Newsletter Archives - Page 132 of 244 - LexisNexis Middle East

Oman: Grace Period for Expatriate Work Permits Extended

05/04/202205/04/2022
by Nawell Bel Hhaddou

Times of Oman, 1 April 2022: Oman’s Labour Ministry has announced the grace period for expatiate work permits has been extended.

They were due to expire on 31 March 2022.

They will now expire on 30 June 2022.

The grace period has been extended because of the ongoing fallout of the Coronavirus pandemic.

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Oman: Amendments to Implementing Regulations to Foreign Capital Investment Law Approved

04/04/202206/04/2022
by Benjamin Filaferro

Times of Oman, 4 April 2022: Oman’s Commerce, Industry and Investment Promotion Ministry has announced they have approved amendments to the Implementing Regulations to the Sultanate’s Foreign Capital Investment Law.

They have issued Oman Ministerial Decision No. 306/2022 to this effect.

Under the amendments, individuals, institutions and companies from inside or outside Oman can market investment opportunities in the country.

Article 1 of Oman Ministerial Decision No. 306/2022, states Article 5 of Oman Ministerial Decision No. 72/2020 will be amended to read ‘The Ministry may give licence to individuals, institutions and companies from inside or outside the Sultanate of Oman to market investment opportunities, attract investors and encourage them to invest in the Sultanate of Oman, in accordance with the rules to be determined by a decision of the Minister’.

It goes on to state Article 7 of Oman Ministerial Decision No. 72/2020 will be amended to read ‘The foreign investor or his representative may entrust one of the offices licenced by the Ministry to examine the investment licence application, and the requests for obtaining approvals, permits or licences necessary to establish the investment project, to indicate the extent to which they fulfil all the conditions and requirements legally prescribed for issuance. A certificate is issued to that by the office, which is valid and acceptable to the centre for a period of six months from the date of its issuance. However, the centre has the right to object to what is stated in this certificate, within 10 days from the date of its submission, and the objection must be justified’.

These offices may submit these applications to the Centre on the investor’s behalf and follow up on their completion.

A separate Ministerial Decision will be issued to specify the conditions and procedures for licensing these applications’ approval and their work mechanism as well as determining their obligations. Also reported in Atheer on 3 April 2022. For full story, click here.

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Oman: New Al Buraimi Economic Zone to be Established

04/04/202206/04/2022
by Benjamin Filaferro

Times of Oman, 1 April 2022: Oman’s Labour Ministry has announced the grace period for expatiate work permits has been extended.

They were due to expire on 31 March 2022.

They will now expire on 30 June 2022.

The grace period has been extended because of the ongoing fallout of the Coronavirus pandemic.

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Saudi Arabia: Saudisation of Key Jobs in Fun Cities to Begin

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

Saudi Gazette, 31 March 2022: Saudi Arabia’s Human Resources and Social Development Minister has announced the Saudisation of key jobs in fun cities and family recreational centres is going to begin.

Under the programme, 100% of jobs in fun cities at malls will be Saudidised.

70% of jobs in permanent and seasonal fun cities and family recreational centres will be Saudidised as well.

The programme will start from 23 September 2022.

Key jobs which are going to be covered by the programme are branch managers, department managers, department supervisors, assistant branch managers, cash supervisors, customer service jobs, sales specialists and marketing specialists.

Under the relevant Ministerial Decision, some jobs will be exempt.

They will include cleaning workers, loading and unloading workers and operators of specific games which require competence and specialist certificates.

The Ministry have recently issued a procedural guide to inform employers and establishments about the mechanism to calculate Nitaqat percentages of Saudisation and the penalties for violations of the regulations.

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Egypt: Amendments to Brokers and Agencies Law Approved

31/03/202231/03/2022
by Benjamin Filaferro

Youm7, 29 March 2022: Egypt’s House of Representatives has approved the final amendments to Egypt Law No. 120/1982 on brokers and commercial agencies.

The law aims to control and restrict expanding brokery activities to reduce chaos in the real estate market by registering brokers and agencies in the related authority.

It supports Government attempts to activate electronic payments and registry in order to tackle money laundering attempts and increase investment projects. For full story, click here.

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Bahrain: Central Bank Issues Updated Investment Fund Operation Directives

31/03/202231/03/2022
by Benjamin Filaferro

Bahrain’s Central Bank has issued updated investment fund operation directives.

They have done so following a comprehensive review of the rules governing the work of these entities as part of its plan to carry out a comprehensive review of the entire legislative system related to the financial sector.

The amendments focus on dividing investment funds into two categories.

