Newsletter Archives - Page 46 of 246 - LexisNexis Middle East

Sharjah: Digital Department Creates Platform for Real Estate Services

24/10/202424/10/2024
by Hannah Gutang

The Sharjah Digital Department (SDD) signed a partnership agreement with ADRES Real Estate Services to support and enhance all real estate services in the emirate of Sharjah through a single platform that provides reliable and accurate information about the real estate sector.

The agreement was signed in the presence of officials from the Ruler’s Office, Sharjah Digital Department, and Aldar Properties Group.

This event took place on the sidelines of GITEX 2024, where the signing of the partnership agreement was accompanied by the announcement of the integrated real estate platform “Aqari,” which aims to create a qualitative shift in real estate services in the emirate of Sharjah.

The “Aqari” platform is part of the distinguished Sharjah Digital initiatives, which aim to facilitate access to services through a platform available across multiple channels, including an electronic portal and smartphone applications compatible with both iOS and Android operating systems.

This platform will digitise and simplify real estate transactions, enhance transparency, and support economic growth in the emirate of Sharjah by providing a unified database for all properties.

It will include services such as lease contracts, property ownership, agency management, dispute resolution, as well as facilitating buying, selling, mortgaging, and issuing property certificates.

The platform will also work on developing a comprehensive real estate ecosystem that improves customer experience and provides a holistic view of the real estate market for decision-makers.

The “Aqari” platform is set to launch in December 2024, starting with property leasing services, including the endorsement and renewal of lease contracts, issuance of clearance certificates including investment contracts, as well as services from dispute resolution services.

In the first phase, the focus will be on rental services and positive dispute resolution, with plans to integrate all other real estate services in subsequent phases.

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Saudi Arabia: Capital Market Authority Seeks Public Opinion

24/10/202424/10/2024
by Hannah Gutang

The Capital Market Authority (CMA) has called upon interested parties, stakeholders, and market participants to provide their views on a draft amendment to the Investment Funds Regulations.

The public consultation period will last for 15 calendar days, ending on 03/05/1446H (corresponding to 05/11/2024).

The proposed amendment aims to develop the regulations governing the offering of private and foreign investment funds to retail clients, in an effort to enhance investor protection.

The draft includes a provision that prohibits the offering of units in a private fund to retail clients unless the fund manager collects cash subscriptions from qualified and institutional clients equal to or exceeding the total cash subscriptions intended to be collected from retail clients.

Additionally, the amendment proposes a provision that prohibits the private offering of securities issued by a foreign fund to retail clients unless the fund manager collects cash subscriptions from qualified and institutional clients in the Kingdom equal to or exceeding the total cash subscriptions intended to be collected from retail clients.

In 2021, the CMA allowed retail clients to subscribe to private and foreign funds without specifying their subscription ratio compared to qualified and institutional clients, subject to a maximum subscription of SAR 200,000 (or equivalent) per retail client.

The current proposed amendment aims to set a ratio for retail clients’ cash subscriptions in these funds to enhance their protection and mitigate risks, as private and foreign funds have fewer regulatory requirements compared to public funds.

The CMA has stated that all comments and feedback received from interested parties and stakeholders will be carefully considered and studied before finalising the amendment.

Comments can be submitted through the Unified Electronic Platform for Public and Government Entities Consultation (Istitlaa) at istitlaa.ncc.gov.sa or via email to Laws.Regulations@cma.org.sa.

The draft amendment is available for review at the provided electronic link.

For the full story, click here.

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Qatar: Law Amending Financial Centre Provisions Issued

24/10/202424/10/2024
by Hannah Gutang

Al Sharq, 21 October 2024: The Emir of the country has issued Qatar Law No. 16/2024 amending some provisions of the Qatar Financial Centre Law issued by Qatar Law No. 7/2005.

The law has stated its implementation and publication in the Official Gazette.

The Qatar Financial Centre has stated that the amendment aims to accelerate judicial procedures for resolving disputes efficiently and with high quality, ensuring the rights of litigants and achieving swift justice.

It also seeks to reduce the litigation period and enhance investor confidence.

