Newsletter Archives - Page 12 of 202 - LexisNexis Middle East

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Sharjah: Launches Job Training Program with Monthly Compensation for Trainees

08/08/202408/08/2024
by Hannah Gutang

Khaleej Times, 6 August 2024: In a significant move to empower job seekers and enhance their employability, the Supreme Council Member and Ruler of Sharjah has approved the ‘Sharjah Program for Training and Qualifying Job Seekers.’

The program, set to commence on 12 August 2024, will provide trainees with a monthly compensation of Dh6,000 during their participation.

The initiative aims to benefit 1,815 citizens across various regions of Sharjah, offering them specialised rehabilitation programs and practical experience to prepare them for diverse projects within the emirate.

The program’s reach extends to 500 citizens from the city of Sharjah, 400 from Khor Fakkan, 400 from Kalba, 200 from Dibba Al Hisn, 300 from the central region, and 15 from Al Hamriyah.

Through this comprehensive training program, the Sharjah government seeks to equip job seekers with the necessary skills and knowledge to enhance their competitiveness in the job market.

The monthly compensation of Dh6,000 is designed to support the trainees financially during their participation, enabling them to focus on acquiring valuable expertise and practical experience.

The ‘Sharjah Program for Training and Qualifying Job Seekers’ highlights the emirate’s commitment to investing in its human capital and fostering a skilled and competent workforce.

By providing targeted training and financial support, the program aims to empower citizens, boost their employability, and contribute to the overall economic development of Sharjah.

Interested individuals are encouraged to explore the program’s details and eligibility criteria to take advantage of this unique opportunity for professional growth and career advancement.

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Saudi Arabia: Announces Key Labour Law Amendments to Improve Work Environment

08/08/202408/08/2024
by Hannah Gutang

The Saudi government has approved key amendments to several articles of the Labour Law, aiming to create a more attractive work environment and contribute to sustainable development in line with the goals of Vision 2030.

The Human Resources and Social Development Ministry has stated that the new amendments include 38 articles, deleting seven articles, and adding two new articles to the Labour Law.

These amendments align with the Saudi employment market strategy as well as international agreements ratified by the country.

The ministry has stated that the new amendments will take effect after 180 days from the date of their publication in the official Gazette.

The amendments aimed to improve the labour market in the country, enhance job stability, preserve the rights of parties to the contractual relationship, in addition to developing human resources, enhancing training opportunities for workers, and increasing job opportunities for citizens.

The amendments took into account the interests of all parties to the contractual relationship.

These included an expansion of the item on holidays and labour contracts; adding definitions of the terms: resignation and assignment; adding an article specifying the procedures for resignation; amending the grievance procedures for the worker; and adding penalties for practicing the activity of employing workers without a licence from the ministry.

The new amendments also stipulate that the employer must formulate a special policy for the training and qualification of employees in order to raise their skills and improve their standard.

A number of amendments were also made in the item on maritime work.

The ministry has explained that the new amendments were made after an extensive study.

This study involved standard comparisons with labour laws in several countries as well as an analysis of best global practices.

Over 1,300 participants offered their opinions and suggestions on the proposed amendments to various articles of the Labour Law.

These inputs were collected via the Istitlaa survey platform, run by the National Competitiveness Centre.

This is in addition to sharing opinions and advice with private sector establishments, relevant government agencies, labour committees, and a number of specialists and experts in human resources through workshops and consultative meetings.

These amendments are formulated to reinforce the directive to develop existing systems and regulations.

The aim is to contribute to supporting the market, production and service sectors.

The amendments also provide an appropriate legislative environment and support small and medium enterprises.

Ultimately, the goal is to create more job opportunities for citizens and achieve sustainable development goals.

These goals align with the labour market strategy and the targets of Vision 2030.

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Qatar: MoPH Intensifies Monitoring of Markets to Ensure Food Safety

08/08/202408/08/2024
by Hannah Gutang

The Peninsula, 4 August 2024: The Ministry of Public Health (MoPH) has ramped up its monitoring efforts in local markets to ensure the safety of imported and locally produced food products.

During the first half of 2024, the ministry inspected 60,520 shipments of imported food, verifying their compliance with relevant technical standards.

A total of 1,168,695,000 kg of imported food met these standards, while 985,676 kg of non-compliant food were destroyed, and 211 shipments were re-exported.

The Food Safety Department has issued 155 export and re-export certificates, 104 certificates for food product destruction, and 48 certificates for re-inspection of food items.

