News developments Archives - Page 21 of 223

Qatar: Central Bank Launches Sustainable Finance Framework

24/04/202524/04/2025
by Hannah Gutang

Qatar Tribune, 20 April 2025: Qatar Central Bank (QCB) issued the Sustainable Finance Framework to align with national strategies and promote growth through environmental, social, and governance principles.

QCB explained that this framework is based on several key elements, including enhancing transparency, revenue management, reporting, and external auditing, aiming to open new opportunities for growth and innovation in Qatar by incorporating sustainable Islamic financial instruments. It supports the transition to a flexible and inclusive economy that balances economic growth with environmental and social responsibility. The framework represents a proactive step by QCB to integrate sustainability into the financial sector, promoting practices that align with global standards and national objectives. The decision impacts financial institutions and stakeholders in Qatar, obligating them to adhere to the principles outlined in the framework. It encourages the adoption of sustainable practices and the development of financial products that meet environmental and social criteria.

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Oman: Launches Dhamani Platform to Streamline Insurance Claims

24/04/202524/04/2025
by Hannah Gutang

Oman Observer, 21 April 2025: Oman has launched the Dhamani platform, a national digital information exchange which is designed to streamline insurance claims processing between healthcare providers and insurance payers.

The platform has been introduced by the Financial Services Authority (FSA) as part of a broader effort to digitise and enhance the efficiency of the healthcare and insurance sectors.

Dhamani is not merely a standalone system but a comprehensive infrastructure that significantly reduces the time and administrative burden associated with claims processing. Previously, claims could take up to two years to process, but with Dhamani, they can be submitted immediately after treatment, and insurers are required to respond within 45 days.

The platform integrates with healthcare providers’ Health Information Systems (HIS), allowing for instant claim submission by hospitals, clinics, and soon also, independent pharmacies. This digital workflow enables insurers to quickly approve, reject, or request additional information for claims, ensuring a structured timeline for claims handling.

Dhamani will play a crucial role in combating fraud, waste, and abuse (FWA) in the health insurance system. It standardises medical protocols, ensures all transactions are digital and transparent, and uses business intelligence and artificial intelligence tools to detect irregularities and manage risk.

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Kuwait: Law Amended to Allow Salary Deductions for Unpaid Court Fines

24/04/202524/04/2025
by Hannah Gutang

Arab Times, 20 April 2025: Kuwait Decree-Law No. 62/2025 amended the Code of Procedures and Trials Law (Kuwait Law No. 17/1960), enabling salary deductions for unpaid court fines and revising objection periods for verdicts.

Kuwait Decree-Law No. 62/2025 has replaced Article 188 and 230 of Kuwait Law No. 17/1960 with new provisions, impacting the objection period for verdicts and the collection of unpaid fines.

Article 188 of Kuwait Law No. 17/1960 now specifies a one-week objection period for verdicts. In misdemeanor cases, this period begins from the date the convicted person is notified of the verdict issued in absentia. For felony cases, it starts from the date of the convicted person’s arrest, provided the judgment was not previously served in person. If the objection is not filed within this timeframe, the verdict may only be appealed if eligible before the Court of Appeals. Notifications can be sent via email or other modern communication methods, and if direct service is not possible, notices may be delivered to a relative or published in the official gazette.

Article 230 of Kuwait Law No. 17/19605 allows for the collection of unpaid fines through compulsory execution from the convict’s assets. The Public Prosecution can recover fines via monthly deductions not exceeding one-quarter of the convict’s salary, wage, national labour support, or pension. The convict may request to pay the fine in instalments or defer payment, with full payment required within five years.

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Dubai: Launches World’s First AI-Powered Financial Governance System

24/04/202524/04/2025
by Hannah Gutang

Emarat Al Youm, 22 April 2025: Dubai’s Department of Finance has unveiled “ASCEND,” an AI-powered system designed to enhance financial governance and compliance.

