Newsletter Archives - Page 189 of 250 - LexisNexis Middle East

Egypt: Commercial Registry Law Amendments Approved

31/08/202031/08/2020
by Benjamin Filaferro

Egypt’s House of Representatives has approved a draft law amending Egypt Law No. 34/1976 (the Commercial Registry Law). If approved, Article 3 of Egypt Law No. 34/1976 will be amended. It will state anyone who is registered in the commercial registry must be an Egyptian national and be approved to practice a trade from the competent Chamber of Commerce for individuals and companies established to practice a commercial activity, or have obtained approval to practice industrial activity from the competent Chamber of Industry for companies established to practice industrial activities.

Bahrain: Flexible Work Permit Decision Issued

31/08/202031/08/2020
by Benjamin Filaferro

Bahrain’s Cabinet has approved a flexible work permit Decision.
It follows recommendations from the Coordinating Committee led by Bahrain’s Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister.
The Decision specifies the procedures for developing a permit policy for a foreign employer to practice some professional activities.

The aim is to develop this system and activate it in order to develop the labour market systems and its monitoring in the country. It is also aimed at enhancing job opportunities for citizens to make the country the first choice for employment, protect workers’ rights and prevent them from being exploited.
The procedures for developing the policy include intensifying inspection campaigns on foreign employers to ensure they do not work in professional activities which a foreign employer may not engage in without obtaining a permit. Inspection campaigns on informal workers will also be intensified to ensure the relevant measures are complied with.

Workers who do not comply with the regulatory procedures will not be able to apply for the flexible work permit and the registration of industrial motor vehicles used in construction and transport buses owned by holders of a flexible work permit will be terminated.

A committee consisting of representatives from the Labour and Social Development Ministry, the Finance and National Economy Ministry, the Industry, Commerce and Tourism Ministry, the Works, Municipalities Affairs and Urban Planning Ministry, the Electricity and Water Affairs Ministry, the Labour Market Regulatory Authority, BCCI and the Education and Training Quality Authority will be established. They will propose regulatory standards for 20 identified professions and any other professions the committee considers relevant to include. They will also share recommendations with the Supreme Council for the Development of Education and Training within two months.

Saudi Arabia: Anti-Commercial Concealment Law Approved

24/08/202024/08/2020
by Nawell Bel Hhaddou

Saudi Arabia’s Council of Ministers has approved a new Anti-Commercial Concealment Law. Under the law, violators will be jailed for five years and fined five million Riyals. It will also protect whistleblowers in anti-commercial concealment cases, according to the Kingdom’s Commerce Ministry.

The relevant Government agencies will be able to limit business licensing fraud or cover-up offences. They will also be able to demand entities which issue licenses to businesses follow up on them and inform the Commerce Ministry of any suspicious practices.

The Law was approved by the Shoura Council last month and will also see whistleblowers given up to 30% of the fines imposed on violators where this is applicable. It will be given once the case has been resolved. Those who report any fraudulent activities will be exempt from penalties or have the penalties commuted.

The relevant entities will be able to use technology to prove violations through ‘electronic evidence’ in addition to other evidence. The system also allows commuting or exempting from penalties for those who report violations.

The aim is to protect consumers and SMEs.

The approval of the law follows an announcement earlier this week that an anti-commercial fraud committee was going to be established.

UAE: Grace Period for Entry and Residence of Foreigners Law Violations Extended

23/08/202023/08/2020
by Benjamin Filaferro

The UAE’s Federal Authority for Identity and Citizenship has announced the grace period for Entry and Residence of Foreigners Law violations has been extended. It has been extended for another three months until 17 November 2020. It means violations of the Law which were committed after 1 March 2020 will be exempt from fines. However, they have to leave the country before the November date.

Qatar: National Employment Platform Launched

23/08/202023/08/2020
by Benjamin Filaferro

Qatar’s Administrative Development, Labour and Social Affairs Ministry has announced the launch of the National Employment Platform or Kawader. It displays all available Government and private sector jobs in Qatar. From 24 August 2020, the platform will be available for jobseekers to enter, register and create CVs, and from September, jobseekers will be able to view jobs and choose the right job based on their qualifications and experience. Registration on the platform will be available to male and female citizens who do not hold jobs first to enable them to look and apply for jobs as well as enabling children of Qatari women to look and apply for private sector jobs.

