Newsletter Archives - Page 230 of 246 - LexisNexis Middle East

Weekly Spotlight: KSA has amended the penalties related to the Labour Law regulations

11/02/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on employment law developments in Saudi Arabia, where the Kingdom’s Labour and Social Development Minister, Ali Al-Ghafees has announced the Ministry has amended the penalties related to the Labour Law regulations.

Employers will be fined 10,000 Riyals if they violate the holiday entitlement of employees. They will also be fined 10,000 Riyals if they allow a non-Saudi employee to work in a profession other than the one specified in their work permit which is a breach of Article 38 of the Labour Law. In addition, if employers don’t open a file for the firm with the Labour Office or update the firm’s data they will be fined 10,000 Riyals which is a breach of Article 15 of the Labour Law. An employer who fails to submit the Wage Protection file to the Labour Office monthly will be fined 10,000 Riyals. If a firm fails to meet health and occupational safety requirements for its staff, they will be fined 15,000 Riyals. The fine will be doubled for repeat offences. Employers will be fined 2,000 Riyals if they keep an employee’s passport, residency permit or medical insurance card without their consent and 10,000 Riyals for failing to have organisational regulations in place or complying with them. The fine will have to be settled within a month of being issued and if it is not it will be doubled.

Elsewhere the country’s Shoura Council has approved a recommendation for a 40-hour work week. The Council also approved an additional paid day for employees working in activities earmarked for Saudisation. The Council made the decisions last week.

Oman: Shoura Council has referred a study on private investment in the health sector

10/02/201811/12/2019
by Benjamin Filaferro

Oman’s Shoura Council has referred a study on private investment in the health sector to the Council of Ministers. The study focuses on the challenges faced by private investment as well as the incentives which should be offered to encourage investment. The Council also referred a study from the Economic and Financial Committee on the obstacles faced by the private sector, the free zones and the incentives required to increase their participation in Gross Domestic Product. The study focuses on the most important economic sectors and the desired partnership between the public and private sectors. It also highlights the importance of reviewing the relevant legislation and legal framework.

UAE: Road Tolls Law issued

10/02/201811/12/2019
by Benjamin Filaferro

The UAE’s President has issued a Road Tolls Law to ease traffic congestion. The Transport Department will determine where the toll gates will go and the amounts to pay. They will also set the operation times and will collect the fees. Its recommendations will be sent to the Executive Council to approve. Abu Dhabi Law No. 17/2017 came into effect on 31 December. Ambulances, the armed forces, civil defence vehicles, public buses and motorcycles will be exempt. Those who fail to comply with it will be fined upto 10,000 AED.

Weekly Spotlight: Launch of the 2nd edition of the UAE Anti-money laundering Standardisation Manual

04/02/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on banking and finance developments in the UAE, where the UAE’s Foreign Exchange and Remittance Group which represents businesses engaged in money exchange and remittances in the country has announced it has launched the second edition of the Anti-money laundering (AML) Standardisation Manual in Dubai.

It was launched in 2015 to encourage exchange houses in the UAE to comply with Central Bank Regulations. When the Central Bank released a new set of Exchange house regulations, the Group worked with KPMG to review and redraft the manual in line with the new regulations. The Second Edition is an updated version of the Group’s first standardisation manual. The new edition states clear guidelines for the sale and purchase of foreign currencies and traveller’s cheques, handling remittance operations in different currencies and paying wages through the Wages Protection System, amongst other things.

Elsewhere the country’s Federal Tax Authority has confirmed businesses only have to use their Tax Registration Numbers and don’t need a tax certificate to carry out business. The Authority added tax registration certificates cannot be printed or downloaded with a provisional Tax Registration Number. The Authority’s website allows individuals to verify the Tax Registration Number of any company registered with the Authority for VAT purposes.

KSA: Insurance policies sold under the C name are not recognised by the insurance system

04/02/201811/12/2019
by Benjamin Filaferro

The official spokesperson for Saudi Arabia’s Cooperative Health Insurance Council, Yaser Almuarik has announced health insurance policies sold by health insurance companies under the C name are for marketing purposes only and are not recognised by the insurance system. He added the system does not permit insurance companies to issue policies with benefits which are less than those in the unified policy recognised by the Council. Companies should issue policies which offer the same services offered by the unified policy and if the service is not available in a certain hospital the patient should be referred to another hospital.

Bahrain: Anti-commercial cheating Law approved

04/02/201811/12/2019
by Benjamin Filaferro

Bahrain’s Parliament has unanimously approved a GCC-wide anti-commercial cheating Law. The GCC Commercial Cheating Combating Law was approved following feedback from Industry, Commerce and Tourism Minister, Zayed Al Zayani. If the Shoura Council approves it, the Law will be sent to the King to approve and if he does, the 2014 Commercial Cheating Law will be revoked. Under the draft law, those who cheat consumers by providing them with tampered or manipulated products will be jailed for up to two years or fined between 500 and 100,000 Dinars or jailed and fined. If those involved in forging documents, stamps, weights, measurements or contents to introduce products harmful to humans and animals, they will be jailed up to three years, or fined between 10,000 and 100,000 Dinars, or both.

Egypt: Parliament will vote on the amendments to the Capital Market Law next month

28/01/201811/12/2019
by Benjamin Filaferro

The President of Egypt’s Financial Regulatory Authority Mohamed Omran has announced Parliament will vote on the amendments to the Capital Market Law next month. Omran added work is ongoing to redraft the new comprehensive insurance law to ensure it is unified with the Private Insurance Funds Law.

Jordan: Private cars working with Uber and Careem are breaking the Law

28/01/201811/12/2019
by Benjamin Filaferro

Jordan’s Parliamentary Transport Commission has said private cars working with Uber and Careem are breaking the Law. The Commission Chairman, Hasan Alajarma said private cars working with smart applications for transport such as Uber and Careem violate the Passengers Transport Law, Jordan Law No. 19/2017, which stipulates vehicles transporting passengers should be public vehicles.

UAE: Dubai International Ports has announced it is establishing an investment platform with the Indian Fund for Investment and Infrastructure

28/01/201811/12/2019
by Benjamin Filaferro

Dubai International Ports has announced it is establishing an investment platform with the Indian Fund for Investment and Infrastructure. The aim is invest in Indian ports, stations and logistics sector. The platform will also examine the possible extension of the activities to include river ports, transport, cargo routes and private economic zones close to ports.

Weekly Spotlight: Saudi Arabia’s Council of Senior Scholars has warned against trading in Bitcoin

28/01/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on banking and finance and employment developments in Saudi Arabia, where Saudi Arabia’s Council of Senior Scholars member, Abdullah Almutleg, has warned against trading in Bitcoin. He added it is very risky and risky investments are forbidden under Sharia Law. Saudi Arabia is the third Arab country to warn against the use of bitcoins after Palestine and Egypt.

On the other hand, Saudi Arabia’s Human Resources Development Fund, Hadaf has announced it has decided to cover up to 80% of the travel cost of female nationals working in the private sector. The move is part of the Female Workers Transport Support which aims to find solutions for transport challenges faced by female workers when travelling to and from work. Female workers wishing to benefit from this scheme should register on the General Organisation for Social Insurance’s website.