Newsletter Archives - Page 233 of 246 - LexisNexis Middle East

UAE: Work permit fees to work in the country have been amended

10/12/201711/12/2019
by Benjamin Filaferro

The UAE’s Human Resources and Emiratisation Ministry has announced work permit fees to work in the country have been amended. The fee levied will now depend on a worker’s skill level, whether they will work in the country or outside of it as well as the establishment category in the classification system. Establishments employing GCC nationals and fishing boat businesses will be exempt from the fees. The Ministry has also started classifying businesses differently. The classification will now be done according to skill levels, particularly whether skilled workers or limited skill workers are employed.

Weekly Spotlight: Cabinet has approved the Implementing Regulations to the Federal VAT Law

03/12/201711/12/2019
by Benjamin Filaferro

This week the spotlight is on VAT developments in the UAE, where the country’s Cabinet has approved the Implementing Regulations to the Federal VAT Law, Federal Decree-Law No. 8/2017. Cabinet Decision No. 52/2017 is yet to be Gazetted but its priority translation has been requested from our Publishing Partners, SADER Legal Publishing.

In a separate but related development, the Director General of the UAE’s Federal Tax Authority, Khaled Al Bustani has said the introduction of VAT in the country will not be delayed, despite calls from prominent organisations like the UAE Banks Federation for it to be to allow them more time to prepare. VAT will be introduced in the UAE on 1 January 2018. Al Bustani added the Authority is seeing a surge in registrations as the registration deadline looms.

KSA: Shoura Council is considering giving legal protection to whistle blowers

02/12/201711/12/2019
by Benjamin Filaferro

According to local newspaper reports, Saudi Arabia’s Shoura Council is understood to be considering giving legal protection to whistle blowers in certain circumstances. It comes as the authorities have launched an extensive crackdown on corruption in the Kingdom in recent weeks. The Council is understood to have approved a draft proposal to grant whistle blower protection for financial and administrative corruption.

Bahrain: Central Bank has released directives on the Bahrain Domiciled Real Estate Investment Trusts

02/12/201711/12/2019
by Benjamin Filaferro

Bahrain’s Central Bank has released directives on the Bahrain Domiciled Real Estate Investment Trusts. The aim is to enhance their Real Estate Investment Trusts framework. Real Estate Investment Trusts are Collective Investment Undertakings which acquire and operate income generating local and foreign real estate properties, directly or indirectly and allow all types of investors to obtain real estate market exposure. The new directives will allow retail investors to invest in Bahrain Domiciled Real Estate Investment Trusts. As Real Estate Investment Trusts are tradeable instruments, the changes will also allow Bahrain Domiciled Real Estate Investment Trusts to be listed on the Bahrain Bourse and other licensed exchanges.

UAE: New Dubai Endowment Law

25/11/201711/12/2019
by Benjamin Filaferro

New Dubai Endowment Law details were discussed at a press conference by the Awqaf and Minors Affairs Foundation (AMAF) which was held in conjunction with the Mohammad Bin Rashid Global Centre for Endowment Consultancy (MBRGCEC). Under the law, which received Royal approval last month, private individuals, companies and organisations will be allowed to establish their own endowments, whether these are for educational, health, cultural, environmental, arts or sport reasons. Until now, the general practice has been for potential donors to make contributions AMAF in order to support endowment projects managed completely by AMAF, the Dubai endowment regulator. AMAF currently manage over 2.7 billion AED in assets, which include endowments. Under the new law they are mandated to receive all necessary documentation from endowment bodies who wish to be formally registered. AMAF will carry out a careful review of the documentation and issue waqf licenses to the applicants within 10 working days and then submit the licences to MBRGCEC. The MBRGCEC will issue a Dubai Endowment Sign to the body, which will enable them to operate as full-fledged endowment institutions and carry out their work. The Endowment Law Dubai Law No. 14/2017 has come into force. Endowment institutions will be licensed by AMAF, but will enjoy independence in terms of the management of their financial affairs within the framework of the licensing rules and regulations and the prevailing governance system of endowment institutions. AMAF will also monitor these institutions to ensure they achieve their goals and remain committed to this law and preceding laws pertaining to endowments. AMAF, as a regulator, will monitor the revenue and expenditure of endowments, and ensure the money is spent according to the declared and agreed purpose of the endowment. However, it will be possible to legally change the purpose and nature of an endowment over time by following specific procedures. This new law is expected to enhance the MBRGCEC’s role in granting the Dubai Endowment Sign to institutions which are engaged in community work based on the waqf concept. The law mandates institutions which hold the Dubai Endowment Sign to be granted special privileges in areas including government procurements, setting up and selecting contracts. Entrepreneurs are being invited to secure a licence for their waqf institutions so that they can implement community programmes in various fields.

