News developments Archives - Page 59 of 223

Bahrain: Issues Several New Decisions

14/06/202414/06/2024
by Tanya Jain

Mubasher, 11 June 2024: The Bahraini Council has approved the memorandum of the Coordinating Committee regarding the draft regulation of the unified banking account for commercial establishments.

It has endorsed the memorandum from the Ministerial Committee for Legal and Legislative Affairs concerning the government’s response to two proposed laws and three proposals submitted by the Council of Representatives.

The government has adopted the memorandum from the Ministerial Committee for Legal and Legislative Affairs regarding a draft resolution to designate certain areas in Wadi Al-Bahair as protected natural reserves.

It has also approved the memorandum from the Ministerial Committee for Legal and Legislative Affairs on a cooperation agreement between the General Directorate of Civil Defense and the American National Fire Protection Association.

Regarding a Cooperation Agreement on the Patent Prosecution Highway between Bahrain’s Directorate of Foreign Trade and Industrial Property and the United States Patent and Trademark Office, the Council has endorsed the memorandum from the Ministerial Committee for Legal and Legislative Affairs.

For public benefit and urban development, the Council has approved the cooperation agreement from the Municipal Affairs and Agriculture Minister on the expropriation of several properties.

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Ajman: Emiratisation Enhancement Agreement Signed

14/06/202414/06/2024
by Tanya Jain

Ajman has affirmed that the government will continue to launch initiatives and programs in support of the Emiratisation file.

The Ajman government, represented by the General Secretariat of the Executive Council and the Human Resources Department, have signed a cooperation agreement with the Details Holding Group.

This agreement aims to enhance Emiratisation plans in the private sector and attract national talent.

The agreement aims to further Emiratisation plans in the private sector by attracting and qualifying national talents in the Emirate of Ajman, as well as providing employment, training, and development opportunities for recent Emirati graduates and job seekers.

The areas of cooperation in the agreement include providing a workplace at the Sanad Centre in the Masfout area.

It also involves supporting Emirati private sector companies in the emirate.

Additionally, the agreement aims to provide job vacancies and various practical training opportunities for the targeted national groups.

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Abu Dhabi: Digital Assets Agreement Signed

14/06/202414/06/2024
by Tanya Jain

The Abu Dhabi Global Market Financial Services Regulatory Authority and the Bermuda Monetary Authority have announced the signing of an agreement on digital assets.

The agreement establishes a framework for cooperation between the two authorities to support the establishment of digital asset companies under their supervision and ensure effective oversight.

This framework includes cooperation in regulatory areas, oversight mechanisms, assistance in investigations, and capacity-building initiatives.

The CEO of the Bermuda Monetary Authority has stated that the agreement with the Abu Dhabi Global Market Financial Services Regulatory Authority represents an important step towards strengthening ties between our regulatory authorities.

It supports innovation, develops capabilities and resources through international cooperation, enhances market stability, and enriches expertise to meet the evolving needs of the digital assets sector.

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Lexis Middle East Law Alert: May/June 2024 Edition

13/06/202413/06/2024
by Tanya Jain

Welcome to the May/June 2024 edition of LME Law Alert, your complimentary source for the latest legal insights and updates in the MENA region. In this edition, we delve into groundbreaking legislation on digital assets in the DIFC, explore the impact of Oman’s new financial services regulator, and provide a comprehensive overview of recent legal developments across the region.

Our expert contributors offer in-depth analyses on a variety of topics, including dispute resolution, tax and finance, and contract management. We also feature an exclusive profile of Suzi Duncan from Novartis, discussing the challenges of working in a rapidly evolving sector.

Stay informed with our meticulously curated content, designed to keep you ahead in the ever-changing legal landscape.

FEATURE: TACKLING THE WINDS OF CHANGE

Dixon Melitt James of Elint AI provides an in-depth analysis of groundbreaking legislation on digital assets issued in the DIFC, exploring its implications for the financial sector.

FEATURE: RULES AND REGULATIONS

Phoebe Lim, Debopam Dutta, Salman Ahmed, and Benjamin O’Brien-McQueenie of Trowers & Hamlins discuss the impact of a new financial services regulator in Oman, detailing the changes and their potential effects on the industry.

IN-HOUSE PROFILE: ALL CHANGES

Suzi Duncan, Senior Legal Counsel for the GCC region at Novartis, shares her experiences working in a rapidly developing sector within fast-moving jurisdictions.

DISPUTE RESOLUTION FOCUS

Waleed Hamad, Head of Litigation, and Myriam Simon, Senior Counsel – Litigation at Al Aidarous, discuss lessons from a significant Federal and Local Judicial Principle Unification Authority ruling on the executive nature of unpaid cheques.

