Newsletter Archives - Page 78 of 242 - LexisNexis Middle East

Oman: Telecommunications Regulatory Authority Launches Public Consultation on Postal Services Licences Framework

08/12/202308/12/2023
by Tanya Jain

Shabiba, 28 November 2023: Oman’s Telecommunications Regulatory Authority has launched a public consultation on a postal services licences framework. It ends on 29 December 2023.

The framework aims to create qualitative and value-added investments, in addition to simplifying and facilitating procedures, developing a workforce, and creating a flexible regulatory environment.

It aims to improve the quality of postal services provided and encourage investment in new postal companies.

Read more here.

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Kuwait: New Residency Law Finalised

08/12/202308/12/2023
by Tanya Jain

Kuwait Times, 2 December 2023: The Kuwaiti government has announced it has finalised a new residency law. It will refer the law to the Interior and Defence Committees of the country’s National Assembly to consider. It is then expected to be approved by the National Assembly by the end of the year.

The law specifies the regulations for foreigners’ entry, deportation, iqama trade and penalties.

It also grants Kuwaiti women married to foreigners the right to sponsor their husbands and children, provided they haven’t obtained nationality under Article 8 of the new law., This provision relates to expatriate women naturalised by marrying Kuwaiti citizens. In addition, it authorises hotels and aparthotels to report the residence of foreigners.

A Ministerial Decision will determine fees for residency permits, renewals and all entry visas.

The law prohibits iqama trade through exploitation and imposes penalties of up to three years in jail and a fine of between 5,000 and 10,000 Dinars on violators. Only the country’s Public Prosecution will be able to issue residency trade pardons.

Domestic worker amendments mean domestic workers will be allowed to have regular residency permits for the duration of their contract period. If a domestic worker’s permit is cancelled when they leave the job, they must leave Kuwait within the specified timeframes unless a new residency is obtained.

To transfer the domestic worker’s permit, the employer must give their approval and the worker cannot stay outside Kuwait for more than four months without permission from the Interior Ministry.

The Interior Minister will be able to deport foreigners, even if they have residency permits, on public interest, general security, public morality or lack of a legal source of income grounds.

Deportation decisions may include dependents and the deportee can be jailed for up to 30 days. This can be extended if required.

The Interior Minister can exempt deported foreigners from fines after they have left Kuwait. Heads of state, members of the diplomatic corps and official employees are exempt from the law. Foreigners will be able to stay for up to three months. This can be extended for up to a year.

Foreigners can also stay in Kuwait for five years, while children of Kuwaiti women and real estate owners can stay for 10 years and investors may be granted residency permits for 15 years.

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Dubai Financial Services Authority Waives Regulatory Fees for Sustainability-related Debt Security Listings

08/12/202308/12/2023
by Tanya Jain

Dubai’s Financial Services Authority has announced it will waive all regulatory fees for sustainability-related debt security listings in the DIFC throughout 2024.

This fee waiver comes into force immediately and will apply throughout 2024 until 31 December.

The waiver applies to all environmenta;, social and governance-related bonds and Sukuk categorised as green, social, sustainable, sustainability-linked, climate, climate adaptation, climate transition or similar.

It applies to all new and existing issuers who make a relevant application to the Authority.

The waiver was announced by the Authority’s CEO, Ian Johnston at COP28 and has been approved as part of the Authority’s efforts to accelerate the growth of sustainable capital markets in the DIFC.

It published its first set of Guidelines on best practices for listing green bonds and Sukuk in 2018.

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Abu Dhabi: ADGM Publishes Discussion Paper on IT Risk Management

08/12/202308/12/2023
by Tanya Jain

The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has announced it has issued a Discussion Paper on IT risk management.

The Paper details the initiatives the Authority is taking to improve its supervisory and regulatory regime in terms of IT risk management.

The Authority are introducing comprehensive and holistic IT Risk Management Guidance that consolidates best practices across various IT domains, including guidance for the adoption of algorithm-driven and decentralised infrastructure solutions.

They are also reviewing existing rules relating to IT risk management to incorporate requirements that will strengthen firms’ practices.

