News developments Archives - Page 193 of 223

Kuwait: Consultation on the Law Exempting the Wives of GCC Nationals from a Citizenship

22/10/201911/12/2019
by Benjamin Filaferro

The Kuwaiti Government is consulting on exempting the wives of GCC nationals from a Citizenship Law which is currently under consideration. If approved, the Law will allow the spouses of Kuwaitis to apply for citizenship if they have been married for 18 years. Currently, they can apply after five years. The draft law has been referred to the Interior and Defence Committee of the country’s National Assembly. The country’s Parliament has already approved the amendment to Article 8 of Kuwait Emiri Decree No. 15/1959 on citizenship which states the wives of Kuwaiti men can obtain citizenship after 18 years of marriage instead of five.

Bahrain: Real Estate Valuers Urged to Apply for a License

22/10/201911/12/2019
by Benjamin Filaferro

The CEO of Bahrain’s Real Estate Regulatory Authority has urged real estate valuers to apply for a license from the Authority before the 2 November 2019 deadline. The Authority was launched on 1 March 2018 and initially focused on the licensing of developers, off-plan sales developments, real estate brokers and sales agents. In late 2018, the licensing requirements and regulations were extended to property managers and owner association managers. All providers of real estate valuation services have to hold a Authority license by 2 November 2019. All licensed valuers have to attend the English-language Valuation Standards and Regulations course on 20 and 21 November and 24 and 25 November in Arabic. To register licensed valuers should email realestate@bibf.com.

Saudi Arabia: Women to be Allowed to Join the Army

05/10/201911/12/2019
by Benjamin Filaferro

According to local newspaper reports, women will be allowed to join the Saudi army for the first time. The Defence Ministry has approved the change which will allow women to enlist in ranks between private soldier to sergeant. They will be able to enlist in the army, air force, navy, air defences, missile forces and medical services. It follows a move last year to allow women to join the security services including drug combat, prisons and criminal investigations.

Qatar: Draft Consumer Protection Law Approved

05/10/201911/12/2019
by Benjamin Filaferro

Qatar’s Cabinet has approved a draft Consumer Protection Law as well as a draft Decision issuing the Implementing Regulations to the Law. If approved, it will replace Qatar Law No. 8/2008. The aim is to update the legislation to ensure it takes account of developments and international best practices. The Cabinet also approved a draft Ministerial Decision issuing the Implementing Regulations to Qatar Law No. 2/2019 on supporting the competitiveness of national products and combating harmful international trade practices. It includes provisions on the organisation of the work of the committee to support competitiveness of national products provided for by law and the organisation of the procedures for filing and deciding on complaints. It also includes provisions on the conditions, controls and procedures for the investigation of harmful practices in international trade and interim and final measures and price undertakings on these practices.

Bahrain: A Crackdown on Money Laundering in the Real Estate Sector on the Way

05/10/201911/12/2019
by Benjamin Filaferro

Bahrain’s Real Estate Regulatory Authority has announced it is launching a crackdown on money laundering in the Kingdom’s real estate sector. The crackdown will be launched together with other Government bodies. The aim is to eradicate money laundering in this sector in the Kingdom. The announcement follows the publication of Bahrain Decision No. 3/2019 to mitigate money laundering risks in the real estate sector. Under the Decision, all real estate licensees have to appoint a Compliance Officer who will be responsible for ensuring compliance with Bahrain Law No. 27/2017.

UAE: New Consultation on a Draft Regulation on Loan-based Crowdfunding Platforms or CFPs

04/10/201911/12/2019
by Benjamin Filaferro

The UAE’s Central Bank has launched a consultation on a draft regulation on loan-based Crowdfunding Platforms or CFPs. The consultation ends on 10 October 2019. The aim is to establish a framework for licensing, regulating and monitoring loan-based CFPs and to set out the standards the Central Bank expects them to meet. The framework and standards are aimed at protecting the country’s financial system from the risks posed by CFPs and protect consumer interests in the country. It is also aimed at developing the FinTech sector in the UAE. If approved, it will apply to person(s) wherever they are domiciled who in engage in loan-based CFP operations in the UAE except in the Financial Free Zones. CFPs will be categorised according to their lending volume; a. Category 1 (Large), Cumulative loans facilitated in a calendar year at 5,000,000 AED or more or b. Category 2 (Small), Cumulative loans facilitated in a calendar year are below 5,000,000 AED. An applicant wishing to undertake loan-based CFP activities must apply to the Central Bank for a license and if their application is approved, they must undertake to provide a bank guarantee drawn in favour of the Central Bank and issued by a locally incorporated UAE bank of value equal to the required paid-up capital, among other things.

Bahrain: Draft Maritime Law Accompanying Bahrain Decree No. 29/2018

30/09/201911/12/2019
by Benjamin Filaferro

Bahrain’s Parliamentary Public Utilities and Environment Committee has discussed a draft maritime law accompanying Bahrain Decree No. 29/2018. The Committee also discussed its recommendations regarding the articles of a draft law amending Bahrain Decree Law No. 20/2002 on the regulation of fishing, exploitation and protection of marine wealth. The Chairman of the Committee pointed out the fishing and marine wealth law will also be amended in order to protect marine wealth and workers in the fishing sector.

Abu Dhabi: New Instant License Renewal Service Introduced by the ADGM

30/09/201911/12/2019
by Benjamin Filaferro

Abu Dhabi’s Global Market Registration Authority has announced it has introduced a new instant license renewal service. The service will allow registered entities to complete license renewals via the Online Registry Solution, once a renewal form is submitted. Companies will also be able to continue to use the platform to lodge their other annual filing requirements in line with the Companies Regulations 2015. The aim is to improve business efficiency and make it easier to do business in the Centre.

The Qatar Financial Centre Issues new Rules to Regulate FinTech Service Providers

30/09/201911/12/2019
by Benjamin Filaferro

The Qatar Financial Centre has announced it has issued new rules and guidance to regulate FinTech service providers in the country. Under the new rules and guidance, non-regulated professional service firm activities have been expanded to cover FinTech Services Provider activities. This will include activities like providing cybersecurity solutions, application programming interfaces cloud computing, developing blockchain-based technologies, Artificial Intelligence and companies who provide a platform for facilitating real-time transaction capability of internet connected devices. It comes as Qatar looks to develop its FinTech environment and is part of the Centre’s FinTech strategy.

Bahrain: Meeting of the Parliamentary Committee Investigating non-Bahrainisation of Jobs

23/09/201911/12/2019
by Benjamin Filaferro

In common with other GCC states, Bahrainisation efforts have been under scrutiny as a parliamentary committee which has been put in charge of investigating non-Bahrainisation of jobs in the public and private sector held a meeting. The issue was raised after it was found the Ministry of Information had 70% of Bahraini staff with temporary contracts. There was a pledge to take action after there had been issues as a result of a number of national employees opting for the Voluntary Retirement Programme. The committee asked that the Ministry include Bahrainisation rates as a contract term when signing agreements with private companies and take this matter into consideration when awarding tenders.