Newsletter Archives - Page 22 of 243 - LexisNexis Middle East

Bahrain: New Comprehensive Electronic Property Registration System

24/04/202524/04/2025
by Hannah Gutang

Al Bilad Press, 18 April 2025: Bahrain has introduced a digital property registration system, revolutionising the real estate sector with enhanced transparency and efficiency.

The electronic registration system allows users to submit applications and pay fees online, offering significant flexibility. It enables immediate property transfer on meeting requirements simplifying procedures while ensuring transparency in real estate operations.

The bureau has also developed an “Electronic Workflow System,” which is a platform that uses QR codes, barcodes, and scanning. It connects personal data and commercial records with government systems and uses Geographic Information Systems (GIS) to significantly reduce the time required for property transfers.

They have also introduced an internally developed Real Estate and Geographic Information System, which contains detailed data on over 300,000 properties across Bahrain. This system provides a historical record of property registrations dating back over a century and supports the production of precise research and geographic reports.

Among the new digital services launched is the “Ownership Statement,” which is automatically issued after property transfer fees are paid, with a download link sent to the registered phone number. This service allows users to complete certain transactions with other entities before the final document is issued and enables citizens to easily access property ownership data, download survey certificates, and locate properties via a QR code.

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KSA: Transforming Commerce: Understanding Saudi Arabia’s Commercial Register and Trade Names Laws

18/04/202501/05/2025
by Hannah Gutang

Authored by: Lara Salem, Head of Content Strategy, LexisNexis MENA

In the ever-evolving landscape of commerce, a clear understanding of the legal framework is crucial for business success. Recognising this need, Saudi Arabia has implemented significant legislative measures through Cabinet Decision No. 237/1446 (Commercial Register Law and Trade Names Law) and its accompanying Implementing Regulation, Cabinet Decision No. 288/1446. These laws aim to foster transparency, efficiency, and reliability in the commercial sector, providing a solid foundation for businesses operating within the Kingdom. This article explores how these new regulations are reshaping the commercial environment and their implications for businesses.

Objectives of the Legislation

The two key legislative instruments, Cabinet Decision No. 237/1446 and its Implementing Regulation No. 288/1446, serve complementary purposes:

Cabinet Decision No. 237/1446 establishes a streamlined registration process, enhancing the transparency and reliability of commercial data. This legislation specifies essential procedures for business registration and management of trade names. Crucially, Article 28 mandates the issuance of detailed Implementing Regulations within 180 days of its publication to facilitate practical application.
Cabinet Decision No. 288/1446 (Implementing Regulation) provides the detailed operational framework required by Decision No. 237. It defines key terms (Article 1), sets the duties of the Registrar (Article 2), and outlines operational procedures such as notification methods, violation detection, and service fee structures. This detailed regulation ensures the seamless implementation of the Commercial Register and Trade Names Laws, thus fulfilling the objectives set out in Decision No. 237.

Main Provisions and Their Practical Impact

The legislation introduces significant provisions affecting commercial activities:

Commercial Register Law: It mandates the establishment of a centralised electronic database to manage merchant information, compulsory registration (Article 5), and annual confirmation of commercial data (Article 10). Communication and notifications to businesses regarding their obligations or updates are conducted via official channels, such as registered text messages, emails, government electronic system accounts, or licensed postal services.
Trade Names Law: This law requires merchants to adopt, register, and protect their trade names against unauthorised use. Specific articles such as Article 3 (adoption and registration requirement) and Article 6 (protection mechanisms) support a fair competitive environment.

These measures collectively reinforce transparency and accountability, enabling businesses to operate confidently within the Kingdom.

Important Compliance Deadlines and Requirements

Compliance with the new legislation includes specific deadlines and procedures:

Businesses are allowed a five-year transition period for adjusting their sub-commercial registers.
Annual data confirmation is mandatory, as detailed in Article 10 of the Implementing Regulation.
Non-compliance penalties, including potential suspension of registration, are outlined in Article 11, emphasising the importance of proactive adherence.

These structured compliance requirements necessitate businesses to remain informed and vigilant to avoid disruptions.

