News developments Archives - Page 54 of 226

Kuwait: New Regulations for Foreign Investors

22/08/202422/08/2024
by Hannah Gutang

Gulf News, 18 August 2024: The Kuwait Direct Investment Promotion Authority (KDIPA) has introduced regulations to streamline the process for foreign investors who wish to benefit from investment incentives and exemptions there.

The decision outlines the criteria and procedures for investment entities looking to capitalise on benefits under Kuwait Law No. 116/2013.

Investors must apply for an investment licence to access these benefits.

The application must meet the criteria set by KDIPA’s evaluation mechanism, which assesses the eligibility for these benefits and exemptions.

Investment entities licensed under Kuwait Law No. 116/2013 which have at least one year of operational experience, are eligible to request the benefits and exemptions.

These entities must follow the Authority’s evaluation criteria, submit periodic reports that demonstrate adherence to their work plans and provide a comprehensive business plan detailing their past achievements and future objectives.

Benefits apply from the date of application, provided that all required documentation and fees have been submitted. However, the exemption does not cover taxes and customs duties that have already been paid.

Article 3 of the decision outlines special provisions for entities seeking benefits either at the time of or after they have obtained an investment licence.

It clarifies that exemptions will not apply to existing contracts or projects which have bids submitted before the application date, even if these contracts or projects are subsequently transferred to another entity.

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Dubai: RTA Update Rules for Outdoor Advertising

22/08/202422/08/2024
by Hannah Gutang

Khaleej Times, 15 August 2024: Dubai’s Roads and Transport Authority (RTA) has released an updated manual governing outdoor advertising across the city

The 112-page Out-of-Home (OOH) Advertising Manual which has been issued in collaboration with Dubai Municipality and Dubai’s Department of Economy and Tourism covers areas including the types of images, measurements, lighting, dimensions, locations, which can be used for outdoor advertising.

Signages must not obstruct building facilities and emergency exits. The required clearance area will be determined according to the type and capacity of escapes from exits.

Signs should be oriented in a way that does not create headlight reflections in a driver’s line of sight. It is advised advertisers angle a sign five degrees away from right angle to the driver’s line of sight to minimise headlight reflections.

Signage or signage structure must not protrude onto road carriageways or paved parking surfaces..

All freestanding signage within row must not overhang over the road carriageway, and should be setback from the carriageway at a reasonably safe distance. There must also be a reasonably safe vertical clearance from the level of the carriageway or footpath.

Certain freestanding signs must be setback at a reasonable distance from traffic signals.

Advertisements must not imitate a traffic control device such as traffic lights.

Certain freestanding large and medium advertisements (such as unipole or megacoms) must not have dominant colours that compete with the colour of large traffic signs (including directional, tourist and information signs)/ Advertisements must not contain reflectors, which could be mistaken for a traffic control device at night.

Advertisements should not contain messages that are distracting or otherwise inconsistent with road safety.

They should also be legible and a clear font of at least 150mm high is advisable.

Advertisements should not contain large areas of red display if they are illuminated as in wet, night-time conditions these could be confused with traffic lights or vehicle lights.

Finally, video and animated signs, including any signs which contain any portion of video and/or animated content, will not be approved on road reserves or if they are visible to drivers.

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Bahrain: Housing Policy Changes

22/08/202422/08/2024
by Hannah Gutang

Bahrain Daily Tribune, 20 August 2024: A number of new changes to housing policy in Bahrain have been introduced including the lifting of wives using inherited property for benefits.

In addition, there will be a new streamlined property allocation process and a shift in income assessments to the nomination stage rather than the allocation stage as was previously the case. The Cabinet has approved the revised housing regulations. As result of a new rule children over 21 will not be considered if the applicant is a widow or divorcee with minor children. The amendments have been made to Bahrain Decision No. 909/2015.

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Abu Dhabi: Official Rental Index

22/08/202429/08/2024
by Hannah Gutang

Khaleej Times, 20 August 2024: Abu Dhabi has launched its first official rental index for the capital,

The index has been launched by the capital’s real estate sector regulator, Abu Dhabi Real Estate Centre (ADREC).

