News developments Archives - Page 47 of 226

Bahrain: Tamkeen Recovers Support Amounts From a Number of Violating Institutions

17/10/202417/10/2024
by Hannah Gutang

Mubasher, 14 October 2024: The Labour Fund Tamkeen in Bahrain has recovered support amounts from a number of companies that were proven to have violated the terms, conditions, and contracts stated in the support programs.

This came after the issuance of rulings regarding a number of cases that were referred by “Tamkeen” to the competent authorities regarding a number of institutions that benefited from the support funds provided through employment support and wage support programs, as they involved criminal suspicion.

The support amounts provided in a number of these cases have been recovered, as this measure affirms Tamkeen’s commitment to the principles of transparency and accountability, and the application of necessary penalties on all violators without exception.

Violations that are detected are dealt with according to their nature. Administrative violations, such as violating support requirements, regulations, and policies in force at “Tamkeen,” are decided upon in accordance with the Regulatory Bylaw for Violations by Suppliers and Beneficiaries of Labour Fund Projects.

This is done through a number of penalties that include recovering funds, deprivation from obtaining Tamkeen support for a specific period, or both.

On the other hand, violations that involve criminal suspicions, such as illegal employment, wage manipulation, and the like, are referred to the competent security authorities for adjudication and taking necessary measures, while Tamkeen maintains the right to impose the aforementioned administrative penalties on them upon the issuance of a decision by the competent authorities.

It is worth noting that Tamkeen’s Control Team had previously announced the introduction of a control plan aimed at detecting any cases of illegal employment or wage manipulation.

A number of the Fund’s employees have also been granted the status of judicial control officers to enhance the legal frameworks followed in control and follow-up procedures and develop working mechanisms between “Tamkeen” and the concerned authorities to take necessary measures regarding the detected cases.

The number of visits carried out since the launch of the new package of programs in November of last year exceeded 4,300 inspection visits to beneficiaries of employment and wage support programs.

Tamkeen has also recently launched a page on its website to report violations as part of a comprehensive plan to improve control procedures and emphasise the activation of transparency principles and improve control.

This aims to consolidate cooperation frameworks and mutual trust between Tamkeen and all members of society, whether beneficiaries or non-beneficiaries of the provided support programs.

It also ensures that support is directed to those who deserve it and the application of the highest adopted standards for institutional control.

Tamkeen renews its call to everyone, whether beneficiaries or non-beneficiaries of support programs, to cooperate and report any violations or excesses through the designated channels, which include the dedicated page on the website www.tamkeen.bh/whistleblowing-form/, in addition to the hotline 17383383, and the email report@tamkeen.bh.

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Abu Dhabi: Bolstering Real Estate Regulations and Launching Digital Platform

17/10/202417/10/2024
by Hannah Gutang

The Abu Dhabi Global Market (ADGM) has announced significant enhancements to its Real Property Regulations, introduced new off-plan development regulations, and launched a unified digital platform, AccessRP.

Analysis

Key enhancements of the revamped regulatory framework aligned with English Common Law and best onshore practices in the region:

– regulatory legislation for short-term residential leases;

– enhanced legislation for off-plan development;

– off-plan sales;

– escrow arrangements; and

– a new registration framework for real property and professionals such as brokers, valuers, and property managers.

The AccessRP digital platform will provide a comprehensive range of real estate services, including transaction services for buying, selling, leasing, and mortgages, as well as new developer services for off-plan development, project registration, and account management. Additionally, the platform will offer owner services such as certificate issuance and Power of Attorney registrations, enhancing the customer experience and easing real estate procedures within ADGM’s jurisdiction.

In this regard, the ADGM has issued the Real Estate Regulations 2024 and Off-Plan Development Regulations 2024.

Real Estate Regulations 2024

ADGM’s Real Property Regulations provide a comprehensive framework for the administration and management of real property interests and transactions within its jurisdiction. The regulations cover various aspects, including types of real property interests and conveyances, registration processes, the establishment and maintenance of a real property register, provisions for joint holders, transfers, eminent domain, leases, mortgages, statutory charges, easements, covenants, deceased estates, writs, caveats, and instruments.

They outline the appointment and duties of the Registrar, the contents of the register, and the requirements for initial registration of real property and titles. They also address specific matters such as joint ownership, severing joint tenancy, lease obligations, permitted uses, variations, terminations, and renewals, as well as mortgage requirements, variations, discharges, and foreclosure procedures.

Covering the registration and management of statutory charges, easements, covenants, and deceased estates, they provide guidelines for writs of execution, caveats, and the execution and lodgement of instruments and outline the powers and proceedings against the Registrar, search procedures, existing rights, contraventions, and miscellaneous provisions.