It processed 625 requests for food item destruction and 102 requests for re-analysis of food products.

The ministry handled 3,119 requests for final product clearance and conducted 147 reviews on the registration of local food establishments.

In the first half of the year, 1,279 food producers were registered, 1,734 certificates were issued to food handlers, and 766 food handler permits were granted.

To ensure compliance with laws, standards, and technical requirements, MoPH inspected 3,221 local food establishments.

A total of 7,022 samples from imported foods at the country’s ports and 10,064 samples from local establishments were analysed for safety and quality.

The “Watheq” electronic food safety system approved 21,457 food items, ensuring they met the necessary standards.

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Oman: More Services Added to Oman Business Platform

08/08/202408/08/2024
by Hannah Gutang

Shabiba, 28 July 2024: The Commerce, Industry and Investment Promotion Ministry has unveiled a series of enhancements and new facilities for investors and businesses through the Oman Business Platform.

These improvements aim to streamline processes, reduce bureaucracy, and create a more conducive environment for investment in Oman.

Among the key updates are simplified procedures for commercial registration services, including updating commercial register data and transferring ownership.

The ministry has also introduced improvements to license applications and registration processes for companies subject to the Foreign Capital Investment Law.

Notably, the ministry has reduced the number of required documents and prerequisites, contributing to a more user-friendly experience and enabling faster and more efficient transaction completion.

These measures are expected to significantly support the investment climate in Oman, making it more attractive for both local and foreign investors.

The ministry’s efforts align with the Oman’s broader strategy to diversify its economy and attract investments across various sectors.

By improving the ease of doing business and providing a supportive regulatory framework, Oman aims to position itself as a preferred destination for businesses seeking to establish or expand their operations in the region.

Investors and entrepreneurs can look forward to a streamlined and efficient process through the Oman Business Platform, enabling them to focus on their core business activities while benefiting from the government’s commitment to encourage a conducive investment environment.

For the full story, click here.

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Kuwait: MoCI to Tackle Fraud in Precious Metal

08/08/202408/08/2024
by Hannah Gutang

Arab Times, 1 August 2024: The Ministry of Commerce and Industry’s (MoCI’s) Undersecretary has issued a decision to form a joint working team between the Precious Metals Department and the Commercial Control Department to reduce the phenomenon of fraud in precious metals.

This team is headed by the Commercial Control Department’s Director, with a deputy and nine ministry employees as members.

The decision has defined the team’s responsibilities, which include conducting joint inspection tours between the two departments at gold and precious metal jewelry shops and workshops to combat commercial fraud.

The team’s activities will continue over three months from the date of the decision’s issuance.

The Commercial Control Inspection Teams at the Fish Market Centre in the eastern region affiliated with MoCI continue their efforts and inspection campaigns to monitor the performance of offices selling imported fish.

One of the campaigns had resulted in the closure of an office after the office owner started the auction without obtaining the approval of the ministry’s inspectors, violating the regulations and laws in force.

The inspection teams have also conducted several tours of school clothing stores in Hawally, resulting in the issuance of seven citations for various violations such as lack of price tags and absence of country of origin labels.

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Dubai: Procedures for Implementing Data Centres Economy Approved

08/08/202408/08/2024
by Hannah Gutang

Mubasher, 31 July 2024: Dubai Digital, in collaboration with key public and private sector partners, has taken steps to implement the strategic vision for the data centre economy in Dubai, previously approved by the Executive Council.

This initiative aligns with the Dubai Digital Strategy, aimed at positioning the emirate as a global model for digital transformation.

Dubai Digital is collaborating with the Telecommunications Regulatory Authority, Digital Government, Dubai Electricity and Water Authority, Dubai Municipality, the General Secretariat of the Executive Council, and the Dubai Department of Economy and Tourism.

Together, they are coordinating measures to enhance Dubai’s leadership and future-readiness in the data centre economy.

The strategic vision aims to establish Dubai as a leading destination for sustainable data centres, equipped to operate using cutting-edge artificial intelligence technology.

Adopting this vision will foster a comprehensive integration and coordination among various entities operating in this field, including the Dubai Digital Authority, Department of Economy and Tourism, Dubai Electricity and Water Authority, Telecommunications Regulatory Authority, Digital Government, and non-governmental organisations.

By embracing this strategic vision, Dubai is paving the way for a dynamic and integrated ecosystem that will drive innovation and position the emirate as a global hub for data centre operations and advanced technology.

