Newsletter Archives - Page 134 of 247 - LexisNexis Middle East

Bahrain: Maritime Law Ratified

11/04/202211/04/2022
by Nawell Bel Hhaddou

Al Watan, 7 April 2022: Bahrain’s King has ratified Bahrain Law No. 10/2022 issuing the Maritime Law.

It had already been approved by the Shoura and Representative Councils.

Under Article 1, the Maritime Law will be enforced, in a way which does not conflict with the provisions of relevant international conventions and treaties and protocols in force in the Kingdom.

Under Article 2, the Law of Ship Registration and Determining Safety Conditions promulgated by Bahrain Decree-Law No. 14/1978 and the Maritime Law promulgated by Bahrain Decree-Law No. 23/1982 (as amended) as well as any provision which contradicts the provisions of the Law will be repealed.

Under Article 3, the Minister responsible for Ports and Maritime Affairs will issue the Implementing Regulations and decisions necessary to implement the Law.

They will do within six months of the Law being published in the Official Gazette.

For full story see https://alwatannews.net/Bahrain/article/1000003/%D8%A7%D9%84%D9%85%D9%84%D9%83-%D9%8A%D8%B5%D8%A7%D8%AF%D9%82-%D9%88%D9%8A%D8%B5%D8%AF%D8%B1-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%B1%D9%82%D9%85-(10)-%D9%84%D8%B3%D9%86%D8%A9-2022-%D8%A8%D8%A5%D8%B5%D8%AF%D8%A7%D8%B1-%D8%A7%D9%84%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D8%A8%D8%AD%D8%B1%D9%8A.

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Dubai International Financial Centre Launches Consultation on Proposed Amendments to Prescribed Company Regulations

06/04/202206/04/2022
by Nawell Bel Hhaddou

The Dubai International Financial Centre has launched a consultation on proposed amendments to the DIFC Prescribed Company Regulations. It ends on 4 May 2022.

The key amendments include consolidating and expanding the definition of Qualifying Applicant, consolidating and expanding the definition of Qualifying Purpose, disapplying certain provisions of the Companies Law, DIFC Law No. 5/2018 in respect of private companies for Prescribed Companies whose Qualifying Purpose is a Structured Financing or a Crowdfunding Structure.

There are also miscellaneous amendments.

The amendments are aimed at improving the DIFC’s regulatory framework and providing further structuring options for businesses operating in or from the Centre.

Also reported in Al Bayan on 5 April 2022. For full story see https://www.albayan.ae/economy/uae/2022-04-05-1.4408733.

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Dubai: Provision of Digital Services Law Approved

05/04/202206/04/2022
by Nawell Bel Hhaddou

Dubai’s Ruler has issued Dubai Law No. 9/2022 on the regulation of the provision of digital services in the Emirate.

It has been issued to accelerate the Emirate’s digital transformation, improve the provision of digital services and promote the digitisation of services in the public and private sectors.

Under the Law and relevant decisions, Government entities and judicial authorities, including the Dubai Courts and Dubai Public Prosecution, as well as non-Government entities in Dubai, have to provide digital services to their customers.

The Chairman of the Executive Council will issue a decision on the roadmap for the implementation of the Law in line with the recommendations of the Digital Dubai Authority.

The Law outlines the conditions for providing digital services and adopting digital identities for obtaining subscribed services as well as cybersecurity requirements set by Dubai Electronic Security Centre.

It also covers the conditions for electronic payment solutions approved by the Department of Finance, service continuity in the event of disruptions, digital services approved by the Digital Dubai Authority and provision of services in Arabic, English and other languages.

Under the Law, digital services provided in Dubai must be user-friendly and accessible to disabled people free of charge.

The Digital Dubai Authority, together with the General Secretariat of the Executive Council of Dubai and the Dubai Electronic Security Centre can exempt an entity from any of these conditions.

The Law states customers have to update their information submitted to digital service providers and adhere to terms and conditions outlined by the entity. Under the Law, customers will be held accountable for misusing the service and not adhering to required procedures.

In addition, under the Law, an entity can outsource its digital services to a public or private company, subject to the approval of relevant authorities and the Finance Department.

The outsourcing contract should clearly outline the responsibilities of each party, including contract duration and confidentiality requirements, as well as the rules for providing digital services.

The Director General of the Digital Dubai Authority, together with the General Secretariat of The Executive Council will issue the decisions and technical requirements required to implement the Law. These decisions will have to be published in the Official Gazette and the technical requirements published on the Digital Dubai Authority’s official website.

All digital service providers in Dubai must comply with the Law within a year of it being implemented.

The Chairman of the Executive Council can extend this deadline for a similar period based on the recommendations of the Digital Dubai Authority.

The Law states Federal and local legislations on digital transactions and digital signatures will apply to digital services in Dubai.

The Law will be published in the Official Gazette and come into force on its published date.

Also reported in Alroeya on 4 April 2022. For full story, click here.

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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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