News developments Archives - Page 66 of 223

UAE: Golden Business Licences

01/04/202401/04/2024
by Tanya Jain

Gulf News (United Arab Emirates), 27 March 2024: The UAE’s Economic Integration Committee has discussed a proposal to introduce long-term business licences.

Golden business licences could be valid for 10 years.

The Committee also discussed a proposal to introduce silver business licences.

These would be valid for five years.

The licences would be introduced to support revenue growth, encourage business continuity and help business activities grow economically and prosper in alignment with the We are the UAE 2031 vision.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

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

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

UAE: Mandatory Health Insurance

27/03/202427/03/2024
by Tanya Jain

Khaleej Times, 21 March 2024: A new mandatory health insurance scheme is to be required from 1 January 2025 in the UAE.

Under the scheme all employers in the UAE will be required to provide and pay for the insurance of their employees. This will also include employers of domestic workers. Employers will have to pay for the health insurance coverage of their employees when applying for or renewing residency visas. The scheme clarifies the position for employees who are on their husband or father’s visa.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

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

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

Saudi Arabia: Second Phase of Consultancy Professions Saudisation to Begin

27/03/202427/03/2024
by Tanya Jain

Saudi Gazette, 25 March 2024: Saudi Arabia’s Human Resources and Social Development Ministry has announced it is going to start implementing the second phase of the Saudisation programme in consultancy professions.

The second phase covers 40% of professions related to consulting services, specifically financial consulting, engineering and architectural consulting, health consulting and senior management consulting.

Professionals including financial consulting specialists, business consulting specialists, cyber security consulting specialists, project management managers, project management engineers and project management specialists are included.

They have done so together with the Finance Ministry, the Local Content and Government Procurement Authority, Expenditure and Project Efficiency Authority or EXPRO and the Human Resources Development Fund or HADAF.

The second phase starts on 25 March 2024.

Also reported in Al Riyadh on 25 March 2024. 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: Financial Law Amendments Reviewed

27/03/202427/03/2024
by Tanya Jain

Qatar Tribune, 26 March 2024: Qatar’s Shoura Council has reviewed a draft law amending Qatar Law No. 7/2005 (the Qatar Financial Centre Law).

It was referred to the Council by the government. The Council has decided to refer it to the Legal and Legislative Affairs Committee to consider and report back to them on.

The Council has also approved a draft law regarding exemptions and facilitations for the State’s hosting of sports tournaments.

They approved it after reviewing a report from their Financial and Economic Affairs Committee and discussing it.

In addition, the Council approved a request to extend the Information and Cultural Affairs Committee’s study of a draft higher education institutions law.

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: Biosignatures Law Issued

27/03/202427/03/2024
by Tanya Jain

Oman Daily Observer, 26 March 2024: Oman’s Sultan has issued Oman Sultani Decree No. 21/2024 approving the Biosignatures Law.

They issued the Decree after presenting it to the Council of Oman.

The Inspector General of Police and Customs will be responsible for issuing the Implementing Regulations to the Law.

Anything which contravenes or contradicts the Law is repealed.

The Decree will be published in the Official Gazette and will come into force the day after it is published.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your Free Trial.

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: Real Estate Property Description Certificate Controls

27/03/202427/03/2024
by Tanya Jain

Alrai, 23 March 2024: The Director General of Kuwait’s Municipality, Engineer Saud Al-Dabbous has directed governorate branches to review the last inspection and inspect all engineering plans and their conformity with the technical requirements of properties before issuing a real estate description certificate.

Sources have said the Director-General is in the process of establishing a committee to research the validity of the description certificates issued throughout the last year.

They pointed out that description certificates have a direct relationship to the issue of building violations and single people’s housing in private and model housing areas.

For the full story, click here.

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

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: Electronic Permits for GCC National Companions

27/03/202427/03/2024
by Tanya Jain

Al Bayan, 22 March 2024: The General Directorate of Residency and Foreign Affairs in Dubai has announced it has activated a service for issuing prior electronic entry permits for companions of GCC nationals.

The aim is to guarantee smooth and easy entry to the UAE.

