Kuwait’s Central Bank has announced it has issued Instructions to all service providers to register on their electronic payments system. Under the Instructions, all service providers will have to regulate their e-payment transactions in line with the relevant regulations. The Central Bank will be able to scrutinise all e-payment methods.
Qatar’s Cabinet has approved the establishment of a free media zone aimed at attracting international media, technology companies and research institutions. The aim will also be to integrate activities with other state projects and support the establishment of investment funds focusing on media organisations. Media which will be supported will include digital, film and television. The Director of the Government Communications Office said the decision will allow foreign journalists to register in the zone. It follows the Cabinet’s recent approval of a draft law on freedom of the press.
Jordan’s Legislation and Opinion Bureau has published a draft Zakat law. If approved it will establish a General Zakat Organisation which will have its own financial and legal independence, a Board of Trustees and branches and offices across the country. A fund to succeed the Zakat Fund established under Jordan Law No. 8/1988 will also be established and that law and its regulations will be repealed. The Board’s members will be drawn from individuals recommended by the Cabinet, including the Awqaf, Islamic Affairs and Holy Sites Minister. It will identify Islamic banks in which Zakat funds are placed, make plans for expenditures, regulations and carry out other budgetary and administrative duties. It will also issue recommendations on Zakat payments. The law specifies the way in which Zakat funds will be spent. It will come into effect on its publication in the Official Gazette.
The Cabinet of the UAE has announced a new law on residency visas for retirees. From 2019, foreign nationals looking to retire in the UAE will be able to obtain a renewable five-year residency visa, according to the announcement by the Cabinet. General conditions state that the new visa will be available to applicants over 55 who meet the following eligibility criteria, among other yet unannounced conditions such as investment in a property worth a minimum of two million AED in the UAE; or financial savings of no less than one million AED; or active income of at least 20,000 AED a month. It is expected a list of additional requirements and further visa conditions will be announced closer to the implementation date of the law.
This week the spotlight is on Abu Dhabi’s Global Market Financial Services Regulatory Authority who has announced its launch of a FinTech digital sandbox to allow financial institutions and FinTech innovators to work together to experiment on products and solutions in a digital platform environment.
The digital sandbox will provide a marketplace for open collaboration between financial institutions, FinTech firms and regulators to facilitate the testing and adoption of innovative digital financial products and services which can benefit the industry regionally.
It will allow financial institutions to source and procure FinTech solutions locally and globally, run digital tests on the platform and adopt and orchestrate the best ones which meet their business needs. It will also enable FinTech firms to offer their innovative solutions to international market players and tap cross-border market access and opportunities to grow and scale their business and participants in the UAE and regional markets to connect with other international markets and vice versa.
According to the World Trade Organisation, Saudi Arabia could follow Australia and other countries and adopt plain cigarette packaging. The Kingdom has apparently notified the Organisation. No date for the introduction was given but when it does it will become the first GCC country to do so.
The Rental Dispute Centre of Dubai’s Land Department has confirmed landlords or property managers cannot remove contents of a rented property without having obtained a judicial order first. The Centre said legal procedures should be respected when a legal dispute arises between a landlord and tenants including serving a notice of eviction to the tenant using one of the methods provided for by the relevant law. The Centre said the execution of the judicial order should be done by specialists from the Centre then a landlord can access a disputed property.
This week the spotlight is on regulatory developments in the UAE, where Abu Dhabi’s Global Market Financial Services Regulatory Authority has announced it has launched its framework to regulate Private Financing Platform operators to meet the equity investment, debt financing and trade receivable funding needs of start-ups, private enterprises and small and medium enterprises.
It follows a consultation on the proposed framework which ended on 16 August 2018. Private Financing Platforms are online platforms which enable start-ups and smaller enterprises to obtain financing from private and institutional investors to launch and grow their businesses. These Platforms allow innovative business models which serve different business and client segments. The new framework requires Platform operators to have appropriate systems and controls in due diligence of those enterprises listed on the Platform, risk disclosures, safeguarding of client assets, anti-money laundering and anti-terrorist financing (AML/CFT), amongst other things. The Authority has also published the Guidance-Regulatory Framework for Private Financing Platforms’ and the application form for interested applicants to operate a Platform in the Market. The Guidance elaborates on the Market’s approach towards regulating Platform operators.
This week the spotlight is on legal developments in Qatar, where the country has announced they will no longer require exit permits for expatriates following an amendment to Article 7 of Qatar Law No 21/2015 by Qatar Law No. 13/2018.
Expatriates who are working in the country under the Labour Law will have the right to temporary or final exit from the country during the validity of their employment contract. Employers may submit a request to the Administrative Development, Labour and Social Affairs Ministry with the names of employees who would need a no objection certificate before leaving, with a justification based on the nature of their work. The number of workers under these restrictions will not exceed 5% of the company’s workforce.
In cases of expatriates being prevented from leaving the country for any reason, the expatriate will have the right to resort to the expatriate exit complaints committee. Its terms of reference and working procedures are also set out. The committee will decide on the grievance within three working days. For expatriates not subject to the Labour Law, the regulations and procedures for their departure from the country will be determined by the relevant Ministerial Decision.
Bahrain’s Cabinet has approved amendments to allow some foreign companies to open branches without needing a Bahraini partner. The moves would be based on Article 345 of Bahrain Decree-Law No. 28/2015 which amended some of the provisions of the Commercial Companies Law promulgated by Bahrain Decree-Law No. 21/2001. The Industry, Trade and Tourism Ministry has submitted a memorandum to facilitate this. The exemptions would apply to industries with strategic economic importance to the Kingdom.
