Newsletter Archives - Page 75 of 242 - LexisNexis Middle East

Qatar: Proposal to Amend Anti-money Laundering Law Approved

17/01/202417/01/2024
by Tanya Jain

Qatar Tribune, 10 January 2024: Qatar’s Cabinet has approved a proposal to amend the country’s Anti-money Laundering Law.

The amendments relate to Qatar Law No. 20/2019.

The Cabinet has also approved the draft third national development strategy for 2024 to 2030.

In addition, the Cabinet decided to take the appropriate measures to ratify an agreement between Qatar and Egypt on the elimination of double taxation with respect to taxes on income and the prevention of tax evasion and avoidance.

Finally, the Cabinet decided to take the appropriate measures to ratify a draft agreement on mutual administrative assistance in customs matters between Qatar and Vietnam.

Also reported in Raya on 11 January 2024. For the full story, click here.

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Oman: Liquidity Provider Service Launched

17/01/202417/01/2024
by Tanya Jain

Oman Daily Observer, 14 January 2024: The Muscat Stock Exchange has announced the launch of a liquidity provider service.

The service enables the daily presentation of buying and selling offers with a spread of approximately 2% between asking price and bid.

It has been launched as part of the Exchange’s Market Making Initiative and has been launched together with the National Programme for Financial Sustainability.

The Exchange’s CEO said the service has been launched to create liquidity for selected and agreed-upon stocks.

The launch of the service will help the Exchange become an emerging exchange by meeting the essential requirements.

The Exchange is currently working with listed companies, specifically with significant market capitalisation, to provide the service.

There are plans to establish dedicated funds to improve liquidity in the coming days as well.

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Kuwait: Automatic Prescription Directives Issued

17/01/202417/01/2024
by Tanya Jain

Kuwait Times, 14 January 2024: Kuwait’s Health Minister has issued automatic prescription directives.

Under the directives, prescription data for prescribed medicines dispensed by private sector pharmacies will be linked.

An electronic system for the Health Ministry will be established between the Assistant Undersecretary for Drug and Food Control Affairs and the Assistant Undersecretary for Digital Health Affairs.

The system will help link all prescription data for prescribed medicines and preparations dispensed by private sector pharmacies.

The medicines inspection department will be responsible for monitoring and ensuring the regularity of prescription registrations for medicines by private sector pharmacies in the electronic system.

All private sector pharmacies licensed to trade in prescribed medicine and regulate their circulation must register with the system in line with the specified conditions and procedures.

They must also create a dedicated account for each private pharmacy in the electronic system. The pharmacy licence holder and the pharmacist in charge of the pharmacy will be jointly responsible for all prescription data uploaded to the pharmacy’s account.

The pharmacist in charge must ensure that prescription data for prescribed medicines and preparations meet all the necessary conditions outlined in the prescriptions for these substances and the procedures for their circulation, in line with Ministerial Decisions, before dispensing to the patient.

They must also register and upload each prescription of the substances and preparations dispensed in the pharmacy to the electronic system.

In addition, they must verify that prescriptions received by the pharmacy are issued by doctors registered in the Ministry’s electronic system. No prescriptions may be dispensed unless they meet the required conditions.

They must download the prescription onto the electronic system after dispensing to ensure clarity as well.

A photocopy in PDF format should be created. This should contain the pharmacist’s seal and the pharmacy’s seal and be stored with the original copy in the pharmacy.

The data should match the records in the pharmacy’s register of prescribed medicines and preparations.

This process must be completed on the same date as the dispensing of the prescription.

The pharmacy licence holder and the pharmacist responsible for dispensing the prescription must be legally accountable for all prescription data uploaded to the pharmacy’s account in the electronic system.

Licences, permits and approvals for these pharmacies will not be issued or renewed in the event of non-compliance with the directives.

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Abu Dhabi: Hazardous Materials Management Centre Established

17/01/202417/01/2024
by Tanya Jain

Arabian Business, 13 January 2024: Abu Dhabi’s Ruler has authorised the establishment of a Hazardous Materials Management Centre.

It will report to the Abu Dhabi Police and will be responsible for controlling hazardous materials in the Emirate.

It will also be responsible for developing an integrated environment to improve the effective management of hazardous materials across the Emirate and aligning with the best global practices.

In addition, it will be responsible for ensuring implementation of the highest community and environmental safety and protection measures.

It will be responsible for developing and implementing general policies and strategic plans to ensure integrated application of regulations and standards related to hazardous materials across the Emirate too.

It will also be responsible for overseeing and monitoring the activities of various relevant local sectors and entities that handle and manage hazardous materials and ensuring compliance with the relevant legislation.

It will be responsible for establishing a dedicated central operations room to track and monitor hazardous materials and developing mechanisms for the management of confiscated hazardous materials to ensure safe handling and secure storage until final disposal as well.

It will also be responsible for creating and developing a dedicated electronic system to allow self-disclosure and reporting of all hazardous materials-related data in the Emirate and developing a database for hazardous materials.

Finally, it will be responsible for conducting scientific studies and research on hazardous materials, together with relevant authorities and stakeholders.

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Bahrain: Employers Will Have to Recruit More Disabled People

17/01/202417/01/2024
by Tanya Jain

Bahrain Daily Tribune, 15 January 2024: Bahrain’s Shoura Council has approved amendments to the 2006 People with Disabilities Care, Rehabilitation and Employment Law, requiring employers in the public and private sectors to recruit more disabled people.

