News developments Archives - Page 199 of 223

Bahrain: Launch of a Model Contract Between Real Estate Sellers and Brokers

25/05/201911/12/2019
by Benjamin Filaferro

Bahrain’s Real Estate Regulatory Authority has launched a model contract for use between real estate sellers and brokers. The CEO of the Authority said it is not mandatory to use the model contract and is intended for use as a unified model for mediation contracts, with more items to be added in line with the relevant regulations. The model was prepared following consultation with the relevant parties including real estate brokers and sellers. The Authority is going to prepare more models and guidelines in the coming months, covering other types of real estate transactions.

Bahrain: New Providing Cloud Computing Services to Foreign Parties Law Approved

18/05/201911/12/2019
by Benjamin Filaferro

Bahrain’s Shoura Council have approved four laws including a new Providing Cloud Computing Services to Foreign Parties Law. It is aimed at international cloud providers who have shown an interest in establishing in the Kingdom following the launch of Amazon Web Services. The Council also approved a Letters and Electronic Transactions Law which will establish a new framework for associated banking and financing services.

Kuwait: New Insurance Law Approved

18/05/201911/12/2019
by Benjamin Filaferro

Kuwait’s National Assembly has approved a new Insurance Law in the country at first reading. The changes would be the first to the legislation since 1981. MPs are still debating whether the sector should be regulated by the Central Bank or the Commerce Ministry but have called for a bespoke regulator not to b established. While Kuwait was the first GCC country to regulate its insurance sector they are the last to amend the legislation to reflect sectorial developments.

KSA: Implementing Regulations to the Special Residency Permits Law in the Making

18/05/201911/12/2019
by Benjamin Filaferro

Saudi Arabia’s Centre for Special Residency Permits is currently working on drafting the Implementing Regulations to the Special Residency Permits Law. The Regulations will include the conditions and procedures for applying for these permits. The Centre will announce details of the Implementing Regulations and how applications from applicants who are already in Saudi Arabia or from abroad will be handled. The aim of the law is to diversify the Saudi economy.

Abu Dhabi Global Market Courts and Ras al Khaimah Courts Sign Cooperation Agreement

13/05/201911/12/2019
by Benjamin Filaferro

The Abu Dhabi Global Market Courts and Ras al Khaimah Courts have announced they have signed a cooperation agreement to facilitate the reciprocal enforcement of their judgments, decisions and orders and arbitral awards. The agreement was signed for the Global Market Courts by their Chief Justice, Lord Hope of Craighead KT. It was signed for the Ras al Khaimah Courts by their Chairman, HE Ahmed Mohammed Al-Khattari.

KSA: Special Residency Permits Draft Law Submitted to the Government

13/05/201911/12/2019
by Benjamin Filaferro

Saudi Arabia’s Shoura Council has approved a draft special residency permits law and has submitted it to the Government to consider. The aim of the law is to provide various benefits to those who hold special residency permits including the right to recruit foreign worker, own property and transport vehicles and obtain visitor permits for family members. There are two types of special residency permit. The first is unlimited while the other is only available for one year but can then be renewed. It is similar to the Green Card system in the US and if approved will mean applicants will not have to have a Saudi sponsor or employer. To be eligible, applicants must have a valid passport with a credit report, a health report and no criminal record.

Oman: Decree Establishing the Credit and Financial Information Centre Issued

13/05/201911/12/2019
by Benjamin Filaferro

Oman’s Sultan has issued three Decrees including a Decree establishing the Credit and Financial Information Centre. Under Oman Sultani Decree No. 38/2019, a Credit and Financial Information Centre will be established. It will report into the Sultanate’s Central Bank. It will be independent legally as well as administratively and financially. All of the assets, data and their systems from the Banking Credit Information Statistics Department and the Central Bank will be transferred to the new Centre. The Board of Governors of the Central Bank will issue the regulations and decisions necessary to enforce Oman Sultani Decree No. 38/2019. Until they do, the relevant Central Bank regulations and decisions will continue to be enforced unless it contradicts or contravenes the new Decree.

Kuwait: Draft Expatriate Remittance Tax Law Withdrawn

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

According to sources in Kuwait, the draft Expatriate Remittance Tax Law has been withdrawn. It followed strong Government criticism of the proposed legislation. Amid concerns the Government would have rejected it, MPs withdrew the legislation rather than risk rejection which would have meant 44 MPs would have had to of approved the reconsideration of the legislation in the country’s Parliament.

Bahrain: Amendment to the 2001 Non-Bahrainis Ownership of Property and Plots Law Approved

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

Bahraini MPs have approved an amendment to the 2001 Non-Bahrainis Ownership of Property and Plots Law which will mean expatriate property investors will not be able to own property in areas which aren’t designated tourism or investment zones. Previously foreigners were able to buy property anywhere in the Kingdom. It follows concerns Bahrainis were being priced out of the market. The Shoura Council will now consider the amendment.

The UAE at the Forefront of the National Artificial Intelligence Strategy 2031

27/04/201911/12/2019
by Benjamin Filaferro

The UAE Cabinet has approved an eight point strategy which aims at putting the country at the forefront of global efforts to develop artificial intelligence, called the National Artificial Intelligence Strategy 2031. The strategy covers areas including reaffirming the UAE’s position as a global artificial intelligence (AI) hub, employing AI in customer services and recruiting and training people to work in fields which will be driven by the technology in the future. The first phase of the strategy will focus on areas such as healthcare, cyber security, logistics and transportation and tourism and hospitality. In March 2018, the UAE Cabinet formed a council for artificial intelligence to oversee AI integration in government