This follows the amendments to the Qatar Financial Centre Law, issued by QFC Law No. 7/2005, and Qatar Law No. 15/2021, which amended some provisions of Qatar Law No. 34/2005 regarding Free Zones.

These changes extended the judicial jurisdiction of the Qatar International Court and the Regulatory Court to include cases occurring in the Free Zones of the State and to consider appeals against decisions issued by the Free Zones Authority.

For the full story, click here.

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Oman: Biometrics Law Regulations Issued

24/10/202424/10/2024
by Hannah Gutang

The Arabian Stories, 20 October 2024: Regulations on Oman Sultani Decree No. 21/2024 (the Biometrics Law) have been issued.

These regulations aim to provide a structured framework for the collection, analysis, and preservation of biometric data, including fingerprint and genetic information.

The regulation defines key terms related to the Biometrics Law and emphasise that the competent director is responsible for the overall supervision of the biometric database, ensuring that data is collected and updated according to legal provisions.

Article 3 (Chapter Two) states that it is not permissible to modify any of the database data, unless an error is proven in the recorded data, requiring written permission from the director and a detailed report justifying any changes.

On collection and analysis of biological samples, the regulation states that employees who are designated to carry out biometric work will collect biological reference samples, including saliva and blood, in line with scientific methods. Individuals can also voluntarily submit samples for genetic fingerprinting, which will be recorded in the database for legal purposes.

DNA analysis is permitted only in specific cases for example where there are judicial orders or where unidentified samples have been found at crime scenes. The regulations also mandate strict preservation protocols for biological samples, ensuring confidentiality and appropriate storage conditions.

Once the legally stipulated preservation period has elapsed, the competent administration must destroy the biological samples using secure methods.

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Kuwait: MOCI Mandates Arabic on Purchase Invoices, Allows Secondary Language

24/10/202424/10/2024
by Hannah Gutang

Arab Times, 21 October 2024: The Commerce Ministry has issued a new regulation requiring all shop owners, companies, and commercial institutions to use Arabic as the primary language on purchase invoices for all transactions.

While Arabic is mandatory, an additional language may be included alongside it.

The regulation specifies that invoices must contain the following information: buyer’s name, date, address, item description, condition, quantity, price, delivery date, serial number, and the supplier’s signature and stamp.

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Dubai: New Rules on Vehicle Impound

24/10/202424/10/2024
by Hannah Gutang

Khaleej Times, 22 October 2024: The Dubai Police will now impound vehicles for up to 30 days for a number of traffic offences.

Using mobile phones while driving, tailgating and sudden deviation are among the offences which will lead to a vehicle being confiscated for 30 days.

Federal Decree-Law No. 14/2024 specifies fines of between Dh400 and Dh1,000 and four black points for these offences. With this amendment, the 30-day impoundment will be an additional penalty in Dubai. Using a phone while driving has been defined as being distracted by devices while driving. Sudden deviation of the vehicle in a manner that poses a danger to lives and property, or traffic safety, and not leaving enough safe distance from the vehicle in front will also lead to a 30-day impoundment.

The additional penalty also applies if a heavy vehicle fails to adhere to lane discipline.

A 14-day impoundment for entering the road without making sure it is clear, reversing the vehicle in a manner that endangers life or property or traffic safety, lane indiscipline, stopping in the middle of the road for no reason, dangerous overtaking, lack of necessary safety and security conditions in the vehicle, stopping a vehicle on the shoulder of the road in non-emergency situations, or overtaking vehicles from the shoulder.

This penalty will also apply when driving a vehicle without a licence plate, driving in a manner that obstructs traffic and making changes to a vehicle’s colour without permission.

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Bahrain: Considers Laws to Protect Privacy, Family Life

24/10/202424/10/2024
by Hannah Gutang

Al Watan, 21 October 2024: The Foreign Affairs, Defence, and National Security Committee of the Shura Council has discussed a draft law amending certain provisions of the Penal Code, originally promulgated by Bahrain Decree-Law No. 15/1976.

This draft law was prepared based on an amended version submitted by the Shura Council.