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UAE: Trade Licensing Authority’s Decision on Financial Year Sparks Confusion

17/04/202517/04/2025
by Hannah Gutang

The National News, 10 April 2025: A recent decision by a UAE trade licensing authority to standardise the financial year for entities under its jurisdiction to a calendar year has led to confusion among businesses.

A UAE trade licensing authority has required all entities under its jurisdiction to adopt a calendar financial year, running from January 2025 to December 2025. This decision will require thousands of companies to alter their memorandums of association and has caused confusion about the potential tax impact. Previously, businesses which came under the trade licensing authority had the flexibility to choose their financial year based on their month of formation, but the new directive has standardised the period.

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Saudi Arabia: New Penalties on Elderly Care Law

17/04/202517/04/2025
by Hannah Gutang

Gulf News, 11 April 2025: New penalties are being introduced to enforce the Elderly Rights and Care Law, Saudi Arabia Cabinet Decision No. 292/1443.

Executive regulations have been issued to enforce the Elderly Rights and Care Law, Thee introduce severe penalties for neglect and abuse, including up to one year in prison and a fine of SR500,000. Both government and non-government entities must provide comprehensive care, ensuring safe and accessible environments for the elderly and promote their active participation in society.

The executive regulations emphasise the dignity and inclusion of elderly individuals, recognising their right to respect as a fundamental duty. The law also provides a dedicated identification card for the elderly, which grants them priority access to services and reduces bureaucratic hurdles.

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Qatar: Central Bank Introduces Multiple Wallets Feature in Mobile Payment System

17/04/202517/04/2025
by Hannah Gutang

Gulf Times, 13 April 2025: Qatar Central Bank (QCB) has introduced a ‘Multiple Wallets per Mobile Number’ feature to the Qatar Mobile Payment system.

The feature allows users to have multiple wallets linked to a single mobile number. This initiative aligns with the Third Financial Sector Strategy and is part of QCB’s efforts to improve mobile payment services in Qatar. The feature enables users to open two wallets with different payment service providers using the same mobile number, providing them with enhanced flexibility and control over their financial transactions. Users can designate a default account for receiving all incoming transfers and have the flexibility to manage and change the default account as needed. The introduction of this feature is expected to support innovation among payment service providers, and support financial inclusion in Qatar.

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Oman: Amendments to Social Protection Fund Regulations

17/04/202517/04/2025
by Hannah Gutang

The Social Protection Fund Regulations (Oman Sultani Decree No. 50/2023) were amended on 10 April 2025 by Oman Sultani Decree No. 41/2025.

The amendment specifically altered Article 9 of Oman Sultani Decree No. 50/2023, which now states that the management of the Social Protection Fund will be overseen by a board of directors formed by a Cabinet Decision. This board will include the Chairman of Oman Chamber of Commerce and Industry and the Chairman of the General Federation of Oman Workers, among others. The board will also be able to seek assistance from experts and advisors. The amendment came into force on the day following its publication in the Official Gazette.

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Kuwait: Municipal Committee Considers Agricultural Land Amendments

17/04/202517/04/2025
by Hannah Gutang

Arab Times, 13 April 2025: Kuwait’s Municipal Council has considered proposed agricultural land amendments.

The Kuwait Municipal Council’s Technical Committee held its 22nd meeting, at which it considered amendments to agricultural land regulations.

The proposed amendments to the agricultural land regulations have been requested by the Minister of State for Municipal Affairs. They include changes to building ratios in areas such as Wafra, Abdally, and Sulaibiya. The amendments propose limiting construction to 10% of the plot area, and there would be specific guidelines for residential buildings, family rest houses, and workers’ residences. Additional regulations would cover building reserves, maximum heights for structures, and setback requirements.

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Bahrain: Commercial Law Amendments on Bounced Cheques

17/04/202517/04/2025
by Hannah Gutang

Nabad, 14 April 2025: Bahrain’s Shura Council has proposed amendments to the Commercial Law (Bahrain Decree-Law No. 7/1987) to improve trust in commercial transactions and regulate cheque issuing.

