Newsletter Archives - Page 169 of 244 - LexisNexis Middle East

Abu Dhabi: Environment Licenses Conditions for Construction Projects Explained

29/01/202129/01/2021
by Benjamin Filaferro

Abu Dhabi’s Environment Authority is now requiring owners of construction buildings to obtain environment licenses in three circumstances. The first is if a new project is starting or a new building is being constructed. The second is when an existing project or establishment is being added or amended. The third and final one is when the building is being removed completely. The Authority confirmed the aim of these licenses is to assess the environmental impact of these projects and remove or reduce their impact. The Authority added the license is a legally binding document.

UAE: Central Bank has announced the formal procedures for the merger of the Insurance Authority with the Bank have started

29/01/202129/01/2021
by Benjamin Filaferro

The UAE Central Bank has announced the formal procedures for the merger of the Insurance Authority with the Bank have started. The Bank has established several committees and working groups to oversee the merger which is aimed at transferring the supervisory and regulatory responsibilities of the Authority to the Bank.
It is being executed in line with Federal Decree-Law No. 25/2020 which states the Central Bank will assume the regulatory, supervisory, licensing and enforcement functions of the Authority.
The Bank will be responsible for monitoring the financial solvency of insurance companies, ensure they carry out business ethically and the rights of those who are insured are protected. The rules, Decisions, Circulars and regulations issued by the Insurance Authority in line with Federal Law No. 6/2007 will continue to apply to all licensed institutions and activities until replaced by regulations issued by the Bank.
It is part of wider efforts to transform the Central Bank into one of the world’s top 10 central banks.

UAE: Central Bank has announced they have issued the Consumer Protection Regulation

22/01/202122/01/2021
by Benjamin Filaferro

The UAE’s Central Bank has announced they have issued the Consumer Protection Regulation. It is aimed at protecting all licensed financial establishments. They issued Central Bank Circular No. 444/2021 to this effect to all establishments on 20 January 2021. Licensed financial entities have to be transparent in terms of their price structures and special products. They are also banned from using misleading, deceptive, fraudulent or unfair marketing approaches.

Qatar: Government Agencies and Bodies Have to Announce Tenders on Official Website

22/01/202122/01/2021
by Benjamin Filaferro

Qatar’s Prime Minister and Interior Minister has announced all Government agencies and bodies have to announce all tenders and auctions on the unified government tenders website. The aim is to provide equal opportunities and provide information to investors on the needs of Government agencies.

Oman: Additional Omanisation Rules for Occupational Health and Safety Supervisors Announced

22/01/202122/01/2021
by Benjamin Filaferro

Oman’s Labour Ministry has announced additional Omanisation rules for occupational health and safety supervisors. Under these, owners of entities which employ at least 50 employees must appoint an Omani occupational safety and health supervisor. These supervisors must be trained and qualified by the facility for this work which includes preparing an appropriate occupational safety and health plan for the entity. They will also have to work with specialists on health and safety training programmes for employees and periodically inspect all the entity’s workplaces and employee accommodation. Other tasks will include carrying out inspections and investigations when there are serious accidents and work injuries at the entity.

Kuwait: Gold Companies Monitored Over Money Laundering Concerns

22/01/202122/01/2021
by Benjamin Filaferro

According to local newspaper reports, the Kuwaiti Trade Ministry is monitoring six gold companies over money laundering concerns. It follows them experiencing rapid business growth, including in the number of branches they have compared to other companies in the sector. The growth was discovered in an audit by the Ministry of the companies’ activities for the last three years. If the Ministry confirm irregularities in their financial statements, they will submit a report to the Financial Investigation Unit to take the action it considers appropriate.

Dubai: Experts Affairs Committee to be Established in Dubai Courts

22/01/202122/01/2021
by Benjamin Filaferro

Following directives from Dubai’s Ruler to support judicial departments with legally and technically qualified experts, the Deputy Ruler and Vice President of the Justice Supreme Council has issued a Decision to establish an Experts Affairs Committee. It is aimed at improving justice and boosting the role of experts. Under Dubai Decision No. 2/2021, the Committee will be established in the Dubai Courts. It will regulate and organise the work of experts in the courts in the Emirate.

Bahrain: Termination Notice Period Increased for Certain Professions

22/01/202122/01/2021
by Benjamin Filaferro

The Services Committee of Bahrain’s Parliament has approved amendments to Article 99(A) of Bahrain Law No. 36/2012 (the Private Sector Labour Law). The amendment will increase the notice period for terminating employment contracts to four months in professions where there are difficulties in finding a candidate to fill the vacancy at short notice. The Labour and Social Development Ministry has criticised this proposal for damaging the interests of employees if they were the one wanting to end the contract. They could give notice of 30 days under the contract. If the period is increased, the employee might miss the opportunity to join another job which might be better for them.

Saudi Arabia: The General Assembly of the Saudi Supreme Court has ordered rents owed by businesses affected by COVID-19 be waived

22/01/202122/01/2021
by Benjamin Filaferro

The General Assembly of the Saudi Supreme Court has ordered rents owed by businesses affected by COVID-19 be waived. A review of such contracts between tenants and landlords has also been ordered. However, the authorities have also set conditions which must apply before a case can be eligible for review under the new regulations. If a contract was concluded before the anti-COVID-19 measures started, the impact on the affected party will have need to have been direct and unavoidable. In addition, in these cases, an affected party must not have been compensated or reached a deal to mitigate the effects of the crisis. In such cases a review will be possible and the new regulations will come into effect. A competent court will then issue their verdict based on the facts and circumstantial evidence. They may order the contract be amended. These new provisions will apply to tenancy contracts and movable properties affected by COVID 19. The regulations also cover other types of contract such as construction and supply contracts, which have been affected by the crisis. If a contract obliges one of the parties to carry out something, which cannot be completed on time because of COVID 19, the court can temporarily suspend implementation of the obligation. If the other party fears unusual damage because of the suspension, they may request termination of the contract. The court has stressed the need for damages to be carefully assessed on a case-by case basis. This should be done by one or more experts and when assessing damages, it should be clear which losses were incurred directly because of COVID 19 and had nothing do to with seasonal changes in activities. The Supreme Court has explained that courts are bound, when considering cases arising from contracts and obligations impacted by COVID 19, not to apply penalty clauses or fines totally or partially, depending on the case. Where a contract includes an exemption of liability clause for one of the contracting parties when an emergency or force majeure event occurs, the condition has no effect and the party which breached the obligations must provide evidence COVID 19 caused the breach. Affected contracts which are not covered by this principle will be subject to standard legal and statutory litigation principles.

UAE: Penalties for Public Asset Violations Confirmed

15/01/202115/01/2021
by Benjamin Filaferro

The UAE’s Public Prosecution has clarified the penalties for public asset violations. Under Article 227 of Federal Law No. 3/1987 (as amended), offenders who are public employees or someone tasked with delivering a public service could be jailed and fined up to 10,000 AED. These penalties will be imposed if they intentionally cause damage to the assets or interests of the Department they work for or the assets or interests of others.