DISPUTE RESOLUTION FOCUS: STRIKING A BALANCE

Waleed Hamad and Myriam Simon of Al Aidarous examine the crucial role of banks in providing financial facilities while maintaining regulatory safeguards for the public interest.

MOVERS AND SHAKERS

Check out our latest round-up of the top movers and shakers from the world of legal appointments and promotions, brought to you by Jameson Legal. Who is been promoted, who is been appointed, and who is moving on?

CONTRACT WATCH: UNFORESEEN EMERGENCIES

Chatura Randeniya of Afridi & Angell offers insights on managing unforeseen emergencies in contractual agreements, providing practical advice for legal practitioners.

Thanks to Al Aidarous for keeping us updated on dispute resolution cases.

Lexis Middle East Law Alert_May/June 2024 Edition

Explore the past editions of the Lexis® Middle East Law Alert and stay up-to-date with the latest news! Click the links below for instant access to older editions.

Lexis Middle East Law Alert January-February 2023

Lexis Middle East Law Alert March-April 2023

Lexis Middle East Law Alert_May June 2023

Lexis Middle East Law Alert_July August 2023

Lexis Middle East Law Alert_January-February 2024

TAX AND FINANCE ROUND-UP

An update on significant tax and finance developments across the region, including changes to the FMT procedure.

LEGAL ROUND-UP

Stay informed with our legal round-up, providing a comprehensive overview of recent developments across the region, with a spotlight on the new jurisdictional conflict law in Dubai.

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UAE: Introduces Reduced Tariff for Energy Consumption For Industrial Companies

07/06/202407/06/2024
by Tanya Jain

Emaratalyoum, 30 May 2024: The Federal Electricity and Water Authority has announced its latest initiative supporting industrial growth in the country, aimed at industrial companies and their services in the Northern Emirates.

This initiative involves launching a reduced tariff for energy consumption to enhance the competitiveness of industrial companies, in cooperation with the Industry and Advanced Technology Ministry and the Energy and Infrastructure Ministry.

The Undersecretary of the Ministry of Industry and Advanced Technology, has affirmed the ministry’s cooperation with partners to enhance incentives supporting industrial companies’ growth and competitiveness, aligning with the ‘Make it in the Emirates’ initiative.

The new tariff, applicable to industrial companies consuming over 10,000 megawatt-hours monthly, ranges from 32 to 26 fils per kilowatt-hour.

Additional incentives include flexible installation and grid connection fees, exemption from insurance fees, and no additional meter usage fees.

The CEO of the Federal Electricity and Water Authority, has emphasised the initiative’s role in shaping the energy sector as a driver for industrial and technological growth, facilitated by the partnership between relevant ministries and the authority.

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Saudi Arabia: New Haj Rules Begin

07/06/202407/06/2024
by Tanya Jain

Khaleej Times, 2 June 2024: Penalties for violating Haj regulations and instructions in Saudi Arabia are being implemented starting 2 June 2024 until 20 June 2024.

The authorities will impose a fine of 10,000 Saudi Riyal, roughly around Dh9,000 on citizens, residents, and visitors performing Haj without a permit.

The authorities have also highlighted that anyone caught transporting Haj pilgrims without a permit will be imprisoned to up to 6 months, and will be fined for up to 50,000 Saudi Riyal or Dh49,000.

Performing haj without a permit in the city of Makkah, the central area, the holy sites, the Haramain train station, security checkpoints, screening centres, and temporary security checkpoints is prohibited.

Expats caught violating will be deported to their home countries and banned from re-entering Saudi for a specific period according to the law.

If a resident is caught transporting Haj pilgrims without a permit, they will be deported after serving the sentence and barred from re-entering the Kingdom for specified periods.

Additionally, the authorities have clarified that anyone that has a visit visa, regardless of their type or designation, are not allowed to perform Haj.

All visitors are advised to avoid travelling to or staying in Makkah between the 2 June 2024 and 21 June 2024.

The authorities have reported that over 20,000 visitors with visit visas have been found in violation of Hajj regulations, which prohibit them from staying in Makkah.

Similary, operators in the UAE cannot receive applications or requests for Haj or Umrah without prior approval from the General Authority of Islamic Affairs and Endowments.

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Qatar: Signs Double Taxation Avoidance Agreement With Saudi and UAE

07/06/202407/06/2024
by Tanya Jain

Al-Sharq, 30 May 2024: Qatar Signs Agreement to Avoid Double Taxation with Saudi Arabia and UAE.

Qatar has signed an agreement with Saudi and UAE to avoid double taxation, especially income tax to prevent tax evasion and avoidance.

The agreement will contribute to supporting international transparency standards through the exchange of documented financial information, within the framework of the three countries’ keenness to consolidate coordination and cooperation in tax fields and economic relations.

