Newsletter Archives - Page 55 of 242 - LexisNexis Middle East

Sharjah: Decree Reorganising Business Women Council Issued

18/07/202425/07/2024
by Hannah Gutang

Albayan, 12 July 2024: The Ruler of Sharjah has issued a decree regarding the reorganisation of the Sharjah Businesswomen Council.

According to the decree, the Council has a legal personality and full capacity to carry out the necessary legal actions to achieve its goals and exercise its powers.

It has financial, administrative and technical independence, and it is considered one of the institutions affiliated with the President.

The decree states that the name of the Council will be adopted in English as “Sharjah Business Women Council” and known for short as “SBWC”.

The Council’s headquarters and main office will be in the city of Sharjah, and it is permissible, by a decision of the President, to establish branches and offices in the rest of the cities and regions of the emirate.

The decree states that the Council aims to strengthen the position of the Sharjah Business Women Council locally and globally.

It will do this by providing a sustainable and enabling environment for businesswomen and entrepreneurs, changing the trends and general culture of women towards different business sectors, encouraging the principle of competitiveness among businesswomen, and working to encourage women to practice economic work and overcome the difficulties they face.

According to the decree, in order to achieve its objectives, the Council shall draw up public policy and develop strategic plans.

It will strengthen strategic partnerships with women decision-makers and institutions that have similar goals, both locally and globally.

The Council will also coordinate with relevant government agencies and encourage investment activities. Additionally, it will work to enhance women’s skills and capabilities in the field of entrepreneurship.

The Council is also tasked with proposing plans and designing programmes to support women’s status and participation in various economic sectors.

It will establish investment portfolios with financial institutions.

The Council will provide business development opportunities through consultations, trade missions, conferences and exhibitions.

It can conclude contracts, agreements, memorandums of understanding and partnerships after approval by the President.

The Council will grant facilities and benefits to its female members in cooperation and coordination with government agencies and competent authorities.

It will also carry out any other tasks assigned by the President.

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Saudi Arabia: Central Bank Launches Government Banking Services Platform

18/07/202418/07/2024
by Hannah Gutang

Al-Sharq Al-Awsat, 14 July 2024: The Saudi Central Bank (SAMA) has launched the government banking services platform (Naqd), which allows government agencies to easily access their accounts with the Central Bank and carry out financial operations on a secure digital platform.

According to SAMA, this step comes within the framework of the Central Bank’s strategy to provide banking services to government agencies and support digital development.

It will contribute to the digitisation of government agencies’ financial operations services offered for their accounts with the Saudi Central Bank, under a unified and secure digital platform.

It will also facilitate round-the-clock access to their account information and account management, in addition to immediate follow-up of the operations carried out to and from government agencies’ accounts.

The platform aims to provide electronic banking services that support government financial transactions.

It is designed to improve the user experience, improve efficiency and productivity in financial transactions by using the latest technology, and contribute to reducing the time required for implementing government banking procedures.

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Qatar: New Regulations for Buying Shares Issued

18/07/202418/07/2024
by Hannah Gutang

Mubasher, 14 July 2024: The Qatar Financial Markets Authority has issued new regulations for the company’s purchase of its shares for the purpose of selling.

These new regulations come within the framework of the Authority’s efforts to develop the Qatari capital market and improve investor confidence, while the Authority affirms its commitment to protecting investors’ rights and ensuring a fair and transparent investment environment.

The provisions of the new regulations specified by the Authority include notifying the Authority and the Market of the Board of Directors’ decision to purchase a percentage of the company’s shares immediately upon its issuance.

The application shall be submitted to the Authority on the approved form within two days from the date of issuance of the Board of Directors’ decision approving the purchase process.

The application is for either purchasing a percentage not exceeding 10% of the fully paid issued shares or purchasing a percentage exceeding the ownership ceiling specified in the company’s articles of association.

The required documents from the Authority must be attached to complete the procedure.

The regulations also include, among other things, that the Authority shall issue its decision on the application within fifteen days from the date of submitting the application that fulfils the conditions and requirements.

The lapse of this period without issuance of a decision by the Authority shall be considered an implicit rejection of the application.

The company shall notify the market of the authority’s approval immediately upon its issuance, provided that the market announces the approval according to its procedures.

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Oman: State Council Discusses Draft Law on Arbitration in Disputes

18/07/202418/07/2024
by Hannah Gutang

Oman Observer, 10 July 2024: The State Council Office has discussed its Legal Committee’s proposal on the “Draft law on documentation” and a proposal on amending some provisions of the Law on Arbitration in Civil and Commercial Disputes.

The members of the State Council’s Office have discussed the Economic and Financial Committee’s proposal on “the framework for developing the government’s performance management system and criteria for placement in leadership positions”.

The meeting has also looked into a proposal on “the role of plant extracts in enhancing the local economy”.

The meeting has reviewed the Council of Ministers’ reply to observations and views made by the State Council and the Majlis Ash’shura about the “Draft of State Budget 2024”.

The members have elaborated on two studies conducted by the State Council: One titled ‘Legislative and regulatory determinants for e-commerce’ and the other titled ‘Arts and their role in supporting the national economy’.

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Kuwait: Transfer from Domestic Visa To Private Sector Is Open

18/07/202418/07/2024
by Hannah Gutang

Arab Times, 14 July 2024: The Public Authority for Manpower (PAM) has begun accepting requests from domestic workers to transfer their residencies from Article 20 to Article 18 of Kuwait Ministerial Decision No. 22/2022 for a period of two months, starting from 14 July 2024.

