News developments Archives - Page 206 of 226

UAE: Draft Space Objects Law Under Consideration

02/02/201911/12/2019
by Benjamin Filaferro

The UAE’s Federal National Council is considering a draft space objects law. The aim is regulate this sector more closely. Those who violate the law will be jailed for up to two years and fined 10 million AED. Objects will not be able to launch objects higher than 100km over sea level without the approval of the UAE’s Space Agency. No one will be able to own space objects like satellites or rockets. It will also help the Space Agency organise its activities and issuing permits including with regard to finding meteorites and any kind of space object which falls into the country. In addition, it seeks to impose a ban on selling, buying and mining meteorites anywhere in the country.

Bahrain: Consultation on Draft Digital Financial Advice Directives Launched

27/01/201911/12/2019
by Benjamin Filaferro

Bahrain’s Central Bank has launched a consultation on draft Digital Financial Advice directives. The consultation ends on 20 February 2019. The draft directives state the rights and responsibilities of licensees who want to use digital financial advice tools. They also stipulate the prudential and conduct requirements associated with this digital advice to safeguard client interests. In addition, the draft directives will allow FinTech firms who focus solely on robo-advice to get a license from the Bank. If approved, they will enable licensees to use technology to offer financial advice to their clients.

Saudi Arabia: National Labour Committee Approved

26/01/201911/12/2019
by Benjamin Filaferro

Saudi Arabia’s Labour and Social Development Minister has issued a Decision approving the establishment of a coordination committee for labour committee. It will be called the national committee for labour committees in Saudi Arabia. The chairmen of labour committees will be members of this committee which will be responsible for representing the Kingdom internationally as well as conducting the necessary studies to activate its role, introduce itself to the private sector and draft the regulatory charter for its elections and meetings systems.

Saudi Arabia: Labour Courts Issue Rulings in Absentia

21/01/201911/12/2019
by Benjamin Filaferro

Judicial sources in Saudi Arabia have confirmed the labour courts which were established a couple of months ago have issued a number of rulings in absentia against companies who don’t turn up to court hearings. The sources said these companies failed to turn up to hearings even though they have been property notified electronically. Most of the rulings issued in absentia cannot be appealed because they are related to small cases worth less than 20,000 Riyals. The source added these cases would previously have been postponed if the company didn’t attend the hearing. Cases which are subject to this procedure include requests for certificates of services, requests for documents and records related to labourers and held by an employer. They also include objections against decisions issued by residential service committees and complaints against employers and employees against decisions issued by social security institutions.

Bahrain: Foreign Property Ownership Restrictions Recommended

21/01/201911/12/2019
by Benjamin Filaferro

The Legislative and Legal Affairs Committee of Bahrain’s Parliament has recommended implementing a draft law limiting the property ownership rights of foreigners. If approved, it will only allow foreigners to own properties in tourism and investment areas. It will replace Article 1 of Bahrain Decree-Law No. 2/2001 on the ownership of land by non-Bahrainis. It is intended to limit the rise in real estate prices in some areas by concentrating non-Bahraini ownership in others. The Government had requested the Committee review the draft law, which will also require adjustments to other Government policies.

Kuwait: Free Trade Zone Decision Cancelled

12/01/201911/12/2019
by Benjamin Filaferro

According to local newspaper reports, Kuwait’s Council of Ministers has cancelled Kuwait Decision No. 512/2018 establishing a free zone in Shuwaikh port. However, the Public Authority for Industry will continue to undertake the tasks entrusted to it in the area until 1 April 2019. The Government has entrusted the Kuwait Ports Authority, together with the Kuwait Municipality to make future plans and projects for ports according to the country’s fourth organisational chart. Contracts with investors demanding the evacuation of buildings and land and handing them over to the Government should not be renewed.

Saudi Arabia: Supervisory Health Council to be Established

12/01/201911/12/2019
by Benjamin Filaferro

Saudi Arabia’s Shoura Council has approved an amendment to Article 16(A) of the Health Law following recommendations from the health committee. Under the amendment, a health council will be established and linked to the president of the council of ministers. The Council’s chairman will be of Minister grade and appointed by a Royal Decree. Members of the council will include a representative of the Health Ministry and representatives from health services from other relevant ministries. The aim is to boost the council’s independence and enable it to exercise its supervisory and regulatory roles.

Regulations to UAE Federal Law No 3/2016

22/12/201811/12/2019
by Benjamin Filaferro

The UAE’s Prime Minister has issued the Implementing Regulations to Federal Law No 3/2016 on the rights of the child in line with Cabinet Decision No 52/2018. The Regulations cover child labour, procedures for reporting violations of children’s rights in educational institutions, terms of reference of the Child Protection Unit, conditions for child protection specialists, preventive and protection measures, foster family conditions and obligations, and child custody regulations for guardians. Employing a child will require special permission from the Human Resources and Emiratisation Ministry. The child should not be under 15 and must be medically fit for work. The Regulation also bans children from entering hazardous places including laboratories or places where toxic gases are emitted, as well as quarries, mines, conflict zones, environmental disasters, adult entertainment centres, explosives manufacturing facilities and other high risk workplaces.

Bahrain: Consultation on Draft Crypto-Asset Platform Operator Rules launched

22/12/201811/12/2019
by Benjamin Filaferro

Bahrain’s Central Bank has launched a consultation on draft crypto-asset platform operator rules. The consultation ends on 31 December 2018. The proposed framework will cover licensing requirements, financial resources and measures to safeguard client or customer interests, technology standards and cyber security risk management measures, reporting and other requirements. The aim is to provide a regulatory framework for licensing and supervising crypto-asset services including those provided by a platform operator as a principal, agent and as a custodian, in or from the Kingdom.

Bahrain: Real Estate Regulatory Authority License Deadline Confirmed

15/12/201811/12/2019
by Benjamin Filaferro

Bahrain’s Real Estate Regulatory Authority has urged property managers and owner association managers to apply for a license from the Authority ahead of the 4 January 2019 deadline. Real estate brokers, sales agent and developers have already had to apply for licenses. Property managers and owner association managers are the latest categories to be regulated by the Authority. From 5 January 2019, property managers and owner association managers who operate without a license will be breaking the regulatory regime and will have the penalties outlined in Bahrain Law No. 27/2017 imposed on them.