Additionally, the committee has reviewed a draft law for the year 2019, which also amends some provisions of the Penal Code promulgated by Bahrain Decree-Law No. 15/1976, as outlined in Bahrain Decree-Law No. 83/2019.

The first draft law aims to aggravate the penalty against anyone who incites passersby in public places to immorality through gestures, words, or any other means.

The draft also includes amending Article 370 of Bahrain Decree-Law No. 15/1976, which stipulates aggravating the penalty for anyone who publishes news, images, or comments related to the private or family secrets of individuals, even if true, if their publication would harm them.

The committee has discussed the second draft law, which aims to protect individuals’ private or family life from infringement and criminalise any act that violates it, due to the misuse of social media or other means, whether by taking or publishing or broadcasting photos.

The draft also aims to aggravate the penalty for anyone who opens a letter or telegram without the consent of the sender, or eavesdrops on a telephone conversation, and to aggravate the penalty for anyone who discloses the letter, telegram, or conversation to someone other than the intended recipient without their permission, whenever such an act would harm others.

The committee has affirmed that the two draft laws aim to develop the Penal Code in line with the changes that have occurred in life in the Kingdom of Bahrain, particularly regarding the prescribed penalties that are no longer commensurate with the gravity of the innovative act, as a deterrent to the violator before committing any crime stipulated in Bahrain Decree-Law No. 15/1976.

For the full story, click here.

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Abu Dhabi: Digital Notary Service

24/10/202424/10/2024
by Hannah Gutang

The Abu Dhabi Judicial Department has launched a digital notary services platform for conducting notary transactions and attestations using AI technology.

The service provides approved templates and forms of powers of attorney, declarations, and contracts by notary publics. It enables approved transactions to be issued without human intervention, in both Arabic and English languages.

The digital platform has been designed to improve the process for completing notary transactions and authentications by shortening unnecessary steps and reducing the required inputs using user data from the government data interchange after a user has registered with the UAE Pass. It will be particularly useful for land transactions in Abu Dhabi, licensed vehicles, and for commercial licenses issued by the Emirate. It will also be possible to be used for registered cases, and powers of attorney issued by the Judicial Department.

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Lexis Middle East HR Alert – October 2024 Edition

21/10/202423/10/2024
by Tanya Jain

Welcome to the latest edition of Lexis Middle East HR Alert – October 2024, your definitive guide to staying ahead of the legal and business developments shaping HR in the Middle East. As the region continues to evolve and embrace global standards, it is essential for HR professionals, legal practitioners, and business leaders to remain informed about the changes and trends impacting the workforce.

In this issue, we explore how retirement in Saudi Arabia is changing following the new Social Security Law, Saudi Arabia Cabinet Decision No. 1022/1445, as explained by Zahir Qayum of Mohammed Ayedh AlShahrani Law Firm. We also delve into the approaches being taken in the UAE to reduce working hours, as discussed by Charles Laubach of Afridi & Angell.

In this issue, we explore how retirement in Saudi Arabia is changing following the new Social Security Law. We also delve into the approaches being taken in the UAE to reduce working hours, as discussed by Charles Laubach of Afridi & Angell.

We cover exemption from contributions in the news round-up, stricter penalties for labour law violations in the immigration focus, and a law on safety and contingencies in vital facilities. Gain insights into a case on an employee’s cryptocurrency entitlements in the case focus section. In the HR Profile, Ashutosh Sinha, Managing Partner and Chief Human Resources Officer at Seintiv Talent Solutions, explains how a focus on people, culture, and performance can transform businesses.

Stay updated with the latest business moves, appointments, and promotions, and explore new and proposed laws affecting the MENA region. This issue also includes the UAE’s progressive new law on Psychiatric Health, also known as the Mental Health Law, which aims to enhance mental health support, including in the workplace.

Happy reading!

This edition features a diverse range of content, including:

Feature: Ready to Retire

The new Social Security Law in Saudi Arabia, Cabinet Decision No. 1022/1445, introduces changes to the retirement system. Zahir Qayum of Mohammed Ayedh AlShahrani Law Firm provides an overview of how retirement in Saudi Arabia is being impacted by these legal reforms.

