Newsletter Archives - Page 206 of 244 - LexisNexis Middle East

Amendments to Kuwait Companies Law Approved

06/07/201911/12/2019
by Benjamin Filaferro

Kuwait’s National Assembly has approved various legislation at their second reading, including an amendment to the country’s Companies Law. The Assembly approved an amendment to the country’s Companies Law, Kuwait Law No. 1/2016 at its second reading. If approved, non-profit organisations will not be able to convert to profitable entities. It will also allow shareholders to assess a company’s position, prohibit the dissolution of a company because of capital loss and allow shareholders and owners to correct a company’s path.

Weekly Spotlight: New Anti-Money Laundering System Launched by the Central Bank of the UAE

30/06/201911/12/2019
by Benjamin Filaferro

The UAE’s Central Bank has announced it has launched a new anti-money laundering system and is the first GCC country to adopt it. The new system means all financial institutions in the country will have to report any suspicious transactions through goAML. They must register with the system by 27 June. Any transactions over 60,000 AED must be reported. goAML has been developed with the UN Office on Drugs and Crime. It aims to step up intelligence, identify complex, organised criminal activities and curb them.

Elsewhere, Saudi Arabia has become the region’s first Financial Action Task Force member. Previously the Kingdom was an observer of the anti-money laundering body and they were one of the only Middle Eastern jurisdictions not to be included in a blacklisting of countries earlier this year. The organisation makes recommendations to governments on combating money laundering and terrorist-financing.

UAE: 6,800 Investors and Residents to Receive a Golden Residency Visa

29/06/201911/12/2019
by Benjamin Filaferro

According to Sheikh Mohammed, Prime Minister of the UAE 6,800 investors and residents, worth an estimated 100 billion AED, have been chosen to receive the new golden residency visa. The golden card was initially billed as a permanent residence system but the General Directorate of Residency and Foreigners Affairs has since clarified that it is in fact a long-term 10-year visa. However, as the golden card is a renewable 10-year visa the end result is the same: – permanent residency in the UAE. It has also now been confirmed by the Directorate Chief executives with a salary of 30,000 AED or more can apply for the visa too. These applicants should have at least a bachelor’s degree or its equivalent and five years of work experience. They must also have a valid UAE employment contract. They must also have health insurance for themselves and their families.

Qatar: Approvment of a Draft Law Establishing a New Court for Investment and Trade

29/06/201911/12/2019
by Benjamin Filaferro

The Qatari Cabinet has approved a draft law which would see the establishment of a new court for investment and trade. A report by the President of the Court of Cassation on the results of the work of the task team mandated to study the mechanisms and requirements for the establishment of the specialised court for investment and trade within the framework of the initiative to develop justice systems and create an attractive environment for investment was reviewed by the Cabinet.

Oman’s Capital Market Authority Launches a Portal for Registering Potential Directors

29/06/201911/12/2019
by Benjamin Filaferro

Oman’s Capital Market Authority has announced it has launched a portal for registering potential directors. Interested professionals will need to register on the portal so as companies and shareholders looking to appoint professionals on their boards can visit the portal and view potential candidates who meet their business requirements. Family owned businesses and investment funds have also been urged to register on the portal.

Kuwait: Expatriate Committee Established

24/06/201911/12/2019
by Benjamin Filaferro

According to local newspaper reports, the Kuwaiti Government has announced it has established a Committee to oversee the reduction of expatriate numbers in the country. The committee consists of representatives from a number of Government agencies and bodies including the Social Affairs and Labour and Interior Ministries and the Public Authority of Manpower. Various measures to ensure a reduction in these numbers have been proposed.

UAE: Drone Photography Authorised

24/06/201911/12/2019
by Benjamin Filaferro

The UAE’s General Civil Aviation Authority has announced drone photography is now allowed in the country providing certain conditions are met. These conditions include using drones in authorised locations and at specified heights. Photographers wishing to use drones must obtain a license first and should be 16 or older. The new regulations were developed together with the Interior Ministry. Previously, only authorised organisations could use drones to film or photograph.

Qatar: The QICDRC Signs a Cooperation Agreement with the International Centre for Settlement of Investment Disputes

24/06/201911/12/2019
by Benjamin Filaferro

Qatar’s International Court and Dispute Resolution Centre has signed a cooperation agreement with the International Centre for Settlement of Investment Disputes. It was signed for the QICRDC by its CEO, Faisal Rashid Al-Sahouti and for ICSID by its Secretary-General, Meg Kinnear. Under the agreement the two organisations will share arbitration and alternative dispute resolution insights. Each organisation will also be able to conduct all or any part of arbitration proceedings at the other Centre. The other organisation will also have priority access to the facilities and services at their counterpart’s organisation including using meeting rooms and office space as well as interpretation and translation services.

Bahrain: Parliamentary Investigations Launched into Illegal Abortion Clinics in Bahrain

24/06/201911/12/2019
by Benjamin Filaferro

Two Parliamentary investigations have been launched into illegal abortion clinics in Bahrain. According to reports, houses and apartments are being used to perform illegal abortions and hymen reconstruction surgeries. The reports have added those carrying out these procedures are charging between 300 and 500 Dinars each time. The Parliamentary investigations will focus on the smuggling of medicines like Cytotec to assist abortions. Under the existing law, abortions can only be carried out at authorised hospitals if a woman’s life is in danger and if three consultant doctors approve it.

Weekly Spotlight: The DIFC Launches a Consultation on Amendments to the 2007 Data Protection Law

24/06/201911/12/2019
by Benjamin Filaferro

The DIFC has launched a consultation on proposed amendments to the 2007 Data Protection Law. The consultation ends on 18 August 2019. If the amendments to DIFC Law No. 1/2007 are approved the Law’s remit will be expanded.

The main proposals are to align the 2007 law to incorporate international data protection standards, including elements of the EU General Data Protection Regulation and the California Consumer Privacy Act and not just incorporate EU best practices.

It is also proposed to expand the compliance framework and safeguards to include principles of accountability, jurisdiction, data breach notification, prior consultation and data protection officer appointments and provide clarity on consent and data subjects’ rights with respect to advance technology developments. Finally it is proposed to revise the powers of the Commissioner of Data Protection, administrative requirements and sanctions and enforcement.