Newsletter Archives - Page 226 of 250 - LexisNexis Middle East

Weekly Spotlight: Abu Dhabi Global Market Launches Digital Sandbox

23/09/201811/12/2019
by Benjamin Filaferro

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.

Saudi Arabia: Plain Cigarette Packaging Could be Adopted

16/09/201811/12/2019
by Benjamin Filaferro

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.

Dubai: Landlords Cannot Remove Contents of Rented Properties Without Judicial Orders

16/09/201811/12/2019
by Benjamin Filaferro

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.

Weekly Spotlight: Abu Dhabi Global Market Launches New Private Financing Platform Regulatory Framework

16/09/201811/12/2019
by Benjamin Filaferro

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.

Weekly Spotlight: Foreign Workers in Qatar will No Longer Require an Exit Permit to Leave the Country

09/09/201811/12/2019
by Benjamin Filaferro

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: Some Foreign Branches Allowed to Open Without Local Partner

08/09/201811/12/2019
by Benjamin Filaferro

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.

Kuwait: Age Limit for Recruiting Foreigners will be Reduced to 60

02/09/201811/12/2019
by Benjamin Filaferro

Kuwait is looking to impose a new cap on hiring foreigners based on their age, as part of a an official drive to address the demographic imbalance in the country as Kuwaiti nationals represent only 30 per cent of the total population. Under the proposal, the age limit for recruiting foreigners will be reduced from 65 to 60 and no contract for any expatriate who turns 60 will be renewed. A limited number of positions that require particularly high skills would be exempted from the new rules. Other measures being considered by the Interior, Social affairs, Labour and Trade Ministries include confining family visit visas to spouses and children and limiting them to one month without the possibility of renewal. Currently, family visit visas cover expatriates’ relatives, including their parents, and can be extended. The Ministry of Interior is also considering reducing the number of work permits to members of some large communities, and limiting them to government contracts and technical specialities. Increasing recruitment fees and health insurance and requiring expatriates to undergo medical check-ups before entering Kuwait are other options being considered.

Saudi Arabia: Plan to Replace Expatriates with Saudi Nationals in 12 Occupations within the Next 5 Months

02/09/201811/12/2019
by Benjamin Filaferro

Saudi Arabia is planning to replace expatriates with Saudi nationals in 12 occupations within the next five months. The first phase of the latest Saudisation drive will cover salespersons in car and motorcycle shops, clothing stores, children’s clothing, men’s accessories, home and office furniture stores, and sales of household utensils. Implementation will begin on 11 September 2018. A second phase, two months later, will include watch shops, optician shops, electrical appliances and electronic shops, and the third phase, which will start in mid-January 2019, will target salespeople in medical equipment stores, construction materials shops, auto spare parts shops, carpet shops and confectionery stores. The Saudisation of these 12 professions was announced in January when Minister of Labour and Social Development Ali Al Ghafees issued a decree to limit work in them to Saudi men and women from the start of the New Hijri Year. A committee was formed to develop a programme for nationalising the 12 occupations and to coordinate with relevant authorities. Committee members have been drawn from the Ministry of Labour and Social Development, the Human Resources Development Fund (HADAF), and the Social Development Bank.

Weekly Spotlight: New Egyptian Law to Tighten Penalties for Parental Neglect

02/09/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on legal developments in Egypt, where Egyptian parliamentary health committee member Inas Abdel Halim MP has said that she will submit a bill at the start of the next parliamentary session in October amending the Child Law, Egypt No. 12/1996 in order to criminalize and tighten penalties for parental negligent. The basis of the proposed change is to amend Article 8 of Egypt Law No. 12/1996, which allows the punishment of a father or mother in such cases with six months imprisonment and a fine of 500 Egyptian Pounds. The proposed changes would increase the punishment of parents to imprisonment of at least 10 years if the negligence led to the death of the child. A parent found to have killed their child would face life imprisonment. The committee will invite comments from civil society organisations who work in this area.

Jordan’s Cabinet has Approved a Code of Conduct on Disclosing Conflicts of Interest

12/08/201811/12/2019
by Benjamin Filaferro

Jordan’s Cabinet has approved a code of conduct on disclosing conflicts of interest. The code sets out the duties and responsibilities of Ministers. It also defines principles obliging the president and members of the Cabinet to abide by the rule of law, transparency, disclosure of conflicts of interest, previous professional and trade relations, accountability, integrity, efficiency, effectiveness, justice and equal opportunities.

Ministers may accept ordinary official or honorary gifts and other forms of appreciation, but must not accept or seek any kind of gift, benefit or other allowance. Gifts to Ministers exceeding 50 Dinars will have to be disclosed. Any gifts exceeding 50 Dinars will be considered public funds and property to be transferred to the Department of General Supplies. Ministers will have to disclose to the PM any conflict of personal and professional interests. Ministers will not be able to use their influence to benefit themselves, family members, or other related bodies. In addition, Ministers may not use information gained while in office to benefit themselves after they have left. They must also wait one year after leaving office to contract with the Ministry they ran. Finally, Ministers and their relatives must not trade in shares of companies they are responsible for, or benefit from material and non-public information.