Newsletter Archives - Page 117 of 244 - LexisNexis Middle East

The MENA Business Law Review No. 03/2022 is out!

06/10/202211/10/2022
by Benjamin Filaferro

We are pleased to share the third edition of the MENA Business Law Review, the definitive business law reference in the Middle East and North Africa! In this edition:

ARBITRATION: Outcome-Related Fees Structures for Arbitration the UAE by Dr Tariq Mahmood FCIArb (33 Bedford Row), James Ng (Zhong Lun Law Firm) and Usama Munir (Schleuter Graf)

We explore the basic features and types of outcome-related fee structures (ORFS) for dispute funding and provide a detailed analysis of the UAE legal landscape of the acceptability of ORFS in arbitration proceedings.

LITIGATION: Comment on IPGL General Trading v. Horton Holding by Anson Cheung, Outer Temple Chambers

We share comments on this case, which raised interesting issues regarding the application and scope of the Duomatic principle to acts assented to by shareholders, with far-reaching practical consequences for a common practice in the UAE.

COMPANIES: A Guide to Saudi Arabia’s New Companies Law by Dr Qaisar Hamed Metawea, Lamisse Bajunaid, and Aziza Al Abbasi (Dr Qaisar Metawea Law Firm)

In this article, we provide a guide to the main areas of reform in Saudi Arabia’s new Companies Law concerning commercial and non-profit entities and analyse the impact of these reforms.

The New Regulation of Musataha Agreements over Commercial Land in the Emirate of Dubai by Jeremy Scott, Addleshaw Goddard (Middle East) LLP

In this article, we look in more detail at musataha arrangements in Dubai and assess the changes made regarding granting musataha rights over commercial land by government or government-related entities against its stated objectives.

CORPORATE GOVERNANCE: Solution to Executive Succession in UAE Family Businesses: The Board of Directors by David Chekroun (ESCP Business School), Megha Bansal (Deloitte) and Tanya Bansal (Abu Dhabi Department of Economic Development (ADDED))

This article assesses the rules and regulations regarding the corporate governance of family-owned businesses in the UAE, including the composition of the Board and its role in succession planning undertaken by the Nomination and Remuneration Committee. It also sets forth a series of recommendations on empowering the Board to facilitate a smooth transition of power amongst family businesses.

CYBERSECURITY: Financial Crime Challenges as We Enter Internet 3.0 by Karl Massi, Charles Russell Speechlys

The developing “crypto-economy” will become a significant part of the real economy in a very short time. This new digital mechanism for assigning, buying, selling and transferring assets brings with it novel issues regarding financial crime risk and security while mirroring some of the same vulnerabilities of the real economy. This article will explore some of the critical areas and how the UAE approaches them.

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LexisNexis MENA Business Law Review No. 03_2022

Have you read the previous editions of the MENA Business Law Review? Click the links below to access and read previous editions.

LexisNexis MENA Business Law Review No. 02_2022

LexisNexis MENA Business Law Review No. 01_2022

Qatar: Implementing Regulations to Health Insurance Law Published

05/10/202205/10/2022
by Benjamin Filaferro

Raya, 3 October 2022: The Implementing Regulations to the Health Insurance Law have been published in the Official Gazette.

Qatar Ministerial Decision No. 17/2022 specifies the health insurance premium for visitors is 50 Riyals.

The insurance premium will be the same when the visa is extended.

For the full story, click here.

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/.

Kuwait: Electric Vehicle Charger Regulations Issued

04/10/202204/10/2022
by Benjamin Filaferro

Alanba, 2 October 2022: Kuwait’s Minister of Works and Electricity, Water and Renewable Energy has issued a Decision on the technical specifications and rules regulating the use of electric vehicle chargers.

The Decision will be implemented 60 days after the Decision is published in the Official Gazette.

The first phase will start from the date the Decision comes into force. It will be in force until 31 December 2025.

The second phase will start on 1 January 2026 and end on 31 December 2030.

Under the Decision, vehicle charging equipment must not be installed near water sources such as a fountain, pond or water sprinkler.

Charging equipment must be installed in light places, and the charger’s dimensions and height must not obstruct traffic or impede the movement of disabled people.

For the full story, click here.

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.

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PwC Legal Middle East participates as a Silver Sponsor at the Qatar Business Law Forum Conference 2022 – 7th Edition!

04/10/202204/10/2022
by Benjamin Filaferro

LexisNexis Middle East is pleased to announce that PwC Legal Middle East will participate as a Silver Sponsor at the Qatar Business Law Forum Conference 2022 – 7th Edition held on 12 October 2022.

The conference is specifically designed for in-house counsel and will cover Qatar’s latest legal developments and trends. It will be held in English and Arabic (simultaneous translation).