The platform serves both tenants and landlords, and is designed to increase market transparency, provide indicative rental values, and help support the stability of Abu Dhabi’s growing real estate market.

It will provide indicative quarterly rental pricing for properties located in areas across the city. Residents will be able to get easy access to reliable data on residential, commercial and industrial properties.

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Dubai: Court Order to Pay Salaries in E-Currency

21/08/202421/08/2024
by Tanya Jain

Khaleej Times, 18 August 2024: A Dubai Court has ordered an employer to pay an employee’s outstanding dues in UAE currency and cryptocurrency. The employee had filed a claim for arbitrary dismissal. Their employment contract stated that their monthly salary was to be paid in UAE dirhams and Ecowatt Tokens, which is a form of cryptocurrency.

The Dubai Court of First Instance Case, DCFI Case No. 1739/2024 ruled, in favour of the employee on their wrongful termination, and ordered the company to also pay the 5,250 EcoWatt token portion of the salary for six months in the cryptocurrency.

Salary payments in the UAE need to be registered with the WPS system, which only operates with AED. This case involved additional employee benefits which in this case included the Project Tokens. The company had not provided evidence of payment of the amount due to the claimant for the claimed months in EcoWatt tokens.

In 2023, under judgement number 6,947, the court had ruled in a dispute where part of the employee’s salary was to be paid in EcoWatt tokens. In that case the court acknowledged the inclusion of token in the employment contract, but ultimately refused the award amount in EcoWatt tokens.

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Saudi Arabia: Tadawul Suspends Trading for Companies Failing to Disclose Financial Statements

15/08/202415/08/2024
by Hannah Gutang

Al-Eqtisadiya, 12 August 2024: The Saudi Stock Exchange (Tadawul) has temporarily suspended trading in the shares of three companies.

This action was taken due to the companies’ failure to announce their financial statements for the period ending on 30 June 2024.

The announcement was required within the regular timeframe specified by the Capital Market Authority’s rules for securities offerings and ongoing obligations.

The affected companies are Food Development Business, Saudi Industrial Exports, and Al-Naifat Finance Company.

Tadawul has announced the suspension in a statement, citing its powers stipulated in the listing rules and procedures for suspending trading of listed securities.

Trading in the shares of these companies was halted for one trading session.

However, Tadawul has granted a grace period of twenty trading sessions commencing from the 6 August 2024 session, during which the companies must publish their financial statements before the deadline of 9 September 2024.

Tadawul has emphasised that if any of the companies fail to announce their financial statements within the specified period, trading in their respective shares will be suspended again, effective 10 September 2024, until they comply with the disclosure requirements.

The suspension underscores Tadawul’s commitment to maintaining transparency and upholding the highest standards of corporate governance.

By enforcing strict compliance with disclosure regulations, the stock exchange aims to protect investors’ interests and ensure a fair and efficient trading environment.

Market participants and investors are advised to closely monitor the situation and stay updated on any developments regarding the affected companies’ financial reporting.

Timely disclosure of financial statements is crucial for making informed investment decisions and maintaining market integrity.

Tadawul’s decisive action serves as a reminder to listed companies of their obligations to provide accurate and timely financial information, enabling investors to make well-informed decisions and fostering confidence in the Saudi capital market.

For the full story, click here.

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Qatar: CRA Launches Public Consultations on Postal Services Licences

15/08/202415/08/2024
by Hannah Gutang

Qatar Tribune, 13 August 2024: The Communications Regulatory Authority (CRA) has invited all stakeholders interested in the postal sector to participate in public consultations on the draft licences for providing postal services.

The consultations aim to create a transparent and fair legal and regulatory environment.

CRA has issued three draft licences for public consultation, which include the Postal Service Licence for Qatar Postal Services Company, Courier Licence for Domestic Services, and Courier Licence for International Services.

CRA stated that these consultations represent an opportunity to open the postal market in Qatar and increase competition.

They also aim to support growth, enhance the business environment and innovation, and improve the quality of postal services provided, thereby boosting e-commerce and the digital economy.

These efforts align with international developments, technological advancements, regulatory frameworks, and Universal Postal Union (UPU) recommendations, in line with Qatar National Vision 2030, the Third National Development Strategy 2024-2030, and the Digital Agenda 2030.

