Newsletter Archives - Page 14 of 243 - LexisNexis Middle East

Abu Dhabi: Digital Currency Payments for Court Fees

25/07/202525/07/2025
by Hannah Gutang

Khaleej Times, 21 July 2025: The Abu Dhabi Judicial Department (ADJD) becomes the first government entity in the Middle East to officially accept the AE Coin for judicial and legal service fees.

This means court fees can be paid in digital currency.

Under a strategic partnership agreement signed with the Al Maryah Bank court users can pay for a wide range of judicial service using AE Coin which is a stablecoin regulated by the UAE Central Bank — via the AEC Wallet. This offers a secure, fully digital, and rapid alternative to traditional payment methods.

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UAE: Market Regulator Introduces New Goodwill Valuation Rules for Listed Companies

18/07/202518/07/2025
by Hannah Gutang

Gulf News, 14 July 2025: The UAE Securities & Commodities Authority (SCA) has approved new regulations governing how listed companies must account for goodwill in mergers and acquisitions.

The regulatory framework establishes specific valuation principles for goodwill—the premium paid above a company’s net asset value during an acquisition. Under the rules, goodwill can only be recognised when a company is acquired and cannot be created internally.

The new regulations, which classify goodwill as an intangible asset, will affect all publicly listed UAE companies involved in mergers and acquisitions. Several companies, including Gulf Navigation, Multiple Group, and Emirates Driving, have recently been active in corporate acquisitions.

This measure follows recent SCA regulatory initiatives, including new frameworks for social media financial influencers and robo-adviser funds. The authority’s board has also reviewed the implementation of its recently launched financial influencer registration programme.

The regulations require boards of directors, audit committees, and external auditors to follow specific guidelines for goodwill valuation and disclosure to investors.

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Saudi Arabia: Cabinet Approves New Social Bank Financing Programme

18/07/202518/07/2025
by Hannah Gutang

Saudi Gazette, 9 July 2025: The Saudi Cabinet has approved a new programme enabling the Social Development Bank to sponsor vulnerable citizens seeking access to financial products.

The initiative will help qualifying individuals obtain financing from either the Social Development Bank or other financial institutions. This marks an expansion of the bank’s existing services, which have already provided SR160 billion (£34 billion) in cumulative financing to over 10 million beneficiaries.

Key aspects of the programme include:

Direct sponsorship for vulnerable citizens
Access to financing products from multiple providers
Integration with existing bank services
Support for both individual and business financing

The Social Development Bank will now develop and implement detailed procedures for the new sponsorship scheme. This follows the bank’s established role in providing specialised financing solutions across Saudi Arabia.

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Qatar: Cabinet Approves New School Staff Benefits and Pension Rights

18/07/202518/07/2025
by Hannah Gutang

Al Sharq, 15 July 2025: Qatar’s Council of Ministers has issued Qatar Decision No. 23/2025, amending employment regulations for government school staff and addressing ongoing pension reform concerns.

The new decision repeals Article 14 of Qatar Decision No. 32/2019, which previously excluded certain allowances and bonuses from gross salary calculations during leave periods for school employees.

This latest amendment follows the implementation of Qatar Law No. 1/2022 on Issuing the Social Insurance Law, which replaced the previous pension legislation (Qatar Law No. 24/2002). However, the new regulations maintain existing limitations regarding end-of-service benefits calculations for the first 20 years of service.

Key changes include:

Full inclusion of allowances and bonuses in gross salary calculations during leave periods
Updated pension calculation methods
Revised employment benefits for education sector staff.

The pension fund maintains its position that it bears no responsibility for service periods prior to its establishment in 2002, despite ongoing discussions about end-of-service benefit calculations for longer-serving employees.

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Oman: Details Protected Sectors Off-Limits to Foreign Investment

18/07/202518/07/2025
by Hannah Gutang

Times Of Oman, 12 July 2025: Oman has outlined specific economic sectors that remain exclusively reserved for national investors, whilst maintaining its open-door policy for foreign investment across most of the economy, according to legal experts.

A representative from the Law Firm detailed the comprehensive list of protected activities that foreign investors cannot enter under recent Ministerial Decisions.

The restricted sectors include the manufacture and retail of traditional Omani products such as halwa, traditional headwear (kummah), daggers (khanjars), and traditional textiles. Craft production using materials like leather, wood, silver, and pottery is also reserved for Omani nationals.

The protection extends to various service sectors, with foreign investment prohibited in areas including Arabian clothing tailoring, specific vehicle repair services, driving schools, and basic retail operations such as grocery shops and fresh produce sales.

Additional restrictions apply to labour recruitment, real estate brokerage, customs clearance, and certain transport services. Recent amendments have further expanded the protected list to include mobile coffee shops, skin care services, plant nurseries, and event supply rentals.

It’s also noted that existing foreign investments in newly restricted sectors may continue operating but cannot be transferred to new foreign owners without ministerial approval.

Outside these protected areas, Oman continues to welcome foreign investment through its Foreign Capital Investment Law, offering investors benefits including tax incentives and land access options through the Investment Services Centre.

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Kuwait: Launches New Phase of Capital Market Reforms

18/07/202518/07/2025
by Hannah Gutang

Kuwait Times, 12 July 2025: Kuwait’s Capital Markets Authority (CMA) has implemented the second part of phase three of its Capital Market System Development Program, introducing significant changes to the country’s financial infrastructure.