The amendments, aim make the processing of cheques easier and facilitate their circulation, while safeguarding the rights of cheque holders or beneficiaries.

They will allow partial cheque payments where cheques bounce. Cheque holders will be able to collect part of the cheque amount if the full balance is unavailable, and will also have the option to re-present the cheque for the remaining amount. Banks will be required to honour cheques fully or partially when funds are available and will not be able to refuse payment if requested by the account holder or cheque bearer.

The amendments would also require banks to withhold cheque payments entirely or partially where they have received objections involving loss or damage. The Bahraini Central Bank will be authorised to issue decisions on alternative methods for proving partial payments, aside from cheque endorsements, and to regulate conditions and procedures for implementing partial cheque payments.

Cheque holders will be able to seek recourse against issuers and endorsers if the cheque is not fully paid on timely presentation, provided non-payment is documented by protest or other legal means. Cheques marked as having insufficient funds or a partial payment will be considered enforceable under civil and commercial execution laws, and the Minister of Justice will be authorised to regulate execution rules and procedures following approval from the Supreme Judicial Council.

The amendments will also criminalise the issuing of blank cheques for use as credit or guarantee instruments, and will impose fines ranging from 200 to 2,000 dinars for issuing these types cheques. Individuals who fill in and present blank cheques for payment will face fines of at least 10% of the recorded amount, up to twice that amount, with a minimum fine of 500 dinars and a maximum of 10,000 dinars.

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ADGM: Proposed Amendments to Prudential Framework for Lower-Risk Firms

16/04/202516/04/2025
by Hannah Gutang

ADGM, 9 April 2025: The Financial Services Regulatory Authority (FSRA) in the ADGM has issued a consultation paper proposing amendments to the prudential framework for lower-risk firms.

Consultation Paper No. 2 of 2025, targets Authorised Persons in Categories 2, 3A, 3B, 3C, and 4, as well as potential applicants and professional advisors. It has been proposed the Expenditure Based Capital Minimum (EBCM) requirement for Category 4 firms not holding Client Assets or Insurance Money should be removed, while increasing the Base Capital Requirement (BCR) for most Category 4 firms to $50,000. The FSRA has also suggested applying a BCR of $250,000 for Providing Custody for a Fund, unless it is a Public Fund, and removing the Internal Risk Assessment Process (IRAP) reporting requirement for Category 3B and 3C firms. There is also a proposal to eliminate the professional indemnity insurance (PII) requirement for Branches of Category 3B, 3C, and 4 firms. It is hoped the proposed changes would reduce the regulatory burden for these firms and better reflect the lower prudential risks associated with them. The closing date for comments on these proposals is 21 May 2025. The proposed amendments would modify the current prudential requirements under the FSRA’s Prudential – Investment, Insurance Intermediation, and Banking Rulebook (PRU).

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UAE: New Tax Rules for Non-Resident Investors in Investment Funds

10/04/202510/04/2025
by Hannah Gutang

Gulf News. 6 April 2025: The UAE Ministry of Finance has issued Cabinet Decision No. 35/2025 for non-resident investors in Qualifying Investment Funds and Real Estate Investment Trusts.

Cabinet Decision No. 35/2025, outlines the conditions under which non-resident juridical investors in Qualifying Investment Funds (QIF) or Real Estate Investment Trusts (REIT) are deemed to have a nexus in the UAE, and therefore are subject to taxation. It has repealed Cabinet Decision No. 56/2023 and follows Cabinet Decision No. 34/2025 concerning Qualifying Investment Funds and Limited Partnerships.

It impacts non-resident juridical investors in QIFs and REITs, specifying that a taxable nexus arises if a QIF or REIT distributes 80% or more of its income within nine months from its financial year-end, either on the date of dividend distribution or the date the ownership interest is acquired. A nexus would also be created if a QIF fails to meet the diversity of ownership conditions during the tax period. Conversely, non-resident investors who are exclusively investing in QIFs and REITs without breaching these conditions would not be considered to have a taxable presence in the UAE.

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