Abu Dhabi’s Global Market has launched a public consultation on proposed revisions to the Market’s regime for tackling money laundering, terrorist financing and proliferation and the financing of unlawful organisations. The consultation ends on 12 March 2019.
Abu Dhabi’s Ruler has issued two new Laws, including Abu Dhabi Law No. 1/2019 establishing an Investment Office in the Emirate. The Office will be responsible for executing a comprehensive strategy for increasing Foreign Direct Investment to the Emirate. In addition, they will be able to set up a PPP Centre of Excellence. He also issued Abu Dhabi Law No. 2/2019 regulating partnerships between the public and private sectors.
Saudi Arabia has launched a new anti-corruption office to monitor state spending as part of its ongoing anti-corruption fight. The Financial Reporting Office will be part of the state General Auditing Bureau. It follows the end of an anti-corruption drive which raised more than $100 billion and saw tens of people arrested.
According to local newspaper reports, Saudi Arabia has promulgated a new law to tackle terrorism and terrorist funding. The new law which is now in effect aims to protect the Kingdom from terrorist attacks and maintain national security. It also clamps down on the use of charities and non-profit institutions as facades to cover the funding of terrorist activities. Under the Law, prosecutors will be able to request records or documents from suspicious institutions and compel charities to implement provisions of the law.
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’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’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.
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.
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.
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.