In addition, they are requiring firms to report material IT incidents to the Authority in a standardised format within a prescribed timeframe.

Finally, they are making regulatory technologies or RegTech available to firms to navigate the Authority’s rules and guidance relating to IT risk management.

The Authority has issued regulations and rules on IT risk management and controls for specific IT domains or regulated activities that rely heavily on IT. These regulations and rules underline the standards required of authorised firms in maintaining a robust and resilient IT environment as a central part of their business activities.

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Lexis Middle East Law Alert: Saudi Civil Transactions Law Supplement

06/12/202308/12/2023
by Tanya Jain

Presenting the latest edition of our complimentary law magazine, the Lexis Middle East – Law Alert! The “Saudi Civil Transactions Law Supplement” is a comprehensive guide tailored for legal professionals, providing a deep dive into critical aspects of civil transactions in Saudi Arabia. This supplement encompasses various legal facets, offering insights and analysis crucial for understanding and navigating the intricacies of the Saudi legal landscape.

The supplement comprises diverse sections, each addressing significant components of civil transactions law:

RISKY BUSINESS: Risk Allocation in Contracts

Explores the strategies involved in managing risk within legal frameworks in contractual agreements. Jawahir Al-Subaie from Z&Co. examines pivotal provisions of the new Civil Transactions Law, including their impact on contract formation, termination, limitations of liability, and more.

RIGHT APPROACH TO REAL ESTATE

Focuses on the legal aspects governing real estate transactions under the Civil Transactions Law. Sarah Gonem of Z&Co. provides insights into how this comprehensive legal framework will operate concerning property rights.

DEALING WITH DEBT AND DEBTORS

Discusses navigating debt-related transactions within legal parameters, particularly concerning guarantees and debt resale. Martin Creek of Z&Co. explains the anticipated changes in handling these aspects under the new Civil Transactions Law in Saudi Arabia.

IN HARM’S WAY: Tort Liability

Explores the principles and complexities surrounding tort liability, offering an understanding of civil wrongs and liabilities. Dr. Yazid Almasoud from Z&Co. explains the application of tort liability in Saudi Arabia under the new Civil Transactions Law.

IN-HOUSE PROFILE

Features Chief Legal Officer Ibrahim Bakhurji‘s insights into the National Infrastructure Fund’s role in developing infrastructure and financing solutions. This section provides valuable perspectives on legal strategies within this sector.

CONTRACT WATCH

Analyses settlement agreements, providing legal professionals with a detailed understanding of dispute resolution through contractual arrangements. Contributor Muneerah Alwahbi, Partner at Z&Co., sheds light on the elements involved in these agreements.

2023 LMELA_SaudiCivilTransactionsLaw_Supplementary

Explore the past editions of the Lexis® Middle East Law Alert and stay up-to-date with the latest news! Click the links below for instant access to older editions.

Lexis Middle East Law Alert January-February 2023

Lexis Middle East Law Alert March-April 2023

Lexis Middle East Law Alert_May June 2023

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Bahrain: Vacant Land Tax Proposed

05/12/202305/12/2023
by Tanya Jain

Gulf Daily News, 4 December 2023: A group of Bahraini MPs has proposed the introduction of a vacant land tax.

Under the proposal, a tax rate of 1% would be imposed on 1,000 square-metre plots of land not urbanised within five years of being purchased.

It would be imposed annually.

If approved, the 2013 Real Estate Registration Law would be amended.

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UAE: Implementation Date of New Pension Law Announced

01/12/202301/12/2023
by Tanya Jain

Al Bayan, 27 November 2023: The UAE’s General Pensions and Social Security Authority has announced the implementation date of the new Pension Law.

They announced Federal Decree-Law No. 57/2023 will apply to citizens joining work for the first time from 31 October 2023.

The Authority added that entities affiliated with it are employers in the federal and local governments in all of the Emirates, apart from local government employees in Abu Dhabi and Sharjah.

The Authority is also affiliated with employers in the private sector in all emirates of the country, except for private sector employers in Abu Dhabi.

