News developments Archives - Page 52 of 226

Saudi Arabia: Second Issue of Open Banking Framework Issued

06/09/202406/09/2024
by Hannah Gutang

Mubasher, 3 September 2024: The Saudi Central Bank (SAMA) has announced the issuance of the second version of the Open Banking Framework, focusing on the payment creation service.

This initiative aims to improve the financial technology ecosystem in the Kingdom, improve customer experience, increase transaction efficiency, and provide new opportunities in the sector by offering expanded products and solutions to customers.

The Open Banking Framework includes a set of technical instructions and standards aligned with international best practices, enabling banks and fintech companies to provide open banking services in the Kingdom.

This version will allow these entities to offer the payment creation service in a reliable and secure manner, clarifying the responsibilities, obligations, and requirements related to providing the service.

The payment creation service empowers individual and institutional customers of fintech companies to create payment transactions directly from their bank accounts to the beneficiaries’ accounts securely.

This development is part of SAMA’s efforts to foster innovation and drive the growth of the financial technology sector in Saudi Arabia.

For the full story, click here.

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: Introduces New Qatarisation Law for Private Sector

06/09/202406/09/2024
by Hannah Gutang

In a move aimed at creating more job opportunities for Qatari nationals, a new law has been issued on the localisation of jobs in the private sector.

The law is expected to take effect six months after its publication in the Official Gazette.

The new legislation seeks to significantly boost the participation of the national workforce in private sector institutions and companies, providing new employment and career opportunities for Qataris.

It focuses on improving the labour market’s appeal to the national workforce, increasing companies’ ability to attract and integrate citizens, and ensuring job stability for Qatari nationals.

The Labour Ministry has clarified that the entities subject to Qatarisation under the law include employers who are individuals managing private establishments registered in the commercial register, commercial companies operating in the State, whether State-owned, State-participated or privately owned, as well as private non-profit institutions, sports organisations, associations, and similar entities.

Key provisions of the law include providing financial incentives to beneficiaries, offering various benefits, facilities, and privileges to entities covered by the Qatarisation scheme, and employing, training, and qualifying Qataris seeking employment in accordance with the Ministry’s policies, plans, and programs.

The new Qatarisation Law aligns with Qatar National Vision 2030, particularly the human development pillar, by promoting and encouraging employment and training opportunities for Qatari citizens.

Privately owned companies will need to comply with the Qatarisation policies once in effect and meet the requirements to comply with localisation requirements.

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: Decision on List of Activities Prohibited from Foreign Investment Updated

06/09/202406/09/2024
by Hannah Gutang

Al-Watan, 2 September 2024: The Commerce, Industry and Investment Promotion Ministry has issued a decision to amend certain provisions of Oman Ministerial Decision No. 209/2020 on the specification of activities in which foreign investment is prohibited, limiting them to Omani investors only.

The aim is to stimulate local investment by allowing Omanis to establish projects in these activities and attract qualitative investments that enhance the business environment and competitiveness.

The decision, aligned with the Foreign Capital Investment Law, prioritises empowering small and medium enterprises that contribute to the Omani economy.

It serves as an incentive for Omanis to establish their own projects and create new job opportunities, as Omani investors can invest in all activities where foreign investment is prohibited.

This ensures that projects and activities related to national identity and Omani heritage remain unaffected.

Additionally, this decision regulates the foreign investment process by directing it towards activities that improve targeted sectors to achieve economic diversification.

It ensures that foreign investors benefit the national economy while achieving profitability during their operations.

For the full story, click here.

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: Commercial Licence Linked to Disclosure of Real Beneficiary

05/09/202405/09/2024
by Hannah Gutang

Arab Times, 2 September 2024: The Commerce and Industry Ministry has announced a new legal requirement for companies to disclose their “actual beneficiary” through the commercial registry portal on the ministry’s website.

This measure aims to identify the natural person who holds actual and final control over the company, enhancing transparency and combating money laundering and terrorism financing.

The ministry’s spokesperson has explained that failure to comply with this requirement will result in financial penalties as outlined in Article 15 of Kuwait Law No. 106/2013 on Combating Money Laundering and Terrorism Financing.

