LexisNexis Middle East

Kuwait: Central Bank Introduces New Detection Method for Forged Banknotes

09/01/202309/01/2023
by Benjamin Filaferro

Arab Times, 29 December 2022: The Central Bank of Kuwait has introduced a new method for detecting counterfeit banknotes using a unified mechanism for local banks if a forged note is discovered.

The regulatory update will be introduced on 1 January 2023 and aims to ensure the detection of counterfeit banknotes through a memorandum proving the deposit or presentation of counterfeit banknotes.

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News developments

Turkey: New Regulations Announced for Outdoor Music Activities

09/01/202309/01/2023
by Benjamin Filaferro

Hurriyet, 4 January 2023: Turkey’s Environment, Urbanisation and Climate Change Ministry has announced new regulations stipulating that music events in stadiums, parks, squares and other concert and festival areas can be organised for a maximum of five consecutive days with the hours of activity limited between 10 AM and 1 AM.

Public concerts and music festivals lasting longer than five days can be held by obtaining permission from the provincial directorate of the ministry.

Under the regulations, workplaces and marine vehicles which organise music activities must obtain a license valid for three years.

Workplaces that are fined three times for violating sound level limits will not be able to obtain the license for two years.

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News developments

Dubai: Tribunal Upholds Decision Against Abraaj Founder, Including Largest Ever Fine

05/01/202305/01/2023
by Benjamin Filaferro

3 January 2023: The Financial Markets Tribunal (FMT) has upheld a decision by the Dubai Financial Services Authority (DFSA) against the founder of the Abraaj Group, including its most significant ever fine for an individual of US$135m.

Abraaj Group was fined almost US$3m in 2019 for its misconduct of misleading or deceiving investors and carrying on unauthorised financial service activities in or from the Dubai International Financial Centre (DIFC).

The DFSA ruled against the company’s founder after it found he had personally proposed, orchestrated, authorised, and executed actions that directly or indirectly misled or deceived the investors. In upholding the ruling, the FMT said that ‘the US$135m penalty is unusually high, but the remuneration that Mr Naqvi received was high amidst conduct that was exceptionally serious and the cause of what appears to have been unprecedented harm to the entire community of the DIFC’.

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News developments

Qatar: Social Insurance Law Comes into Force

05/01/202305/01/2023
by Benjamin Filaferro

Gulf Times, 3 January 2023: The Director of Customer Management at Qatar’s General Retirement and Social Insurance Authority (GRSIA) has confirmed that Social Insurance Law No.1/2022 will be implemented on 3 January 2023.

The new law aims to expand the scope of insurance coverage to include all citizens working in the private sector, to add the housing allowance to the salary of subscription calculation, and to allow civilian pensioners to combine their pension and job salary in case they join the private sector.

The Director said GRSIA is fully prepared to implement the provisions of the law, meaning all employers subject to its provisions can update or register their information and receive inquiries or requests of the insured regarding the law electronically through the digital services portal of the employers on the GRSIA’s website.

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News developments

Saudi Arabia: 194 Health Facilities Closed in a Year

04/01/202304/01/2023
by Benjamin Filaferro

Arab News, 3 January 2023: Saudi Arabia’s Ministry of Health (MoH) has shut down 194 health facilities for violating regulations, including COVID, in the last year.

The institutions included ten hospitals, 135 medical complexes, nine pharmacies, and 40 other health sector institutions.

Health practitioners faced 2,420 penalties for 44,849 violations, of which 3,058 were levied on individuals and 4,1791 on health institutions.

The ministry announced the figures based on over 700,000 visits in 2022 to ensure that the health institutions apply COVID-19 requirements and prevention measures.

The inspections aimed at ensuring COVID preventive measures for coronavirus, such as wearing face masks inside health institutions and ensuring their implementation of the approved health practice practices to manage the pandemic.

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News developments

Kuwait: Second Group of Banks Joins Cross-Border Payment System

03/01/202303/01/2023
by Benjamin Filaferro

2 January 2023: The Central Bank of Kuwait (CBK) has announced the second group of local banks to join the Gulf Cooperation Council (GCC) Cross-border Payment System (AFAQ) after they have completed all required tests and procedures.

AFAQ aims to develop cross-border payment systems and advanced technologies to enhance efficiency, minimise reliance on financial systems and external payment platforms and reduce cost.

The second group of banks are the National bank of Kuwait, Kuwaiti Finance House, Ahli United Bank, Commercial Bank of Kuwait, Burgan Bank and Kuwait Industrial Bank.

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News developments

Abu Dhabi: Penalties for Improper Practices in Food Production Announced

29/12/202229/12/2022
by Benjamin Filaferro

Khaleej Times, 26 December 2022: The Abu Dhabi Agriculture and Food Safety Authority has announced seven administrative penalties to reduce improper practices in the emirate’s agriculture and food production sector.

The penalties include a notice used in low or medium-risk violations; a warning penalty; placing facilities under financial, administrative, and technical supervision; temporary suspension of the facility’s activity; eliminating or suspending the facility’s licence.

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News developments

Jordan: New Platform for Receiving Labour Complaints Announced

28/12/202228/12/2022
by Benjamin Filaferro

Jordan Times, 24 December 2022: Jordan’s Labour Ministry has announced it has finalised the new Himaya (protection) platform for recording labour-related complaints, which will allow labour associations, embassies, and civil society organisations to submit e-complaints on behalf of workers, especially with cases of suspected human trafficking.

Workers will also be able to submit complaints themselves directly.

The platform will launch in 2023 and will be available in ten languages, including Bengali, Hindi, Chinese, Indonesian, Nepali, Sri Lankan, Filipino, Arabic and English.

For the full story, click here.

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News developments

Saudi Arabia: National Intellectual Property Strategy Launched to Support Innovation

27/12/202227/12/2022
by Benjamin Filaferro

Saudi Gazette, 22 December 2022: The Saudi Prime Minister has launched the National Intellectual Property Strategy (NIPST) to support innovation, competition and economic growth.

NIPST consists of four main pillars: IP Creation, IP Administration, IP Commercialisation, and IP Protection.

Each pillar will include several initiatives assigned to government agencies and will be measured periodically according to a governance framework that defines roles and responsibilities, including decision-making on important issues related to the implementation of NIPST projects.

For the full story, click here.

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News developments

Kuwait: Law on Establishing Companies for Constructing Residential Cities Issued

23/12/202223/12/2022
by Benjamin Filaferro

Mubasher, 21 December 2022: Kuwait’s Cabinet has approved a proposed law on the establishment of companies for constructing and economically developing residential cities on state-owned lands.

A Housing and Real Estate Affairs Parliamentary Committee report recommended establishing such companies.

Under the law, the corporation is obliged to establish public joint stock companies with varying share ownership percentages.

The corporation’s articles of association must be compatible with the provisions of Islamic Sharia for establishing an integrated residential city.

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