Newsletter Archives - Page 153 of 247 - LexisNexis Middle East

Egypt: First License for Financial Leasing for Small Business Approved

18/08/202118/08/2021
by Benjamin Filaferro

Youm7, 15 August 2021: Egypt’s Financial Supervisory Authority has announced it has issued the first license to a company providing financial leasing services to small businesses.

The approval has been issued as part of the implementation of Egypt Law No. 176/2018.

The Authority said it will boost financial inclusion in the Egyptian market and open new opportunities for small businesses to extend their operations.

For full story, click here.

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Oman: Motor Insurance Law Amendments Approved

17/08/202117/08/2021
by Benjamin Filaferro

Oman’s Sultan has approved amendments to the Sultanate’s Motor Insurance Law.

They have issued Oman Sultani Decree No. 53/2021 to amend Oman Sultani Decree No. 34/1994.

Anything which contradicts or contravenes with the Decree will be repealed.

It will be published in the Official Gazette and come into force the day after it is published.

The Sultan also approved Oman Sultani Decree No. 54/2021 to implement the GCC Unified Law (System) on Combating Commercial Deception.

When it is being implemented, specific phrases will have specific meanings.

The Authority will mean the Consumer Protection Authority;

The Minister will mean the official tasked with implementing the Decree. This will be the Chairman of the Consumer Protection Authority.

Employees designated as Judicial Inspectors will mean employees of the specialist Authority and the Ministries of Commerce, Industry and Investment Promotion, Agriculture, Fisheries and Water Resources, Health and other relevant departments in line with the laws and Sultani Decrees awarding these officials the designation or mission of judicial inspection for crimes stated in the Decree which relate to their employment role and responsibilities.

The Decree complements Oman Sultani Decree No. 84/2008 (the Food Security Law). Anything which contradicts or contravenes it will be repealed.

It will be published in the Official Gazette and come into force the day after it is published.

The Sultan approved Oman Sultani Decree No. 55/2021 ratifying the agreement on establishing the GCC Accreditation Centre and Annex-1 as well. It will be published in the Official Gazette and come into force on its issued date.

Finally, they approved Oman Sultani Decree No. 56/2021 ratifying the agreement between Oman and the GCC Secretariat General relating to the headquarters of the GCC Statistical Centre. The agreement was signed in Muscat in June 2021.

It will be published in the Official Gazette and come into force on its issued date.

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Dubai: New Action Plan for Emiratisation Announced

16/08/202116/08/2021
by Benjamin Filaferro

Gulf News (United Arab Emirates), 15 August 2021: Dubai’s Deputy Ruler has announced a plan to boost Emiratisation in the private sector is being prepared.

The plan will be implemented in 100 days.

The Emirati Human Resources Development Council has been asked to develop the action plan.

The plan will outline measures to establish a wide range of partnerships with companies, organisations and free zone entities to improve the job prospects of UAE nationals in the private sector.

It will also include strategies to work with the education sector to link learning outcomes to job market requirements. The plan will also feature career guidance programmes for students in future-oriented sectors, in alignment with country’s long-term strategies.

The Council added they will be proposing new legislation, policies and initiatives to improve the employment opportunities for Emiratis in various sectors and align their skills with labour market requirements.

It was the Council’s first meeting following the issuing of Dubai Decree No. 27/2021.

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Saudi Arabia: Artificial Lakes Cannot be Created

15/08/202115/08/2021
by Benjamin Filaferro

Saudi Gazette, 12 August 2021: Saudi Arabia’s Environment Water and Agriculture Ministry has announced artificial lakes cannot be created on farms.

These lakes are usually created for investment or recreational purposes.

Anyone who creates an artificial lake will be committing a violation of the water regulations.

The regulations aim to protect water resources, ensure their sustainability, rationalise their consumption and prevent future misuse.

The Ministry added they do not grant licenses to dig wells or lakes.

They went on to say they will take action against any violators.

Among other penalties, the license to use groundwater could be revoked for repeat offences.

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Egypt: Draft Labour Law Explained

15/08/202115/08/2021
by Benjamin Filaferro

Youm7, 12 August 2021: The Egyptian authorities have explained the provisions in the draft Labour Law.

The draft law will determine the retirement age for employees in the private sector and the situations in which the retirement age can be extended.

It states that the retirement age should be 60.

Under the draft law, the employee will receive a severance payment calculated based on half salary of the first five years and full salary for the next years of their service.

The severance payment will be calculated based on the value of the last salary received. Where the employee dies, the severance payment will be paid according to the provisions in the Social Security Law.

For full story, click here.

