News developments Archives - Page 27 of 223

Saudi Arabia: SAMA Introduces New Financial Regulations for Foreign Entities

27/02/202527/02/2025
by Hannah Gutang

The Saudi Central Bank (SAMA) has introduced new regulations concerning Close-out Netting and Related Collateral Arrangements, now in effect for all financial institutions under its jurisdiction in Saudi Arabia.

These regulations are designed to manage netting agreements and financial collateral arrangements, particularly in scenarios involving bankruptcy proceedings.

The regulations enable financial institutions to quickly terminate, liquidate, and settle obligations in the event of a default, thereby reducing potential losses.

The netting process consolidates obligations into a single currency, determining a net balance owed between parties, which enhances risk management efficiency.

The regulations apply to specific qualified financial contracts, including currency and interest rate swaps, commodity swaps, forward rate agreements, credit derivatives, securities repurchase agreements, commodities contracts, and Shariah-compliant financial contracts like murabaha.

For foreign multibranch entities operating in Saudi Arabia, the regulations clearly define obligations under multibranch netting agreements, limiting liabilities and ensuring financial clarity in the event of a local branch bankruptcy.

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Qatar: General Tax Authority Launches 100% Financial Penalty Exemption Initiative

27/02/202527/02/2025
by Hannah Gutang

Qatar Tribune, 25 February 2025: The General Tax Authority has unveiled a 100% financial penalty exemption initiative.

Starting on 1 March 2025, the initiative will be available for six months, complying with the relevant rules and regulations.

To be eligible, companies must register on the “Dhareeba Tax Portal” and ensure all taxpayer information is current.

They must also submit all required tax returns and financial statements in line with regulations and commit to maintaining full compliance over the next three years (2026, 2027, and 2028) by timely submission of returns and payment of tax dues.

During the initiative, eligible businesses can apply for penalty exemptions via the Dhareeba Tax Portal.

The General Tax Authority will evaluate applications individually and communicate approval decisions through the applicants’ portal accounts.

Taxpayers are invited to review the comprehensive guidelines available on the Authority’s website, which details the initiative’s conditions, requirements, and application procedures.

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Oman: Expands Electronic Authentication Service to Saudi Arabia

27/02/202527/02/2025
by Hannah Gutang

The Arabian Stories, 20 February 2025: Oman has unveiled the third phase of its electronic authentication service, expanding its reach to Saudi Arabia and Qatar starting 23 February 2025.

This initiative aims to enhance digital consular services and simplify authentication procedures, eliminating the need for applicants to visit Omani missions in these countries.

Initially launched on 23 January 2025, the electronic certification service is already in operation in the United Arab Emirates, Bahrain, Kuwait, India, and Sri Lanka.

The Ministry, in partnership with Oman Post, plans to gradually extend the service to more countries as part of its strategic work plan.

For individuals seeking authentication services, applications can be submitted online through the official platform: https://www.omanpost.om/ar/attestation-services

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Kuwait: New Work Permit Regulations Enforced by PAM

27/02/202527/02/2025
by Hannah Gutang

Arab Times, 24 February 2025: The Public Authority for Manpower has announced a significant amendment to the rules and procedures for granting work permits.

This change, introduced through a ministerial resolution, adds a new clause to the existing regulations.

The amendment specifically prohibits the registration of new files for companies if any of their existing files have been suspended, pending the resolution of their legal status.

Suspension cases include scenarios such as inactive licences, licences on blocked files, and licences without a registered address.

The resolution further restricts these companies from undertaking certain actions, including adding new licences, updating licence data, adding new workers, or estimating labour needs.

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Dubai: Health Authority Introduces New Organ Donation Standards

27/02/202527/02/2025
by Hannah Gutang

Gulf News, 19 February 2025: The Dubai Health Authority (DHA) has announced updated standards for organ and tissue donation and transplantation, aiming to enhance patient care and save lives.

These improvements include expanding the donor pool through new protocols for organ donation after brain and circulatory death, which will increase the availability of organs and offer more life-saving opportunities.

The standards also focus on better donor-recipient matching for kidney, corneal, and tissue transplants, leading to higher success rates and improved recovery.

Additionally, updated services for kidney transplants and new standards for liver, pancreas, heart, and lung transplants provide access to the latest medical advancements.

The new standards were announced at a workshop for DHA-licensed hospitals, held in collaboration with international and national organ donation and transplant organisations.

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Bahrain: To Enforce Stricter Penalties for Marine Law Violations

27/02/202527/02/2025
by Hannah Gutang

The Daily Tribune, 20 February 2025: Bahrain is set to impose stricter penalties for those who harm its marine environment, with offenders facing up to a year in jail and fines reaching BD100,000.

The Shura Council is scheduled to vote on a proposal to intensify punishments for illegal fishing and other violations of marine laws.

This amendment to Article 33 of Bahrain Decree-Law No. 20/2002 seeks to enhance the law’s effectiveness by imposing heavier fines and longer sentences for those damaging Bahrain’s seas.