Furthermore, the regulations include transitional provisions specific to Al Reem Island, addressing existing musataha, usufruct, ownership, granted land, and lease interests, as well as corrections to the register, priority of registered instruments, and the application of these regulations to real property located on Al Reem Island and Al Maryah Island.

Off-Plan Development Regulations 2024

It provides a comprehensive framework for the regulation of off-plan real estate development and sales within the Abu Dhabi Global Market (ADGM) jurisdiction. It covers the establishment and contents of registers, publication of information and search procedures, registration requirements for off-plan developers, and the process for registering off-plan projects.

The regulations outline restrictions on off-plan sales, application procedures for developer registration, building permits, and approvals. They also address the relationship between developers and the Registrar, notification requirements, and administrative services.

Furthermore, they detail the registration process for off-plan projects, including project name registration, application requirements, utility contracts, mortgage restrictions, and registration on the Real Property Register. Provisions related to project accounts are also included.

The regulations specify the form and disclosure requirements for off-plan sales agreements, as well as procedures for handling major changes and failure to pay the purchase price.

The outline also covers the powers of the Registrar, including the authority to request information, waive requirements, state cases, correct registers, and collect fees.

Transitional provisions are outlined for ongoing off-plan developments on Al Reem Island, including provisions for further extensions of time.

Finally, the regulations address contraventions, sanctions, warning and decision notices, the Registrar’s procedures, the right to refer decisions to courts, access to materials, protected items, publication, censure statements, suspension, cancellation, and fines.

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Ajman: Issues Decree Establishes Higher Committee of Energy in Emirate

17/10/202417/10/2024
by Hannah Gutang

Khaleej Times, 14 October 2024: A decree has been issued by the Ajman Ruler, applying to all entities currently involved in or seeking to engage in petroleum product trading within Ajman and its free zones.

The establishment of the Ajman Higher Committee of Energy comes under the Ajman Emiri Decree No. 8/2024, issued by the Ruler of Ajman.

The newly formed committee will possess legal personality and the capacity to fulfill its designated functions.

It will operate under the oversight of the Chairman of the Ajman Executive Council.

According to the decree, the Chairman of the Ajman Executive Council shall appoint the members of the Higher Committee of Energy based on their demonstrated expertise and experience in relevant fields.

The committee members shall serve a three-year term.

The Higher Committee of Energy shall be responsible for regulating the trading of petroleum products within the emirate in accordance with international best practices; optimising the level of services related to the energy sector, aligning the emirate’s energy sector with global trends and developments; enhancing safety and security measures within the Emirate.

Additionally, ensuring that operating establishments and related entities comply with all applicable federal and local regulations.

The decree supersedes any conflicting provisions in other legislations.

It shall enter into force upon the date of its issuance and be published in the Official Gazette.

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Bahrain: Legal Consultancy Offices Accredited

11/10/202411/10/2024
by Tanya Jain

Al Biladpress, 9 October 2024: The Justice, Islamic Affairs and Endowments Ministry in Bahrain has accredited eight legal consultancy offices to provide foreign legal consultations.
These accredited offices are now authorised to operate in the country, offering legal advisory services.

To obtain the licence, the firms had to submit authorisation letters, experience certificates, and details of their responsible managers and qualifications.

The registration fee for each office is 6000 Bahraini Dinars, payable through a designated payment process.
The accreditation process takes five days to complete.

For the full story, click here.

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Qatar: New Incentives and Parental Support in Qatar’s Civil Service Law

10/10/202410/10/2024
by Hannah Gutang

Al-Sharq, October 2024: The Qatari Cabinet has approved amendments to Qatar Law No. 15/2016 on Civil Human Resources, aimed at enhancing the work environment, performance evaluation, and work-life balance for government employees.

The draft law will be referred to the Shura Council for further deliberation.

The amendments focus on introducing additional performance-based incentives, linking remuneration and promotions to merit and eligibility criteria, improving recruitment and retention mechanisms, implementing a competency-based performance system, and supporting working parents by promoting family stability.

These measures are designed to boost individual and institutional performance, govern rewards equitably, and achieve a balance between professional and family life for civil servants, aligning with Qatar’s National Vision 2030 and the proposals from various government agencies.

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Saudi Arabia: Labour Dispute Resolution Decree Extended

10/10/202410/10/2024
by Tanya Jain

Sada, 8 October 2024: The Saudi government has decided to prolong the implementation of the decree on amicable settlement of labour disputes for an additional year.

This legal measure aims to facilitate the resolution of employment-related conflicts through conciliation before escalating to court proceedings.

The Council of Ministers’ decision extends the application of the relevant provision in the Royal Decree, which mandates that labour disputes must first be submitted to the labour office for attempted amicable settlement prior to filing a case with the labour court.

For the full story, click here.

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Oman: FSA Issues Regulation for Health Co-Insurance

10/10/202410/10/2024
by Hannah Gutang

Oman Observer, 8 October 2024: The Financial Services Authority has approved a regulation for co-insurance in the health insurance sector under the Oman Law No. 12/1979.

