Newsletter Archives - Page 172 of 244 - LexisNexis Middle East

Abu Dhabi: Global Market Launches Public Consultation on Proposed Auditor Framework Amendments

18/12/202018/12/2020
by Benjamin Filaferro

Abu Dhabi’s Global Market has launched a public consultation on proposed auditor framework amendments. The consultation ends on 28 January 2021. The existing framework governing auditors was based on the UK Companies Act 2006. However, since the framework was initially implemented, international standards have been updated. This includes the enactment of EU legislation covering audit regulation, which has also been incorporated and reflected in the UK’s auditor framework.
If approved, there will also be additional requirements for auditors of public companies and investment funds and additional requirements for auditors of all financial institutions licensed by the Market’s Financial Services Regulatory Authority.
There are also proposals to require auditors to comply with international auditing standards, like audit quality requirements. The amendments would also give the Market’s Registration Authority comprehensive monitoring and enforcement powers, with investigation and sanctioning powers, which align with international standards.
The aim of the amendments to the Market’s 2020 Companies Regulations, Commercial Licensing Regulations 2015, Companies Regulations 2020 (Auditors) Rules 2020, Commercial Licensing Regulations 2015 (Controlled Activities Rules) 2018 and Limited Liability Partnership Rules 2020 is to create a single registration framework with tiered requirements and enhance audit quality requirements.
There will be a 12-month transition period for existing auditors from when the amendments come into force or the auditor re-registers.

Saudi Arabia: Wages Protection Agreement Ratified

10/12/202010/12/2020
by Benjamin Filaferro

Saudi Arabia’s Human Resources and Social Development Minister has announced the Kingdom has ratified the International Labour Organisation agreement No. 90 on the protection of salaries and agreement No. 120 on health rules in the work environment. The Ministry launched a wages protection programme in 2013 which has been improved since then to reflect the 2030 Vision.

Qatar: Cheque Cases Can be Filed Online

10/12/202010/12/2020
by Benjamin Filaferro

Qatar’s Interior Ministry has announced cheque complaint cases can now be filed online through the Interior Ministry’s website. The facility is available to companies, banks and individuals who will not have to visit the relevant security department in person. Instead they will be able to log in to the service and submit a report by attaching all the required documents. Once submitted, the relevant department will review the report and the required documents and confirm validity. A text message will then be sent via Metrash confirming the successful receipt of the report and its reference number. If further documents are required, the complainant will get a text message asking them to complete the case procedures and refer to the Public Prosecution in line with the law. Complainants can also make enquiries about the status of the case through the electronic follow up service by giving the case details.

Oman: Decision No. 8/2020 On the Issuance of the Arbitration Rules of Oman Commercial Arbitration Centre

10/12/202010/12/2020
by Benjamin Filaferro

The Chairman of Oman’s Commercial Arbitration Centre has issued Oman Decision No. 8/2020 implementing the Centre’s rules. The centre itself was established under Oman Sultani Decree No. 26/2018 and Oman Decision No. 37/2019 was issued to approve its workflow and Board. The rules will come into force, the day after the Decision is published in the Official Gazette.

Kuwait: Rules and Conditions for Issuing Compulsory Insurance Policies Published

10/12/202010/12/2020
by Benjamin Filaferro

Kuwait’s Insurance Unit has issued rules and conditions for issuing compulsory vehicle insurance policies against civil liability resulting from traffic accidents. Kuwait Decision No. 9/2020 specifies the companies which are qualified to issue the insurance policies and a list of the approved companies will be published soon. The Decision will be implemented on 13 December 2020. The Unit has stated insurance policies issued before the Decision by unqualified companies will remain valid, as will all of the rights and duties set out in these policies.

Abu Dhabi: Artificial Intelligence System for Detection of Traffic Violations Introduced

10/12/202010/12/2020
by Benjamin Filaferro

The Abu Dhabi Digital Authority and Abu Dhabi Police have announced they have introduced an artificial intelligence system to detect traffic violations in the Emirate. The Vehicular Attention and Safety Tracker or VAST system will come into force on 1 January 2021 and will enable the automatic detection of seatbelt and mobile phone use violations.

UAE: Visa Violators Have Until 31 December to Leave

10/12/202010/12/2020
by Benjamin Filaferro

The UAE’s Federal Authority of Identity and Citizenship has announced visa violators have until 31 December to leave. The grace period applies to those whose visas expired before 1 March.
If they leave before 31 December, they will not face fines or administrative penalties.
They are instructed to book flights and leave before 31 December. Those who want to leave from Abu Dhabi, Sharjah and Ras al Khaimah airports must arrive at the airport at least six hours before the flight is due to leave. While those who intend to travel through Dubai and Al Maktoum airports will have to report at the Dubai Civil Aviation Security Centre 48 hours before their flight is due to leave. Any dependants sponsored by the visa violator will also have to leave.

UAE: Arabtec to File Insolvent Liquidation Application

04/12/202004/12/2020
by Benjamin Filaferro

Arabtec is going to file an insolvency liquidation application as soon as possible with the relevant courts in the UAE. It will be filed following approval at the company’s General Assembly. The application will also request Arabtec Construction LLC, Arabtec Constructions LLC, Austrian Arabian Readymix Concrete Co LLC and Arabtec Precast LLC also be placed into insolvent liquidation. No applications involving the company’s other subsidiaries will be made. Until an insolvency trustee is appointed, the Company will continue engaging with key stakeholders to explore options to preserve value and where possible avoid these subsidiaries needing to be placed into a formal insolvency process. It follows two months of consultations with all of the company’ relevant stakeholders.

Qatar: ATM Withdrawal Limit Reports Dismissed

04/12/202004/12/2020
by Benjamin Filaferro

Qatar’s Central Bank has dismissed reports ATM withdrawal limits have been imposed. The reports were published on social media. According to the posts, limits of 5,000 Riyals will be imposed. The Bank added a circular attached to the posts is a forgery.

Oman: Extension to Reconcile Non-Omani Employees Situations Announced

04/12/202004/12/2020
by Benjamin Filaferro

Oman’s Labour Minister has announced they have issued Oman Ministerial Decision No. 232/2020 on Omanisation and Professions and Visas of Foreign Workers. It gives employers between 6 December 2020 and 6 January 2021 to reconcile the situations of their non-Omani employees. The extension has been given to particular situations including, non-Omani employees who need to transfer to another profession because their current profession has been given to an Omani national and need to amend their details accordingly. Other illegible transfers of non-Omani employees include the transfer from a suspended profession to another and the transfer from a lower profession to a higher one or vice versa. The Decision also allows employers to amend the wages of non-Omani employees in line with the approved employment contract.