We hope you will join us for this unique and exclusive opportunity to meet existing and potential clients on 12 October 2022 in Doha, Qatar. For more information, visit: www.qatarbusinesslawforum.com.

The Qatar Business Law Forum Gala Dinner & Awards Ceremony 2022 – 7th Edition shortlists are in!

03/10/202213/10/2022
by Benjamin Filaferro

We are pleased to announce the shortlists for the Qatar Business Law Forum Conference, Gala Dinner & Awards Ceremony 2022 – 7th Edition.

Sponsored by Pinsent Masons, the Qatar Business Law Forum Gala Dinner & Awards Ceremony recognises exceptional achievement within Qatar’s legal community. The awards are judged by an independent panel composed of industry leaders, academic practitioners and government officials. You can view the shortlisted candidates here.

LexisNexis Middle East thanks all who submitted an entry! The winners in each category will be announced at a gala dinner and awards ceremony at the Grand Hyatt Doha Hotel & Villas in Doha, Qatar on 12 October 2022.

Join us as we celebrate the Qatar legal community’s achievements! Book your seats or table here.

Oman: Penalties for Negligent Pet Owners in Public Places Announced

03/10/202203/10/2022
by Benjamin Filaferro

Times of Oman, 30 September 2022: Muscat Municipality has announced fines will be imposed on negligent pet owners in public places.

Owners of pets should remove their pet’s waste when roaming in public places, take the necessary precautions to prevent the pet from disposing of waste in these places and ensure their pets wear collars.

The pet must be licensed by a competent veterinary authority at the Ministry of Agriculture, Fisheries and Water Resources.

If they fail to comply with these regulations, they will be fined 50 Rials.

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/.

Kuwait: Decision to Suspend Issuing Licences for New Pharmacies Cancelled

03/10/202203/10/2022
by Benjamin Filaferro

Alanba, 26 September 2022: Kuwait’s Health Minister has issued a Decision cancelling the Ministerial Decision to suspend consideration of new requests to grant licences to open pharmacies in the private sector.

The Decision also lifts the suspension of considering requests for licences to practice pharmacy by non-Kuwaiti applicants.

The Chairman of the Pharmacy Association welcomed the Decision.

For the full story, click here. Also reported in Alraqeeb.

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/.

Saudi Arabia: New Unified Regulator for Insurance Sector to be Established

30/09/202230/09/2022
by Benjamin Filaferro

Saudi Gazette, 28 September 2022: Saudi Arabia’s Finance Minister has announced a new unified regulator for the insurance sector in the Kingdom will be established.

It will be established soon and will help develop the sector. They announced this at the 6th Saudi Insurance Symposium.

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/.

Saudi Arabia: Regulatory Framework for Equity Crowdfunding Approved

28/09/202228/09/2022
by Benjamin Filaferro

Saudi Arabia’s Capital Market Authority has approved a regulatory framework for equity crowdfunding.

They have issued an appropriate Decision to this effect.

Under the Decision, the Capital Market Institutions Regulations, Investment Accounts Instructions, Rules on the Offer of Securities and Continuing Obligations and the Glossary of Defined Terms Used in The Regulations and Rules of the Capital Market Authority have been amended.

They will allow Capital Market Institutions who are authorised to arrange activities to offer securities via Equity Crowdfunding platforms and hold their clients’ money in the course of securities crowdfunding.

They also specify the requirements for custody of clients’ money received by capital market institutions which are authorised to carry out arranging activities in the course of carrying out securities crowdfunding and opening and operating investment accounts.

They aim to support financial technology innovations in the capital market by setting out a regulatory framework for equity crowdfunding, including determining the requisite authorisation for capital market institutions to carry it out and enabling companies which have a Financial Technology Experimental Permit (FinTech ExPermit) to obtain the appropriate authorisation to practice as a capital market institution, in line with the relevant international best practices.

The amendments will come into force on their published date.

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/.

UAE: Cooperatives Decree-Law Issued

28/09/202228/09/2022
by Benjamin Filaferro

Al Bayan, 27 September 2022: The UAE’s President has issued Federal Decree-Law No. 6/2022 regarding cooperatives.

Its provisions will apply to established or existing cooperatives when the Decree-Law is issued.

The Decree-Law aims to improve the role of cooperatives in achieving sustainable development, regulate the licensing and work of the cooperative sector and its activities in the country and enable community members to establish cooperatives.

Under the Decree-Law, cooperatives can allocate a percentage of their annual profits or accumulated profits to social responsibility after the approval of the competent authority and the issuance of a decision by the General Assembly.

The cooperative must also disclose its profits on its website.

The Cabinet will issue the Implementing Regulations to the Law based on a Ministerial proposal within six months from the implementation date.

For the full story, click here.

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