News developments Archives - Page 229 of 239

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.

Qatar: Amendments to the country’s foreign ownership rules regarding property are being considered

10/12/201711/12/2019
by Benjamin Filaferro

The Qatari authorities are understood to be considering amendments to the country’s foreign ownership rules regarding property in the country according to a monthly real estate report by SAK Holding Group. The new legislation is expected to involve amending the current law on ownership by non-Qataris. This law has been enforced for the last three years in 18 regions. The amendments are expected to be implemented in 2018.

UAE: Work permit fees to work in the country have been amended

10/12/201711/12/2019
by Benjamin Filaferro

The UAE’s Human Resources and Emiratisation Ministry has announced work permit fees to work in the country have been amended. The fee levied will now depend on a worker’s skill level, whether they will work in the country or outside of it as well as the establishment category in the classification system. Establishments employing GCC nationals and fishing boat businesses will be exempt from the fees. The Ministry has also started classifying businesses differently. The classification will now be done according to skill levels, particularly whether skilled workers or limited skill workers are employed.

KSA: Shoura Council is considering giving legal protection to whistle blowers

02/12/201711/12/2019
by Benjamin Filaferro

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: Central Bank has released directives on the Bahrain Domiciled Real Estate Investment Trusts

02/12/201711/12/2019
by Benjamin Filaferro

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.

UAE: New Dubai Endowment Law

25/11/201711/12/2019
by Benjamin Filaferro

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.

Turkey: New law allowing Muslim clerics to conduct civil marriages

25/11/201711/12/2019
by Benjamin Filaferro

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.

UAE: draft law approved to regulate and care for mosques

18/11/201711/12/2019
by Benjamin Filaferro

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.

Bahrain: Amendments to the Kingdom’s Commercial Companies Law approved

18/11/201711/12/2019
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.