News developments Archives - Page 37 of 223

Sharjah: Reduces Property Transaction Fees

05/12/202405/12/2024
by Hannah Gutang

Arabian Business, 27 November 2024: Sharjah moves to reduce fees for the sale and purchase of property transactions, a move seen to enhance the attraction of the emirate’s real estate sector to international investors.

The decision on the fee reduction, approved by the Sharjah Executive Council (SEC), was conveyed to the organisers of the forthcoming real estate exhibition ACRES.

SEC’s decision includes a 0.5% reduction in selling fees for developers and discounts on purchase fees; one percent for UAE and GCC citizens and 2 percent for other nationalities.

The Organising Committee of the Sharjah Real Estate Exhibition said the decision to reduce property transaction fees will significantly enhance the emirate’s real estate sector.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

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

Saudi Arabia: GACA Introduces Annual Permits for Private Non-Commercial Aircraft

05/12/202405/12/2024
by Hannah Gutang

The General Authority of Civil Aviation (GACA) has approved the issuance of annual permits for private non-commercial aircraft operated by foreign companies, subject to conditions.

This new move ensures private aircraft owners can travel to and within the Kingdom without requiring individual permits for each trip.

This step aligns with GACA’s strategic objectives to enhance collaboration with strategic partners and entities while building sustainable and efficient transportation systems in Saudi Arabia.

It supports the implementation of the Kingdom’s Public Aviation Roadmap and contributes to the Vision 2030 goal of fostering a safe, seamless, and high-quality aviation experience in the country.

The initiative underscores GACA’s commitment to adopting robust regulatory frameworks that guarantee security, efficiency, and operational excellence.

It aims to facilitate the operation of centralised private flights in Saudi Arabia, providing maximum convenience to travellers.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

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

Qatar: Central Bank Issues Digital Banks Regulatory Framework

05/12/202405/12/2024
by Hannah Gutang

The Peninsula, 3 December 2024: Qatar Central Bank has issued the Regulatory Framework for Digital Banks to regulate digital bank activities in the country.

Qatar Central Bank emphasises the importance of this Regulatory Framework as it is an integral part of its efforts to enhance digital innovations and technological initiatives in the financial sector, supporting the country’s journey towards a digital economy.

Digital banks represent an important step toward enhancing financial inclusion, offering innovative banking services that meet the needs of individuals and businesses with ease and efficiency.

These banks stand out by providing comprehensive services through online platforms and mobile applications at all times, enabling customers to carry out their financial transactions anytime and anywhere.

With advanced technology, digital banks offer speed and security in financial operations, in addition to reducing operational costs, allowing for more cost-effective and efficient services.

The Regulatory Framework for Digital Banks further enhances these advantages, benefiting customers and contributing to sustainable development.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

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

Oman: Issues New Ship and Port Security Regulations

05/12/202405/12/2024
by Hannah Gutang

The Arabian Stories, 3 December 2024: The Transport, Communications, and Information Technology Ministry has introduced new regulations for ship and port security, aiming to enhance maritime safety and security in Oman.

Oman Ministerial Decision No. 423/2024 outlines a comprehensive framework based on International Maritime Law and international agreements.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

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

Kuwait: Leads the Way in Disability Rights Legislation and Empowerment Initiatives

05/12/202405/12/2024
by Hannah Gutang

Arab Times, 3 December 2024: Kuwait has emerged as a pioneer in enacting legislation to protect the rights of individuals with disabilities.

The country has established specialised schools and provides comprehensive care, acknowledging both the rights and potential of this community.

During a recent regional consultative session for the Middle East and North Africa, organised under the theme “Women and Disability,” the importance of local, regional, and international collaboration was emphasised to support individuals with disabilities.

The session has highlighted Kuwait’s welcoming environment, which has facilitated discussions among experts from various countries on disability-related issues.

The role of civil society in raising awareness and addressing barriers to implementing legal frameworks was also underscored.

Kuwait’s initiatives to integrate people with disabilities into society aim to ensure they can lead fulfilling lives and access their rights without discrimination.

The United Nations Special Rapporteur on the Rights of Persons with Disabilities commended Kuwait for its leadership on the international stage.

The session served as a platform for governments, civil society, and regional organisations to discuss challenges, share best practices, and collaborate on solutions.

It focused on raising awareness about the Convention on the Rights of Persons with Disabilities and addressing barriers to full inclusion in the MENA region.

The need for enhanced regional cooperation among governments, civil society, and international stakeholders was emphasised, along with a call for NGOs and human rights defenders to advocate for the rights of women with disabilities.

A field study presented during the session examined the impact of Kuwaiti legislation in empowering women with disabilities, highlighting the country’s commitment to gender equality and justice as enshrined in its constitution and international agreements.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

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

Dubai: Strict Enforcement Actions by FSA Against Financial Misconduct

05/12/202405/12/2024
by Hannah Gutang

Khaleej Times, 27 November 2024: In 2024, the Dubai Financial Services Authority (DFSA) took strict action against a company that mismanaged client investment funds and an individual involved in money laundering.

In one case, a former relationship manager was fined nearly $1 million (around Dh3.6 million) for deceptive conduct and for facilitating the money laundering technique known as layering.

The Head of Enforcement at DFSA has explained ‘layering’ as a series of transactions to create the impression that the money has gone from one person to another, whereas it’s the same person or it’s the same people who are running the whole thing.