The agreement comes within the efforts to enhance legislative coordination that contributes to encouraging trade exchange between Qatar and the two countries and attracting investments to the region.

The agreement aims to conclude tax treaties that eliminate all forms of double taxation.

It will enable the countries to prevent tax evasion and ensure justice and equality in the treatment of individuals, in addition to improving trade cooperation and increasing investment opportunities between governments and individuals.

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Oman: Central Bank Joins Gulf Payments System “Aafaq”

07/06/202407/06/2024
by Tanya Jain

Al-Bayan, 2 June 2024: Oman’s Central Bank has announced that it is joining the Gulf Payments System ‘Afaq’.

Afaq is operated by the Gulf Payments Company owned by the central banks of the GCC countries for cross-border transfers in local Gulf currencies.

This comes within the framework of the bank’s efforts towards developing cross-border payment systems and adopting the latest technologies in this field in a way that improves efficiency and speed and contributes to reducing costs.

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Kuwait: Approves Unrestricted Hiring of Overseas Workers

07/06/202407/06/2024
by Tanya Jain

Arab Times, 3 June 2024: The Public Authority for Manpower (PAM) has opened the door for the issuance of work permits by 100% for all companies.

With such a decision, employers can now bring workers from abroad according to the estimated numbers.

According to the decision issued by PAM, the fee specified for the issuance of a work permit is KD 150.

Through this decision, PAM has canceled the previous conditions that used to classify the companies into three groups.

The first group that was eligible to receive work permits for 100% of their estimated labour need.

The second group that could receive work permits for 50% of their need, and the third group that could obtain work permits for 25% of their need.

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Dubai: Launches Programme to Facilitate Judgment Enforcement Procedures

07/06/202407/06/2024
by Tanya Jain

Emaratalyoum, 30 May 2024: The Dubai Courts have launched the ‘Execution+’ programme. This programme is a big step forward in enforcing court rulings through digital technology. The programme is part of a strategic plan to develop the system for enforcing judgments and civil orders.

Dubai Courts have affirmed that through ‘Execution+’, it assists customers in procedures related to enforcing judgments by providing a flexible, integrated and clear system that benefits all parties.

The Director of Dubai Courts has said that this programme comes within a comprehensive digital initiative aimed at elevating the system for enforcing judicial rulings in the emirate.

Dubai has also affirmed that the courts conducted a detailed study to identify the challenges facing enforcement operations and then adopted ‘Execution+’, a set of developmental initiatives to assist customers in procedures related to enforcing judgments in a smooth and transparent manner.

Getting a judgment is not enough you also need to enforce it to actually obtain your rights.

There were often delays in the enforcement process.

This is what led them to start working on a set of initiatives under this ‘Execution+’ project.

All departments in Dubai cooperated with the Dubai Courts on these initiatives.

This cooperation from various departments across the emirate was vital for the project.

The second phase will involve cooperating with federal authorities in other emirates across the UAE.

This project represents a major improvement in enforcing judgments. That’s because enforcing judgments requires coordinating with many different authorities.

However, by using technology and cooperating with all government, semi-government, and other departments, this can be achieved more effectively.

The programme seeks to offer innovative judicial services to all customer categories, underpinned by quality, efficiency and effectiveness, as well as enhancing the efficiency of the enforcement process.

The strategic plan for developing the system to enforce judgments and civil orders includes several initiatives and projects.

These aim to achieve speedy justice, ensuring everyone entitled receives their rights promptly.

The plan also seeks to enhance litigants’ confidence in the judicial system, contributing to social and economic stability.

Additionally, it focuses on improving the efficiency and effectiveness of enforcement procedures.

This saves litigants from the hassle of waiting and following up.

The plan supports providing a digitally integrated work environment for smooth operations across various organisational units, positively impacting service quality.

Ultimately, the strategic plan aims to save time and effort expended in the enforcement process.

‘Execution+’ aims to digitally transform the enforcement of judgments through five main pillars.

It enhances efficiency and digitisation to streamline procedures and optimise resource utilization.

The program expedites enforcement procedures while ensuring flexibility.

It promotes transparency and information exchange between relevant authorities and officials involved.

‘Execution+’ enables collaboration with partner organizations. Ultimately, it ensures legal compliance throughout the enforcement process.

This programme falls within Dubai Courts’ efforts to elevate the level of services and achieve government directions aimed at making litigants happy and providing the best services to society in accordance with the vision of the wise leadership.

This focuses on entrenching the guarantee of rights and freedoms, and the application of the rule of law and fair judiciary.

‘Execution+’ also reflects the courts’ commitment to achieving the highest levels of transparency and justice in enforcing judicial rulings, and affirms its leading role in enhancing the rule of law and providing distinguished judicial services to all members of society.

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