Newsletter Archives - Page 107 of 247 - LexisNexis Middle East

Oman: Commercial Franchise Programme Launched

23/02/202323/02/2023
by Benjamin Filaferro

Alroya, 20 February 2023: Oman’s Trade, Industry, and Investment Promotion Minister has launched the Commercial Franchise Programme which aims to enable Omani companies to qualify for commercial franchise opportunities.

As part of the programme several workshops will be organized by the Chamber of Industry and Commerce throughout the provinces.

The scheme will support Omani companies by enabling them to assign Commercial Franchise Rights or connect with companies which are doing so.

For the full story, click here.

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Kuwait: Circular Issued on Conflict of Interest

23/02/202323/02/2023
by Benjamin Filaferro

On 16 February 2023, Kuwait’s Capital Market Authority has published a new circular on conflict of interests on its website.

The circular aims to determine and regulate circumstances in which companies and their employees will be considered to be in a conflict-of-interest situation, including companies to which the state or other public agencies contribute.

It has also specified disclosure requirements.

The Authority has confirmed in the circular that all companies subject to supervision according to the provisions of Kuwait Law No. 7/2010 On the Establishment of the Capital Market Authority and Regulation of Securities Exchange Activity, its Executive Bylaws and their amendments must comply with the provisions of Kuwait Law No. 1/2023 Concerning the Prevention of Conflicts of Interest on written notification upon the occurrence of a conflict.

For the full details, click here.

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Abu Dhabi: New Mechanisms for Handing Over Labourers’ Dues Adopted

23/02/202323/02/2023
by Benjamin Filaferro

Albayan, 16 February 2023: Abu Dhabi’s Labour Court has adopted new mechanisms and procedures to guarantee labourers are paid quickly in a few easy steps.

According to this new mechanism, a private sector company responsible for providing labourers’ insurance coverage must open an office at the Labour Court’s headquarters to pay their financial dues faster based on legal controls.

Based on Abu Dhabi Ministerial Decision No. 318/2022 on the bank guarantee and insurance for labourers’ dues, private sector employers have two options.

They can either pay a bank guarantee of no less than 3,000 AED for each labourer or buy an insurance policy for 30 months at 137.50 AED for skilled labourers and 180 AED for unskilled labourers.

For the full story, click here.

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Sorbonne University Abu Dhabi joins as an Award Sponsor for the 2023 LexisNexis Women in Law Awards

23/02/202323/02/2023
by Benjamin Filaferro

We are thrilled to share that Sorbonne University Abu Dhabi will be an Award Sponsor at the highly anticipated LexisNexis Women in Law Awards 2023, set to take place on 2 March 2023 at The Ritz-Carlton JBR, Dubai.

This event celebrates the achievements and innovations of women in the legal field throughout the Middle East region. The Awards also acknowledge organisations that promote women and gender equality in their teams.

We warmly invite you to join us at this outstanding event on 2 March 2023. Visit the LexisNexis Women in Law Awards website to learn more!

UAE: The Central Bank Launches a Financial Infrastructure Transformation Programme

16/02/202316/02/2023
by Benjamin Filaferro

The UAE Central Bank has launched a Financial Infrastructure Transformation (FIT) Programme which aims at Accelerating the Digital Transformation of the Financial Services Sector.

The FIT Programme focuses on the financial services sector, digital transactions, and the UAE’s competitiveness. Its aim is to accelerate digital transformation in the UAE financial services sector and strengthen the country’s position as a global centrre for business and finance.

The Programme has nine key initiatives. These include the first unified, secure, and efficient card payment platform in the UAE which has been designed to enhance e e-commerce and digital transaction development; and eKYC: which provides a secure, user-friendly platform for conducting customer on-boarding and ongoing due diligence digitally. Other initiatives include the Central Bank Digital Currency (CBDC) which is used to tackle cross-border payment inefficiency and promote innovation for domestic payments and the Open Finance initiative which is driving innovation, competitiveness, and collaboration in the financial sector through interconnectivity and interoperability between institutions.

An advanced SupTech service has also been put in place to enhance supervisory processes. There is also an innovation Hub which is a collaborative platform for Fintech engagement, research, and development. In addition, the Instant Payments Platform is a secure, efficient, and robust payment platform which enhances financial inclusion and promots a cashless society through digital payments. There is also a Financial Cloud which provides a secure, resilient, scalable, and reliable sovereign financial infrastructure; and an initiative to supporting a unique customer experience and foster a culture of excellence across the financial sector.

