Newsletter Archives - Page 18 of 243 - LexisNexis Middle East

UAE: Banks to Increase Minimum Balance Requirement

22/05/202522/05/2025
by Tanya Jain

Khaleej Times, 20 May 2025: Several banks in the UAE have announced an increase in the minimum balance requirement from AED 3,000 to AED 5,000 as per the Central Bank’s personal loan regulations.

Customers who do not maintain the new minimum balance will incur a monthly fee of AED 25, unless they hold a credit card or have personal financing with the bank. The decision aims to enhance banks’ deposit levels and cover the costs of maintaining customer accounts.

Customers with a total balance of AED 20,000 or more, or a monthly salary transfer of AED 15,000 or more, will be exempt. Those with salary transfers between AED 5,000 and AED 14,999 who also have a credit card, overdraft facility, or loan will also be exempt.

Finance experts have raised concerns about the financial disadvantage to low-income workers, urging banks to reconsider the increase or offer varied minimum balances based on salary ranges. Alternative options, such as using money exchanges or financial institutions for salary disbursement, are suggested to mitigate the impact on affected workers.

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Saudi Arabia: Law Amendment to Regulate Private Security Guard Services

22/05/202522/05/2025
by Tanya Jain

Saudi Gazette, 17 May 2025: The Saudi Interior Ministry has issued amendments to the Executive Regulations of Saudi Arabia Cabinet Decision No. 145/1426 on Private Security Services, which were approved by Interior Minister.

These amendments delineate the activities that private security guards can perform during work hours and establish requirements for 24-hour security services for specific commercial establishments.

The decision impacts private security service providers and the facilities they serve, including private and international educational institutions, event halls, medical centres, and facilities licensed by the Saudi Conventions and Exhibitions General Authority or the General Entertainment Authority. These facilities are required to provide private civilian security services during work hours.

The amended regulations mandate 24-hour security for establishments such as hotels, banks, hospitals, gold and jewellery stores, large markets, malls, and commercial centres with significant retail space. Other facilities, including car showrooms, residential complexes, amusement parks, and factories, are also obliged to provide round-the-clock security based on specific criteria outlined in the amendments.

The amendments aim to enhance the security framework within the Kingdom, ensuring private security services are effectively regulated and establishments maintain adequate protection measures.

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UAE (Ras Al Khaimah): Police Enforces UAE Law Against Spreading Fake News

22/05/202522/05/2025
by Tanya Jain

Gulf News, 15 May 2025: Ras Al Khaimah Police issued a stern reminder regarding the legal repercussions of disseminating fake news and rumours via the internet and social media, in accordance with UAE law.

It aims at safeguarding public safety, health, and the economy, mandates severe penalties for individuals who spread false information that contradicts official news or causes public fear and confusion.

Anyone found guilty of spreading fake news or rumours can face a minimum of one year in jail and a fine of Dh100,000 or more. This applies to the sharing of posts, messages, or videos that contain incorrect information or challenge official announcements.

The police emphasized the importance of verifying information before sharing it online, to prevent the spread of misinformation and protect community safety.

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Qatar: Cabinet Approves Amendments to Hayya Platform for Visitor Entry

22/05/202522/05/2025
by Tanya Jain

The Peninsula, 14 May 2025: The Qatari Cabinet has approved a draft decision amending provisions of Qatar Cabinet Decision No. 12/2024 concerning the Hayya Platform.

This amendment aims to broaden the platform’s mandate to attract individuals with distinguished residencies, including investors, property owners, entrepreneurs, and talents in technology, science, creativity, sports, culture, and the arts.

It impacts the procedures for managing visitor entry to Qatar, facilitating smoother entry and residence processes for these targeted groups. By expanding the committee’s mandate, the amendment seeks to enhance Qatar’s attractiveness as a destination for investment and skilled talent, aligning with the country’s broader economic and cultural goals.

The legal changes ensure that the Hayya Platform can efficiently manage and streamline entry procedures for the specified groups.

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Oman: Shura Council Approves Real Estate Registry Law

22/05/202522/05/2025
by Tanya Jain

Al Roya, 20 May 2025: The Oman Shura Council has approved the Real Estate Registry Law and amendments to the Arbitration Law in civil and commercial disputes (Oman Sultani Decree No. 47/1997).

The Real Estate Registry Law, has 40 articles across five chapters, and aims to streamline property registration processes, while the Arbitration Law amendments seek to enhance the efficiency and fairness of arbitration procedures, and align with international best practices.

he Real Estate Registry Law is expected to improve transparency and legal certainty in property transactions, while the Oman Sultani Decree No. 47/1997 amendments aim to expedite dispute resolution.

The legislative session also addressed urgent matters, including a statement on the Ministry of Labour’s decision requiring commercial establishments over a year old to employ at least one Omani citizen within 30 days of notification. A Shura Council member called for exemptions for small enterprises and financial support for medium-sized businesses to facilitate the integration of national workforce gradually.

For full story, click here.

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Kuwait: New Public Debt Law

22/05/202522/05/2025
by Tanya Jain

Arab Times, 20 May 2025: The Undersecretary of the Ministry of Finance has introduced a new Public Debt Law, which focuses on enhancing financing and liquidity.

