According to local newspaper reports, Saudi Arabia’s Shoura Council is understood to be considering giving legal protection to whistle blowers in certain circumstances. It comes as the authorities have launched an extensive crackdown on corruption in the Kingdom in recent weeks. The Council is understood to have approved a draft proposal to grant whistle blower protection for financial and administrative corruption.
Bahrain’s Central Bank has released directives on the Bahrain Domiciled Real Estate Investment Trusts. The aim is to enhance their Real Estate Investment Trusts framework. Real Estate Investment Trusts are Collective Investment Undertakings which acquire and operate income generating local and foreign real estate properties, directly or indirectly and allow all types of investors to obtain real estate market exposure. The new directives will allow retail investors to invest in Bahrain Domiciled Real Estate Investment Trusts. As Real Estate Investment Trusts are tradeable instruments, the changes will also allow Bahrain Domiciled Real Estate Investment Trusts to be listed on the Bahrain Bourse and other licensed exchanges.
New Dubai Endowment Law details were discussed at a press conference by the Awqaf and Minors Affairs Foundation (AMAF) which was held in conjunction with the Mohammad Bin Rashid Global Centre for Endowment Consultancy (MBRGCEC). Under the law, which received Royal approval last month, private individuals, companies and organisations will be allowed to establish their own endowments, whether these are for educational, health, cultural, environmental, arts or sport reasons. Until now, the general practice has been for potential donors to make contributions AMAF in order to support endowment projects managed completely by AMAF, the Dubai endowment regulator. AMAF currently manage over 2.7 billion AED in assets, which include endowments. Under the new law they are mandated to receive all necessary documentation from endowment bodies who wish to be formally registered. AMAF will carry out a careful review of the documentation and issue waqf licenses to the applicants within 10 working days and then submit the licences to MBRGCEC. The MBRGCEC will issue a Dubai Endowment Sign to the body, which will enable them to operate as full-fledged endowment institutions and carry out their work. The Endowment Law Dubai Law No. 14/2017 has come into force. Endowment institutions will be licensed by AMAF, but will enjoy independence in terms of the management of their financial affairs within the framework of the licensing rules and regulations and the prevailing governance system of endowment institutions. AMAF will also monitor these institutions to ensure they achieve their goals and remain committed to this law and preceding laws pertaining to endowments. AMAF, as a regulator, will monitor the revenue and expenditure of endowments, and ensure the money is spent according to the declared and agreed purpose of the endowment. However, it will be possible to legally change the purpose and nature of an endowment over time by following specific procedures. This new law is expected to enhance the MBRGCEC’s role in granting the Dubai Endowment Sign to institutions which are engaged in community work based on the waqf concept. The law mandates institutions which hold the Dubai Endowment Sign to be granted special privileges in areas including government procurements, setting up and selecting contracts. Entrepreneurs are being invited to secure a licence for their waqf institutions so that they can implement community programmes in various fields.
Turkish parliament and president passed a law allowing Muslim clerics to conduct civil marriages. The law allows ‘mufti’ marriages which was also published in the country’s official gazette. Previously, only state officers in branches of the family affairs directorate were able to conduct marriages. A requirement has also been added which prohibits individuals who have carried out ‘immoral acts’ before marriage from becoming Turkish citizens. Many people in Turkey, conduct religious ceremonies as well as civil marriages, and see it as a religious obligation. The law does not change the requirements for a legal civil marriage. It has been stated its aim is to make it more convenient for those who wish to have religious marriages.
The UAE’s Federal National Council has approved a draft law to regulate and care for mosques. Under the law, employees must be qualified to work in mosques and anyone who belongs to illegal groups or organisations, practices illegal political or organisational activities or preaches without a licence or approval will not be able to issue fatwas or teach the Holy Quran outside mosques. Anyone who violates the Law will be fined between 20,000 and 50,000 AED and/or jailed for up to three months. Anyone who begs at mosques or interferes with the Imam while they are calling worshippers to prayer or whilst they are preaching will be fined 5,000 AED and or jailed for up to three months.
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.
With immediate effect, the UAE’s General Directorate of Residence and Foreigners Affairs has tightened the requirements for employment sponsorship transfer between companies located in the same free trade zone. As a result, all foreign nationals must now undergo a medical examination and obtain a new Emirates ID card. They will be issued a new employment residency permit with a validity of up to three years whereas previously, the visa was issued for the remainder of the initial visa’s validity. Transferee’s dependent’s residency permits are unaffected by this change.
Qatar’s Emir has issued a Decree-Law amending the country’s 2005 Investment Free Zones Law. Qatar Decree-Law No. 21/2017 amends Qatar Law No. 34/2005. It will come into effect on its issued date and will be published in the Official Gazette.
According to local newspaper reports, Saudi Arabia’s Government has approved new tourism visa plans. To begin with visas will only be issued to tourists using authorised tour operators. The announcement comes as the Kingdom looks to encourage more tourism.
According to senior International Monetary Fund officials, VAT is likely to be introduced at different times across the GCC region. They had intended to introduce VAT simultaneously in January but so far only Saudi Arabia and the UAE look like they will do so. When it is introduced VAT will be introduced at 5%. It will require significant administrative and technical changes including detailed regulations and making sure all affected companies are registered. However all six GCC states remain committed to introducing it.