The system was launched during the inaugural Dubai AI Week, reflecting the department’s commitment to modernising government financial operations and ensuring future readiness through advanced technology and innovation.

“ASCEND” is a cornerstone of Dubai’s AI strategy, driving comprehensive transformation in financial operations to ensure accountability, flexibility, and excellence. It addresses government compliance challenges such as data fragmentation and manual processes and it seamlessly integrates with other internal systems, enabling unified compliance oversight without data transfer. The system automates traditional review processes, setting a high global standard for public sector financial oversight.

It employs a multi-step intelligent approach supported by open-source large language models and retrieval-augmented generation architecture and analyses complex legal texts, understands financial processes, and assesses compliance with relevant laws and regulations. The system generates actionable AI-driven recommendations to support governance practices and automatically issues clear compliance reports in Arabic and English.

“ASCEND” has been designed to be secure and scalable, operating on a cloud infrastructure within the UAE to ensure full data sovereignty and compliance with national information security standards.

For the full story, click here.

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Bahrain: New Comprehensive Electronic Property Registration System

24/04/202524/04/2025
by Hannah Gutang

Al Bilad Press, 18 April 2025: Bahrain has introduced a digital property registration system, revolutionising the real estate sector with enhanced transparency and efficiency.

The electronic registration system allows users to submit applications and pay fees online, offering significant flexibility. It enables immediate property transfer on meeting requirements simplifying procedures while ensuring transparency in real estate operations.

The bureau has also developed an “Electronic Workflow System,” which is a platform that uses QR codes, barcodes, and scanning. It connects personal data and commercial records with government systems and uses Geographic Information Systems (GIS) to significantly reduce the time required for property transfers.

They have also introduced an internally developed Real Estate and Geographic Information System, which contains detailed data on over 300,000 properties across Bahrain. This system provides a historical record of property registrations dating back over a century and supports the production of precise research and geographic reports.

Among the new digital services launched is the “Ownership Statement,” which is automatically issued after property transfer fees are paid, with a download link sent to the registered phone number. This service allows users to complete certain transactions with other entities before the final document is issued and enables citizens to easily access property ownership data, download survey certificates, and locate properties via a QR code.

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KSA: Transforming Commerce: Understanding Saudi Arabia’s Commercial Register and Trade Names Laws

18/04/202501/05/2025
by Hannah Gutang

Authored by: Lara Salem, Head of Content Strategy, LexisNexis MENA

In the ever-evolving landscape of commerce, a clear understanding of the legal framework is crucial for business success. Recognising this need, Saudi Arabia has implemented significant legislative measures through Cabinet Decision No. 237/1446 (Commercial Register Law and Trade Names Law) and its accompanying Implementing Regulation, Cabinet Decision No. 288/1446. These laws aim to foster transparency, efficiency, and reliability in the commercial sector, providing a solid foundation for businesses operating within the Kingdom. This article explores how these new regulations are reshaping the commercial environment and their implications for businesses.

Objectives of the Legislation

The two key legislative instruments, Cabinet Decision No. 237/1446 and its Implementing Regulation No. 288/1446, serve complementary purposes:

Cabinet Decision No. 237/1446 establishes a streamlined registration process, enhancing the transparency and reliability of commercial data. This legislation specifies essential procedures for business registration and management of trade names. Crucially, Article 28 mandates the issuance of detailed Implementing Regulations within 180 days of its publication to facilitate practical application.
Cabinet Decision No. 288/1446 (Implementing Regulation) provides the detailed operational framework required by Decision No. 237. It defines key terms (Article 1), sets the duties of the Registrar (Article 2), and outlines operational procedures such as notification methods, violation detection, and service fee structures. This detailed regulation ensures the seamless implementation of the Commercial Register and Trade Names Laws, thus fulfilling the objectives set out in Decision No. 237.