All commercial companies registered in the country, except for state-owned and listed companies under the Capital Markets Authority’s supervision, must disclose the actual beneficiary.

The spokesperson has emphasised the importance of this disclosure in improving the country’s business environment, international ranking, and attractiveness for business and investment.

It ensures transparency in economic and financial transactions and provides necessary information to law enforcement, judicial authorities, and regulatory bodies.

To register the actual beneficiary, companies need to provide information such as the name, civil number, email, phone number, address, and passport number for non-Kuwaitis.

The registration process can be completed by visiting the ministry’s website, selecting “Corporate User,” authenticating through the “My Identity” application, and following the steps to finalise the process.

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: Family Business Guiding Model Issued

05/09/202405/09/2024
by Hannah Gutang

The Dubai Family Business Centre, operating under Dubai Chambers, has issued a guiding model for family businesses.

This model aims to review administrative structures, define specialisations and regulatory frameworks, and outline tasks and services for these businesses.

The centre has highlighted Dubai’s attractiveness to family businesses seeking to establish a regional headquarters.

This includes an advanced financial system providing access to diverse investment opportunities like hedge funds and real estate, a strategic location with advanced infrastructure enabling extensive global connectivity, and a high quality of life, creating an ideal environment for wealthy families.

The Family Office Guidance Model has confirmed Dubai’s position as a tax-efficient wealth management hub and a global destination for high-net-worth individuals to establish family offices.

This is due to the absence of personal income taxes, capital taxes, and inheritance taxes.

For the full story, click here.

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 New Tax for Multinational Enterprises

05/09/202405/09/2024
by Hannah Gutang

Zawya, 3 September 2024: Bahrain has announced the introduction of a Domestic Minimum Top-up Tax (DMTT) for Multinational Enterprises (MNEs) as outlined in Bahrain Decree-Law No. 11/2024.

The new framework for MNEs is fully aligned with the Organisation for Economic Co-operation and Development (OECD) guidelines, and will be effective from 1 January 2025, highlighting Bahrain’s commitment to promoting global economic fairness and transparency.

This strategic move builds on Bahrain’s proactive engagement with the OECD, dating back to 2018 when it joined the Inclusive Framework and endorsed the groundbreaking two-pillar reform.

To date, more than 140 jurisdictions have signed up for this international tax reform.

As part of this two-pillar reform, the OECD established a Global

Minimum Corporate Tax to ensure large MNEs pay a minimum tax of 15% on profits in each country where they operate.

With the introduction of the DMTT, the kingdom demonstrates its international commitment to global co-operation and its dedication to fostering a fair and level playing field in international taxation, the National Bureau for Revenue (NBR).

Implementing this initiative aims to ensure that MNEs pay the minimum 15pc tax on the profits generated in the kingdom.

This decree law will apply exclusively to large MNEs operating in the kingdom, with global revenues surpassing the Pillar Two threshold of 750 million euros (BD312m).

Eligible businesses are urged to register with the NBR before the deadline specified in the relevant legislation.

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: Residency Violators Seeking Visa Amnesty Exempted From Insurance Fines

05/09/202405/09/2024
by Hannah Gutang

Khaleej Times, 31 August 2024: Abu Dhabi’s Health Department has announced Health insurance fines will be waived for violators of entry and residence rules who have applied to regularise their status during the UAE visa amnesty program.

The two-month amnesty program, set to start on 1 September, allows those staying illegally in the UAE to either regularise their residency status and remain in the country or leave without paying fines or facing entry bans.

The Federal Authority For Identity, Citizenship, Customs & Port Security (ICP) has clarified that the amnesty covers all types of visas, including tourist and expired residency visas.

Those born without documents can also avail of the amnesty and rectify their status.

The ICP has stated that there will be no overstay fines or exit fees collected, and those who opt to leave can return to the UAE anytime with the proper visa.

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: CRA Issues Mobile Telecommunication Decision

04/09/202404/09/2024
by Tanya Jain

Al-Arab, 2 September 2024: The Communications Regulatory Authority (CRA) has issued a decision to mobile telecom service providers, Ooredoo Qatar and Vodafone Qatar to transition to high-speed Time Division Duplex (TDD) network technology in the 2.6 GHz frequency band by 31 March 2025.

