health supervisor. These supervisors must be trained and qualified by the facility for this work which includes preparing an appropriate occupational safety and health plan for the entity. They will also have to work with specialists on health and safety training programmes for employees and periodically inspect all the entity’s workplaces and employee accommodation. Other tasks will include carrying out inspections and investigations when there are serious accidents and work injuries at the entity.

Kuwait: Gold Companies Monitored Over Money Laundering Concerns

22/01/202122/01/2021
by Benjamin Filaferro

According to local newspaper reports, the Kuwaiti Trade Ministry is monitoring six gold companies over money laundering concerns. It follows them experiencing rapid business growth, including in the number of branches they have compared to other companies in the sector. The growth was discovered in an audit by the Ministry of the companies’ activities for the last three years. If the Ministry confirm irregularities in their financial statements, they will submit a report to the Financial Investigation Unit to take the action it considers appropriate.

Dubai: Experts Affairs Committee to be Established in Dubai Courts

22/01/202122/01/2021
by Benjamin Filaferro

Following directives from Dubai’s Ruler to support judicial departments with legally and technically qualified experts, the Deputy Ruler and Vice President of the Justice Supreme Council has issued a Decision to establish an Experts Affairs Committee. It is aimed at improving justice and boosting the role of experts. Under Dubai Decision No. 2/2021, the Committee will be established in the Dubai Courts. It will regulate and organise the work of experts in the courts in the Emirate.

Bahrain: Termination Notice Period Increased for Certain Professions

22/01/202122/01/2021
by Benjamin Filaferro

The Services Committee of Bahrain’s Parliament has approved amendments to Article 99(A) of Bahrain Law No. 36/2012 (the Private Sector Labour Law). The amendment will increase the notice period for terminating employment contracts to four months in professions where there are difficulties in finding a candidate to fill the vacancy at short notice. The Labour and Social Development Ministry has criticised this proposal for damaging the interests of employees if they were the one wanting to end the contract. They could give notice of 30 days under the contract. If the period is increased, the employee might miss the opportunity to join another job which might be better for them.

UAE: Penalties for Public Asset Violations Confirmed

15/01/202115/01/2021
by Benjamin Filaferro

The UAE’s Public Prosecution has clarified the penalties for public asset violations. Under Article 227 of Federal Law No. 3/1987 (as amended), offenders who are public employees or someone tasked with delivering a public service could be jailed and fined up to 10,000 AED. These penalties will be imposed if they intentionally cause damage to the assets or interests of the Department they work for or the assets or interests of others.

Qatar: Venture Market to Launch This Year

15/01/202115/01/2021
by Benjamin Filaferro

The Listing Director of the Qatar Stock Exchange has announced the Venture Market will launch this year. It will enable SMEs to list which will enable them to diversify their incomes. Two companies have already been approved to list on it. Companies on the Venture Market will trade on the same UTP infrastructure and benefit from the same regulatory protections as those on the Main Market. It is expected Venture Market companies will move to the Main Market as they grow and develop.

Oman: Labour Minister has announced they have issued Oman Decision No. 7/2021 related to the Omanisation of new professions

15/01/202115/01/2021
by Benjamin Filaferro

Oman’s Labour Minister has announced they have issued Oman Decision No. 7/2021 related to the Omanisation of new professions. The Decision was issued in line with Oman Sultani Decree No. 25/2008 (the Sultanate’s Labour Law) and Oman Sultani Decree No, 9/2020 establishing the Labour Ministry. The 2020 Sultani Decree also defines its functions and approves its organisational structure. Article 1 of Oman Decision No. 7/2021 states fuel station manager positions and professions related to the activities and business of optics and the sale of glasses will be restricted to Omani nationals. Recruitment licenses and work permits which have already been issued for these professions will be valid until they expire.

Kuwait: Drone Rules Announced

15/01/202115/01/2021
by Benjamin Filaferro

Kuwait’s Directorate General of Civil Aviation has announced new drone rules have been approved. Under the rules, amateurs who fly drones and gliders cannot do so without permits from the Authority and other relevant authorities. When they are licensed, they will have to comply with the relevant safety rules. If they do not, they could be prosecuted.