Newsletter Archives - Page 189 of 244 - LexisNexis Middle East

UAE: Draft Consumer Protection Law Discussed

02/05/202030/04/2020
by Benjamin Filaferro

The Financial, Economic and Industrial Affairs Committee of the UAE’s Federal National Council has discussed a draft consumer protection law. The aim of the new law is to benefit consumers and protect them from being exploited by suppliers. Consumers will be able to contact the relevant authorities at the Economy Ministry to submit fraud and exploitation complaints. The relevant authorities will obtain the correct information on goods purchased by consumers and raise consumer awareness about their rights and obligations.

Saudi Arabia: Guidelines for the Unified Financial Policies and Procedures Introduced

02/05/202030/04/2020
by Benjamin Filaferro

Saudi Arabia’s Finance Ministry has unified the work laws for financial and procurement affairs by introducing the Guidelines for the Unified Financial Policies and Procedures. The aim of the guidelines is to specify and regulate the operational procedures to be used by Government bodies to manage and regulate the activities and transactions related to their financial and procurement affairs. They include templates and reports which can be used along with other detailed procedures.

Qatar: Islamic Banks to Activate E-cheque Feature Soon

25/04/202023/04/2020
by Benjamin Filaferro

Islamic Banks are expected to activate a service for electronic cheques in the near future in Qatar. The service is a smart banking service which would contribute to reducing and facilitating financial transactions. The service would also reduce the time needed to execute and clear cheques which have been traded in the market especially rent cheques and some of the other trade transactions where the value is high which renders using cheques necessary. The electronic cheque would be the equivalent of paper cheques.

Saudi Arabia: SAMA Allows Digital Authentication of Bank Products

25/04/202023/04/2020
by Benjamin Filaferro

Saudi Arabia’s Monetary Agency has notified banks they have no objection to them using the digital tools to authenticate banking products related to funding for individuals and issuing credit cards if the bank wants to do so. It was stated that banks should evaluate the risks associated with using the service and verify the identity of the applicant. SAMA has stressed that banks who wish to use this service should adhere to a number of requirements including that the providers of the service should be recognized by the national centre for digital authentication.

Bahrain: Rethink on Proposed Income Tax Law Urged

25/04/202023/04/2020
by Benjamin Filaferro

Bahrain’s Businessmen’s Association has urged the Government to rethink a proposed income tax law on industrial and commercial establishments. The Association is concerned about the potential negative economic effects of the law. It has asked for a proper assessment of the benefits and drawbacks of the law to be carried out and suggested any tax changes of this kind be introduced together with other GCC countries to ensure the country’s competitiveness is not damaged. The Association’s Chairman added the tax should not be imposed as the Kingdom tackles the Coronavirus outbreak.

Abu Dhabi: Commercial Bank Sues NMC Health

25/04/202023/04/2020
by Benjamin Filaferro

Abu Dhabi Commercial Bank has announced it is suing NMC Health. The case has been filed with the Emirate’s Attorney General. The case has been filed against various individuals at the hospital operator. They are suing the Bank to protect its commercial interests. ADCB has $981 million exposure to the entity. NMC is $6.6 billion in debt and it share value has fallen by more than 50% since December 2019.

Saudi Arabia: SAMA Allows Digital Authentication of Bank Products

18/04/202017/04/2020
by Benjamin Filaferro

Bahrain: Rethink on Proposed Income Tax Law Urged

18/04/202017/04/2020
by Benjamin Filaferro

Abu Dhabi: Commercial Bank Sues NMC Health

18/04/202017/04/2020
by Benjamin Filaferro

Kuwait: Some Air Conditioning Maintenance Outlets Should be Allowed to Open

17/04/202017/04/2020
by Benjamin Filaferro

Kuwait’s Commerce and Industry Ministry has announced it will ask Kuwait Municipality to allow some air conditioning outlets to open. The aim is to meet the anticipated demand as temperatures start to rise in the country. If some outlets are opened, the technicians in those outlets will be allowed to work providing the breakdowns are permanent and it would be difficult to postpone the maintenance work. The Ministry has also announced Kuwait Ministerial Decision No. 96/2020 will be extended for another three months. The Ministerial Decision relates to distributing subsidy items for ration card holders and personal identification cards, like civil and security cards. Elsewhere, the Interior Ministry has announced it has asked the Municipality to allow some garages to open to repair police cars.