This move aims to enhance the performance of public mobile networks in Qatar, optimise the use of this vital spectrum, ensure consistent usage in the Arabian Gulf region, and improve the telecom consumer experience through the latest 4G and 5G network technology.

Mobile service providers are required to cease all operations using the current Frequency Division Duplex (FDD) technology and ensure their networks are ready for this transition to provide a distinctive high-speed data service experience in Qatar.

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: Strengthens Labour Law Penalties to Protect Workers’ Rights

29/08/202429/08/2024
by Hannah Gutang

The UAE has announced stricter penalties for companies violating labour laws, highlighting its commitment to safeguarding workers’ rights and combating illegal employment practices.

The recent amendments to the ‘Regulation of the Employment Relationship’, commonly known as the UAE Labour Law, introduce increased monetary fines ranging from AED 100,000 to AED 1,000,000 for labour law violations, a significant increase from the previous AED 50,000 to AED 200,000 range.

Specific offences targeted by the new penalties include employing individuals without proper work permits, neglecting to provide legitimate job opportunities, abusing work authorisation rules, and disseminating false recruitment or Emiratisation data.

In cases where companies fabricate employment or Emiratisation statistics, the fines will be multiplied by the number of employees involved in the fictitious employment.

Moreover, companies found guilty of severe violations may face criminal penalties in addition to the substantial financial fines, depending on the severity and impact of the infringements.

The amendments also establish a new process allowing labour dispute cases to be brought before the Court of First Instance if dissatisfied with decisions made by the Human Resources Ministry and Emiratisation.

The UAE government’s move aims to deter employers from engaging in illegal hiring practices and ensure fair treatment of both UAE nationals and expatriate workers.

Companies found in violation risk substantial financial penalties and potential legal consequences, which could impact their ability to hire foreign talent in the future.

The amendments reinforce the UAE’s commitment to improving the regulatory framework and holding employers accountable for upholding labour rights and ethical employment practices.

Businesses operating in the UAE are advised to review their recruitment and employment processes to ensure full compliance with the updated regulations.

Professional advisory services are available to guide companies through the changes and mitigate risks associated with non-compliance.

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: Issues Rules For Appointing Personal Data Protection Officers

29/08/202429/08/2024
by Hannah Gutang

The Saudi Data & AI Authority (SDAIA) has issued new rules for appointing Personal Data Protection Officers (DPOs).

These rules are in line with Saudi Arabia Royal Decree No. M19/1443 On the Approval of the Personal Data Protection Law and amended pursuant to Saudi Arabia Cabinet Decision No. 604/1444, and Saudi Arabia Administrative Decision No. 1516/1445 on Implementing Regulation of the Personal Data Protection Law.

The rules aim to set minimum requirements for DPO appointments, clarify cases where a DPO must be appointed, and outline the roles and responsibilities of DPOs.

Controllers must appoint a DPO if they are a public entity processing personal data on a large scale, if their core activities involve regular and systematic monitoring of data subjects, or if their core activities involve processing sensitive personal data, as per Article 5 of the rules.

The rules provide criteria for determining what constitutes large-scale processing and regular and systematic monitoring.

The DPO must have appropriate academic qualifications, experience in data protection, knowledge of risk management practices, and regulatory requirements, as stated in Article 4 of the rules.

They can be an employee of the controller or an external contractor.

The appointment must be documented, and the DPO’s contact details must be provided to SDAIA and made accessible to data subjects, as per Articles 6 and 7 of the rules.

The rules outline the DPO’s roles and tasks, including advising on data protection policies, contributing to data breach response plans, preparing reports on the controller’s data processing activities, and following up on regulatory updates from SDAIA, as stated in Article 8 of the rules.

Controllers must enable and support the DPO in performing their duties, provide necessary resources, and ensure the DPO’s independence, as per Article 9 of the rules.

The rules also encourage training and professional development for DPOs.

The new rules aim to enhance personal data protection in Saudi Arabia by ensuring that organisations handling personal data have dedicated personnel responsible for monitoring compliance with Saudi Arabia Royal Decree No. M19/1443 and Saudi Arabia Administrative Decision No. 1516/1445.

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/.