Trend Setter – Reduced Working Hour

The UAE is exploring approaches to reduce working hours for employees, as examined by Charles Laubach of Afridi & Angell. This move aims to enhance work-life balance and productivity in the country’s workforce. Potential measures under consideration include shorter workweeks and flexible work options.

News Round-up: Covering Recent Key Developments – Region-Wide

Stay updated with the latest regional developments, including the exemption from contributions to the Nafis fund. Facilities demonstrating support for Emirati competitiveness may be exempt from partial or total contributions based on MOHRE data and reports.

Immigration Focus

Gain valuable knowledge on the evolving immigration and visa rules across the Gulf Cooperation Council (GCC) countries, with a spotlight on the United Arab Emirates’ tougher penalties for labour law violations.

Immigration Focus: Best and Perhaps Better?

Rekha Simpson, Director, Middle East Immigration, Vialto Partners talks about what has been the most interesting immigration development in the UAE and the changes she is most looking forward to.

Law Changes: New and Proposed MENA Laws

Luke Tapp and Sarah Khasawneh of Pinsent Masons explain new safety and contingency requirements which apply to vital facilities following the issue of Qatar Ministerial Decision No. 25/2024.

Case Focus – DIFC Case No. 1739/2024 issued on 17
July 2024

This case, recommended by Wasel & Wasel, highlights a pivotal issue concerning an employee’s cryptocurrency entitlements. This case has set a robust legal precedent that could influence future cases involving digital currencies in the UAE and beyond.

Enrich your understanding of the HR landscape and stay up-to-date with the latest trends, cases, and policies through the newest issue of Lexis Middle East – HR Alert.

For all the latest industry updates and developments, opt for a free HR Alert subscription!

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Lexis Middle East HR Alert_October 2024

Have you read the Lexis® Middle East HR Alert – previous 2024 editions? Click the links below to access and read these editions.

Lexis Middle East HR Alert_January 2024

Lexis Middle East HR Alert_May 2024

Lexis Middle East HR Alert_July 2024

HR Profile: Transforming Talent

Ashutosh Sinha, Managing Partner and Chief Human Resources Officer at Seintiv Talent Solutions explains how a focus on people, culture and performance can transform businesses.

In-House Profile: Practitioner Perspective

Sarah Malik, the CEO of SOL International, examines best practices for performance management, particularly when evaluating and providing feedback to directors and senior-level professionals.

Policy Pointers: Mental Health

Emily Aryeetey, Partner at Stephenson Harwood LLP, contributes her expertise on the Mental Health Law that came into force on 30 May 2024 which aims to enhance mental health support, including the workplace.

Moves and Changes

Stay informed about the latest business news, significant appointments, and promotions across the region, ensuring you are up-to-date with the key players in the market.

UAE: Eases Corporate Tax Compliance for Businesses

18/10/202418/10/2024
by Hannah Gutang

The National, 14 October 2024: The UAE’s Ministry of Finance has cancelled economic substance reporting requirements for companies with a financial year ending after 31 December 2022.

This move aims to help companies focus on compliance with the UAE corporate tax system.

The amendment to Cabinet Decision No. 57/2020 on economic substance requirements aims to enhance efficiency and tax compliance across the country, ensuring accurate application of tax legislation by all entities subject to it.

The UAE has introduced a federal corporate tax with a standard statutory rate of 9% starting from the financial year beginning on or after 1 June 2023.

It brought the income of companies exceeding Dh375,000 ($102,100) within the taxable bracket, while taxable profits below that level will be subject to a tax of 0%.

While companies are no longer required to submit economic substance notifications or reports for financial years ending after 31 December 2022, they remain responsible for fulfilling compliance obligations for previous years and paying any penalties imposed by the Federal Tax Authority (FTA).

The UAE has also announced a deadline extension for corporate tax returns and payments for some entities.

Businesses with short tax periods ending on or before 29 February 2024, can now file their returns and make payments by 31 December 2024.

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