The public consultations aim to understand the needs of all concerned and interested parties and consider them in an organised and transparent manner, allowing CRA to better regulate the postal sector and improve the quality of services provided.

In July 2024, CRA had hosted a successful workshop focused on enhancing the postal services complaint handling process, thus enhancing transparency and quality of service.

Additionally, in line with the efforts to open the postal sector for competition, CRA will hold another workshop in September 2024 to discuss the feedback and comments received from concerned and interested parties regarding the postal services licences.

CRA will be issuing further regulations regarding the postal sector for public consultation later, including postal licence applications, licence fees, the definition of reserved services and universal services, consumer protection and complaints, resolving disputes, and quality of service.

Interested parties and stakeholders in the postal services sector can submit their feedback and comments via email by 29 August 2024.

The new Law Regulating Postal Services empowers CRA to regulate the sector, set licensing conditions, protect consumer rights, and ensure fair competition.

It also aims to improve service quality, expand consumer choices, and create opportunities for both local and international postal Service Providers.

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Oman: Contractors Must Comply With Omanisation Targets

15/08/202415/08/2024
by Hannah Gutang

Oman Observer, 13 August 2024: The Ministry of Heritage and Tourism (MHT) has notified all contractors and suppliers who deal with it for various tenders regarding purchases and services to submit an electronic certificate issued by the Labour Ministry.

The certificates should prove that they are complying with requirements, including the Omanisation percentages approved by the government, provided that the certificate is valid for one month from the date of its issuance.

The certificate should be submitted when competing for government tenders and when requesting government services.

The ministry has also added that construction and service tenders will be awarded to companies that offer a 100% Omanisation rate in electricity, water, and maintenance services.

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Kuwait: Tax Reforms Being Considered

15/08/202415/08/2024
by Hannah Gutang

Al-Qabas, 12 August 2024: Kuwait is undertaking a comprehensive reform of its tax system to align with global standards and reduce its reliance on oil revenues.

As part of this initiative, the country has signed its first-ever double tax treaty with another Gulf state, the UAE.

According to a Partner in Tax and Regulatory Services at BDO Accounting and Consulting in Kuwait, the Kuwaiti government is implementing several measures to address its budget deficit, including increasing tax revenues.

The partner has stated that the tax treaty with the UAE comes at an opportune time to prevent or mitigate double taxation between the two countries.

Such agreements provide tax clarity and predictability, which can encourage an environment conducive to boosting investments.

While Kuwait currently imposes a 15% tax on business income, this tax has primarily been applied to non-Gulf foreign companies and non-Gulf foreign shareholders.

However, he has further indicated that the corporate profits tax will now be extended to all companies operating in the country.

The move is a significant shift for Kuwait towards establishing a more equitable tax system, where companies will contribute a larger share to government revenues.

The reforms are part of Kuwait’s broader efforts to diversify its economy and reduce its dependence on oil exports, which have traditionally been the primary source of government revenue.

By aligning its tax policies with global standards and encouraging a more favourable investment climate, Kuwait aims to attract foreign investment and promote sustainable economic growth.

For the full story, click here.

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Dubai: Four Day Week Trial

15/08/202415/08/2024
by Hannah Gutang

Khaleej Times, 7 August 2024: Government Authorities in Dubai have announced the launch of a pilot to reduce the working hours in participating government entities during the summer.

The Dubai Government Human Resources Department (DGHR) has stated it will also see work on Fridays suspended.

The ‘Our Flexible Summer’ initiative will see work hours reduced to seven hours at 15 government entities in Dubai from 12 August to 30 September 2024.

Most government employees in Dubai have a two-and-half-day weekend (Friday half-day, Saturday and Sunday) at present this initiative, will see employees at participating government departments having a longer weekend for a period of seven weeks.

The DGHR has not specified which entities will be part of the pilot scheme, but explained it aims to “enhance workplace flexibility”.

The DGHR will then gauge the impact of the initiative on employees and overall productivity.

Sharjah, which already has a three-day weekend, has previously stated its employees reported an 88 per cent increase in productivity.

The DGMR will produce a final report summarising the initiative’s outcomes, recommendations, and adaptability to various government entities.

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