For the full story, click here.

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UAE: Unveils First Licensed Lottery Operation, Establishes Gaming Regulatory Framework

02/08/202402/08/2024
by Hannah Gutang

Khaleej Times, 29 July 2024: The UAE has announced the launch of its first licensed lottery operation.

This is significant milestone in the establishment of a comprehensive regulatory framework for commercial gaming activities in the country.

The General Commercial Gaming Regulatory Authority (GCGRA), a federal entity, has unveiled the regulatory framework designed to protect consumers by ensuring fairness and transparency across all licensed commercial gaming activities, including lotteries.

The GCGRA emphasised that any unlicensed commercial gaming operations in the UAE are illegal for both operators and players, highlighting the importance of the newly established regulatory framework.

The Game LLC, a commercial gaming operator based in Abu Dhabi, has been granted the first license to operate under the banner of the ‘UAE Lottery’.

The company specialises in game development, lottery operations, and gaming-related content, promising to offer a diverse range of lottery and other games catering to various player interests and financial preferences.

However, specific details about the types of games to be offered have not been disclosed yet.

According to the GCGRA, commercial gaming refers to any game of chance or combination of chance and skill where money or valuable items are wagered for the purpose of winning.

This definition includes gaming machines, internet gaming, electronic skill-based games, lottery games, event wagering (including bets placed on sporting events or horse racing), and any other form of commercial gaming regulated and licensed by the GCGRA.

Engaging in, operating, or facilitating commercial gaming activities without a valid license is unlawful and will result in legal action, including criminal penalties.

Participating as a player in activities offered by unlicensed operators, whether online or at a physical venue, is also illegal and may subject individuals to severe penalties.

The GCGRA has emphasised the importance of responsible gaming practices, enforcing safeguards across every aspect of the gaming experience, from game design to marketing strategies and the provision of player support services.

The authority aims to minimise the potential adverse consequences of excessive gaming for individuals and society, promoting commercial gaming as an entertainment and leisure activity rather than a means to generate income or make money.

With the establishment of the regulatory framework and the licensing of the UAE’s first lottery operator, the GCGRA aims to create a safe and transparent environment for commercial gaming activities in the country, while also addressing potential risks associated with unlicensed operations.

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Saudi Arabia: Allows 100% Foreign Ownership in Most Business Sectors

02/08/202402/08/2024
by Hannah Gutang

The Saudi Vice Minister of Commerce and CEO of the National Competitiveness Centre (NCC) noted that the Kingdom allows 100% foreign ownership in most business sectors, a significant factor in attracting international investment.

This was highlighted during the Saudi-Korean Business Forum, where the Commerce Minister has emphasised that Saudi Arabia’s Vision 2030 has led to substantial economic diversification, fostering sustainable and inclusive growth, and encouraging innovation across various business sectors.

The forum, attended by the Saudi Ambassador to Korea and approximately 400 representatives from both public and private sectors, has highlighted the strategic trade relations between Saudi Arabia and Korea.

The Commerce Minister highlighted the collaborative efforts to boost economic prosperity, noting that trade volume between the two nations reached $35 billion from 2019 to 2023. Additionally, 174 commercial records were issued to Korean companies up to last April.

The Korean Minister of Trade emphasised the expanding Saudi-Korean economic and trade partnership across vital sectors such as automotive and shipbuilding, as well as emerging areas like AI, data centres, and smart cities.

He also noted the growth in trade services and stressed that the Korea-GCC Free Trade Agreement would elevate economic cooperation to a new level.

The NCC CEO outlined significant reforms aimed at boosting the Kingdom’s competitiveness.

She has highlighted the positive transformations in the Saudi economy and business environment.

Notably, 820 economic reforms have been implemented by 60 government agencies since 2016 in nine key areas, with 1,200 laws and regulations issued and updated to strengthen the legal framework.

The NCC CEO has also emphasised the digitisation of government services, which has reached 97%, and the activation of virtual commercial court sessions at a 99% rate, significantly improving litigation efficiency.

She has also mentioned that the establishment of the Saudi Business Centre has streamlined business licensing requirements by 55%.

The forum, organised by the NCC, the Federation of Saudi Chambers of Commerce, and the Korean Chamber of Commerce and Industry, aimed to expand economic partnership opportunities between the two nations.

