LexisNexis Middle East

Saudi Arabia: Central Bank issues Open Banking Framework

02/11/202202/11/2022
by Benjamin Filaferro

Alarabiya, 2 November 2022: The Saudi Central Bank has launched the Open Banking Framework setting out legislation, regulatory guidelines and technical standards.

The framework is in accordance with international best practices and enables banks and Fintech companies to operate open banking services in Saudi Arabia.

For the full story, click here.

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News developments

Dubai: Crypto Token Regime Comes into Force

02/11/202202/11/2022
by Benjamin Filaferro

1 November 2022: The Dubai Financial Services Authority has announced that its Crypto Token regime has come into force to encourage responsible and transparent innovation while meeting regulatory requirements.

The regime addresses risks relating to consumer protection, market integrity, custody and financial resources for service providers. It also covers risks relating to trading, clearing, holding or transferring Crypto Tokens.

Further information on the regime can be found here.

For the full story, click here.

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News developments

Dubai: Clean Energy Now 12.8% of Total Capacity

02/11/202202/11/2022
by Benjamin Filaferro

Emirates News Agency, 1 November 2022: The head of Dubai’s Electricity and Water Authority has announced the addition of 300 megawatts (MW) of photovoltaic solar energy in 2022, bringing the share of clean energy to 12.8% of the total installed capacity.

The increase in solar capacity was from the 5th phase of the Mohammed bin Rashid Al Maktoum Solar Park, which aims to have a production capacity of 5,000 MW by 2030.

When completed, the project will have the world’s largest thermal storage capacity of 15 hours, bringing around the clock energy availability.

For the full story, click here.

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News developments

Qatar: Entry Procedures for Commercial Shipments During World Cup Announced

01/11/202201/11/2022
by Benjamin Filaferro

Alsharq, 31 October 2022: Qatar’s General Authority of Customs has outlined that commercial shipments during the World Cup will be dealt with according to their nature, and the shipment of entities approved by the Supreme Committee and FIFA will be subject to simplified statement procedures.

The new controls will be effective from 15 November to 22 December 2022.

The Authority also confirmed that commercial traffic would resume through the Abu Samra land port from 11 PM to 6 AM.

For the full story, click here.

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News developments

Kuwait: Use of Renewable Energy in Kuwait ‘Far Behind’ Target

01/11/202201/11/2022
by Benjamin Filaferro

Arab Times, 30 October 2022: The Kuwaiti government has published a report showing that Kuwait lags far behind in its use of renewable energy, with only 0.3% of the total installed capacity of power plants coming from renewable sources as of the end of 2020.

The target percentage set at the United Nations Climate Change Conference increased from 1% in 2015 to 15% in 2030.

The report includes recommendations for the state to increase the proportion of electricity production from renewable sources to ensure sustainable prosperity and enable Kuwait to contribute to reductions in emissions of greenhouse gases.

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News developments

Saudi Arabia: Controls for Electronic Evidence Procedure Approved

28/10/202228/10/2022
by Benjamin Filaferro

Alriyah, 26 October 2022: The Saudi Minister of Justice has approved new controls for procedures governing electronic evidence. The controls consist of 24 articles split into six chapters.

The controls consist of general provisions regulating the evidence procedures electronically, and supporting the improvement of the electronic evidence procedures.

Under the controls, evidence that can be conducted electronically includes writing, testimony, inspection and experience, in addition to digital evidence.

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News developments

Qatar: Food Handlers Required to Hold Valid Health Certificates

26/10/202226/10/2022
by Benjamin Filaferro

Alsharq, 24 October 2022: The Qatari Food Safety and Environmental Health Department at the Ministry of Public Health has issued a requirement for all hotels and catering establishments to submit valid health certificates for staff handling food. The requirements apply whether staff are sponsored by the facility or contracted with external companies.

Hotels and food suppliers must submit a list of names of food handlers and their health certificates, which must be valid until the end of the 2022 World Cup.

Suppliers must also supply lists for food handlers who need to renew certificates, those who received a late appointment in the medical commission and those who will be provided through contracting with external companies.

For the full story, click here.

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News developments

Qatar: Government Inaugurates Cloud Computing Transformation Process

25/10/202225/10/2022
by Benjamin Filaferro

Gulf Times, 24 October 2022: Qatar’s Ministry of Labour (MoL) has held a ceremony to mark the launch of its cloud computing transformation process, part of the second phase of its digital transformation scheme.

The MoL aims to use cloud technology to develop public services, improve business flexibility, reduce operational costs and increase productivity.

The cloud computing transformation process is part of the Qatar National Vision 2030.

For the full story, click here.

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News developments

Egypt: Central Bank Proposes Measuring Egyptian Pound Against Gold

25/10/202225/10/2022
by Benjamin Filaferro

Alkhalkeej, 24 October 2022: The Governor of the Central Bank of Egypt has proposed a new index to measure the performance of the Egyptian Pound against other currencies and gold to change the culture of linking the exchange rate to the US dollar.

The governor highlighted recent increases in the value of the Pound against the Turkish Lira and Pound Sterling, saying it is essential for the public to be aware of how the Pound is performing against other currencies.

For the full story, click here.

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News developments

Kuwait: Famous Owner of Car Trading Service Investigated for Money Laundering

21/10/202221/10/2022
by Benjamin Filaferro

Alqabas, 20 October 2022: Kuwait’s Attorney General has announced that all monies and assets of a car trading service owner have been seized while the Public Prosecution Office investigates his company for money laundering offences.

It has been reported that the Trade and Industry Ministry received complaints from customers that the company had confiscated their money but not delivered their luxury cars.

For the full story, click here.

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