Newsletter Archives - Page 228 of 250 - LexisNexis Middle East

Oman: Health Insurance Coverage to be Soon Provided to all Private Sector Employees and Visitors

22/07/201811/12/2019
by Benjamin Filaferro

Oman’s Capital Market Authority has announced a new policy is currently under review which would mandate health insurance coverage is provided to all private sector employees and visitors in Oman. The Authority is working with the Health Ministry and the Royal Oman Police on mechanisms for the issuing of health insurance to visitors at border posts. When implemented, the new law will have a significant impact on the immigration process in Oman as proof of insurance would likely become a requirement to obtain legal status in the country. It has not been announced when the new requirement will come into effect. The Authority’s announcement is in line with the amendments to the law made by the Health Ministry in the last quarter of 2017.

UAE: VAT Refund Scheme for Tourists Approved

15/07/201811/12/2019
by Benjamin Filaferro

The UAE’s Cabinet has approved a VAT refund scheme for tourists. It will be introduced later this year when the Cabinet Decision comes into force. 123 million passengers passed through the country’s airports last year and the tourism sector contributed 11.3% to the country’s economy or 154.1 billion AED. Non-resident tourists may refund VAT on purchases made at participating retailers, provided the goods are not exempt VAT, through designated refund outlets.

Sharjah: New E-commerce Regulations Issued

15/07/201811/12/2019
by Benjamin Filaferro

Sharjah’s Executive Council has issued a Decision approving new e-commerce regulations. Under Sharjah Executive Council Decision No. 23/2018, to get an e-commerce license applicants must be 21 at the time the application is submitted. However 18-year olds may practice e-commerce activities if approved by the judicial court. They must also be a UAE citizen and the application must not be objected to by the country’s Telecommunications Regulatory Authority. Individuals will have to be licensed by the Emirate’s Economic Development Department in order to practice e-commerce activities.

Weekly Spotlight: Draft PPP Law Published and First FinTech Licenses Issued in Saudi Arabia

15/07/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on legal and regulatory developments in Saudi Arabia, where the National Centre for Privatisation and Public-Private Partnership has launched a consultation on a proposed PPP Law. The consultation ends on 29 July 2018. Following the three-week consultation, rules on foreign real estate ownership could be relaxed. The draft law outlines real estate ownership and labour law exemptions for foreign investors, amongst other prospective regulatory changes. If approved, bidders could also appeal PPP Government contracts within ten days though the relevant Government entity or the Centre’s website.

Elsewhere, the Capital Market Authority has issued the first two FinTech licenses in the Kingdom. The licenses have been issued to Riyadh-based start-ups Manafa Capital and Scopeer to provide crowdfunding investment services on a trial basis. The move is part of efforts to develop the FinTech sector in the country and the Authority will consider further license applications later in the year.

Weekly Spotlight: Real Estate and Housing Facilities Announced in Abu Dhabi and Oman

08/07/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on real estate developments in the GCC, where Abu Dhabi’s Urban Planning and Municipality Department has announced a number of facilities including real estate developers will be exempt from fines imposed on delays in registering their real estate transactions for the first time. Developers are now exempt from 10,000 AED fines if they are late in registering their businesses. The exemption is valid for all transactions made on properties but which have not been registered.

Elsewhere, Oman’s Housing Ministry has announced it has set up a centre to help developers clear all project approvals in 27 days. The aim is to boost the sector in the Sultanate and reduce paperwork levels. Previously developers had to approach different Government agencies to get approvals which could take upto two years.

Saudi Arabia’s Shoura Council Has Agreed to Amend the Ant-Bribery Law

08/07/201811/12/2019
by Benjamin Filaferro

Saudi Arabia’s Shoura Council has agreed to amend the Ant-bribery Law issued by Saudi Arabia Royal Decree No M36/1412 as amended in 2015. The amendments were proposed by Atta Alsubaiti and Latifa Alshalan and seek to stress the provisions of the UN agreement on combating corruption. The amendments propose appointing a special employee for combating bribery and ensuring the implementation of transparency and integrity standards. The amendments are aimed at protecting public facilities from corruption in all its forms and ensure the soundness of investigations and trials for crimes subject to this law.

