News developments Archives - Page 212 of 239

Amendments to Kuwait Companies Law Approved

06/07/201911/12/2019
by Benjamin Filaferro

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.

UAE: 6,800 Investors and Residents to Receive a Golden Residency Visa

29/06/201911/12/2019
by Benjamin Filaferro

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.

Qatar: Approvment of a Draft Law Establishing a New Court for Investment and Trade

29/06/201911/12/2019
by Benjamin Filaferro

The Qatari Cabinet has approved a draft law which would see the establishment of a new court for investment and trade. A report by the President of the Court of Cassation on the results of the work of the task team mandated to study the mechanisms and requirements for the establishment of the specialised court for investment and trade within the framework of the initiative to develop justice systems and create an attractive environment for investment was reviewed by the Cabinet.

Oman’s Capital Market Authority Launches a Portal for Registering Potential Directors

29/06/201911/12/2019
by Benjamin Filaferro

Oman’s Capital Market Authority has announced it has launched a portal for registering potential directors. Interested professionals will need to register on the portal so as companies and shareholders looking to appoint professionals on their boards can visit the portal and view potential candidates who meet their business requirements. Family owned businesses and investment funds have also been urged to register on the portal.

Kuwait: Expatriate Committee Established

24/06/201911/12/2019
by Benjamin Filaferro

According to local newspaper reports, the Kuwaiti Government has announced it has established a Committee to oversee the reduction of expatriate numbers in the country. The committee consists of representatives from a number of Government agencies and bodies including the Social Affairs and Labour and Interior Ministries and the Public Authority of Manpower. Various measures to ensure a reduction in these numbers have been proposed.

UAE: Drone Photography Authorised

24/06/201911/12/2019
by Benjamin Filaferro

The UAE’s General Civil Aviation Authority has announced drone photography is now allowed in the country providing certain conditions are met. These conditions include using drones in authorised locations and at specified heights. Photographers wishing to use drones must obtain a license first and should be 16 or older. The new regulations were developed together with the Interior Ministry. Previously, only authorised organisations could use drones to film or photograph.

Qatar: The QICDRC Signs a Cooperation Agreement with the International Centre for Settlement of Investment Disputes

24/06/201911/12/2019
by Benjamin Filaferro

Qatar’s International Court and Dispute Resolution Centre has signed a cooperation agreement with the International Centre for Settlement of Investment Disputes. It was signed for the QICRDC by its CEO, Faisal Rashid Al-Sahouti and for ICSID by its Secretary-General, Meg Kinnear. Under the agreement the two organisations will share arbitration and alternative dispute resolution insights. Each organisation will also be able to conduct all or any part of arbitration proceedings at the other Centre. The other organisation will also have priority access to the facilities and services at their counterpart’s organisation including using meeting rooms and office space as well as interpretation and translation services.

Bahrain: Parliamentary Investigations Launched into Illegal Abortion Clinics in Bahrain

24/06/201911/12/2019
by Benjamin Filaferro

Two Parliamentary investigations have been launched into illegal abortion clinics in Bahrain. According to reports, houses and apartments are being used to perform illegal abortions and hymen reconstruction surgeries. The reports have added those carrying out these procedures are charging between 300 and 500 Dinars each time. The Parliamentary investigations will focus on the smuggling of medicines like Cytotec to assist abortions. Under the existing law, abortions can only be carried out at authorised hospitals if a woman’s life is in danger and if three consultant doctors approve it.

Kuwait: Amendments to Tenders Law Approved

15/06/201911/12/2019
by Benjamin Filaferro

The Financial and Economic Committee of Kuwait’s Parliament has approved the amendments to the Tenders Law. Under the amendments, the National Fund for Small and Medium Enterprise Development’s will join the board of directors of the Central Agency for Public Tenders. Membership terms and grievance periods are also laid out. It will receive its second reading next week.

Saudi Arabia: Midday Working Ban to Start Next Week

15/06/201911/12/2019
by Benjamin Filaferro

Saudi Arabia’s Labour and Social Development Ministry has announced the midday working ban in the Kingdom will start on Saturday this week. The Ministry has stressed all private sector companies must comply with the ban which runs until 15 September. It means affected workers cannot work between 12pm and 3pm. However, the Ministry also said there are certain exemptions from this ban including those working in the oil and gas industry and emergency maintenance workers. The necessary procedures should be followed to protect these workers.