Click here to read more.

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Saudi Arabia: Rights and Obligations of Public Transport Users Regulation Approved

01/12/202301/12/2023
by Tanya Jain

Saudi Gazette, 25 November 2023: Saudi Arabia’s Transport General Authority or TGA has announced it has approved a regulation regarding rights and obligations of public transport users.

It has also approved the schedule of violations and fines. They have done so in line with Saudi Arabia Cabinet Decision No. 44/1445 on the same topic.

The regulation includes four sections covering all of the rights and obligations of public transport users in the Kingdom. Among other requirements, passengers have to give up seats for families with children.

Passengers will also be entitled to be offered options if their mode of transportation is delayed or cancelled for more than 120 minutes.

The carrier must provide passengers with several options. They should offer passengers the option of proceeding with their journey, rescheduling with alternative routes at no extra cost, or opting for a full ticket refund and returning to their point of origin.

However, the carrier will be exempt from liability and minimum compensation for delays in arriving at final destinations, when it is caused by circumstances beyond their control. This includes situations where adverse weather conditions jeopardise safe operations or when exceptional circumstances or force majeure events disrupt regular services, despite all reasonable precautions being taken.

Passengers can choose between a full ticket refund for the unused itinerary, accompanied by compensation equivalent to 25% of the ticket value for the cancelled trip, or exploring alternative travel arrangements within three hours of the original departure time. This alternative must be in a class equivalent to their initial reservation and compensation must be equivalent to 25% of the ticket value for the cancelled trip.

It aims to increase the level of awareness about the rights and obligations of beneficiaries.

The first section in the regulation includes the general provisions that apply to all means of transport covered under the regulation.

The second section covers land transport. The provisions spell out the rights and obligations of public transport bus users in and between cities. They also specify the rights and obligations of users in assisting and enabling disabled people and those with limited mobility to use buses.

The third section covers railway transport. They clarify the rights and obligations of railway users in and between cities. They also clarify the rights and obligations of users in assisting and enabling disabled people to use trains.

The fourth section covers maritime transport. They clarify the rights and obligations of users of maritime transport. They also clarify the rights and obligations of users in assisting and enabling disabled people and those with limited mobility to use maritime transport.

The tables of classification of violations and penalties also specify the obligations of bus users in and between cities, the obligations of railway users in and between cities and the obligations of maritime transport users.

Additional reporting from Gulf News (United Arab Emirates) on 25 November 2023.

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Qatar: New Tendering Services for Investors Launched

01/12/202301/12/2023
by Tanya Jain

Al-Sharq, 27 November 2023: The Vice Chairman of the Board of Directors of Munakasat Company has announced new services for Qatari citizens, residents and investors have been launched.

They include a tender library that includes more than 2,500 integrated engineering designs for citizens and a tender concession card, which provides the services of more than 200 suppliers at discounts of up to 30%.

The services are aimed at providing additional value to owners, investors and those wishing to build new buildings as well as middle income or major merchants and real estate developers.

The aim is to facilitate distribution procedures and make them easier, protect shareholders’ dividends with a reliable party, unify the procedures and party of distribution and accelerate the process of distribution and delivery to beneficiaries.

For the full story, click here.

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Kuwait: Parliamentary Code of Conduct Proposal Being Discussed

01/12/202301/12/2023
by Tanya Jain

Alrai Media, 27 November 2023: Kuwait’s Parliament is discussing a letter from MP Dr Jinan Bushehri, requesting a Parliamentary code of conduct be referred to the Council’s office for approval.

The letter includes a definition of the Code of Parliamentary Work.

The Code will be based on a set of standards, principles and guidelines that helps achieve transparency, improve the integrity of representatives and Parliamentary practice in a way befitting it and the process and integrity of democracy in Kuwait.

The Code aims to fortify the reputation of representatives and the Parliamentary institution as well as improve voter confidence in them.

It also aims to lay the foundations to make them good and influential role models in approving and activating codes of conduct in the country at executive and judicial authorities.

To read the full story, click here.

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