News developments Archives - Page 83 of 223

UAE: Landmark Verdict Means Moral Damages Are Payable in Commercial Disputes

20/10/202320/10/2023
by Tanya Jain

Gulf News (United Arab Emirates), 19 October 2023: The UAE Court of Cassation has issued a landmark verdict in a case involving the energy drink brand Power Horse.

Power Horse is an Austrian energy drink brand and has its commercial headquarters in Dubai. The Court ordered Power Horse’s partner in the UAE to pay one million Dollars in compensation to Power Horse.

The dispute arose out of a breach of contract. It means businesses in the UAE must now be extra careful with the terms of their contracts. Before the judgment, only individuals were liable to pay moral damages.

Under Federal Law No. 5/1985 (the Civil Code), claimants can seek moral damages as compensation for any non-financial losses sustained from a breach of contract.

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Saudi Arabia: Facility Management Regulation to be Introduced Early Next Year

18/10/202318/10/2023
by Tanya Jain

Arab News, 16 October 2023: The CEO of Saudi Arabia’s Real Estate General Authority has announced it will introduce a first-of-its-kind facility management regulation early next year.

It will be introduced in the first quarter of 2024 as part of the Authority’s commitment to standardising and regulating facility management operations.

It is aimed at overseeing real estate facilities and transforming the housing sector.

It is also aimed at improving the sector’s trustworthiness and investment appeal.

They made the announcement during their address to the Middle East Facility Management Association Confex 2023.

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Qatar: Qatar: E-contract Platform Updated

18/10/202318/10/2023
by Tanya Jain

Qatar Tribune, 17 October 2023: Qatar’s Labour Ministry has announced it has updated the e-contract platform.

It has updated the authentication of digital employment contract services.

The platform allows private sector employees to verify the contract terms and approve or reject them.

Domestic worker contracts can also be authenticated via the platform without service centers having to be physically attended.

Once the contract authentication process is completed, an automatic contract audit is initiated. The contract authentication service enables an application to be submitted to an establishment via the employer’s portal using the National Authentication System.

The application will then be transferred to the worker for approval via the worker and individual portal.

The contract data will then be verified. It will be available in 11 languages.

Also reported in Al-Sharq on 16 October 2023. For the full story, click here.

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Oman: Banks Have to Comply with Specific Insurance Marketing Rules

18/10/202318/10/2023
by Tanya Jain

Oman Daily Observer, 15 October 2023: Oman’s Capital Market Authority has approved new regulations, which will require banks to comply with specific insurance marketing rules.

The regulations are aimed at tackling unhealthy practices involved in the marketing of these products through banks and to reduce disputes between insurance policy holders related to the banking sector and companies during insurance claims.

Under the regulations, insurance companies cannot market any insurance products through banks without the approval of the Authority.

except after obtaining approval from the CMA.

More than one company cannot market the same insurance product with the same bank, or for the same branch of the bank.

Insurance companies have to retain at least 40% of the net premiums for insurance products marketed through banks, excluding life insurance products.

They have to retain at least 25% of property insurance and insurance products related to SMEs.

The Authority has the right to supervise and control the processes of selling and marketing products through provisions such as internal auditing that will notify it of any violations and set controls to ensure executives employed for marketing insurance products via banks comply with anti-money laundering and terrorist financing requirements.

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Kuwait: Students Should be Allowed to Work

18/10/202318/10/2023
by Tanya Jain

Alrai, 15 October 2023: Kuwait’s Acting Prime Minister and Interior Minister has asked the Education Minister and Higher Education and Scientific Research Minister to allow students in further and higher education to work while they are studying.

The Public Authority for Manpower has supported the request. They added the move will help the labour market develop.

Read the full story here.

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Dubai: International Financial Centre Courts Sign Cooperation Agreement with Dubai Chambers

18/10/202318/10/2023
by Tanya Jain

The Dubai International Financial Centre Courts have signed a cooperation agreement with Dubai Chambers to support projects to diversify the Emirate’s and the UAE’s economy and support innovation in this area.

Under the agreement, the two entities will work together on specific digital economy and mediation and notary services provided by both of them.

They will also carry out activities internationally together.

Also reported in Al Bayan on 13 October 2023. Click here to read more.

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Ajman: New Government Services to be Launched

18/10/202318/10/2023
by Tanya Jain

Al Bayan, 15 October 2023: The Ajman Digital Department has announced that 12 government and private entities are going to announce more than 40 new services.

They will be launched on the Ajman Government Platform to simplify the customer journey and provide an easy and smooth experience for partners and community members.

The Head of the Port and Customs Department said that the Department intends to launch a package of digital technical innovations including a wide range of fields, including the customs and maritime sectors.

They will also sign more than 10 partnership and cooperation agreements with government and private entities, to explore the latest global innovations and technologies, and build new partnerships to improve the digital transformation process in the Emirate.

Click here to read more.

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Bahrain: Credit Access Law Drafted

17/10/202317/10/2023
by Tanya Jain

Gulf Daily News, 16 October 2023: Bahrain’s government has drafted a draft law to make it easier for small businesses to obtain credit more easily and cheaper.

The country’s Industry and Commerce Minister said the law is yet to be sent to Parliament to consider.

It governs the creation and enforcement of security interests in movable assets.

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UAE: Emirates Drug Corporation Established

11/10/202311/10/2023
by Tanya Jain

Al Bayan, 9 October 2023: The UAE’s Cabinet has approved a Federal Law establishing the Emirates Drug Corporation.

It will be responsible for regulating and managing everything related to medical products at a federal level and will have its own legal personality and financial and administrative independence.

Among other things, it will trace medical products across the country, including free zones.

These products include pharmaceutical products, medical aids, healthcare products, biological products, nutritional supplements, cosmetics, veterinary products, fertilisers, agricultural conditioners, growth regulators, plants, pesticides, genetically modified organisms, and their products.

Other medical products may be added by subsequent legislation.

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Saudi Arabia: Call for Tax Fines Exemption Initiative to be Utilised

11/10/202312/10/2023
by Tanya Jain

Arabian Business, 9 October 2023: Saudi Arabia’s Zakat, Tax and Customs Authority has urged individuals and businesses to take advantage of a tax fine exemption scheme.

The Kingdom’s Finance Ministry announced it had published a guide to an initiative to apply for the exemption of fines before the end of this year in September this year.

The initiative aims to mitigate the financial implications arising from COVID-19 that affected companies.

It discusses the exemption from fines resulting from late registration in all tax laws and regulations.

It includes the exemption from delayed payment fines and overdue tax return submission and exemption from the VAT return correction penalty.

However, the conditions for taxpayers who could benefit from the initiative still apply.

The seven-month initiative was launched on 1 June 2023 and ends on 31 December 2023.

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