The law is designed to provide Kuwait with diversified financial resources both locally and internationally, supporting development projects and strengthening domestic financial markets. It authorises the Ministry of Finance to mandate the Central Bank or Kuwait Investment Authority to secure financing on its behalf, reflecting the State’s capacity to borrow responsibly.

The law raises the borrowing ceiling from KD10 billion to KD30 billion and extends the borrowing term from 10 to 50 years, introducing specific expenditure guidelines. These changes are expected to positively influence Kuwait’s credit rating by demonstrating fiscal discipline and effective management of development financing. The Public Debt Law is part of a broader strategy to engage confidently with global markets, minimise borrowing costs, and diversify the investor base. It also aims to develop a local debt market by establishing a reliable yield curve, serving as a benchmark for domestic investors.

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Fujairah: Police Announce New Traffic Plan for Pedestrian Safety

22/05/202522/05/2025
by Tanya Jain

Khaleej Times, 20 May 2025: The Fujairah Police have unveiled a comprehensive traffic plan aimed at improving pedestrian safety across the emirate.

This initiative involves the establishment of new pedestrian crossings and the redesign of existing hazardous ones. The decision targets both drivers and pedestrians to reduce run-over accidents and promote safe crossing practices.

The plan aligns with Article 89 of Federal Decree-Law No. 14/2024 on the Traffic and Road Law, which penalises jaywalking with a fine of 400 AED. It forms part of a broader operational strategy for 2025, including a campaign titled “Pedestrians Have the Right to Cross Safely.” This campaign aims to lower mortality and injury rates by encouraging the use of designated crossings and discouraging risky behaviours.

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Bahrain: New Human Resources Regulation to Streamline Policies

22/05/202522/05/2025
by Tanya Jain

Mubasher, 19 May 2025: Bahrain Decision No. 29/2025 has been issued establishing a new framework for shared human resources services.

This regulation was proposed by the Civil Service Bureau to enhance efficiency and reduce costs in government operations, impacting government entities by standardising human resources practices, including on recruitment, promotions, transfers, and performance management. It mandates the transfer of HR personnel to the Civil Service Bureau, except for department directors, who will be transferred by the Bureau’s president in coordination with the relevant government authority.

Key provisions include the rotation of HR managers and department heads, restrictions on reassignments within the same government entity, and the delegation of HR tasks to government bodies with Bureau approval. The regulation also outlines procedures for seconding HR staff to government entities, managing their employment terms, and ensuring compliance with civil service rules.

The decision obliges government entities to manage HR-related expenses within their budgets, coordinate training and development programmes, and provide necessary resources for HR staff. It also establishes guidelines for performance evaluation, disciplinary actions, and grievance procedures.

For full story, click here.

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Abu Dhabi: ADGM Proposes Consumer Protection Regulations for Retail Sector

22/05/202522/05/2025
by Tanya Jain

ADGM, 15 May 2025: The ADGM Registration Authority (RA) has published Consultation Paper No. 4/2025, detailing the proposed Consumer Protection Regulations for ‘Category C’ retail activities within the ADGM jurisdiction.

This initiative was launched in response to ADGM’s expansion to Al Reem Island and the significant presence of retail licence holders, which has necessitated a robust consumer protection framework. The proposed regulations are designed to safeguard consumer interests and ensure a reliable retail market economy. They impose specific obligations on retail providers, including product labelling, usage instructions, and the requirement to seek Registrar approval for promotions. Retailers must disclose the condition of used or refurbished products at sale, avoid misleading advertisements, and refrain from harmful contract terms. The regulations also require product warranties and procedures for handling defective products.

The RA’s proposals includes establishing a consumer complaint handling channel and empowering the Registrar to assess complaints, issue determinations, and impose financial penalties for regulatory breaches. These measures aim to reinforce consumer confidence and ensure fair practices in the retail sector.

The consultation period for the proposed regulations ends on 8 June 2025.

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Dubai: Enforces New Compliance Rules for Digital Asset Firms

21/05/202522/05/2025
by Tanya Jain

AInvest, 19 May 2025: Dubai’s Virtual Assets Regulatory Authority (VARA) issued a directive requiring licensed digital asset companies to comply with updated activity-based Rulebooks by 19 June 2025 following the release of Version 2.0 on 19 May 2025.

This update aims to strengthen market integrity and risk oversight by refining controls around margin trading and token distribution services, harmonising compliance requirements, and clarifying definitions for collateral wallet arrangements. It impacts all virtual asset service providers (VASPs) operating within Dubai, obliging them to align with the new rules after a 30-day transition period. VARA has emphasised the importance of this transition period to facilitate adaptation to the updated regulations.

The updated Rulebooks will enhance supervisory mechanisms across various regulated activities, including advisory, broker-dealer, custody, exchange, lending and borrowing, virtual asset management and investment, and VA transfer and settlement services. Key operational terms such as “client assets,” “qualified custodians,” and “collateral requirements” have been defined to ensure consistency and reduce ambiguity in compliance.

In margin trading, VARA tightened leverage thresholds and mandated clearer collateralisation standards to mitigate risks associated with market downturns. The Rulebooks also introduced new token distribution regulations, outlining licensing prerequisites, investor protections, and marketing restrictions, particularly for retail-facing offers.

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