News developments Archives - Page 213 of 223

Kuwait: Central Bank is studying the implications of Bitcoin in the country

14/01/201811/12/2019
by Benjamin Filaferro

Kuwait’s Commerce and Industry Ministry and the country’s Central Bank of Kuwait are studying the implications of Bitcoin in the country. According to local newspaper reports, they discussed the market to reach a decision on the currency which is currently unregulated. Commerce and Industry Ministry officials also disclosed they have been monitoring the ads of local companies which promote Bitcoin dealing, following several companies posting social media ads to open trading accounts in return for commission.

Qatar: Extension of the grace period for compliance with the country’s 2016 Data Protection Law

06/01/201811/12/2019
by Benjamin Filaferro

Qatar’s Emir has issued a Cabinet Decision extending the grace period for compliance with the country’s 2016 Data Protection Law (Qatar Law No 13/2016). The Emir also issued Qatar Cabinet Decision No. 2/2018 establishing a co-ordination committee for search and rescue mechanisms in civil aviation. The Decisions will come into effect on their issued date.

Dubai: New regulations to allow repurchase agreements

06/01/201811/12/2019
by Benjamin Filaferro

Dubai’s Financial Market has announced it has issued two new regulations to allow market participants to implement both repurchase agreements (Repo) and Islamic Murabaha transactions. It follows the UAE’s Securities and Commodities Authority approval of the proposals. The regulations have been issued in line with international best practices as well as after full consultation with various market participants.

Bahrain: Commercial Companies Law Amended

31/12/201711/12/2019
by Benjamin Filaferro

The Economic and Financial Commission of Bahrain’s Shoura Council has approved amendments to the Kingdom’s Commercial Companies Law. The amendments to Bahrain Decree-Law No. 21/2001 are contained in Bahrain Decree No. 57/2017. The Commission has referred the amendments to the Council Office Authority to present to the Council at its next session. The aim of these amendments is to improve the Kingdom’s international business rating.

Kuwait: Deportations For Traffic Offences

30/12/201711/12/2019
by Benjamin Filaferro

According to a report on Kuwaiti TV, it has been stated Kuwait will deport any foreigner caught for a second time not wearing their seat belt or using a cell phone while driving. Articles within the Kuwaiti Traffic Law give the interior minister the right to deport those who do not comply with public order and break the laws. Kuwait has recently stiffened penalties against traffic violations including impounding cars for months if motorists are caught not wearing seat belts or using their cell phones while driving or parking in prohibited areas. (Although, following an initial spate of activity this week it was stated the changes would be taken more slowly.) Critics have warned deportations for these reasons could lead to equivalent steps being taken in other countries against Kuwaitis who break traffic laws abroad.

Oman: Professional Visa Bans Extended

27/12/201711/12/2019
by Benjamin Filaferro

Oman’s Manpower Ministry has extended the professional visa ban for expatriates in various sectors for an additional six months. The relevant Decisions were issued on 21 November and apply to construction workers, cleaners, sales and marketing professionals. However the ban does not apply to visa renewals for these workers, companies registered excellent or of international grade, consultancies or those implementing Government projects. Companies managed full-time by their owners, registered with Riyada and insured with the Public Authority for Social Insurance will also not be affected. The ban first came into force in November 2013. The ban on sales and marketing professionals comes into force on 30 November whilst the ban for cleaning and construction workers comes into force on 1 December. The ban on carpenters, metallurgists, blacksmiths and brick kiln workers comes into force on 1 January 2018

Saudi Arabia: Supreme Anti-Corruption Committee Established

27/12/201711/12/2019
by Benjamin Filaferro

Saudi Arabia’s King has issued a Royal Order to establish a Supreme Anti-corruption committee. It will be chaired by the Crown Prince and the Chairman of the Monitoring and Investigation Commission, the Chairman of the National Anti-Corruption Authority, the Chief of the General Audit Bureau, the Attorney General and the Head of State Security will be members. The Committee will be responsible for identifying offences and people and entities involved in public corruption cases. It will also have investigatory powers and issue arrest warrants as well as travel bans, disclosures and freezing of accounts and portfolios, track funds, assets and prevent their remittance or transfer by relevant persons and entities. The committee will have the right to take any precautionary measures until cases are referred to the investigating authorities or judicial bodies. It may take whatever measures it considers necessary to deal with those involved in public corruption cases. It may seek the assistance of those it considers necessary and may set up teams for investigations or prosecutions and may delegate some or all of its powers to these teams. The committee will submit detailed reports on its findings and what action it has taken. The competent authorities will be informed of this Royal Order and all relevant parties will cooperate fully to enforce it.

KSA: first Saudi tourist visas will be issued in the first quarter of 2018

22/12/201711/12/2019
by Benjamin Filaferro

Saudi Arabia Prince Sultan Bin Salman, Head of the Commission for Tourism and National Heritage has announced the first Saudi tourist visas will be issued in the first quarter of 2018. It is understood all necessary government approvals are in place for the launch of electronic visas next year to all nationals whose countries allow their citizens to visit Saudi Arabia. The authorities are currently preparing regulations on who is eligible for the visas and how they will obtain them. Saudi Arabia currently grants tourist visas to those from a limited number of countries, but even those applications have restrictions, including requirements to travel through accredited companies and stay at designated hotels. The cost of the new tourist visa has not yet been settled, but is expected to be as low as possible to help encourage tourism.

KSA: Saudi Arabia’s Shoura Council has approved the draft bankruptcy law

17/12/201711/12/2019
by Benjamin Filaferro

Saudi Arabia’s Shoura Council has approved the draft bankruptcy law. If approved, it will regulate bankruptcy procedures in the Kingdom. The draft law covers bankruptcy procedures in terms of preventive settlement and financial restructuring, especially of minor debtors and administrative settlement. It will apply to anyone involved in business or commercial activities in the Kingdom, including non-Saudi commercial and vocational companies and investors.

Abu Dhabi: Launch of a new registration system for all engineers in the Emirate

17/12/201711/12/2019
by Benjamin Filaferro

Abu Dhabi’s Urban Planning and Municipalities Department has announced it has launched a new registration system for all engineers in the Emirate. The ‘Become an Abu Dhabi Registered Engineer’ is aimed at ensuring all engineers in the Emirate register their qualifications at https://eservices.adm.gov.ae/engineers/public/secure/login. To register, engineers must present a valid ID card and a bachelor’s degree in engineering or equivalent qualification. Authenticated certificates issued by the relevant authorities and established universities will also have to be presented when registering. In addition, they will have to submit a Human Resources and Emiratisation Ministry employment card or a valid investor card if they are working in the private sector and a continuation letter of employment within one month of its issued date. Once approved, they will get an official card which allows them to work in the Emirate.