Main Provisions and Their Practical Impact

The legislation introduces significant provisions affecting commercial activities:

Commercial Register Law: It mandates the establishment of a centralised electronic database to manage merchant information, compulsory registration (Article 5), and annual confirmation of commercial data (Article 10). Communication and notifications to businesses regarding their obligations or updates are conducted via official channels, such as registered text messages, emails, government electronic system accounts, or licensed postal services.
Trade Names Law: This law requires merchants to adopt, register, and protect their trade names against unauthorised use. Specific articles such as Article 3 (adoption and registration requirement) and Article 6 (protection mechanisms) support a fair competitive environment.

These measures collectively reinforce transparency and accountability, enabling businesses to operate confidently within the Kingdom.

Important Compliance Deadlines and Requirements

Compliance with the new legislation includes specific deadlines and procedures:

Businesses are allowed a five-year transition period for adjusting their sub-commercial registers.
Annual data confirmation is mandatory, as detailed in Article 10 of the Implementing Regulation.
Non-compliance penalties, including potential suspension of registration, are outlined in Article 11, emphasising the importance of proactive adherence.

These structured compliance requirements necessitate businesses to remain informed and vigilant to avoid disruptions.

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UAE: Trade Licensing Authority’s Decision on Financial Year Sparks Confusion

17/04/202517/04/2025
by Hannah Gutang

The National News, 10 April 2025: A recent decision by a UAE trade licensing authority to standardise the financial year for entities under its jurisdiction to a calendar year has led to confusion among businesses.

A UAE trade licensing authority has required all entities under its jurisdiction to adopt a calendar financial year, running from January 2025 to December 2025. This decision will require thousands of companies to alter their memorandums of association and has caused confusion about the potential tax impact. Previously, businesses which came under the trade licensing authority had the flexibility to choose their financial year based on their month of formation, but the new directive has standardised the period.

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Saudi Arabia: New Penalties on Elderly Care Law

17/04/202517/04/2025
by Hannah Gutang

Gulf News, 11 April 2025: New penalties are being introduced to enforce the Elderly Rights and Care Law, Saudi Arabia Cabinet Decision No. 292/1443.

Executive regulations have been issued to enforce the Elderly Rights and Care Law, Thee introduce severe penalties for neglect and abuse, including up to one year in prison and a fine of SR500,000. Both government and non-government entities must provide comprehensive care, ensuring safe and accessible environments for the elderly and promote their active participation in society.

The executive regulations emphasise the dignity and inclusion of elderly individuals, recognising their right to respect as a fundamental duty. The law also provides a dedicated identification card for the elderly, which grants them priority access to services and reduces bureaucratic hurdles.

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Qatar: Central Bank Introduces Multiple Wallets Feature in Mobile Payment System

17/04/202517/04/2025
by Hannah Gutang

Gulf Times, 13 April 2025: Qatar Central Bank (QCB) has introduced a ‘Multiple Wallets per Mobile Number’ feature to the Qatar Mobile Payment system.

The feature allows users to have multiple wallets linked to a single mobile number. This initiative aligns with the Third Financial Sector Strategy and is part of QCB’s efforts to improve mobile payment services in Qatar. The feature enables users to open two wallets with different payment service providers using the same mobile number, providing them with enhanced flexibility and control over their financial transactions. Users can designate a default account for receiving all incoming transfers and have the flexibility to manage and change the default account as needed. The introduction of this feature is expected to support innovation among payment service providers, and support financial inclusion in Qatar.

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Oman: Amendments to Social Protection Fund Regulations

17/04/202517/04/2025
by Hannah Gutang

The Social Protection Fund Regulations (Oman Sultani Decree No. 50/2023) were amended on 10 April 2025 by Oman Sultani Decree No. 41/2025.

The amendment specifically altered Article 9 of Oman Sultani Decree No. 50/2023, which now states that the management of the Social Protection Fund will be overseen by a board of directors formed by a Cabinet Decision. This board will include the Chairman of Oman Chamber of Commerce and Industry and the Chairman of the General Federation of Oman Workers, among others. The board will also be able to seek assistance from experts and advisors. The amendment came into force on the day following its publication in the Official Gazette.

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