News developments Archives - Page 90 of 226

Oman: Central Bank Instructs Banks to Ensure Freelancers Have Separate Work-related Bank Accounts

07/09/202307/09/2023
by Tanya Jain

Oman Daily Observer, 4 September 2023: Oman’s Central Bank has instructed banks to ensure banks have freelancers and those working independently have separate work-related bank accounts.

They have also been instructed to ensure the appropriate credit facilities are provided to these groups and include them within the percentage specified by the Central Bank to finance SMEs. Freelancing and independent work have been defined as individual businesses that enable an individual to provide services or products without having to establish a workplace or obtain a commercial license.

Banks have to help these groups open bank accounts and ensure they carry out the relevant due diligence in terms of money laundering and terrorist financing. They should notify customers who use their personal accounts for commercial purposes about the importance of opening a separate account and providing credit facilities for this category.

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Kuwait: Capital Market Authority Signs Cooperation Agreement with Insurance Regulatory Unit

07/09/202307/09/2023
by Tanya Jain

Alanba, 4 September 2023: Kuwait’s Capital Market Authority has signed a cooperation agreement with the Insurance Regulatory Unit.

It was signed to boost control and coordinate cooperation in these areas in order to achieve harmony and integration in work mechanisms and procedures between state agencies and reduce procedural burdens on beneficiaries.

It was signed for the Capital Markets Authority by the Chairman of its Board of Commissioners and Executive Director, Dr. Ahmed Al-Mulhim. It was signed for the Insurance Regulatory Unit by its Head, Muhammad Al-Otaibi.

Read the full story here.

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Dubai: Dubai International Financial Centre Proposes Employment Law Amendments

04/09/202304/09/2023
by Tanya Jain

Dubai’s International Financial Centre has proposed various legislative amendments, including amendments to its Employment Law. They have also proposed amendments to its Trust Law, Foundations Law and Operating Law.

The DIFC has launched a consultation on these proposed amendments and the consultation ends on 29 September 2023. The proposed changes are aimed at ensuring the DIFC legislation remains aligned with international best practices and Organisation for Economic Co-operation and Development (OECD) requirements.

The Centre is also proposing amendments to its Operating Regulations to strengthen the Registrar of Companies’ (RoC) powers to regulate entities that operate outside of standard business hours. In terms of the Employment Law, the Centre is proposing amending Part 10 of DIFC Law No. 2/2019 to require DIFC employers of eligible GCC nationals to make top-up payments into a Qualifying Scheme, in addition to GPSSA contributions.

This will mean DIFC employers have to pay the positive difference into a Qualifying Scheme where there is a shortfall between what would have been payable into a scheme if the individual had not been a GCC national, and what is paid under the GPSSA.

Monthly payments are subject to a de minimis threshold of 1,000 AED.

Other amendments deal with situations where a Qualifying Scheme is prohibited from accepting contributions from an Employer, or in respect of an Employee, as a result of sanctions prohibitions.

The Centre is proposing amending the Trust Law (DIFC Law No. 11/2005) and Foundations Law (DIFC Law No. 3/2018) in terms of the DIFC Courts’ rights of jurisdiction over the administration of DIFC Trusts. The Centre is also proposing amending the Foundations Law to expand the role of Registered Agents, to allow them to enter into an arrangement with the RoC to provide certain compliance functionality on behalf of a Foundation. This is already allowed for corporate service providers under the Prescribed Company and Family Office regimes.

The amendments to the Operating Law (DIFC Law No. 7/2018) relate to OECD requirements regarding record retention following the winding up of an entity and an update to the definition of Privileged Communication.

The amendments to the Operating Regulations are aimed at providing the ROC with specific powers to deal with bars and restaurants that operate late hours and may disturb other DIFC tenants through noise or other anti-social behaviour.

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Abu Dhabi: Farms and Caravans Can Now be Included in Holiday Homes Policy

01/09/202301/09/2023
by Tanya Jain

Gulf News (United Arab Emirates), 29 August 2023: Abu Dhabi’s Culture and Tourism Department has announced it has updated its holiday homes policy. Under the updates, farmhouse owners in the Emirate will be able to convert their properties into holiday homes after securing licences.

They have six months to initiate the licensing process for their properties. Caravans and recreational vehicles will also be included.

The aim is to help support farmhouse owners as they look to diversify their income. In addition, landlords and residential unit owners can obtain more than one holiday home licence for multiple units.

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Qatar: Terms for Power and Water Connection Approved

01/09/202301/09/2023
by Tanya Jain

Gulf Times, 30 August 2023: Qatar’s Cabinet has approved a draft Ministerial Decision specifying the works to be implemented in line with Qatar Law No. 4/2018 on organising the electricity and water service connection and the required conditions and controls.

They also approved a draft Decision from the Chairman of the Qatar General Electricity and Water Corporation or Kahramaa specifying the conditions and procedures for connecting electricity and water to buildings and facilities whose maximum demand exceeds five megawatts of electricity and 600 cubic metres per day of water.

In addition, they approved a draft law amending Qatar Law No. 9/1987 on the control and regulation of narcotic drugs and dangerous psychotropic substances. They have referred it to the Shoura Council to consider.

Finally, they approved a draft Cabinet Decision amending Qatar Decision No. 36/2014 establishing the National Committee for the Customs Clearance System and Cross-Border Trade Facilitation.