Currently, the law prescribes fines starting at BD500 and jail terms beginning at one month.

The proposed changes, already approved by the lower house, would increase prison sentences to a minimum of six months for certain offences, with severe breaches like large-scale poaching or pollution resulting in at least a year of prison.

The proposed fines would rise dramatically from BD3,000 to BD100,000.

Government bodies, including the Municipalities Affairs and Agriculture Ministry, support the proposal, emphasising that tougher penalties are crucial to curbing overfishing and safeguarding Bahrain’s marine resources.

The Supreme Council for Environment has also endorsed the plan, highlighting that weak enforcement has allowed significant violations, such as coral reef damage and illegal sand dredging, to persist.

The Shura’s Public Utilities and Environment Committee has examined the draft law, considering government and legal perspectives, and concluded that the current law lacks sufficient deterrence, with penalties too lenient to prevent repeat offences.

While some regulations already impose strict penalties, others permit major violations to occur with minimal consequences.

Under the amendment, individuals caught using banned fishing gear, poaching in restricted areas, or disregarding temporary bans would face at least six months in prison and significantly higher fines.

The most severe penalties would target those responsible for large-scale violations, such as industrial waste dumping or fishing methods that devastate entire habitats.

Parliament approved the changes at the end of 2024, following consultations with government bodies and legal experts.

The Shura Council will now review the draft, with members expected to scrutinise the increased fines and extended jail terms before the final vote.

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Abu Dhabi: Introduces Interest-Free Legal Fee Instalments

27/02/202527/02/2025
by Hannah Gutang

Khaleej Times, 20 February 2025: Abu Dhabi has introduced a groundbreaking service allowing litigants to pay court fees, enforcement amounts, lawyer expenses, and notary fees in interest-free instalments.

The service includes all litigation-related fees, including those for court and public prosecution, alternative dispute resolution, and notary services.

By offering a structured, interest-free payment plan, ADJD is removing significant financial barriers to litigation, ensuring that cost considerations do not hinder access to the courts.

This initiative aligns with the vision of enhancing Abu Dhabi’s competitiveness both economically and legally, positioning it as a prime destination for investment and business.

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Lexis Middle East HR Alert – January 2025 Edition

25/02/202524/03/2025
by Hannah Gutang

Welcome to the January 2025 edition of Lexis Middle East HR Alert, your essential resource for navigating the evolving legal and business landscape impacting HR in the Middle East. As the region progresses and aligns with global standards, HR professionals, legal experts, and business leaders must stay updated on the changes and trends affecting the workforce.

This issue highlights significant amendments to Saudi and UAE labour laws, emphasising enhanced worker protection and strict compliance measures. In Saudi Arabia, updates to Cabinet Decision No. 219/1426 clarify the roles of the Ministry of Human Resources and Social Development and the Ministry of Interior in enforcing labour law penalties, with increased fines for unauthorised employment ranging from 200,000 to 500,000 Riyals. The UAE’s Federal Decree-Law No. 9/2024 introduces amendments aimed at improving employer compliance, notably imposing fines of up to one million AED for employing workers fictitiously, with potential multiplication based on the number of workers involved.

Additionally, Oman has implemented a new scheme requiring monthly employer contributions to the Social Insurance Organisation, ensuring expatriate employees receive their end-of-service gratuity dues more efficiently.

Stay informed with our in-depth analysis of these changes and their implications for HR practices in the region.

Happy reading!

This edition features a diverse range of content, including:

Feature: New Rules and Bigger Penalties

The amendments to Articles 54 and 60 of the UAE Labour Law, introduced by Federal Decree-Law No. 9/2024, may appear minor but are expected to have a substantial impact, as explained by Sara Khoja, Ben Brown, and Sarit Thomas from Clyde & Co.

Trend Setter: Succession Planning

Ali Al Assaad from Dentons examines how the new Dubai Executive Council Decision No. 81/2024 is positioning the Dubai government as a leader in effective succession planning practices.

News Round-up: Covering Recent Key Developments – Region-Wide

Stay informed on the latest regional updates, including changes to residency visa laws announced by the Federal Authority for Identity, Citizenship, Customs and Port Security UAE, which now allow working mothers to sponsor their children’s residency if the family head violates residency laws.

Immigration Focus

Enhance your understanding of the evolving immigration and visa regulations across the Gulf Cooperation Council (GCC) countries, with a focus on the United Arab Emirates’ visa extensions for GCC residents and dependents of GCC nationals.

Immigration Focus: Nationalisation in Qatar

Antoine Salloum from Vialto Partners discusses the recent updates to Qatar’s nationalisation policies.

Law Changes: New and Proposed MENA Laws

Mohsin Khan and Hayat Rafique from Al Tamimi explore significant changes to the Saudi Labour Law and anticipate further details in upcoming Executive Regulations.