Under the amendments, employers with 50 or more employees will have to double their recruitment quota for disabled people from 2% to 4%.

The Labour Minister should also issue a Decree specifying the nature of roles and responsibilities for disabled people.

The aim is to help employers establish a more diverse and inclusive workforce.

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Ajman: New Free Zone to be Established

16/01/202416/01/2024
by Tanya Jain

Arabian Business, 14 January 2024: Ajman’s Ruler has issued an Emiri Decree to establish a new free zone in the Emirate.

Ajman Emiri Decree No. 15/2023 establishes the Ajman Centre for New Projects (Free Zone).

It will report to the government and will have its own legal personality as well as financial and administrative independence.

It will have legal capacity to achieve its objectives and exercise its powers and duties.

The Centre will be responsible for improving the Emirate’s position as a leading investment destination, attracting more foreign investment across various economic activities and helping to develop its capacity as a developed hub for global trade.

It will also be responsible for contributing to boosting the Emirate’s sustainable economic diversification and growth by encouraging all types of economic and investment projects.

In addition, it will be responsible for creating a flexible and conducive investment climate for creative and innovative projects.

They have also issued Ajman Emiri Decree No. 1/2024 appointing Sheikh Mohammed bin Abdullah bin Sultan Al Nuaimi as the Centre’s Chairman.

Both Emiri Decrees will be published in the Official Gazette and come into force on their issued date.

Also reported in Al Bayan on 15 January 2024. Click here to read more.

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UAE: International Humanitarian Affairs Council Established

12/01/202412/01/2024
by Tanya Jain

Al Bayan, 4 January 2024: The UAE’s President has issued Federal Decree No. 202/2023 establishing an International Humanitarian Affairs Council.

It will report to the Chief of the Presidential Office and will be responsible for supervising all issues and matters related to international humanitarian affairs.

It will be chaired by the Head of the Office of Development Affairs and Families of Martyrs in the Presidential Office, His Highness Sheikh Theyab bin Mohammed bin Zayed Al Nahyan,

Among other things the Council will be responsible for preparing and reviewing the general policy for international humanitarian affairs, general supervision of the international humanitarian affairs system, following up on the preparation and implementation of relevant plans, initiatives and projects, developing a future vision for international humanitarian affairs, determining general frameworks for its implementation by the relevant authorities and preparing the budget.

For the full story, click here.

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Sharjah: Property Registration Fee Discounts Announced

12/01/202412/01/2024
by Tanya Jain

Khaleej Times (United Arab Emirates), 9 January 2024: Sharjah’s Chamber of Commerce and Industry and Real Estate Registration Department have announced property registration fee discounts.

A discount of 50% will be offered to property buyers in the Emirate.

The discount will be offered to those buying property at the Sharjah Real Estate Exhibition–Acres 2024 this month.

The discounts will be applied following an Executive Council Decision being issued to this effect.

The Decision approves reductions in buying and selling fees on real estate transactions during ACRES 2024. The selling fees for real estate developers will be 0.5% while the purchasing fees for UAE and GCC nationals will be 1% and 2% for other nationalities.

The Exhibition runs from 17 January to 20 January at Expo Centre Sharjah.

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Saudi Arabia: Implementing Regulations to Contractors Classification Law Amendments Approved

12/01/202412/01/2024
by Tanya Jain

Saudi Gazette, 6 January 2024: Saudi Arabia’s Municipal, Rural Affairs and Housing Minister has approved amendments to the Implementing Regulations to the Contractors Classification Law.

Saudi Arabia Ministerial Decision No. 4500465523/1445 repeals and replaces Saudi Arabia Ministerial Decision No. 4300274450/1443.

Under Saudi Arabia Ministerial Decision No. 4500465523/1445, a classification certificate will be issued electronically and will be valid for two years.

Project owners will have to verify the authenticity of these certificates through the Ministry’s website.

Article 4 of Saudi Arabia Ministerial Decision No. 4500465523/1445 specifies the areas, activities and grades of classification will be determined, modified, and updated by a Ministerial Decision.

The classification will cover various sectors including construction and building, operations and maintenance services, telecommunications and information technology, nutrition and catering, exhibitions and conferences and real estate development.

These fields and activities will align with the National Guide for Economic Activities.

The contractors’ classification certificate will be issued for the relevant field and activity or fields and activities along with the deserved grade, based on available information, data, and the points achieved in the evaluation.

Contractors will have to maintain commercial books and documents that verify the accuracy of their balance sheets and profit and loss accounts for the latest year.

They will have to be certified by a licensed accountant and filed in the programme.

These records should be well-organised and in Arabic. Contractors operating in the Kingdom must adhere to the terms and conditions stipulated in the Commercial Books Law

Article 9 of Saudi Arabia Ministerial Decision No. 4500465523/1445 states that contractors wanting to reclassify can submit a request to the agency within 90 days before their current certificate expires.

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Qatar: National Products to be Exempted From Specific Licensing Fees During Promotions

12/01/202412/01/2024
by Tanya Jain

Qatar Tribune, 4 January 2024: Qatar’s Cabinet has approved a draft Ministerial Decision to exempt national products from specific licensing fees during promotional periods.

It has been proposed by the Commerce and Industry Minister.

The Cabinet also reviewed a draft Ministerial Decision to regulate the manufacture, installation and monitoring of artificial coral reefs.

It has been proposed by the Environment and Climate Change Minister.

Also reported in Raya on 4 January 2024. For the full story, click here.

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