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UAE: Foreign Affairs Ministry Announces Visa-free Travel List

31/08/202331/08/2023
by Tanya Jain

Gulf News (United Arab Emirates), 28 August 2023: The UAE’s Foreign Affairs Ministry has announced nationals from more than 80 countries can now enter without a visa.

They are nationals from Australia, Switzerland, the Czech Republic, Slovakia, France, Greece, Hungary, Saudi Arabia, the UK, the US, Mexico, Japan, Andorra, Liechtenstein, Monaco, Ukraine, Barbados, Brunei Darussalam, the Solomon Islands, Azerbaijan, Estonia, Argentina, Uruguay, Albania, Brazil, Portugal, El Salvador, China, the Maldives, Germany, Austria, Ireland, Iceland, Italy, Paraguay, Bulgaria, Poland, Peru, Belarus, Chile, San Marino, Slovenia, Singapore, the Seychelles, Serbia, Finland, Cyprus, Kazakhstan, Croatia, Korea, Costa Rica, Colombia, Kiribati, Latvia, Lithuania, Malta, Mauritius, Nauru, Honduras Georgia, Luxembourg, Israel, Kuwait, Qatar, Vatican City State, Russia, Romania, Saint Vincent and the Grenadines, Oman, the Bahamas, Canada, Malaysia, Hong Kong, Spain, Bahrain, Denmark, Sweden, Norway, Belgium, the Netherlands, Montenegro and New Zealand.

More information can be found on the Foreign Affairs Ministry website or the Federal Authority for Identity, Citizenship, Customs, and Port Security’s website.

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Saudi Arabia: Passenger Rights Protection Regulations Approved

29/08/202329/08/2023
by Tanya Jain

Khaleej Times (UAE), 24 August 2023: Saudi Arabia’s General Authority of Civil Aviation (GACA) has announced it has approved new passenger rights protection regulations. The regulations have been issued to strengthen the protections for travellers where there are airline or airport disruptions.

They will come into force on 20 November and cover ticketing, boarding, in-flight services, baggage handling, and helping passengers with special needs, including those with reduced mobility.

Under the changes, compensation provisions have been strengthened and extended. Compensation of between 150 and 200% of the original ticket value could be awarded for flight delays, cancellations, overbooking and unexpected stopovers.

For lost or damaged baggage, travellers could be compensated with approximately 6,568 Saudi Riyals. There are also provisions for unique travel circumstances like the Haj and Umrah pilgrimage.

In these cases, passengers will be able to request the termination of the contract with the air carrier where the flight is delayed for more than two hours.

Also reported in Al Madina on 23 August 2023. Read the full story here.

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Qatar: Heirs Determination Service Launched by Courts

29/08/202329/08/2023
by Tanya Jain

Al-Sharq, 27 August 2023: Qatar’s Supreme Judicial Council has announced it has launched a new service to determine heirs and distribute estate consensually through the Mahakem portal.

The Council has said that the new service has been launched as part of the implementation of Qatar Law No. 4/2023 concerning the distribution of inheritance to facilitate the processes for settling inheritance matters.

Applications must be submitted within the legal term stipulated by the law which is 30 days from the date of death.

The law sets out the rules for distributing the inheritance. These include that the debts of the deceased must be paid off under the supervision of the judge before the distribution of inheritance.

Read the full story here.

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Oman: Loan Ceiling for SMEs Increased

29/08/202329/08/2023
by Tanya Jain

Oman Daily Observer, 28 August 2023: Oman’s Small and Medium Enterprises Development Authority has announced it has approved an increase in the loan ceiling for SMEs from 5,000 Rials to 20,000.

The aim is to help entrepreneurs launch and expand their projects nationally and internationally. It is hoped this will support the economic contribution of SMEs in the Sultanate.

The Authority also revoked Article 14 of the existing regulation, allowing flexibility in financing beneficiaries in projects other than those previously funded in line with the plans and programmes drawn up by the Authority.

The regulation defines the roles and responsibilities of each of the Small and Medium Enterprises Development Authority and the Oman Development Bank. It also defines the conditions that must be met by those applying for financing from entrepreneurs and craftsmen through a dedicated link with the required documents and data attached.

The regulations include the maximum time period for deciding on financing applications, which is 60 days from the date of completing the application. It also defines the grace period for paying the installments due for financing, the obligations of the beneficiary applying for financing, the mechanism for disbursing the total amount of financing, and the maximum period for disbursing it.

Also reported in Atheer on 27 August 2023. For the full story, click here.

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Fujairah, UAE: New Real Estate Laws Approved

29/08/202329/08/2023
by Tanya Jain

Arabian Business, 24 August 2023: Fujairah’s Ruler has approved two new real estate laws in the Emirate. They have issued Fujairah Law No. 3/2023. This regulates joint property ownership in the Emirate.

They have also issued Fujairah Law No. 4/2023. This regulates real estate development guarantee accounts in the Emirate.

The two laws state that developers, management companies, associations and owners’ unions have to comply with the law within six months of their issued date. The relevant authority’s director may extend the deadline for compliance by another six months when required.

In addition, the two laws do not affect contracts signed between developers and owners before they come into force. Fundamental association systems approved and deposited by a relevant authority are also not affected unless they relate to the formation of owners’ associations.

Also reported in Al Bayan on 24 August 2023. Read the full story here.

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