Newsletter Archives - Page 193 of 244 - LexisNexis Middle East

Oman Launches a National Aviation Strategy for 2030

02/03/202002/03/2020
by Benjamin Filaferro

Oman’s Transport Ministry has announced it has launched a National Aviation Strategy 2030. The aim is to strengthen the economy by improving the aviation industry in the Sultanate. The Strategy will help develop an effective organisational framework to boost support and develop the aviation sector, strengthen the country’s economy and create jobs. It will also boost marketing and operational support for Oman Air and restructure the company. It will also establish Airport Cities to help the country cope with the anticipated increase in tourist numbers. Finally, it will support aviation operations by logistics companies. Among other things, a logistics service regional centre will be established for international companies.

Abu Dhabi Global Market Updates Virtual Asset Regulatory Framework

02/03/202002/03/2020
by Benjamin Filaferro

The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has announced it has updated its Virtual Asset Regulatory Framework. The key amendments include changing the terminology of Crypto Asset to Virtual Asset to align the Market’s terminology with that of the Financial Action Task Force. The applicable regulations and rules from a bespoke category of Operating a Crypto Asset Business have also been moved to the Regulated Activities (e.g. Providing Custody, Operating a Multilateral Trading Facility, Dealing in Investments etc). The aim is to better reflect the nature of the underlying activities related to Virtual Assets.

Weekly Spotlight: New Multi Commodities Centre Authority Established in Dubai

02/03/202002/03/2020
by Benjamin Filaferro

Dubai’s Ruler has issued Dubai Law No. 3/2020 on the Dubai Multi Commodities Centre. The aim is to improve Dubai’s position as a regional and international destination in trading commodities and commercial and Islamic financing. It is also aimed at attracting investment and local and international companies to make Dubai a centre for their businesses. The Law applies to the Centre in its capacity as a free zone and to the Centre’s authority in its capacity as a public authority. The Centre’s Authority will supervise the Centre and it will be able to establish and develop infrastructure and administrative services in the Centre together with the relevant bodies in the Emirate.

Weekly Spotlight: Compulsory Health Insurance for UAE Visitors Under Consideration

23/02/202021/02/2020
by Benjamin Filaferro

The UAE’s Insurance Authority has announced it is working with a number of other bodies to prepare a draft law on compulsory health insurance for visitors. They stated during a health insurance conference in Dubai that it was important to continue to develop the regulatory and legislative base for this sector. The Authority’s Chairman said it is important to bolster the role of the insurance industry in securing individuals, possessions, and responsibilities against risks in order to protect the national economy.

Oman: Foreign Investment Law Exemptions Announced

22/02/202021/02/2020
by Benjamin Filaferro

The Omani authorities have announced small businesses have been exempted from 100% foreign ownership under the Sultanate’s Foreign Investment Law. Businesses which are included are translations, photocopying, tailoring, laundry, vehicle repairs, transporting and selling drinking water. It also covers manpower and recruitment services, hairdressing and salon services, taxi services, driving instructions, fishing and rehabilitation homes for the elderly, disabled and orphans. The aim is to make investing in the country more attractive but protect Oman’s small businesses.

Dubai: Online Service Being Used in Financial Status Cases

22/02/202021/02/2020
by Benjamin Filaferro

The Dubai Police’s online service which enables individuals to check their status when a financial case has been registered against them has been used by 57,483 people. The service was initially launched in 2018 and allows people to log on to the Dubai Police website or download the Dubai Police e-app, using a valid Emirates ID to use the service. They can then quickly get information on their case status, including checking if a travel ban has been issued against them. The online service can be used free of charge. The Dubai Police are also understood to be studying the possibility of adding an option for customers to pay up their debts and resolve their cases faster via the online route and have been working with the Dubai Court service on this. The new option will allow people to pay up the full or partial amount to the individual or company which made the complaint to reach a settlement.

Bahrain: Two New offices to File Labour Complaints

22/02/202021/02/2020
by Benjamin Filaferro

Bahrain’s Labour Market Regulatory Authority have announced labour complaints can now be filed at two new offices. They will be based at the Labour Claims Departments at the Expatriate Protection Centre in Sehla and the Labour Market Regulatory Authority branch in Riffa will register all labour-related disputes, including non-payment of wages. However, the offices will not deal with existing cases. They will be open five days a week from 8am to 4pm. The complainant will be given a case number and a court hearing date as soon as the grievance is recorded. The aim is to speed up the registration of labour disputes.

Qatar: Industrial Licenses and Land to Become Easier to Obtain

21/02/202021/02/2020
by Benjamin Filaferro

Investors in Qatar will be able to apply through the Single Window platform at the Ministry of Commerce and Industry to secure industrial licences and plots of land in the Small and Medium Industrial Area and complete financing procedures via the same application. The Ministry of Commerce and Industry (MoCI) together with Qatar Development Bank has launched the Land and Industrial Loan initiative to enable this. Investors will fill out and submit the application electronically through the Single Window Services website on singlewindow.gov.qa. They will also provide all the required documents (a complete feasibility study, the engineering plan and a copy of audited financial accounts) and any other documents which may be requested during the application review period. After submitting the application and the required documents, a technical team from the Ministry and QDB will review the application and there will then be an application review by the Land Commission.

Weekly Spotlight: New Financial Consumer Protection Rules for the UAE Under Consideration

16/02/202013/02/2020
by Benjamin Filaferro

The UAE’s Central Bank has announced it has launched a public consultation on new financial consumer protection rules. The Bank is proposing a new Financial Consumer Protection Regulatory Framework. The aim is to help the Bank develop and implement new regulations in these areas. It will also enhance disclosure and transparency requirements, ensure timely responses to customer complaints and require financial institutions to provide consumers with effective dispute resolution services. In addition, the proposed framework covers regulatory supervision, corporate governance, market conduct, business conduct and protection of consumer data and privacy.

The aim will be to introduce more comprehensive regulations in this area for entities it supervises.

Kuwait: Right to View Law Vote Soon

15/02/202013/02/2020
by Benjamin Filaferro

The Chairman of the Legislative Committee of Kuwait’s National Assembly has announced MPs will be voting on the draft right to view law next week. They said the law will enable nationals and residents as well as local and civil companies to view all information transparently. Some information like military and security matters will remain classified. The law has been thoroughly discussed with the Justice Minister, Waqf and Islamic Affairs Minister as well as other relevant departments.