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: Private Sector Will Offer Small Vessel Inspections

27/03/202427/03/2024
by Tanya Jain

Gulf Daily News, 25 March 2024: The Ship Registration and Seafarers’ Director of Bahrain’s Transportation and Telecommunications Ministry, Mayas Al Agha has announced the private sector will offer small vessel inspections.

The sector will be responsible for inspecting small vessels weighing less than 150 tonnes.

They made the announcement during the latest Shoura Council meeting.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

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

Oman: Financial Services Authority to be Established

27/03/202427/03/2024
by Tanya Jain

Times of Oman, 25 March 2024: Oman’s Sultan has issued three Decrees including a Decree establishing the Financial Services Authority.

Under Oman Sultani Decree No. 20/2024, the Financial Services Authority will have its own legal personality, financial and administrative independence.

It will also report to the Cabinet and will be headquartered in Muscat.

It may establish branches in other governorates following a Decision from its board of directors.

All allocations, origins, rights, obligations and assets of the Capital Market Authority will be transferred to the Financial Services Authority.

All employees of the Capital Market Authority will also be transferred to the Financial Services Authority, along with their financial grades.

The Chairman of the board of directors of the Financial Services Authority will issue the regulations and decisions required to implement the Decree.

Until they do, the current laws, regulations and decisions will continue to be applied without prejudice to the new Decree.

Under the Decree, responsibility for regulating the profession of accounting and auditing will be transferred from the Commerce, Industry and Investment Promotion Ministry to the Financial Services Authority.

The phrase Financial Services Authority will replace the phrases Ministry of Commerce, Industry and Investment Promotion and Section of Professions and Crafts at the Department of Corporate Affairs at the Ministry of Commerce, Industry and Investment Promotion and the Director General of the Directorate General of Commerce wherever they appear in Oman Sultani Decree No. 77/1986 (the Law Regulating the Profession of Accounting and Auditing).

The phrase Minister of Commerce, Industry and Investment Promotion wherever it appears in Oman Sultani Decree No. 77/1986 will also be replaced with the phrase Chief Executive Officer of the Financial Services Authority.

The board of directors of the Financial Services Authority will be responsible for structuring the Committee referred to in Article 24 of Oman Sultani Decree No. 77/1986. It should have two or more accountants as members.

The phrase Capital Market Authority, wherever it appears in legislation will be replaced with the phrase Financial Services Authority. The phrases Chairman of the Board of Directors of the Capital Market Authority and Chief Executive Officer of the Capital Market Authority will be replaced, wherever they appear in legislation with the phrases Chairman of Board of Directors of the Financial Services Authority and Chief Executive Officer of the Financial Services Authority.

Anything which contradicts or contravenes the Decree will be repealed.

The Decree will be published in the Official Gazette and come into force on its issued date.

The Sultan also issued Oman Sultani Decree No. 18/2024 amending the Sultanate’s Criminal Procedures Law. It will be published in the Official Gazette and come into force on the day after it is pubished.

In addition, the Sultan issued Oman Sultani Decree No. 19/2024 promulgating the Sultan Qaboos University System.

The Vice Chancellor of the University will be responsible for issuing the regulations and decisions required to implement the Decree.

Until they do, the existing regulations and decisions will remain in force without prejudice to the new Decree.

Oman Sultani Decree No. 19/2024 repeals Oman Sultani Decree No. 71/2006. It also repeals anything which contradicts or contravenes the Decree.

The Decree will be published in the Official Gazette and come into force the day after it is published.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your Free Trial.

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: Gulf Air on Brink of Being Privatised

26/03/202426/03/2024
by Tanya Jain

Bahrain Daily Tribune, 23 March 2024: Bahrain’s House of Representatives is going to consider a report from a Parliamentary Committee on Gulf Air’s future in its upcoming session.

The Committee has suggested privatisation is the best way for the company to return to profit.

The Committee is responsible for overseeing Gulf Air’s affairs and has been reviewing them since November 2023.

It launched its investigation after reports about the company’s financial stability. The national airline is struggling with growing financial issues.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

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