Case Focus: DIFC Case No. 044/2021 on 1 October 2024

Highlighted by Hamdan Al Shamsi Lawyers & Legal Consultants, this case addresses racial discrimination and is the first to consider victimisation since the DIFC employment law was strengthened in this area.

Enrich your understanding of the HR landscape and stay up-to-date with the latest trends, cases, and policies through the newest issue of Lexis Middle East – HR Alert.

For all the latest industry updates and developments, opt for a free HR Alert subscription!

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Lexis Middle East HR Alert_January 2025

Have you read the Lexis® Middle East HR Alert – previous 2024 editions? Click the links below to access and read these editions.

Lexis Middle East HR Alert_January 2024

Lexis Middle East HR Alert_May 2024

Lexis Middle East HR Alert_July 2024

Lexis Middle East HR Alert_October 2024

HR Profile: HR Leadership in Law

Vera Vadakkumpatt, HR Manager at Stephenson Harwood LLP, shares insights on promoting employee wellbeing, diversity, and organisational growth.

In-House Profile: Practitioner Perspective

Dhana Pillai from Cygal Attorneys discusses the UAE’s pioneering requirements for female representation on the boards of all public and private Joint Stock Companies.

Policy Pointers: Anti-discrimination

Rachel Mannam, Associate at Hamdan Al Shamsi Lawyers, provides expertise on the UAE’s Federal Decree-Law No. 34/2023, enacted in September 2023, which criminalises all forms of discrimination, hate speech, and blasphemy, although it does not specifically address workplace discrimination in the private sector.

Moves and Changes

Keep up with the latest business developments, major appointments, and promotions throughout the region to stay current with the influential figures in the market.

UAE: MoHRE Unveils New Guidelines for Optional Saving System for Employees

25/02/202525/02/2025
by Hannah Gutang

Gulf News, 24 February 2025: The Ministry of Human Resources and Emiratisation (MOHRE) has introduced an innovative optional savings system designed to replace the traditional end-of-service gratuity.

This system empowers employees to enhance their financial well-being by growing their savings through premier investment opportunities, thereby increasing the attractiveness of the UAE labour market.

The initiative, which includes the approval of four investment funds, aims to bolster employee financial security, attract global talent, and stimulate investment activity within the UAE.

Employers begin the registration process by selecting an approved investment fund and signing a subscription agreement.

They then appoint an administrative services intermediary to manage the necessary administrative tasks.

The intermediary is responsible for enrolling employees in the system and opening individual savings accounts.

Employers contribute both basic and any additional voluntary monthly savings, while employees have the option to make lump-sum contributions.

Upon termination of employment, the disbursement of employee savings is straightforward.

Employers notify MOHRE, and employees can choose to either receive their entitlements or continue investing in the system.

Employees also have the option to withdraw their funds, subject to the system’s payout periods, and for voluntary contributions, they may opt for partial or full withdrawal through the administrative intermediary.

Operating on a defined contribution basis, the system ensures that monthly contributions made by the employer are disbursed to the employee at the end of their service.

This initiative not only strengthens the UAE’s economic framework but also provides employees with the opportunity to grow their retirement savings through investment returns.

Skilled workers, in particular, can benefit from higher payouts by selecting high-yield investment options.

The system is accessible to private sector employers, free zone entities, and specific groups such as self-employed individuals, freelancers, non-citizen government employees, and UAE nationals working in both the public and private sectors.

Employers are required to calculate monthly contributions based on an employee’s continuous service period, starting from the date of employment rather than the registration date in the savings system.

Voluntary contributions are capped at 25% of an employee’s total salary.

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UAE: Launches Blue Visa

21/02/202521/02/2025
by Tanya Jain

Khaleej Times, 12 February 2025: The UAE has initiated the first phase of the Blue Visa, unveiling the specifics of this ten-year residency permit at the World Governments Summit 2025.

This innovative visa is aimed at individuals who have significantly contributed to environmental protection and sustainability, both within the UAE and globally.

In this initial phase, twenty sustainability thought leaders and innovators will be awarded the Blue Visa, as announced by the Ministry of Climate Change and Environment and the Federal Authority for Identity, Citizenship, Customs and Ports Security (ICP).

The Blue Visa is designed to recognise and support those actively engaged in environmental action.

It is available to members of international organisations, global companies, associations, non-governmental organisations, as well as global award winners and distinguished activists and researchers in the field of environmental work.

This initiative is an extension of the UAE’s Golden and Green Residencies, which were introduced earlier to attract exceptional talent to the country.

To apply for the Blue Visa, interested sustainability advocates and experts can either apply directly to the ICP or be nominated by relevant authorities within the UAE.

The first phase of the application process is conducted electronically, allowing for the submission of applications through government agencies involved in sustainability sectors, following the procedures outlined on the ICP’s website.

The ICP ensures 24/7 access to the Blue Visa service for eligible individuals via its website and mobile application, complying to the approved terms and conditions.

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