Kuwaitis Can’t Leave GCC Anymore with Old Passports

08/07/201811/12/2019
by Benjamin Filaferro

Source: Kuwait Times, 5 July 2018

The Nationality and Travel Documents Department of Kuwait’s Interior Ministry has advised Kuwaiti nationals must hold e-passports before leaving the GCC. The advice followed a meeting of GCC Interior Ministers, where fellow interior Ministers were also advised the change came into effect on 30 June 2018. Kuwaiti nationals can currently travel freely with their civil IDs.

Read full article here: http://news.kuwaittimes.net/website/kuwaitis-cant-leave-gcc-with-old-passports/

Weekly Spotlight: Abu Dhabi Global Market Launches Crypto Asset Regulatory Framework

01/07/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on regulatory developments in the Abu Dhabi Global Market, where their Financial Services Regulatory Authority has launched its framework to regulate spot crypto asset activities, including those undertaken by exchanges, custodians and other intermediaries in the Global Market. The framework has been introduced following the conclusion of a public consultation which was launched by the Global Market’s Financial Services Regulatory Authority and ended on 28 May 2018.

The framework is designed to address the full range of risks associated with crypto asset activities, including money laundering and financial crime, consumer protection, technology governance, custody and exchange operation risks. As a result of feedback received during the consultation, several refinements have been made to the regulatory framework. One of the most significant changes is the implementation of a Daily Value Trading Levy which will be imposed on Crypto Asset Exchanges on a sliding scale.

In addition, the Financial Services Regulatory Authority has published its Guidance-Regulation of Crypto Asset Activities in the Global Market and application form for interested applicants to operate a crypto asset business in the Global Market. The Guidance elaborates on the Market’s approach towards the regulation of crypto asset activities and is a useful resource for interested applicants.

Kuwait: Amendments to the Companies Law Relating to Protection for Minority Shareholders Approved

01/07/201811/12/2019
by Benjamin Filaferro

Kuwait’s National Assembly has approved amendments to the Companies Law relating to protection for minority shareholders. The changes would reduce the minimum percentage of shareholders to request a general assembly requirement from 25% to 10%. Distribution of profits approved in a general assembly would take place within one month of the meeting. For companies with multiple directors, the general assembly would determine their powers and responsibilities. The time before a general assembly would also be increased from 15 to 21 days.

Lawyers have welcomed suggestions a Private-Public Partnership Law could be on the way in the Kingdom. If it is introduced, it will regulate the role of the private sector in terms of partnering with the public sector in infrastructure projects for the first time.

Despite not having any specific regulations in this area, the Kingdom has completed a number of projects using this framework.

Weekly Spotlight: A Series of Employment and Immigration Developments in the UAE

24/06/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on employment and immigration developments in the UAE, where additional changes to the country’s visa system and an upcoming amnesty for illegal residents have been announced by the Cabinet at its latest session. These changes are in line with earlier announcements, including the introduction of a new insurance scheme which will replace the bank guarantees system in the country. In the last quarter of 2018, a new one-year permit will be introduced for women and their children residing in the UAE without a visa sponsor due to certain circumstances including a divorce or death of their husband. Currently, no similar provision is guaranteed in the immigration regulations and the decision of allowing residency in these cases is discretionary.

Nationals of countries affected by war or natural disasters will be offered an extendable one-year residency permit free of charge, regardless of their current visa status. No specific list of countries has been issued yet. According to the announcement, the regulation will be in effect from 1 August until 31 October 2018.

Finally, the Federal Authority for Identity and Citizenship has announced an amnesty initiative called ‘Protect Yourself by Modifying Your Status’ which is expected to be launched in the coming weeks. The programme is aimed at allowing illegal residents in the UAE to correct their immigration status. Foreign nationals will have a choice to depart from the country without paying fines and without an immigration ban, or to change their status to employment. Those who entered illegally will be allowed to depart and will be issued with a two-year immigration ban.