Newsletter Archives - Page 34 of 243 - LexisNexis Middle East

Saudi Arabia: Amends Traffic Law to Penalise Driving With Expired Vehicle Registration

10/01/202510/01/2025
by Hannah Gutang

Saudi Arabia has introduced significant amendments to its Traffic Law, making driving with an expired vehicle registration (istimara) a traffic violation.

The amendment involves the cancellation of Article 71 of Saudi Arabia Cabinet Decision No. 315/1428, which previously imposed a fine of SR100 for each year or part thereof for delayed renewal of driving licenses and vehicle registrations, with a maximum fine of SR300.

The fine was applicable after 60 days from the expiry date.

Additionally, a new paragraph has been added to the Traffic Violations Schedule, explicitly stating that driving with an expired vehicle registration is a violation.

In the same session, the Cabinet approved the Petroleum and Petrochemical Products Law and tasked King Abdullah University of Science and Technology with overseeing the Saudi Centre for Vaccines and Protein Treatments.

Minister of Media has highlighted the Cabinet’s review of recent government activities aimed at enhancing international cooperation and addressing global challenges.

The Cabinet has also addressed the situation in the occupied Palestinian territories, condemning Israeli actions and advocating for a ceasefire in Gaza.

Domestically, the Cabinet has assessed progress in development programs focused on economic diversification and resource optimisation.

Several international agreements were approved, including MoUs with Uruguay in sports, North Macedonia in Islamic affairs, Singapore in justice, and Morocco in health.

Agreements were also made with Qatar in digital government, Eswatini in air services, and Peru in financial intelligence.

The Cabinet endorsed final accounts for various Saudi authorities and funds for previous fiscal years.

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Qatar: Amendments to Income Tax Law

10/01/202510/01/2025
by Hannah Gutang

The Shura Council approved amendments to the Income Tax Law, aiming to ensure tax fairness between local and global companies operating in Qatar by establishing a global minimum corporate tax rate of 15%.

Analysis

Qatar Shura Council approved amendments to the Income Tax Qatar Law No. 24/2018. The amendments aim to ensure tax equity between local and multinational companies operating in Qatar by implementing a global minimum corporate tax rate of 15%. The General Tax Authority clarified that the new amendment applies exclusively to multinational corporations with foreign branches and annual revenues exceeding 3 billion Qatari Riyals, including Qatari companies with branches outside Qatar and global companies with branches in Qatar.

The amendment do not affect individual taxpayers or local companies operating in Qatar, which are currently subject to a 10% corporate income tax.

For the full story, click here.

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Oman: Issues Royal Decrees to Reform Penal Code and Tenant Laws

10/01/202510/01/2025
by Hannah Gutang

The Arabian Stories, 7 January 2025: Oman has issued two Royal Decrees yesterday, introducing significant amendments to key legal frameworks.

Oman Sultani Decree No. 11/2025 amending some provisions of the Penal Code.

Oman Sultani Decree No. 12/2025 amending some provisions of Oman Sultani Decree No. 6/1989 regulating the relationship between owners and tenants of residential, commercial and industrial premises and registering their lease contracts.

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Kuwait: Central Bank Enforces New Security Measures on Bank Card Transactions

10/01/202510/01/2025
by Hannah Gutang

Arab Times, 5 January 2025: The Central Bank of Kuwait has issued a directive to local banks to impose financial limits on bank cards and payment operations.

This move aims to enhance security and regulatory controls.

The directive emphasises the need for banks to manage transactions conducted through websites, especially those not requiring a one-time password (OTP), by setting conservative daily limits on both the total value and number of such transactions.

Banks are instructed to create a mechanism, accessible through branches or electronic banking services, allowing customers to adjust their bank card payment limits.

This system should be personalised to each customer’s profile, with notifications for any changes made.

Additionally, banks must seek approval from the Central Bank for these adjustments.

The Central Bank’s directive is part of its ongoing efforts to bolster regulatory controls, improve internal systems, and enhance security measures for all bank cards, including ATM, credit, and prepaid cards.

