News developments Archives - Page 227 of 239

DIFC Courts have ruled a claim against Deloitte and Touche (Middle East)

18/02/201811/12/2019
by Benjamin Filaferro

In a landmark decision, the Dubai International Finance Centre Courts have ruled a claim against Deloitte and Touche (Middle East) for negligence and deceit can go to trial as the judge considers it has a ‘real prospect of success’. The case has been brought against the auditing firm by Nest Investments Holding SAL who were an investor in the collapsed Lebanese Canadian Bank. The Lebanese arm of the firm acted as the Bank’s auditors from 1995 until its liquidation. The case was brought following charges by the US Drug Enforcement Administration and US Treasury. The judgment extends potential liability for Dubai International Finance Centre institutions, like Deloitte and Touche (Middle East) for acts or omissions of foreign agents in non-Dubai International Finance Centre jurisdictions.

Bahrain: new Commercial Maritime Law is being considered

18/02/201811/12/2019
by Benjamin Filaferro

Senior officials at Bahrain’s Transportation and Telecommunications Ministry have announced a new Commercial Maritime Law is being considered. The aim is to boost the country’s maritime transportation and logistics sector and user experience at its Khalifa Bin Salman Port. It forms part of the Ministry’s wider maritime transport strategy.

Oman: Shoura Council has referred a study on private investment in the health sector

10/02/201811/12/2019
by Benjamin Filaferro

Oman’s Shoura Council has referred a study on private investment in the health sector to the Council of Ministers. The study focuses on the challenges faced by private investment as well as the incentives which should be offered to encourage investment. The Council also referred a study from the Economic and Financial Committee on the obstacles faced by the private sector, the free zones and the incentives required to increase their participation in Gross Domestic Product. The study focuses on the most important economic sectors and the desired partnership between the public and private sectors. It also highlights the importance of reviewing the relevant legislation and legal framework.

UAE: Road Tolls Law issued

10/02/201811/12/2019
by Benjamin Filaferro

The UAE’s President has issued a Road Tolls Law to ease traffic congestion. The Transport Department will determine where the toll gates will go and the amounts to pay. They will also set the operation times and will collect the fees. Its recommendations will be sent to the Executive Council to approve. Abu Dhabi Law No. 17/2017 came into effect on 31 December. Ambulances, the armed forces, civil defence vehicles, public buses and motorcycles will be exempt. Those who fail to comply with it will be fined upto 10,000 AED.

KSA: Insurance policies sold under the C name are not recognised by the insurance system

04/02/201811/12/2019
by Benjamin Filaferro

The official spokesperson for Saudi Arabia’s Cooperative Health Insurance Council, Yaser Almuarik has announced health insurance policies sold by health insurance companies under the C name are for marketing purposes only and are not recognised by the insurance system. He added the system does not permit insurance companies to issue policies with benefits which are less than those in the unified policy recognised by the Council. Companies should issue policies which offer the same services offered by the unified policy and if the service is not available in a certain hospital the patient should be referred to another hospital.

Bahrain: Anti-commercial cheating Law approved

04/02/201811/12/2019
by Benjamin Filaferro

Bahrain’s Parliament has unanimously approved a GCC-wide anti-commercial cheating Law. The GCC Commercial Cheating Combating Law was approved following feedback from Industry, Commerce and Tourism Minister, Zayed Al Zayani. If the Shoura Council approves it, the Law will be sent to the King to approve and if he does, the 2014 Commercial Cheating Law will be revoked. Under the draft law, those who cheat consumers by providing them with tampered or manipulated products will be jailed for up to two years or fined between 500 and 100,000 Dinars or jailed and fined. If those involved in forging documents, stamps, weights, measurements or contents to introduce products harmful to humans and animals, they will be jailed up to three years, or fined between 10,000 and 100,000 Dinars, or both.

Egypt: Parliament will vote on the amendments to the Capital Market Law next month

28/01/201811/12/2019
by Benjamin Filaferro

The President of Egypt’s Financial Regulatory Authority Mohamed Omran has announced Parliament will vote on the amendments to the Capital Market Law next month. Omran added work is ongoing to redraft the new comprehensive insurance law to ensure it is unified with the Private Insurance Funds Law.

Jordan: Private cars working with Uber and Careem are breaking the Law

28/01/201811/12/2019
by Benjamin Filaferro

Jordan’s Parliamentary Transport Commission has said private cars working with Uber and Careem are breaking the Law. The Commission Chairman, Hasan Alajarma said private cars working with smart applications for transport such as Uber and Careem violate the Passengers Transport Law, Jordan Law No. 19/2017, which stipulates vehicles transporting passengers should be public vehicles.

UAE: Dubai International Ports has announced it is establishing an investment platform with the Indian Fund for Investment and Infrastructure

28/01/201811/12/2019
by Benjamin Filaferro

Dubai International Ports has announced it is establishing an investment platform with the Indian Fund for Investment and Infrastructure. The aim is invest in Indian ports, stations and logistics sector. The platform will also examine the possible extension of the activities to include river ports, transport, cargo routes and private economic zones close to ports.

Qatar has approved a raft of draft Ministerial Decisions concerning the publication of the Official Gazette

20/01/201811/12/2019
by Benjamin Filaferro

Qatar’s Cabinet has approved a raft of draft Ministerial Decisions to implement Qatar Law No. 12/2016 concerning the Official Gazette. The Decisions determine electronic publication controls for the Official Gazette, the controls, procedures and value of the annual subscription in the Official Gazette, the publishing fees, the mechanism of sending copies to subscribers, the prices of their sale to non-subscribers and the method of saving the original copies of editions of the Official Gazette.