News developments Archives - Page 183 of 226

Saudi Arabia: Company Law Amendments Being Considered

20/07/202020/07/2020
by Benjamin Filaferro

The General Director for Systems and Companies Policies in Saudi Arabia’s Trade Ministry has announced the new companies law will allow new types of companies to be established. This will include simple joint stock companies who will have the characteristics of a joint stock company but will have flexibility in capital formation and issuing new types of shares. There will be also other types of companies. This will include two parties where one is a joint partner who will be personally responsible for their money and another who is a shareholder.

Qatar: New Qatarisation Platform to be Launched

20/07/202020/07/2020
by Benjamin Filaferro

The Assistant Undersecretary of Administrative Development Affairs at Qatar’s Administrative Development, Labour and Social Affairs Ministry has announced a new Qatarisation platform is going to be launched. It will allow Qataris looking for jobs to identify available jobs. It will also allow private companies to place vacant and required jobs. It is aimed at implementing a draft decision to raise the proportion of Qataris to 60% in State-owned companies or which the State contributes to as well as other entities subject to the Retirement and Pension Law.

Kuwait: Government to Pay Reduced Private Sector Salaries

20/07/202020/07/2020
by Benjamin Filaferro

The Health and Social Affairs Committee of Kuwait’s Parliament has approved the draft labour law to address the effects of Coronavirus. It came into force on 12 March 2020. The Committee’s Chairman said those affected by the anti-Coronavirus measures including those who had to completely or partially stop their business can agree with employees to reduce their salaries throughout the suspension period up to 50% of the salary. This will not affect the minimum limit for salaries. He also explained the Government will be responsible for paying the difference in the salary between what the employer is able to pay and the actual salary of the Kuwaiti employee. The aim is to ensure nationals are paid their full salaries. He said for example if a Kuwaiti employee’s salary is 1000 Dinars and their salary was reduced to 500 Dinars, the State will pay the other 500 Dinars so they get a full salary. The law allows employers to give their employees special leave with a reduced salary provided the minimum limit of the salary is at least 30% during the suspension period. Employers are expected to notify the Labour Ministry regarding the agreements concluded with the employees with the terms set by the Ministerial Decision.

Bahrain: Reorganisation and Bankruptcy Law Amendments Issued

20/07/202020/07/2020
by Benjamin Filaferro

Bahrain’s King has issued Bahrain Decree-Law No. 25/2020 amending Bahrain Law No. 22/2018 on reorganisation and bankruptcy. Under the amendments, Article 19 of Bahrain Law No. 22/2018 has been amended to read ‘The debtor and the creditor and every other party that has interest in the case has the right to participate in the bankruptcy procedures and in obtaining, from the court of the bankruptcy trustee, the information related to the debtor’s business and his financial affairs and the taken procedures and the measures and that is all pursuant to the provisions of the law’. Article 30(b) of Bahrain Law No. 22/2018, Article 33(a) of Bahrain Law No. 22/2018 and Article 33(b) of Bahrain Law No. 22/2018 have also been amended. The Prime Minister and relevant Ministers will be responsible for enforcing the Decree-Law which will come into force on the day after its publication in the Official Gazette.

Qatar: Percentage of Qataris in Private Sector to be Increased

11/07/202010/07/2020
by Benjamin Filaferro

Qatar’s Cabinet has approved a draft Ministerial Decision to increase the minimum percentage of Qataris in the private sector to 60%. It will apply to Qataris working in State-owned companies or its subsidiaries or other entities who are subject to the Retirement and Pension Law. It will also increase the percentage of Qataris in human resources departments to 80% in those entities. Children of Qatari women will be treated as Qataris. It was proposed by the Administrative Development, Labour and Social Affairs Minister. It is aimed at implementing Qatar Law No. 14/2004 (the Labour Law).

Bahrain: Some Labour Market Regulatory Authority Fees Reduced

11/07/202010/07/2020
by Benjamin Filaferro

Bahrain’s Cabinet has approved a decision reducing some Labour Market Regulatory Authority fees. Fees for the issuing and renewing of all work permits issued for one year and all monthly fees related to them have been reduced by 50%. The reduced fees will remain in force for three months from July 2020. In addition, employers who engage in business activities most affected by Coronavirus are exempt from paying these fees for three months from 1 July. They will only be exempt if approved by the Deputy Prime Minister and chairman of the Ministerial Committee for Financial, Economic and Financial Balance Affairs.

Saudi Arabia: Enforcement Courts Will Start Allocating Judicial Liquidations to Infath

10/07/202010/07/2020
by Benjamin Filaferro

Saudi Arabia’s Enforcement Courts will start allocating judicial liquidations exclusively to the Entrustment and Liquidation Centre. It follows the signing of an agreement between the Justice Ministry and infath. It identifies the scope of activities to be covered and provides the necessary governance and accountability measures for fulfilling rights in a timely way. infath will be able to commission qualified and licensed private sector companies to participate competitively in the Liquidation Activities under the Centre’s supervision. Interested parties in in local and international licensed companies in chartered accounting, law and legal services, evaluation, engineering advisory, judicial custody, property management, treasury, marketing and sales companies can register at infath.sa. Infath will then evaluate and assign each case to suitable service providers based on their experience and the nature of the asset.

Kuwait: Draft Residency Law Amendments Approved

10/07/202010/07/2020
by Benjamin Filaferro

According to local newspaper reports, Kuwait’s Interior Minister has approved draft residency law amendments. The aim is to reduce the numbers of non-Kuwaitis employed in the country. The focus will be on skilled migrants rather than manual workers. There will also be limits on the number of foreign nationals recruited by companies each year and regulations based on their skills will be included. The legislation will be ready by October. It is part of efforts to reduce the numbers of expatriates in the country from 70 to 30%.