Banks are required to implement stringent controls on payment operations to ensure security.

Furthermore, the Central Bank stresses the importance of complying with regulations for electronic money payments.

This includes developing policies and systems to detect and address fraud, with mechanisms for reporting fraudulent activities to relevant authorities.

Banks must provide continuous updates on fraud cases as specified by the Central Bank.

Compliance with these instructions is mandatory, and banks are required to submit a detailed timeline for implementing these new requirements.

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Dubai: Smart Rental Index Requires Improvements Before Rent Rises

10/01/202510/01/2025
by Hannah Gutang

Khaleej Times, 2 January 2025: Landlords of older buildings in Dubai will have to renovate their properties in order to raise their ratings if they wish to increase rents, according to authorities announcing the details of the new Dubai smart rental index.

The index has been launched by the Dubai Land Department (DLD) and links the classification and ratings of the buildings when it comes to increasing rentals in Dubai. The index covers all residential areas in Dubai, including key districts, special development zones, and free zones, ensuring standardised valuation and pricing criteria. The DLD has linked the index to the building classification system and is encouraging owners to keep their buildings updated as this will improve the quality of life for tenants and rental value for owners, The authority expects that some landlords who want to increase rents will come to them for evaluations. The classification has more than 60 criteria, and one of the criteria used in the index is the classification of buildings. If someone wants to increase rents they will have to increase classification and rating, The scheme will initially cover residential properties with commercial properties added in later.

The index is based on the average rent in the area, the building itself, old and new contracts and the classification.

While the previous Dubai rental index was only updated once a year, the new index is updated in minutes across all areas of Dubai.

The DLD has also introduced a ‘Model Tenant Classification’ system, which is a new tool for classifying tenants’ credit ratings and obtaining credit reports through the Ejari system and the smart app for interested parties.

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Bahrain: Proposed Labour Law Changes Could Burden SMEs

10/01/202510/01/2025
by Hannah Gutang

The Daily Tribune, 6 January 2025: Changes to Bahrain’s labour laws could pose challenges for small and medium-sized businesses, as a local MP has cautioned, urging the government to enhance support for traders amid increasing economic pressures.

The amendments to Bahrain Decree-Law No. 12/2024, which update Article 40 of Bahrain Law No. 19/2006 regulating the labour market, come at a time when businesses are facing reduced purchasing power and cash flow issues.

The MP has argued that the current economic climate necessitates more flexibility in enforcing penalties on traders, particularly as some delays in meeting financial obligations are due to auditing firms prioritising larger companies.

He has emphasised that limited liability businesses need adequate time to submit their accounts and that it is unjust to penalise them for delays often caused by auditors focusing on major players.

The MP has highlighted the importance of simplifying processes for traders to ensure fair market competition and provide consumers with more affordable options.

He has also welcomed the amendments aimed at reducing legal disputes against small businesses, advocating for these enterprises to have the opportunity to adjust their operations and remain viable.

The proposed changes could support micro-businesses and encourage more Bahrainis to start their own ventures.

He has called for additional measures to bolster these efforts and ensure their success.

Statistics from the Labour Market Regulatory Authority (LMRA) have revealed numerous cases of foreign workers operating without permits and incidents of labour being employed without proper authorisation or breaching permit terms.

These figures highlight the need for tighter oversight while protecting legitimate businesses.

The MP has praised Tamkeen’s efforts in subsidising Bahraini wages in the private sector, describing these programs as crucial for making Bahrainis the preferred choice for employers.

He urged further investment in such schemes to attract more job seekers and called for improved cooperation between government bodies to address labour violations efficiently without overburdening small firms.

The recent amendments, highlight the necessity for a business-friendly environment that balances the rights of all parties.

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Abu Dhabi: ADGM Imposing Financial Penalty for AML Control Failure

10/01/202510/01/2025
by Hannah Gutang

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) imposed a USD 504,000 penalty on a company for deficiencies in its anti-money laundering (AML) systems and controls.