It included two dialogue sessions: “Innovation and Technology,” featuring representatives from the Ministry of Investment, Monshaat, SDAIA, and Korean companies Naver and Rebellions, which discussed the role of government initiatives in promoting innovation and technology adoption.

The second session, “Advanced Manufacturing and Infrastructure,” was attended by representatives from various ministries and institutes, and tackled key developing sectors in advanced manufacturing and the challenges and opportunities posed by digital transformation in infrastructure development.

Nine agreements were signed by companies from both sides, marking a successful conclusion to the forum.

The event was held on the second day of the Saudi delegation’s visit to Korea from 29 July 2024 to 31 July 2024.

It was preceded by meetings between the Commerce Minister and Korea’s Minister of Trade, Industry and Energy, and Minister of Trade, where discussions focused on strengthening trade relations and cooperation in global trade issues, particularly in removing trade barriers and increasing exports.

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Qatar: Central Bank Issues DTL Guideline

01/08/202401/08/2024
by Hannah Gutang

Qatar Tribune, 26 July 2024: In line with Qatar’s Third Financial Sector Strategy, FinTech Strategy, and Qatar Central Bank’s commitment to regulating and developing the financial sector, the bank has issued the “Distributed Ledger Technology (DLT) Guideline”.

This guideline aims to establish a regulatory framework for financial institutions to develop smart solutions using DLT.

DLT provides a transparent and secure platform for recording transactions, enabling instant settlement and reducing the need for intermediaries.

Its benefits include increased efficiency, lower costs, enhanced transparency, and improved security, ultimately streamlining processes and fostering greater trust in the financial sector.

Qatar Central Bank has affirmed its ongoing efforts to create a favourable environment for the financial technology sector in the country.

This guideline supports the financial sector’s development, aligning with Qatar’s Third National Development Strategy, the final stage towards achieving Qatar National Vision 2030.

The vision aims to build a digital economy while stimulating widespread technology adoption and encouraging technological innovations, including in the financial sector.

The guideline is available on Qatar Central Bank’s official website.

Earlier, Qatar Central Bank had launched a national campaign, “Stay Aware,” in cooperation with the Ministry of Interior, National Cybersecurity Agency, and Qatar Financial Center Regulatory Authority.

The campaign aims to enhance awareness of cybersecurity risks and build a cyber-resilient society.

The campaign seeks to spread awareness among the public about the importance of data privacy and the dangers of financial fraud, highlighting cyber threats arising from rapid technological and digital development.

It identifies the main channels of cyber fraud, such as phone calls, social media, emails, SMS messages, and URL links, and provides the public with best practices and practical strategies to avoid falling victim to such threats.

Qatar Central Bank and its partners in this campaign emphasise the vital role of ongoing awareness efforts in building a safer electronic society capable of responding to cyber threats.

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Oman: FSA Implements Unified Life Insurance Policy for Borrowers

01/08/202401/08/2024
by Hannah Gutang

Atheer, 25 July 2024: The Financial Services Authority (FSA) has confirmed the implementation of a new unified template for life insurance policies for borrowers.

This policy aims to standardise the terms and provisions governing the contractual relationship between borrowers, banks, and insurance companies.

Effective 1 June 2024, all parties involved in the insurance relationship, including insurance companies, banks, and borrowers, are required to comply to the provisions outlined in Oman Capital Market Authority Decision No. H/4/2024.

The FSA has emphasised the importance of compliance with the new policy.

The CEO of the Financial Services Authority had previously issued a decision to introduce the new unified template for life insurance policies for borrowers, establishing a legal framework to regulate the contractual relationship between the borrower, the bank, and the insurance company.

The document provides a unified framework for the terms and conditions of insurance coverage contracts offered by insurance companies to borrowers from financial institutions.

In the event of death or permanent total disability, the insurance company will bear the remaining balance of the loan, ensuring financial protection for the borrower and their heirs.

One of the key features of the document is that it guarantees the protection of the rights of life insurance policyholders for borrowers by specifying the basic and optional benefits of insurance coverage.

This initiative enhances the social safety net for citizens and residents in Oman by facilitating access to appropriate financing while providing protection for the borrower and their beneficiaries.

The document also states that insurance companies cannot reject a claim on the pretext of non-disclosure of any diseases after four years from the policy’s effective date.

The implementation of the unified life insurance policy for borrowers is expected to bring transparency, standardisation, and enhanced protection for all parties involved in the insurance relationship.

For the full story, click here.

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