The Public Authority for Manpower (PAM) has issued a decision to allow domestic workers to transfer their residency from Article 20 of Kuwait Ministerial Decision No. 22/202 to a private sector work residency under Article 18 of Kuwait Ministerial Decision No. 22/2022.

The decision sets three conditions for approving the residency transfer.

First, the employer’s in-person attendance is required.

Second, the Interior Ministry’s General Department for Residency Affairs must approve the transfer after verifying the sponsor’s consent.

Additionally, the applicant must submit documents proving their residence in Kuwait for at least one year.

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UAE: Council Approves Technical Education Policy

12/07/202412/07/2024
by Hannah Gutang

Al-Bayan, 25 June 2024: The Federal National Council’s Education, Culture, Youth, Sports and Media Affairs Committee has endorsed the government’s policy report on technical education and vocational training.

The committee has reviewed research compiled by the Council Secretariat and consulted relevant authorities.

Their aim was to understand the existing challenges, potential solutions, and overarching strategy for technical and vocational education.

Based on these studies and stakeholder meetings, the committee proposed a set of recommendations.

The discussions focused on two critical aspects: they examined the legislative framework regulating technical and vocational education and training programs.

Additionally, they looked at the policies and strategic plans guiding the nationwide implementation of such programs across the UAE.

For the full story, click here.

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Saudi Arabia: Shura Calls on External Investment Laws Review

12/07/202412/07/2024
by Hannah Gutang

Al-Watan, 8 July 2024: The Shura Council has called upon the Investment Ministry to list the regulations and decisions related to the field of foreign direct investment for the Saudi investor, review them, and make the necessary proposals.

The aim is to improve national investments in international trade.

In its decision, the Shura Council has also called on the Ministry to develop a methodology to measure the generation of Saudi jobs in investment, and to build indicators to measure and verify them periodically, in line with the labour market strategy.

The Council has stressed that the Ministry, in coordination with the General Authority for Statistics – must develop a methodology to build an investor confidence index and measure it periodically in line with international practices.

In the same decision, the Shura Council has called on the Ministry of Investment to work with the Distinguished Residence Centre to develop sustainable policies and work mechanisms that ensure compatibility and integration between the preparation of sectoral investment plans and distinguished residency products.

It has also called on the Ministry to work with the media system to develop specific communication and media initiatives that enhance investment confidence in the Kingdom and protect it from external media misinformation.

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Qatar: Shura Council Approves Several Draft Laws

12/07/202412/07/2024
by Hannah Gutang

Qatar Tribune, 2 July 2024: After reviewing the reports of the competent committees and discussing the provisions of various draft laws, the Shura Council has approved several significant legislative measures.

These included a draft law amending certain provisions of Qatar Law No. 11/2004, a draft law regulating district cooling services, a draft law on the protection of public electrical and water facilities, and a draft law establishing a unified industrial regulation law system for the GCC countries.

The Shura Council has also approved its final account for the fiscal year 2023 and the Council’s draft budget for the fiscal year 2025, following a review of the Financial and Economic Affairs Committee’s report.

The Council has reviewed numerous reports on the participation of its members in regional and international parliamentary meetings and events.

It also approved three requests to extend the work of its permanent committees to study the topics referred to them by the Council.

The Speaker has highlighted that the Council examined and discussed 24 draft laws and amendments to existing laws.

The Shura Speaker has also outlined the Council’s accomplishments, noting the approval of 15 draft laws after thorough discussion, including the draft state budget for the fiscal year 2024, and significant laws related to real estate registration, judicial enforcement and job localisation in the private sector.

The Council has discussed nine draft laws amending existing provisions and submitted 13 general discussion requests and a proposal addressing various issues such as rainwater accumulation, tourism economy development, investment support and domestic worker departure procedures.

The Speaker has emphasised the Council’s interaction with educational institutions and collaboration with the Sports and Youth Ministry in implementing the ‘Simulation of Shura Council Sessions’ programme, aimed at improving youth involvement in the decision-making process.

He has also highlighted the Council’s active participation in Gulf, Arab and international parliamentary activities, reiterating its support for just causes, particularly the Palestinian cause, condemning the aggression on Gaza and urging other parliaments to support peace efforts.

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Oman: Clearing Regulations Provisions Amended

12/07/202412/07/2024
by Hannah Gutang

Shabiba, 8 July 2024: The FSA has published in the Official Gazette Oman Decision 127/2024 amending some provisions of the regulation governing clearing and settlement which included a minor change to Article 14 of Oman Ministerial Decision No. 75/2022 issuing the regulation governing clearing and settlement.

Article 14 of Oman Ministerial Decision No. 75/2022 outlines that upon executing a sale or purchase transaction, the securities are recorded in the electronic system under the status of “Deemed Sold Awaiting Settlement” or “Deemed Bought Awaiting Settlement, Sale Permitted,” respectively.

Ownership is registered to the buyer on the day of settlement, and this settlement is considered final.

The amendment makes a small specific change to the wording of the original article 14 Oman Ministerial Decision No. 75/2022 by stating that the settlement cannot be “conditional or deferred”.

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Kuwait: Municipality Enforces Building Code Compliance

12/07/202412/07/2024
by Hannah Gutang

Arab Times, 4 July 2024: The Kuwait municipality has issued a directive requiring property owners to address any building code violations on their premises.

This move comes after 116 warnings were issued for non-compliance with building regulations.

Property owners are expected to promptly rectify these violations to ensure compliance to the established building standards.

The council will continue to monitor and enforce regulations to maintain the safety and integrity of the community.

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