Analysis

The FSRA’s investigation into a company revealed significant compliance lapses in its AML systems, despite no actual instances of money laundering being identified. The investigation highlighted critical issues, including inadequate risk assessments, insufficient customer due diligence, and lack of effective monitoring systems.

Penalty and Cooperation:

As a result of these findings, the FSRA imposed a financial penalty of USD 504,000 on ACL. However, due to the company’s full cooperation with the investigation and proactive steps taken to address the identified issues, the company qualified for a 20% discount on the penalty.

For the final notice issued under Section 251 of the Financial Services and Markets Regulations 2015, click here.

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Oman: New Penal Code Amendments Bring Flexibility to Court Sentencing

08/01/202508/01/2025
by Hannah Gutang

The Arabian Stories, 7 January 2025: In a significant move towards judicial reform, a new Royal Decree in Oman has granted courts the power to suspend certain sentences, offering a more nuanced approach to justice.

Under Oman Sultani Decree No. 11/2025, courts can now stop the execution of fines or imprisonment sentences of less than three years, provided the convict’s character, history, age, or the crime’s context suggest a low risk of reoffending.

This progressive measure, however, excludes crimes related to state security, the state’s prestige, or terrorism and its financing.

The decree also permits the suspension of penal effects and additional penalties, except for confiscation, contingent upon the convict having a known place of residence.

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LexisNexis Middle East Partners with SCCA for RIDW 2025

07/01/202507/01/2025
by Hannah Gutang

LexisNexis Middle East is set to play a pivotal role as the Legal Media Partner for the upcoming Riyadh International Disputes Week 2025, hosted by the Saudi Center for Commercial Arbitration (SCCA). Scheduled for February 26, 2025, this landmark event will spotlight the SCCA’s 4th International Conference and Exhibition, known as SCCA25, under the theme “Arbitration and the Law as Pillars of Transformation.”

The conference promises a robust agenda with four dynamic panel discussions covering seven subtopics, delivered by a distinguished lineup of 30 expert speakers. With an anticipated attendance of 1,250 participants from both local and international spheres, the event is poised to be a hub for fostering significant connections and collaborations among professionals committed to the advancement of alternative dispute resolution (ADR).

This year’s event is particularly significant as it aims to address the evolving challenges and opportunities within the field of arbitration and law, providing a platform for thought leaders to share insights and strategies. Attendees will have the chance to engage with cutting-edge topics and network with peers who are at the forefront of legal innovation.

This is a unique opportunity for legal professionals to influence the future landscape of arbitration and law. Interested participants are encouraged to register at https://ridw.org/event/scca-4th-international-conference-and-exhibition.

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UAE: Mandatory Health Insurance, Starting 1 January 2025

19/12/202419/12/2024
by Hannah Gutang

Khaleej Times, 17 December 2024: Starting 1 January 2025, employers in the Northern Emirates, including Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah, and Fujairah, will be mandated to provide health insurance for their employees as a condition for issuing or renewing residency permits.

This move aligns with similar policies already in place in Abu Dhabi and Dubai.

Although the Human Resources and Emiratisation Ministry has not explicitly stated it, industry experts anticipate that the mandatory insurance scheme will eventually extend to employees’ family members.

This would require employees to secure health insurance for their dependents, similar to the existing requirements in Dubai and Abu Dhabi.

The basic health insurance package, starting at Dh320 per year, is designed to be affordable and accessible. It covers individuals aged one to 64, with no waiting period for those with chronic illnesses.

The plan includes a 20% co-payment for inpatient care, with a maximum of Dh500 per visit and an annual cap of Dh1,000.

Outpatient care requires a 25% co-payment, capped at Dh100 per visit, with no co-payment for follow-up visits within seven days. Medication co-payments are capped at 30%, with an annual limit of Dh1,500.

Industry leaders highlight the affordability and competitiveness of the Dh320 package, emphasising its role in expanding healthcare access and aligning with the UAE’s goal of universal health insurance coverage.

However, they advise sponsors to evaluate whether the basic plan meets their family’s comprehensive healthcare needs.

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