The individual, a private banker gave false information to his compliance function to allow that activity to continue, and he generated quite a lot of bonus income as a result of the commissions from those clients.

Another company, OCS International Finance, was fined for misusing clients’ funds.

They misled a bank about the nature of some money which they had deposited, and they then also misused the money.

That was client money which they had to protect and under the rules, they had to keep it in a separate account.

They did not do that, but they lent that money to a related party without telling the client they were doing it.

That related party then did not repay the money.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

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

Bahrain: Introduces Progressive Financial Security System for Expatriate Workers

05/12/202405/12/2024
by Hannah Gutang

Arab Times, 3 December 2024: Expatriates employed in Bahrain’s private sector have a significant reason to celebrate as the Kingdom unveils a progressive system designed to secure their financial future upon job termination.

This new initiative introduces a streamlined end-of-service indemnity (EOSI) system for non-Bahraini workers, marking a pivotal advancement in labour rights reform.

The mechanism ensures that expatriates receive their accumulated benefits without delay, addressing a long-standing issue of traditional payment holdups.

Employers are now mandated to make monthly contributions to the Social Insurance Organisation (SIO), revolutionising the management of indemnity payments.

For many expatriates, the challenge of navigating complex administrative procedures has been a source of frustration.

The SIO has addressed this by implementing an intuitive online system that simplifies the process.

Upon job termination and registration with the Labour Market Regulatory Authority (LMRA), workers can easily claim their benefits through SIO’s e-services.

The system is designed to be user-friendly, ensuring that even intricate tasks, such as attaching proof of an International Bank Account Number (IBAN) in PDF format, are straightforward and efficient.

This reform represents a landmark moment for expatriate workers in Bahrain.

By centralising payments through the SIO, the Kingdom is demonstrating its commitment to fairness, transparency, and the financial well-being of its expatriate community.

A comprehensive guide to the new process is available on the SIO website, offering workers a clear path to securing their entitlements.

For many, this reform not only provides financial relief but also fosters a renewed sense of inclusion within Bahrain’s evolving workforce landscape.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

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

Abu Dhabi: Launches Mandatory Nutri-Mark Labeling to Combat Obesity

05/12/202405/12/2024
by Hannah Gutang

Khaleej Times, 3 December 2024: Starting 1 June 2025, a mandatory nutrition grading system will be implemented for five food categories in Abu Dhabi, as part of a new labeling initiative by quality control and health officials.

Products on supermarket shelves without the Nutri-Mark label, which evaluates the nutritional content of food items, will be removed, and responsible parties will face fines.

This regulation also applies to items displaying a higher grade than warranted.

Nutri-Mark assigns a nutritional value grade from A to E, with A representing the healthiest option.

The initial phase of this scheme targets baked goods, oils, dairy products, children’s food, and beverages.

The initiative aims to combat obesity by offering consumers clear and accessible information about the nutritional values of products.

More food items are expected to be included under the Nutri-Mark system following the first phase.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

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

Kuwait: To End Conversion of Sick Leave to Regular Leave or Cash

04/12/202404/12/2024
by Hannah Gutang

Arab Times, 3 December 2024: Kuwait’s government is considering a policy shift on replacing unused sick leave with regular leave, aiming to promote fairness and reduce financial costs.

The proposed change would prevent employees from converting unused sick leave into regular (annual) leave or receiving financial compensation for unused days.

Sick leave would only be used for rest and recovery.

The potential suspension of the replacement policy is reportedly intended to curtail financial costs and encourage employees to use sick leave when necessary, rather than hoarding it for cash benefits.

Advocates argue this approach promotes better health and aligns with labour regulations, ensuring fairness for employees who genuinely need sick leave.

Critics, however, warn that stopping the replacement policy could demotivate employees who rely on it as a supplemental income source.

Some suggest that government agencies educate staff on the reasons for such a decision and explore alternative incentives to maintain morale.

While supporters emphasise that the policy fosters justice by ensuring equal treatment of all employees, detractors stress that removing this option could negatively impact employees’ income and financial stability.

They argue that sick leave, being a legitimate entitlement issued by government agencies, should remain a right that benefits employees fairly.

The debate highlights the need for a balanced approach, potentially regulating replacement policies to address both financial concerns and employee satisfaction.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

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

UAE: Corporate Tax Registration Deadline for Resident Juridical Persons

29/11/202429/11/2024
by Hannah Gutang

The Federal Tax Authority (FTA) has renewed its calls for Resident Juridical Persons with Licences issued in October and November, regardless of the year of issuance, to promptly submit their Corporate Tax registration application no later than 30 November 2024, to avoid Administrative Penalties.

The FTA advises Taxable Persons to adhere to the timelines specified in Cabinet Decision No. 3/2024 on the Timeline for Registration of Taxable Persons for Corporate Tax, which came into effect on 1 March 2024.

Resident Juridical Persons incorporated or established before March 1, 2024, must submit their Corporate Tax registration application based on the month their Licence was issued, irrespective of the year.

For Taxable Persons holding multiple Licences on 1 March 2024, the deadline is determined by the Licence with the earliest issuance date.

Registration for Corporate Tax is available through the EmaraTax digital platform, accessible 24/7.

The process has been streamlined into four main steps, taking approximately 30 minutes. Taxable Persons can also register through authorised Tax Agents or government service centres.

The FTA has urged Taxable Persons subject to Corporate Tax to review the Corporate Tax Law, related decisions, and guidelines published on the FTA website: tax.gov.ae.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

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