The regulation aims to increase retention ratios of insurance premiums within Oman and reduce the need for reinsurance abroad.

It allows insurance companies without health insurance licences to obtain co-insurance licences, enabling them to act as reinsurers for health insurance products.

This move aims to improve the retention of health insurance premiums within Oman.

The regulation was issued after considering recommendations from an actuarial study on health insurance prices, prepared in collaboration with an international consultancy firm.

The FSA aims to create specialised health insurance companies to provide better services to customers, as many companies currently reinsure health insurance policies with specific reinsurers outside Oman to avoid potential losses.

However, this practice reduces the retention ratios within Oman and deprives the national economy of fund circulation.

The retention ratio in health insurance was 79% in 2023.

Companies with co-insurance licences will not be allowed to sell health insurance policies but can participate with licensed health insurance companies in bearing part of the insurance risks and pay financial consideration, which is the principle of co-insurance.

The FSA has prepared a regulation for licensing health insurance co-insurance, including clauses on work mechanisms, limits of co-insurance risks among insurance companies, obligations related to issuing co-insurance policies, terms and conditions for policy administration, and administrative penalties for violations regarding co-insurance licensing directives in health insurance.

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Kuwait: New Digital Platform to Streamline Real Estate Rental Disputes

10/10/202410/10/2024
by Hannah Gutang

Arab Times, 6 October 2024: The Justice Ministry is working on creating an electronic platform for real estate rental cases.

This platform will store contracts, rulings, and executive orders related to these cases.

Recent legislative amendments now allow for the development of such a platform, which aims to simplify the resolution of disputes and implementation issues, benefiting the ease of commercial activities related to real estate rentals.

In a related development, a recent legislative amendment to the Criminal Procedures and Trials Law extends the appeal period for misdemeanour and felony cases to 30 days, effective immediately.

Previously, the appeal period for these cases in the Courts of Appeal was 20 days.

Following the publication of the amendment in the Official Gazette, judicial investigation authorities, including the General Department of Investigations, the Public Prosecution, and criminal courts, can now electronically notify and summon parties involved in criminal cases to attend investigations and court sessions.

This will be done using methods approved by the Law of Litigation and Electronic Announcements, including the “MyIdentity” app.

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Dubai: Approves Suspended Transport System

10/10/202410/10/2024
by Hannah Gutang

MSN, 5 October 2024: Dubai has given the green light to a groundbreaking suspended transport system, marking a significant stride in the city’s commitment to sustainable and innovative mobility solutions.

The Suspended Transport Systems Project, a 65-kilometre-long smart mobility network, aims to seamlessly connect Dubai’s major neighbourhoods, enhancing accessibility and ease of movement across the emirate.

This initiative aligns with Dubai’s strategic vision to bolster its leadership in various sectors over the next decade, as outlined by the Executive Council’s statement.

The cutting-edge technology is expected to increase the share of self-driving or driverless public transport trips to 25% by 2030, underscoring Dubai’s commitment to sustainable transportation and compliance with relevant environmental legislation.

The suspended transport system will integrate with existing modes of transportation, fostering a cohesive and efficient mobility ecosystem.

Preliminary models presented by the Roads and Transport Authority envision suspended residential units mounted on towering beams, offering passengers a unique and scenic experience while traversing the city.

This innovative approach not only addresses transportation challenges but also showcases Dubai’s dedication to embracing futuristic solutions that prioritise sustainability and seamless connectivity.

For the full story, click here.

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Bahrain: First Digital Assets Exchange Launched

10/10/202410/10/2024
by Hannah Gutang

Zawya, 4 October 2024: ATME, a regulated digital assets exchange in Bahrain, has officially launched at FinTech Forward 2024, hosted by the Bahrain Economic Development Board (EDB).

Licensed by the Central Bank of Bahrain (CBB), ATME aims to democratise access to a wide range of previously illiquid assets through fractional ownership.

Built on a private blockchain network, ATME facilitates the conversion of real-world assets into digitally tradable tokens.

These tokens represent a new, more convenient form of traditional financial instruments, such as debt, equity, and more.

By incorporating tokenisation, ATME enables businesses to gain access to new, more cost-effective ways of raising capital.

Meanwhile, it opens doors to new, high-value investments and portfolio diversification for investors.

ATME’s platform ensures a trustworthy digital asset trading environment by restricting access to authorised participants who have undergone rigorous KYC and AML compliance.

By incorporating the enterprise-grade Hyperledger Fabric framework, ATME provides a comprehensive range of services to optimise the capital raising process and enhance investment potential.

With comprehensive regulatory backing, ATME is poised to contribute significantly to Bahrain’s economic diversification efforts and further elevate the country’s prominence in the global fintech landscape.

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