Newsletter Archives - Page 207 of 244 - LexisNexis Middle East

Weekly Spotlight: DIFC Insolvancy Law Approved

16/06/201911/12/2019
by Benjamin Filaferro

Dubai’s Ruler has approved a new DIFC Insolvency Law which will come into force on 28 August 2019. New Insolvency Regulations have also been approved and they will come into force on 28 August 2019 as well.

DIFC Law No. 1/2019 provides for a new administration process where there is evidence of mismanagement or misconduct. It also enhances the rules governing winding up procedures and incorporates the Uncitral Model Law on cross border insolvency proceedings with certain modifications for application in the Centre. In addition, it introduces a new debtor in possession bankruptcy regime in line with best international practices.

Kuwait: Amendments to Tenders Law Approved

15/06/201911/12/2019
by Benjamin Filaferro

The Financial and Economic Committee of Kuwait’s Parliament has approved the amendments to the Tenders Law. Under the amendments, the National Fund for Small and Medium Enterprise Development’s will join the board of directors of the Central Agency for Public Tenders. Membership terms and grievance periods are also laid out. It will receive its second reading next week.

Saudi Arabia: Midday Working Ban to Start Next Week

15/06/201911/12/2019
by Benjamin Filaferro

Saudi Arabia’s Labour and Social Development Ministry has announced the midday working ban in the Kingdom will start on Saturday this week. The Ministry has stressed all private sector companies must comply with the ban which runs until 15 September. It means affected workers cannot work between 12pm and 3pm. However, the Ministry also said there are certain exemptions from this ban including those working in the oil and gas industry and emergency maintenance workers. The necessary procedures should be followed to protect these workers.

Qatar: New Electric Appliance Regulations on the Way

15/06/201911/12/2019
by Benjamin Filaferro

The Head of the Conservation and Energy Efficiency Department at Qatar’s General Electricity and Water Corporation (Kahramaa) has announced new regulations to the Tarsheed law are expected to be issued by the end of this year. The aim is to make air conditioners and other electric home appliances more energy efficient. If approved, the energy efficiency ratio of split unit air-conditioners will be increased from the existing 9.5 to 10.5. The move is part of the National Programme for Conservation and Energy Efficiency which is aiming to reduce electricity consumption by 6% per capita, water by 10% and carbon footprints by 7% by the end of 2022.

Bahrain: Draft Amendments to the Commercial Companies Law Approved

14/06/201911/12/2019
by Benjamin Filaferro

Bahrain’s Cabinet has approved draft amendments to the Commercial Companies Law promulgated by Bahrain Decree-Law No. 21/2001 proposed by Parliament, following a recommendation from the Ministerial Committee for Legal and Legislative Affairs. The amendment will facilitate procedures for attending General Assembly meetings on behalf of partners using special power of attorney, without having to be authenticated by the relevant authorities.

Weekly Spotlight: Foreign Capital Companies in Bahrain Authorised to Explore for Oil and Gas

09/06/201911/12/2019
by Benjamin Filaferro

Bahrain has agreed to allow companies with foreign capital to own 100% of exploring for oil and natural gas operations in the Kingdom. The approval was contained in Bahrain Edict No. 10/2019 which has been issued by the King. The conditions for these permits include a requirement for foreign parent company to sign or be in the last stages of signing an exploration agreement with the Bahraini Government.

Saudi Arabia: Details of Neom Freezone Announced

08/06/201911/12/2019
by Benjamin Filaferro

According to local newspaper reports, Saudi Arabian authorities have established a joint committee with the UK to introduce a visa-free document to allow Neom investors and employees to move freely between several Red Sea countries including Egypt and Jordan. Holders of this document will also be exempt from specific Saudi legislation. In addition, those who have this document will have visas and residency rights.

Abu Dhabi: First Golden Residence Permit Issued

08/06/201911/12/2019
by Benjamin Filaferro

The UAE’s Federal Authority for Identity and Citizenship has announced it has issued the first golden residence permit in Abu Dhabi. The issuing of the visa follows the issuing of Cabinet Decision No. 56/2018 on permanent residence for investors. The Authority said it had started a communication programme with investors in the country who are eligible for this residence permit to make them aware of the new law and explain the benefits.

Kuwait: Overtime to be Regulated

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

The Undersecretary of Kuwait’s Health Ministry has asked all assistants, departments, health zone and hospital directors to list the employees authorised to work overtime, the work they do and how much they get paid. The aim is to ensure proper systems are in place for overtime and prevent profiteering. Overtime must also be approved by the Undersecretary and social media guidelines are also being drafted. Anyone who violates the guidelines will be punished.

Oman: Professional Visa Ban Announced

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

Oman’s Manpower Ministry has announced a professional visa ban for sales and marketing professionals has been introduced. The ban is contained in Oman Decision No. 268/2019 and means the visa ban will continue for another six months from 31 May. It will not apply to visa renewals but will apply to new visa applications.