Turkey: New law allowing Muslim clerics to conduct civil marriages

25/11/201711/12/2019
by Benjamin Filaferro

Turkish parliament and president passed a law allowing Muslim clerics to conduct civil marriages. The law allows ‘mufti’ marriages which was also published in the country’s official gazette. Previously, only state officers in branches of the family affairs directorate were able to conduct marriages. A requirement has also been added which prohibits individuals who have carried out ‘immoral acts’ before marriage from becoming Turkish citizens. Many people in Turkey, conduct religious ceremonies as well as civil marriages, and see it as a religious obligation. The law does not change the requirements for a legal civil marriage. It has been stated its aim is to make it more convenient for those who wish to have religious marriages.

Weekly Spotlight: New laws will be issued to stop the unauthorised sale of antibiotics

25/11/201711/12/2019
by Benjamin Filaferro

This week the spotlight is on health and insurance developments in the United Arab Emirates, where the Ministry of Health and Prevention is promising new laws will be issued to stop the unauthorised sale of antibiotics, amidst growing fears that their overuse worldwide could create drug-resistant bacteria. As well as creating a new law, the ministry has stated it will work with local health authorities to more closely supervise and inspect pharmacies across the UAE. There is a particular concern about the estimated 2,400 private pharmacies which operate outside hospital networks, where unauthorised dispensing of prescription drugs is most prevalent. The ministry will also seek to make doctors more aware of the need to prescribe antibiotics only when they needed, and to make sure they give accurate doses and the correct strength.

Elsewhere, the Insurance Authority is preparing a new legal framework to regulate reinsurance activities. Experts in the field have stressed on the importance of intervention by the Authority as a means of setting the necessary standards for the sector. It has been said been said by some that there has been a lack of commitment from some companies to risk management and on the calculation of their percentages.

Weekly Spotlight: ADGM announced that businesses registered with them will also be licenced to operate onshore in Abu Dhabi

19/11/201711/12/2019
by Benjamin Filaferro

This week the spotlight is on legal and regulatory developments in the Abu Dhabi Global Market, where they have announced businesses who register to operate with them will also be licenced to operate onshore in Abu Dhabi. It follows an agreement between the Global Market and Abu Dhabi’s Economic Development Department. Under the agreement, entities established in the Global Market will be able to hold dual licences providing they satisfy and fulfil the requirements of each jurisdiction and operate according to their rules and regulations. Entities with dual licences will not have to be physically present in Abu Dhabi. However financial service firms will still be subject to the relevant regulatory obligations and applicable laws, including any licencing requirements which may be imposed by any Federal financial service regulators.

Elsewhere, the Market’s Financial Services Regulatory Authority has launched a consultation on its proposed Remote Membership Framework plus other miscellaneous amendments aimed at boosting its capital market regime. The consultation ends on 2 January 2018. If approved, brokers from outside the Global Market would be able to access the Market’s exchanges and clearing houses. This would expand international investor participation in the Market, facilitates cross-border flows and increase liquidity for the Market’s capital market.

UAE: draft law approved to regulate and care for mosques

18/11/201711/12/2019
by Benjamin Filaferro

The UAE’s Federal National Council has approved a draft law to regulate and care for mosques. Under the law, employees must be qualified to work in mosques and anyone who belongs to illegal groups or organisations, practices illegal political or organisational activities or preaches without a licence or approval will not be able to issue fatwas or teach the Holy Quran outside mosques. Anyone who violates the Law will be fined between 20,000 and 50,000 AED and/or jailed for up to three months. Anyone who begs at mosques or interferes with the Imam while they are calling worshippers to prayer or whilst they are preaching will be fined 5,000 AED and or jailed for up to three months.

Bahrain: Amendments to the Kingdom’s Commercial Companies Law approved

18/11/201711/12/2019
by Benjamin Filaferro

The Economic and Financial Commission of Bahrain’s Shoura Council has approved amendments to the Kingdom’s Commercial Companies Law. The amendments to Bahrain Decree-Law No. 21/2001 are contained in Bahrain Decree No. 57/2017. The Commission has referred the amendments to the Council Office Authority to present to the Council at its next session. The aim of these amendments is to improve the Kingdom’s international business rating.