Newsletter Archives - Page 158 of 244 - LexisNexis Middle East

Dubai: International Financial Centre Amends Founding Law

09/05/202109/05/2021
by Benjamin Filaferro

Gulf News (United Arab Emirates), 6 May 2021: Dubai’s Ruler has issued Dubai Law No. 5/2021 repealing Dubai Law No. 9/2004 which was the founding law of the Dubai International Financial Centre.

It provides clarity on the duties and responsibilities of the President, the Governor and entities in the Centre.

It also expands the Centre’s strategic objectives to include ‘advancing sustainable economic growth for Dubai, developing and diversifying the economy and increasing the GDP contribution of the financial services sector, to promote investment into Dubai and to attract regional and international entities to establish themselves in the Dubai International Financial Centre as their principal place of business’.

The new Law allows the Centre’s President to exempt certain Federal and local government authorities, companies and other entities from any Centre laws applicable to them when present in the Centre. In these cases, only UAE Federal and local laws will apply to them. This will allow the increasing numbers of Federal and local government authorities in the Centre to be exempt from certain Centre laws which were never intended to apply to them.

It also ensures the Centre’s operational, financial and administrative independence.

The Dispute Resolution Authority will be split and operate as two separate bodies. The first will be the Dubai International Financial Centre Courts and the second will be the Arbitration Institute.

In addition, the amendments provide clarity on what establishments may do outside their physical premises in the Centre. They may supply services and products to customers outside the Centre, as long as they are primarily provided out of their premises in the Centre. Marketing and promotion of their activities can be conducted outside the Centre as well.

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Kuwait: Travel Ban for Non-Vaccinated Criticised for Being Unconstitutional

06/05/202106/05/2021
by Benjamin Filaferro

Arab Times, 4 May 2021: Several MPs have objected to the decision by the Cabinet to prevent citizens, who have not been vaccinated against COVID 19, from travelling overseas.

The MPs, including Osama Al-Shaheen, have said the decision is unconstitutional and the Prime Minister and Ministers involved in the decision should be held politically and legally accountable for it.

The Cabinet’s decision was based on the recommendation of health authorities. During the Kuwaiti government’s weekly meeting the travel ban was announced on Kuwaitis, their first-degree relatives and domestic helpers as of May 22 if they did not receive the anti-coronavirus vaccine set by the Ministry of Health.

However, the MPs state it violates international law which states individuals should not be forced to be vaccinated. The MPs also claim it is a violation of the Kuwaiti Constitution which safeguards the citizens’ freedom to travel and move.

Non-Kuwaitis are still banned from entering the country.

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Saudi Arabia: Citizens to be allowed to travel soon

04/05/202104/05/2021
by Benjamin Filaferro

Almadina, 3 May 2021: The Interior Ministry has stated nationals will be permitted to travel abroad from 17 May 2021 according to specific guidelines.

An official stated that the ministry has issued a statement on the deadline to lift the travel ban, open up land, sea, and air borders fully starting which will start from 1AM on 17 May.

This permission will be given to certain groups only including those who have been vaccinated with either two or one dose of the vaccine (14 days before departure), nationals who have recovered from COVID-19.

Children between the ages eight and 18 are exempt from the vaccination rule, but must present travel insurance from the Saudi Central Bank (SAMA) that will ensure COVID-19 medical care.

Based on health information provided on the Tawakkalna app, citizens who have been infected must have recovered at least six months prior to travel.

The he General Authority of Civil Aviation (GAC)A has sent to all airlines operating from the Kingdom’s airports, including private aviation businesses, details of the procedures, requirements and recommendations for people travelling abroad.

Those travelling overseas will also need to check any requirements at their destination.

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Dubai: E-scooter Ban Announced

02/05/202110/05/2021
by Benjamin Filaferro

Khaleej Times (United Arab Emirates), 29 April 2021: The Dubai Municipality have announced a ban on e-scooters in public parks in the Emirate.

Motorbikes will also not be allowed in parks and visitors will not be allowed to walk on bicycle tracks.

The speed limit for cyclists is 15 kilometres an hour.

They made the announcement on Twitter.

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UAE: DP World Launches E-commerce Platform

02/05/202102/05/2021
by Benjamin Filaferro

Al Bayan, 29 April 2021: DP World has announced it has launched an ecommerce platform.

DUBUY.com will be a global electronic wholesale platform and has been launched in Rwanda.

It will be rolled out across Africa and the world.

It will add digital commercial corridors to the actual commercial channels established by DP World across Africa through its investments in ports, terminals and logistics operations.

It also relies on cooperation with local companies and the Rwandan Government to help provide small and medium-sized Emirati enterprises with access to global markets by making use of the integrated supply chain services of the DP World Group This will allow them to meet export orders and receive goods. The platform provides international companies with the opportunity to find new business partners in Africa and serve them in a way which opens up a wide range of access to fast-growing markets.

For full story see https://www.albayan.ae/economy/uae/2021-04-29-1.4152857.

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Turkey: Second Cryptocurrency Exchange Collapses

30/04/202130/04/2021
by Nawell Bel Hhaddou

Another cryptocurrency exchange has collapsed in Turkey. The country’s Financial Crimes Investigation Board has launched an investigation into the collapse of Vebitcoin. They have also blocked their accounts.

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Qatar: Draft Mediation in Civil and Commercial Disputes Resolution Law Discussed

30/04/202130/04/2021
by Nawell Bel Hhaddou

The Shoura Council has discussed a draft law on mediation in settling civil and commercial disputes. Among other things, it specifies mediation agreements which its provisions will apply to.

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Kuwait: No Sponsor Approval Needed for Transferring Employees on Government Contracts

30/04/202130/04/2021
by Nawell Bel Hhaddou

The Public Manpower Authority has announced they are preparing to issue stricter procedures to control the labour market and tackle the issue of marginal labourers to stop the issuing of fake residency permits.

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Bahrain: Anti-Smoking and Tobacco Law Amendments Being Considered

30/04/202130/04/2021
by Nawell Bel Hhaddou

The Services Committee of the Shoura Council has discussed a draft law amending Bahrain Law No. 8/2009 on combating smoking and tobacco of all kinds and the accompanying Bahrain Decree No. 74/2017.

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Saudi Arabia: Income Tax Will Not be Introduced

29/04/202129/04/2021
by Benjamin Filaferro

Gulf News (United Arab Emirates), 28 April 2021: Saudi Arabia’s Crown Prince has announced income tax is not going to be introduced in the Kingdom.

They added last year’s decision to increase VAT from 5% to 15% will only be in place for five years.

They made the announcement and issued the clarification during a TV interview to mark the fifth anniversary of the Saudi Vision 2030.

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