Saudi Arabia’s Cabinet has approved a Decision allowing shops and restaurants to open 24 hours a day. The Decision has prompted confusion over whether shops will have to close five times a day for daily prayers. Entities wanting to open for 24 hours a day will also have to pay a fee to do so. The Municipal and Rural Affairs Ministry will set the fee and state which activities can benefit from the Decision.
Kuwait’s Communications and Information Technology Regulatory Authority has announced it is accepting applications for a virtual telecommunications operator in the country. When the license for this virtual operator is issued, they will be the fourth telecommunications provider in the country. They will join Ooredoo, Viva and Zain. Applications have to be submitted by 14 November and the successful applicant will be announced by 6 February 2020.
Bahrain’s King has directed the Prime Minister to expand quota preferences given to SMEs in Government procurement and tenders and in service facilities in Government entities. The Cabinet has decided the current quota of 10% of companies bidding for provision of Government services should be expanded to include tenders. The same percentage will apply. The Cabinet supported the measure following a review of the memorandum submitted by the Ministerial Legal and Legislative Affairs Committee.
Saudi Arabia’s Commerce and Investment Minister has announced the Franchise and Government Procurement Laws will be issued by the end of August this year. The Shoura Council approved the laws in March. The Franchise Law will govern the relationship between franchisors and franchisees. The Government Procurement Law aims to regulate the procedures related to business and procurement and prevent abuses of power and vested interests.
The Omani Government is considering a new Securities Law to help the securities market grow in the Sultanate. The draft is being reviewed by the Legal Affairs Ministry. It is expected to be approved and discussed by the end of the first quarter of 2020. If approved, there will be a Capital Market Law and a separate Securities Law. It will allow the roll-out of a diverse range of instruments for trading and investment in the securities market which will include derivatives such as swaps, forwards, futures, mortgage-backed securities and options. None of these can be traded in Oman at the moment. Trading in commodity derivatives, currency swaps, interest rate futures, credit default swaps, CFDs and international indices will also be allowed and Trusts will be introduced. They will provide a vehicle to Collective Investment Schemes. It will allow crowdfunding for small and medium enterprises to raise finance for their operations and growth.
Oman’s Sultan has issued five Sultani Decrees including a Decree approving the Bankruptcy Law. Oman Sultani Decree No. 53/2019 will be published in the Official Gazette and will come into force one year after its publication in the Gazette. It will repeal Book Five of the Sultanate’s Trade Law and anything else which contradicts or contravenes it will be repealed. The Commerce and Industry Minister will issue the relevant regulations and decisions to implement the law following input from other specialist departments.
Qatar’s Free Zones Authority has announced it is planning to establish a new free zone in Msheireb district in downtown Doha. It will house the new Media City and IT companies. The Media City was established under Qatar Law No. 13/2019. It will be responsible for managing and developing media activities in the country. Microsoft has already got Cabinet approval to establish a global Azure Cloud Computing data centre in the country.
Dubai’s Land Department has announced it has launched a new Real Estate Investment Opportunities initiative. It is aimed at strengthening the Emirate’s competitiveness and attracting new real estate investments. It follows the Innovation Lab 2018 and a special office has been established at the Land Department’s Cube centre to facilitate and unify all related registrations and follow-up procedures. The Department has also approved a set of special privileges relating to real estate registration and terms and a special electronic contact website is going to be established to provide electronic services and respond to all future queries. A law is currently being drafted for real estate investment portfolios which are still under accreditation and review by the relevant parties.
Kuwait’s National Assembly has approved various legislation at their second reading, including an amendment to the country’s Companies Law. The Assembly approved an amendment to the country’s Companies Law, Kuwait Law No. 1/2016 at its second reading. If approved, non-profit organisations will not be able to convert to profitable entities. It will also allow shareholders to assess a company’s position, prohibit the dissolution of a company because of capital loss and allow shareholders and owners to correct a company’s path.
According to Sheikh Mohammed, Prime Minister of the UAE 6,800 investors and residents, worth an estimated 100 billion AED, have been chosen to receive the new golden residency visa. The golden card was initially billed as a permanent residence system but the General Directorate of Residency and Foreigners Affairs has since clarified that it is in fact a long-term 10-year visa. However, as the golden card is a renewable 10-year visa the end result is the same: – permanent residency in the UAE. It has also now been confirmed by the Directorate Chief executives with a salary of 30,000 AED or more can apply for the visa too. These applicants should have at least a bachelor’s degree or its equivalent and five years of work experience. They must also have a valid UAE employment contract. They must also have health insurance for themselves and their families.