In the first stage of the Programme, digital payment infrastructures and services such as a Card Domestic Scheme and Instant Payment Platform will be launched. The Central Bank Digital Currency for cross-border and domestic uses will also be issued. These initiatives will help lead to financial inclusion, payment innovation, security and efficiency, and a cashless society.

As part of the FIT Programme, the UAE Central Bank will adopt advanced supervisory technologies and data management solutions so that they can implement robust supervisory processes and ensure financial stability.

In the second stage, the FIT Programme will develop and rollout digital infrastructures like Financial Cloud, eKYC, and Open Finance Platforms. These will enhance regulatory compliance, reduce costs, enhance innovation and customer experience, and strengthen their security and operational resilience.

The FIT Programme, links in with he UAE 2031″ vision and National Digital Economy Strategy.

More details and updates of each pillar of the FIT Program will be announced in due course.

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Saudi Arabia: VAT Regulations Amendment

16/02/202316/02/2023
by Benjamin Filaferro

Almadina, 13 February 2023: Saudi Arabia’s Zakat, Tax and Customs Authority has stated it is currently amending Saudi Arabia Cabinet Decision No. 654/1438 On the Approval of the Value Added Tax Law.

The changes will include late tax return submission fines.

According to the amendments, the Authority will be given the power to confiscate money from individuals who refuse to pay the final tax due.

Those who do not submit the tax return by the specified deadline will be fined two per cent of the outstanding tax amount for each month of delay.

For the full story, click here.

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Qatar: Sports Integrity and Transparency Guide Issued

16/02/202316/02/2023
by Benjamin Filaferro

Lusailnews, 14 February 2023: Qatar’s Administration and Transparency Regulatory Authority has launched a Guide for Boosting Integrity and Transparency in Sports.ll.

The guide has been launched with the Sports and Youth Ministry, the Qatari Olympic Committee, the Supreme Committee for Projects and Heritage, and the Qatari Federation for Football. It guide aims to promote Qatar’s sports achievements.

It will be used as a point of reference for current and future projects, including the AFC Asian Cup.

For the full story, click here.

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Oman: Licence Must Be Obtained for National Product Identity

16/02/202316/02/2023
by Benjamin Filaferro

Atheer, 12 February 2023: Oman’s Trade, Industry, and Investment Promotion Minister has issued Oman Ministerial Decision No. 62/2023 On the issuance of a Regulation governing the licensing of the national product identity.

According to the regulations, the National Product Identity cannot be used without first obtaining a licence.

The department must also obtain a licence to use a template.

Licence applications must be processed 15 days from the date of submission. They are valid for three years and renewable.

The regulations also determine the punishments for not complying with these provisions.

In addition, the how states how to appeal these punishments.

For the full story, click here.

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Kuwait: Committee to Investigate Investment Authority Violations Established

16/02/202316/02/2023
by Benjamin Filaferro

Alqabas, 12 February 2023: Kuwait’s Finance Minister and the Chairman of the Investment General Authority Board have issued a decision to form an investigations committee to investigate business violations which fall under the Board’s authority.

The committee, which will be chaired by Ahmed Alkhadeer, will be responsible for investigating Future Generations and Public Reserves management violation claims.

They will also audit the authority’s procedures to in order to address comments made by the Auditing Authority.

The Rain House Company for Infrastructure and the Saint Martin Company’s management, which are both owned by the authority, will also be investigated.

For the full story, click here.

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Dubai: Laws Establishing New Government Departments Issued

16/02/202316/02/2023
by Benjamin Filaferro

Emaratalyoum, 08 February 2023: Three new laws have been issued to establish three new departments under Dubai’s Economy and Tourism Department.

Dubai Law No. 6/2023 has established the Dubai Commercial Registration and Licensing Department.

In addition, Dubai Law No. 7/2023 has established the Dubai Economic Development Establishment.

Meanwhile, Dubai Law No. 5/2023 has established the Dubai Consumer Protection and Fair-Trade Department.

The three laws will be published in the official gazette and will come into force the day of their publication.

These new departments will support the D33 Dubai Economic Agenda’s objectives. They have been launched in January to double Dubai’s economy to 32 trillion AED in the next decade.

For the full story, click here.

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