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Qatar: Fees Can Only be Increased with Ministry Approval

15/08/202115/08/2021
by Benjamin Filaferro

Gulf Times, 11 August 2021: Qatar’s Education and Higher Education Ministry has announced private school fees can only be increased with their approval.

Their Private Schools Licensing Department is responsible for monitoring tuition and other fees charged by private schools and kindergartens in the country.

Private schools and kindergartens who increase fees without Ministry approval will commit a violation.

They should submit an application with all the necessary justifications and reasons for the increase with the relevant documents.

Any increase in fees should correspond to improvements in the educational or other related services offered to students. They should also consider the need for investors to make reasonable profit to help them improve their investment in education and continue it.

The Ministry added there are various standards and conditions which apply and should be followed by schools to get approval for any fee increases.

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Abu Dhabi: New E-commerce Policy Announced

11/08/202111/08/2021
by Benjamin Filaferro

Gulf News (United Arab Emirates), 10 August 2021: Abu Dhabi Customs has announced it has issued a new e-commerce policy.

The policy will apply to goods imported or exported by companies for online trading, including for exports outside the UAE.

Companies will also have to register for e-commerce related transactions with the Customs Department.

It will come into force on 15 August.

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UAE Participates in Landmark Multinational Cooperation Money Laundering Case

11/08/202111/08/2021
by Benjamin Filaferro

Arab News, 7 August 2021: UAE law enforcement agencies have participated in a landmark multinational cooperation money laundering case.

The case involved six individuals who were being tried by a federal grand jury in Los Angeles.

They are accused of defrauding a Qatari school founder and laundering the proceeds through banks around the world.

They are accused of faked the financing of a Qatari school by playing the roles of bank officials and creating a bogus website as well as bribing a foreign official to keep the scheme going.

Under the US Penal Code, both conspiracy counts carry a statutory maximum sentence of 20 years in jail. Aggravated identity theft carries a mandatory two-year jail term.

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Turkey: Prosecutor Launches Probe Into Help Turkey Social Media Posts

08/08/202108/08/2021
by Benjamin Filaferro

Hurriyet, 5 August 2021: The Ankara Chief Public Prosecutor’s Office has launched a probe into social media posts that asked for foreign help with the hashtag Help Turkey following wildfires in the country.

In a statement on 5 August 2021, the prosecutor’s office argued that the posts were trying to show the country as ‘incapable’ and had ‘attempted to create panic, fear and concern among the public.

It was stated as a result of an examination, it had been determined that some individuals and groups were trying to create anxiety, fear and panic among the people and humiliate the Turkish state and government through real or bot accounts.

It was stated the accounts had disseminated what was described as ‘unreal content’ on the fires and tried to create an environment of ‘chaos by provoking social media users who were sensitive about the subject’.

It was added by the Prosecution that the same accounts had been previously been used by terrorist organisations.

It was said that it had been decided that there was visual and written content that had negatively affected the morale and motivation of public officials and volunteers fighting the fires by putting allegations and news (which were said to be without a basis) into circulation, causing the people in the region to despair, and were intended to show the state was incapable of fighting the fire which constituted a crime.

The prosecutor has drawn up charges of ‘insulting a public employee’, ‘insulting the president’, insulting the government, ‘causing concern, fear and panic among the public’; and ‘inciting hatred and enmity’.

Instructions have been given to carry out the necessary technical analysis in order to identify the real individuals who have participated in the crime; by coordinating fake accounts and circulating the posts which contained the ‘criminal elements’. News investigations will begin if a crime is detected.

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Egypt: Broker Registry for Micro, Small, and Medium Enterprises

08/08/202108/08/2021
by Benjamin Filaferro

Daily News Egypt, 5 August 2021: The Chairperson of the Financial Regulatory Authority (FRA) has revealed a draft law regulating the finance brokerage activity in the micro, small, and medium enterprises (MSMEs) sector has been approved.

The law states a registry will be created for those wishing to engage in finance brokerage activities. The aim is to protect all parties, whether financing entities or individuals dealing with those entities, after they have demonstrated practical application of the provisions in Egypt Law No. 141/2014.

In order to protect the funds of the entities which are licensed to finance MSMEs, the authority’s board of directors has included a draft amendment to the law’s provisions which would criminalise using fraudulent methods for obtain financing from a company, association or civil institution licensed by the Authority to engage in the activity of MSMEs financing. The board of directors have also approved a proposal to amend some of the provisions of the law which regulate consumer finance activity, by creating a register with the authority to register those who wish to engage in paid sponsorship activity, and to protect the rights of entities which work in consumer finance.

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