Kuwait: Bankruptcy Law Approved

23/08/202023/08/2020
by Benjamin Filaferro

Kuwait’s National Assembly has approved a bankruptcy law which will help troubled companies, give them legal protections and provide them with various options before they declare bankruptcy. It specifies two main ways out of trouble for a defaulting company or merchant. The first is a preventive settlement with the agreement of the creditor and debtor. The second is the creation of a plan for restructuring before declaring bankruptcy and even where bankruptcy is declared, only the corrupt bankrupt will be punished. Under the existing law, which is 40 years old, stopping the payment of debt means declaring bankruptcy, which leads to the bankrupt party being jailed, having a travel ban imposed on them and being stripped of their political rights.

Egypt: Amendments to Intellectual Property Law Approved

23/08/202023/08/2020
by Benjamin Filaferro

Egypt’s House of Representatives has approved amendments to the country’s Intellectual Property Law (Egypt Law No. 82/2002). It follows the proposed amendments being referred to a joint Parliamentary Committee on 17 June. The amendments state those under 21 are allowed to record their actions on the works, performances, sound and radio recordings subject to the Law. The relevant registration fee will be 100 Egyptian Pounds instead of 1,000 Pounds. People with special needs and students will be exempt from these fees. The aim is to provide more support to young creators and encourage them to innovate in culture and the arts. The Government are also committed to care for disabled people. The Law will be published in the Official Gazette and will come into force one month after it is published.

Dubai: International Financial Centre Issues Common Reporting Standard Law Amendments

23/08/202023/08/2020
by Benjamin Filaferro

Dubai’s Ruler has issued amendments to the Dubai International Financial Centre’s Common Reporting Standard Law (DIFC Law No. 2/2018). The amendments were contained in the Common Reporting Standard Law Amendment Law, DIFC Law No. 6/2020. They came into force on 16 August 2020. The Board of Directors of the DIFC Authority also issued new Common Reporting Standard Regulations which came into force on 30 July 2020. The aim of the amendments is to ensure the Common Reporting Standard issued by the Organisation for Economic Cooperation & Development is properly adopted in the DIFC and is applied consistently across the UAE. The amendments also introduce offences and penalties for providing false self-certifications and offences and penalties for financial institutions failing to obtain valid self-certifications. They also formally adopt the explanatory material issued and published by the OECD for the purpose of assisting with the interpretation of the Common Reporting Standards and there are other miscellaneous enhancements.

Kuwait: Draft Bankruptcy Law Being Referred to Parliament

17/08/202017/08/2020
by Benjamin Filaferro

The Kuwaiti Government has referred a draft bankruptcy law to Parliament to consider. The aim is to improve the business environment in the country, address bankruptcy cases and preserve commercial companies. It also aims to maximise the returns of creditors, collect as much money for them as possible and create a legal system which attracts local and foreign investment. In addition, it aims to keep commercial companies operating and provide systems and mechanisms to enable this. This includes allowing preventive settlement and restructuring and protecting the owners of small and medium enterprises; by reducing the periods stipulated by the law. Finally, it will abolish the role of expert management in the bankruptcy process and replace it with a bankruptcy committee. Those on the committee will have financial expertise and be responsible for supervising the procedures for restructuring, bankruptcy and reconciliation regarding debts.

Egypt: Decision to Establish a Supreme Committee to Examine Airports Storage Areas

17/08/202017/08/2020
by Benjamin Filaferro

Egypt’s Civil Aviation Minister has issued a Decision to establish a supreme committee including representatives from the relevant departments. It will be chaired by the Security Sector Chairman in the Ministry. They will examine and compile an inventory of shipments, storage and containers in the goods village and storage areas in Cairo airport and all airports. The aim is to take all of the necessary measures against dangerous materials.