Under Kuwait Decision No. 101/2025, Kuwait Clearing Company has become the country’s first licensed central broker, marking a key milestone in implementing Kuwait Law No. 7/2010.

Ten brokerage firms have been upgraded to “Qualified Broker” status, expanding their capacity to offer financial services. The CMA has also developed and tested new technical systems for bonds, sukuk, and ETF indices trading.

The reforms include the introduction of sub-account numbers within consolidated accounts for both investment and electronic portfolios, enhancing market supervision capabilities at Boursa Kuwait.

The authority has completed preparations for cash settlements through the Central Bank of Kuwait system and settlement banks, while establishing a financial collateral chain.

These changes follow Kuwait Decision No. 101/2025, which required the CMA to issue new licenses and implement regulatory adjustments. Draft amendments to the executive regulations of Kuwait Law No. 7/2010 have been prepared to accommodate new financial products in the market.

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Bahrain: Sets New Rules for Bankruptcy Trustee Compensation

18/07/202518/07/2025
by Hannah Gutang

The Daily Tribune, 14 July 2025: Bahrain’s Minister of Justice has issued new regulations governing the payment of bankruptcy trustees, giving courts enhanced control over fee determinations.

Under the new order, trustees must submit proposed fees within 10 days of appointment or at nomination. Courts will review these proposals alongside the creditors’ committee recommendations before making final decisions.

Key provisions include:

Courts can modify fees throughout the case proceedings
Payments will be drawn from the insolvent estate
Assessment criteria include business size, work complexity, and asset value preservation
Additional compensation is available for exceptional services
Staged payments to follow prescribed tables unless courts decide otherwise

The regulations specify that:

Stakeholders have 30 days to challenge court-set fees
Trustee fees receive priority status over unsecured debts
Payment can be deferred if the estates lack immediate funds
New assessments are required for duties extending beyond six months post-reorganisation.

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Abu Dhabi: Introduces Comprehensive Maritime Safety Regulations

18/07/202518/07/2025
by Hannah Gutang

Gulf News, 12 July 2025: Abu Dhabi’s Department of Municipalities and Transport (DMT) has unveiled new maritime safety regulations to govern the emirate’s extensive waterways, spanning 45,000 square kilometres and featuring a 2,400-kilometre coastline.

The “Regulatory Bylaw for Maritime Safety” establishes mandatory standards for licensing, operations, and environmental protection across Abu Dhabi’s waters, including its 230 islands.

Abu Dhabi Maritime, working alongside the Integrated Transport Centre, will oversee the implementation of the new framework. Their responsibilities include conducting vessel inspections, managing wreck removal, monitoring infrastructure, and maintaining navigational aids.

The regulations introduce a new fee structure covering licenses, permits, and inspections. A system of financial penalties will be imposed for violations, including unsafe conduct, environmental infractions, and breaches of navigation rules.

Under the new framework, maritime stakeholders must comply with specific requirements regarding:

Operational conduct
Licensing procedures
Environmental protection measures
Emergency response protocols

The implementing body, Abu Dhabi Maritime, will provide maritime users with access to relevant legislation, codes of practice, and guidelines. The organisation will also deliver information services covering tidal conditions and weather forecasts.

These regulations will apply to both commercial and recreational waterway users across the emirate’s maritime jurisdiction, establishing unified standards for all vessel operations and water-based activities.

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UAE: New Media Legislation Enforces Strict Penalties Across Media Activities

10/07/202518/07/2025
by Hannah Gutang

Khaleej Times, 3 July 2025: The UAE enforced a new media law designed to regulate media activities, establishing stringent penalties that escalate to fines as high as Dh1 million for violations such as disrespecting religious beliefs and operating without proper licensing.

The law imposes penalties up to Dh1,000,000 for insulting religious beliefs and up to Dh100,000 for any media content violating public morals or spreading destructive ideas. Further fines up to Dh150,000 apply to inciting crimes like murder, rape, or drug abuse.

Disrespecting the UAE’s ruling system, national symbols, or state institutions incurs fines between Dh50,000 and Dh500,000, and content undermining national unity or foreign relations leads to fines up to Dh250,000.

Operating without a licence incurs penalties ranging from Dh10,000 for first-time offences to Dh40,000 for repeat violations. Similar fines apply to expired licences and unapproved changes to licensing conditions.

First-time dissemination of false information attracts a fine of Dh5,000, doubling upon repetition. Organising events like book fairs without permits draws fines of Dh40,000, incrementally increased for repeated offences.

Finally, if a foreign correspondent works without a licence they will receive written warnings, and repeat offences will lead to fines starting at Dh10,000.

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Sharjah: SEWA Introduces Automatic Service Connection System

10/07/202510/07/2025
by Hannah Gutang

Gulf Today, 6 July 2025: The Sharjah Electricity, Water, and Gas Authority (SEWA) and the Sharjah Municipality have launched an innovative electronic linkage system to facilitate automatic service connections.

This system activation follows the authentication of rental contracts by the Sharjah Municipality, which integrates into SEWA’s services seamlessly. These include the automatic closure of accounts once a clearance certificate is provided by the Sharjah Municipality.

As part of this new system, on authenticating a rental contract, new subscribers receive a text message indicating the required deposit. Once this deposit is paid, services are automatically connected, eliminating the need for any further subscriber intervention.

This will simplify new tenants’ access to essential utilities.

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