The first category of funds relates to small investors and contain details of the nature of investment in the funds and require approval from the Bank first.

The second category of funds relates to investors with high financial solvency and experience. Those in this category only have to notify the Bank of the fund marketer.

The updated rules take the rapid and continuous changes in the investment fund sector into account.

They are aimed at reducing administrative procedures and facilitating approvals for the establishment and marketing of investment funds in order to create an environment to enable the sector to grow with appropriate regulations in place.

This will improve the competitiveness of investment fund operators and investment managers. For full story, click here.

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Kuwait: Trade Fair Rules Must be Complied With

30/03/202230/03/2022
by Benjamin Filaferro

Arab Times, 27 March 2022: Kuwait’s Interior Ministry has announced trade fair rules must be complied with.

The security directorates in the respective governorates have to be informed of temporary exhibitions.

They have to be organised and comply with the relevant Ministerial Decision on the establishment of temporary trade fairs.

The rules for hosting concerts are different. The General Directorate of Criminal Investigation of the Information Ministry has to be informed by the organiser of the concert.

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UAE: Sustainable Green Building Codes Launched

29/03/202229/03/2022
by Benjamin Filaferro

The UAE has announced it has launched a range of new green building codes.

They were launched to help save energy and water during Expo 2020 Dubai’s Water Week.

The Energy and Infrastructure Minister introduced the list of terms, conditions and specifications which Government buildings and organisations should uphold to get sustainable and environmentally-friendly.

They specify a list of standards, conditions and requirements which will ensure a more sustainable environment for future generations, reduce energy and water consumption, mitigate the carbon footprint of construction and building sites and improve the quality of buildings and their surrounding environment.

They aim to unify local and federal efforts and goals related to energy and water efficiency standards at the national level and contribute to creating high-efficiency buildings. They also aim to work on updating current construction manuals and streamline the development of new guidelines and regulations which align with the UAE’s objectives for the next 50 years as well as its plans to become a global leader in the field of sustainable economic development.

The codes were prepared by the Ministry together with relevant federal and local authorities in line with the UAE Energy Strategy 2050 and the Water Security Strategy 2036. Also reported in Alroeya on 25 March 2022. For full story, click here.

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Qatar: Business Map Portal Launched

28/03/202228/03/2022
by Benjamin Filaferro

The Peninsula, 25 March 2022: Qatar’s Commerce and Industry Ministry has announced it has launched the Qatar Business Map portal.

It is available on the Ministry’s website.

It has been launched in line with Qatar Law No. 1/2020 (the Unified Economic Register Law).

It aims to support the transparency of economic and financial transactions by compiling basic information, data and documents for economic establishments, legal arrangements and non-profit organisations and freelancers.

It also aims to make them available to the public and stakeholders in line with Financial Action Task Force requirements.

The portal provides a comprehensive database for users, allowing them to view the investment advantages of Qatar’s various regions through a search service for commercial establishments per region and for various commercial activities.

A QR code will be included on the documents issued via the Ministry’s Single Window platform in order to assist the relevant authorities in viewing the commercial registration data and verifying their validity and accuracy. It is a database for entrepreneurs and investors to facilitate their access to target customers. It aims to help users select the ideal location to establish a business and choose a lucrative business activity. It also helps identify the location of potential competitors.

It helps find residential areas for entrepreneurs and investors to establish their commercial activities as well as analysing the location to understand the target customer base and measure the feasibility of the commercial project in a specific area.

It is aimed at assisting the relevant authorities by reducing the levels of misleading data submitted to the relevant authorities by some companies. This will help ensure the validity and accuracy of commercial registration data and release commercial companies from having to use the company’s seal to stamp the requests submitted to the relevant entities to obtain their services.

It also aims to help them by exempting the relevant companies from obtaining the seal and manual signature of the relevant administrative units at the Commerce and Industry Ministry to ensure accuracy and validity of data of the commercial registers where they refer back to the relevant authorities and enable the relevant authorities to confirm the accuracy of documents by scanning the QR code on the official documents issued by the Ministry.

It also provides statistics on the number of commercial licenses registered in each municipality, new and signed-off commercial licenses and the latest commercial establishments registered in Qatar.

It can be accessed via https://businessmap.moci.gov.qa. Also reported in Al-Sharq on 24 March 2022. For full story, click here.

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Oman: New Al Buraimi Economic Zone to be Established

28/03/202228/03/2022
by Benjamin Filaferro

Times of Oman, 23 March 2022: Oman’s Sultan has announced it is going to establish a new Al Buraimi Economic Zone.

It will be established in the Al-Rawdah District.

Site visits will be carried out in the next few days to determine the location.

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