Newsletter Archives - Page 156 of 244 - LexisNexis Middle East

Saudi Arabia: Cybersecurity Framework Implemented

02/06/202102/06/2021
by Benjamin Filaferro

Arab News, 30 May 2021: Saudi Arabia’s Communications and Information Technology Commission has announced it has started implementing a cybersecurity framework.

It contains a comprehensive set of cybersecurity requirements and controls which will contribute to regulating the communications, IT and postal service sectors.

A risk management methodology has to be adopted and all cybersecurity requirements have to be met by service providers to enable them to effectively deal with cyber threats.

It will apply to service providers in the communications, IT, and postal services sector and is aimed at increasing their security levels.

It aims to ensure adequate cybersecurity measures are adopted in line with best international practices.

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Kuwait: Compensation for Frontline Workers Law Approved

30/05/202130/05/2021
by Benjamin Filaferro

Kuwait Times, 27 May 2021: Kuwait’s National Assembly has approved a draft compensation for frontline workers law.

If approved, it will allocate 600 million Dinars to grant financial rewards for over 200,000 frontline workers who were involved in tackling Coronavirus. It will apply to Kuwaiti and expatriate employees who took part in the efforts to combat the coronavirus pandemic in the period between 24 February and 31 May 2020.

They also approved principles on amendments to expand the scope and penalties of a Zionist entity boycott law. The amendments state a jail term of up to three years for dealing with Israel will be imposed.

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Saudi Arabia: Issuing of Tourist Visas to Resume Soon

30/05/202130/05/2021
by Benjamin Filaferro

Arab News, 27 May 2021: According to Saudi officials, the issuing of tourist visas is going to resume soon.

They were suspended last year because of Coronavirus.

The official added the Saudi Arabian authorities are also working with other Middle Eastern and European nations on a unified protocol to facilitate travel.

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Oman: Expatriate Work Permit Fees to be Imposed From 1 June 2021

30/05/202130/05/2021
by Benjamin Filaferro

Oman’s Labour Ministry has announced expatriate work permit fees will be imposed from 1 June 2021.

They will apply to expatriates working in high and medium level jobs, as well as technical and specialist jobs. Fees for obtaining business licenses of SMEs will also be implemented on the same date.

It will cover existing and new applications as well as previous applications of business owners who failed to pay the prescribed fees before the enforcement of this decision.

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UAE: Conditions for Financial Activity Licenses Being Revoked Announced

27/05/202127/05/2021
by Benjamin Filaferro

Mubasher, 26 May 2021: The UAE’s Securities and Commodities Authority has announced the conditions for financial activity licenses being revoked.

The license will be revoked if the company violates its obligations or engages in a bankruptcy case before the courts.

A license will also be revoked if the company fails to engage in a financial activity within six months of receiving the license. For full story, click here.

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UAE: Anti-tax Evasion Plan Approved

27/05/202127/05/2021
by Benjamin Filaferro

The UAE’s Economic Integration Committee of the UAE has approved an anti-tax evasion plan.

It will involve collecting the data of ultimate beneficial owners. These individuals own 25% directly or indirectly of a company’s capital.

It will include a flexible plan and is aimed at obtaining data on beneficial owners of over 400,000 companies registered in the UAE and an action plan to tackle tax evasion.

It follows the issuing of Cabinet Decision No. 57/2020 last year.

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Abu Dhabi: Global Market Updates Venture Capital Managers Framework

25/05/202125/05/2021
by Benjamin Filaferro

The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has announced it has updated its venture capital managers framework.

The authorisation criteria and ongoing regulatory requirements have been amended.

The aim is to provide more flexibility in permissible investments in target entities.

The Authority has also approved amendments to its fees framework.

The amendments extend the scope of those who can pay fees on behalf of authorised entities and the methods by which fees can be paid.

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Bahrain: Investor Relations Best Practice Guide Launched

25/05/202125/05/2021
by Benjamin Filaferro

Bahrain’s Bourse has announced it has issued an Investor Relations Best Practice Guide.

It aims to highlight the importance of the Investor Relations function and the effect of implementing Investor Relations best practices on the valuation and competitiveness of listed companies in the market.

It includes guiding principles of Investor Relations, outlines the operating and regulatory environment and provides guidance on Investor Relations’ strategies in line with best international practices. It also includes case studies from listed companies’ Investor Relations best practices.

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Saudi Arabia: Maximum Overtime Limits Announced

23/05/202123/05/2021
by Benjamin Filaferro

Al Madina, 20 May 2021: Saudi Arabia’s Human Resources and Social Development Ministry has explained the maximum numbers of overtime hours an employee can work in a year is 720 hours.

Under paragraph 31 of the First Penalties Schedule, the employer will be fined 10,000 Riyals for each employee made to work over their working hours under Article 98.

The Ministry added the overtime hours can be increased to more than 720 hours if the employee agrees. For full story click here.

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UAE: Dubai Airport Free Zone Signs Cooperation Agreement with Securities and Commodifies Authority

23/05/202123/05/2021
by Benjamin Filaferro

Arab News, 19 May 2021: The Dubai Airport Free Zone Authority has signed a cooperation agreement with the UAE’s Securities and Commodities Authority to allow crypto asset companies to obtain a business license in the Free Zone.

It will allow the regulation, offering, issuing, listing and trading of crypto assets in the Free Zone.

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