LexisNexis Middle East

Qatar: New Derivatives Exchange Framework Launched

30/03/202330/03/2023
by Benjamin Filaferro

Arab News, 27 March 2023: Qatar’s financial center regulatory authority has announced the country’s stock exchange will introduce a new derivatives market, allowing the trading of options and future contracts on local stocks and the main equity index.

The market will allow for the trading of options and futures contracts on local stocks and the equity index, with a separate entity established to provide clearing and settlement services.

The move is seen as an important milestone in the development of Qatar’s capital markets and its ambition to move towards developed market status.

The new derivatives exchange is expected to provide opportunities for investors to better manage and diversify their financial portfolios.

For the full story, click here.

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News developments

Oman: Consumer Protection Launches Prices Monitoring Platform

30/03/202330/03/2023
by Benjamin Filaferro

Alroya, 27 March 2023: As part of its commitment to serving and empowering consumers, Oman’s Consumer Protection Authority has introduced a new system to monitor prices.

The system aims to create a virtual marketplace and improve the monitoring of prices for consumers in their daily lives, as well as promoting a safe and fair market where prices are regularly updated.

The monitoring tool provides a comprehensive database of prices for over 750,000 commodities across 21 centres in Muscat, with plans to expand to other regions in the future.

For the full story, click here.

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News developments

Kuwait: Public Authority for Manpower Tightens Restrictions on Expat Legal Professionals

30/03/202330/03/2023
by Benjamin Filaferro

Arab Times, 27 March 2023: Kuwait’s Public Authority for Manpower has continued to filter the professions of residents working in the legal sector, withdrawing some titles and allocating them to citizens only.

It has also made a university degree mandatory for a legal researcher.

Sources report there are currently 4,576 expatriates working in the legal sector in government and private sectors who hold the titles of specialists.

Renewal of work permits will require confirmation of university certificates in the private sector.

A representative or correspondent of the law firm and administrative titles are allowed according to the assessment of the need, away from the legal jurisdiction.

There are reportedly 12,868 workers in the government and private sectors who hold the title of legal specialist, including citizens.

For the full story, click here.

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News developments

UAE: Federal Tax Authority Launches Business Support Initiative

23/03/202323/03/2023
by Benjamin Filaferro

Alittihad, 17 March 2023: The UAE’s Federal Tax Authority has launched an initiative which aims to support small and medium-sized businesses (SMEs) by offering a range of services and incentives tailored to the sector to promote tax compliance.

Muwafaq package is a project that offers a set of privileges to small and medium-sized enterprises (SMEs) in the UAE, along with training programmes and educational material on the basics of tax procedures to enhance compliance with tax laws and regulations in the sector.

Small and medium-sized enterprises (SMEs) are eligible to use this scheme. Those covered by the scheme will have an SME relationship manager appointed. There will be tax agent discounts and will be supplied with tax accounting software at competitive prices. SMEs will also be given priority on the use of certain Federal Tax Authority services. In addition, they will be given educational material onr tax procedures, tailored awareness sessions and workshops. Additional benefits will also be offered to SMEs.

For the full story, click here.

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News developments

Saudi Arabia: Commercial Registry Translation Service Transferred

23/03/202323/03/2023
by Benjamin Filaferro

Almadina, 15 March 2023: The Saudi Trade Ministry has announced the commercial registry translation service has been transferred to the Saudi Centre for Business and has been renamed the “Printing Record in English Language.”

The service is now instant and free of charge, with the Ministry no longer charging the previous 100 riyals fee.

The Business Platform and physical branches of the Centre offer services from various authorities concerned with business, including the Trade Ministry, Investment Ministry, Human Resources and Social Development, Municipal, Rural and Housing Affairs Ministry, Zakat, Tax, and Customs Authority, the General Organization for Social Insurance, and the Saudi Chambers Federation.

For the full story, click here.

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News developments

Qatar: Ministry Launches First Phase of Qatar’s Real Estate Platform

23/03/202323/03/2023
by Benjamin Filaferro

The Peninsular, 16 March 2023: Qatar’s Ministry of Municipality has announced, on 15 March 2023, the launch of the first phase of the country’s real estate platform.

The platform aims to collect and store real estate data from various sources in a central platform to achieve future and strategic goals of the real estate sector.

The platform will provide indicators for those involved in the real estate sector by collecting and analyzing real estate data from various authorities in the country and will benefit both government agencies and the private sector.

The second phase of the project will involve more accurate linking with concerned authorities, while the third phase will focus on launching services more effectively through the platform.

For the full story, click here.

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News developments

Oman: Social Protection Law Under Consideration

23/03/202323/03/2023
by Benjamin Filaferro

Shabiba, 20 March 2023: Oman’s Shura Council has held discussions regarding the Social Protection Law, which was urgently referred by the government.

The law aims to address the challenges of the retirement law and improve the current social insurance system by aligning it with the best international standards.

During the discussions, the Council chairman had requested opinions and proposals to ensure the law is in line with the national vision and supports the public interest.

The aim is to develop a comprehensive social protection system which serves the needs of citizens and aligns with global best practices.

For the full story, click here.

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News developments

Kuwait: Central Bank Request Information on Exposure to Credit Suisse

23/03/202323/03/2023
by Benjamin Filaferro

Alrai, 16 March 2023: According to sources, the Central Bank of Kuwait has requested local banks to disclose information on their exposure to Credit Suisse Bank due to the intense pressure it is facing.

The bank’s shares have dropped by 31 per cent in value in the Zurich Exchange, and its bonds have reached levels indicating financial hardship.

Kuwaiti banks are reported to have an exposure of around 1.88 million dinars to the collapsing American banks Silicon Valley, Signature Bank, and Silver Gate.

Despite this, the Central Bank’s Governor has stated the Kuwaiti banking system’s financial situation is stable and robust.

For the full story, click here.

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News developments

Dubai: Online Scheme to Boost Government Customer Service

23/03/202323/03/2023
by Benjamin Filaferro

The National, 21 March 2023: Dubai has launched an online initiative named 04 platform, aimed at enhancing customer service in over 40 participating government departments.

The platform will allow people to submit complaints, suggestions and queries directly to the departments via notes or audio messages, with the goal of receiving feedback in less than two minutes.

Officials and stakeholders can directly receive and respond to customers’ opinions, suggestions and ideas.

The platform supports submission via WhatsApp for Business as well.

The initiative aims to bridge the gap between government and its customers and strengthen the connection between the leadership and customers.

For the full story, click here.

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News developments

Kuwait: 233 Fake Companies Raided

16/03/202316/03/2023
by Benjamin Filaferro

Arab Times, 14 March 2023: According to the Al-Qabas daily, the Employment Protection Sector’s Inspection Department in Kuwait’s Public Authority for Manpower (PAM) has conducted a thorough operation against fraudulent businesses in Farwaniya Governorate.

The campaign has led to the confiscation of 233 fake commercial enterprises in five commercial centres, as it was discovered they were not involved in any commercial activities.

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