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Oman News developments

Oman: Household Business Activities Decision Issued

  • 26/07/202226/07/2022
  • by Benjamin Filaferro

Times of Oman, 24 July 2022: Oman’s Commerce, Industry and Investment Promotion Ministry has issued a Ministerial Decision promulgating a regulation on making homemade business products.

Oman Ministerial Decision No. 473/2022 streamlines and legalises the activities of owners of household business activities undertaken by citizens to generate income, protect the rights of sellers and buyers and secure customer confidence in commercial transactions in the Sultanate and abroad.

The Decision bans any home-based business from being practised before the individual, or the family obtains a licence from the Ministry and the relevant authorities.

Everyone who engages in a home business activity must correct their status within six months from the date of their work.

To obtain a licence, the applicant must be an Omani national; the applicant should be at least 18, not have another licence to practice any commercial, professional, craft or industrial activity and pay the relevant fee.

Along with the licence application, the applicant should submit the title deed of the house where the activity is carried out, the lease contract, or the homeowner’s approval where the house is rented and their ID card or passport. They should also submit details of the home production work to be licenced.

The licence will be issued for three years and cost three Rials. The licence may be renewed for similar periods. The same procedures and conditions will apply.

The renewal application must be submitted 30 days before the expiry of the licence period.

The licensee must comply with the legislation regulating the licensed domestic production activity and the regulations governing the licensed activity from the relevant authority. They will also have to be familiar with practising licensed home business and not employ foreigners.

In addition, they should not assign the licence to others, even temporarily, and not place any advertising or promotional billboards on the house or external walls. A small board can be placed at the house entrance showing the licensee’s name, the licence number, the type of activity, and the phrase home business provided its area does not exceed 30cm x 60cm and the board must be flat.

They should not store any goods, equipment or machines outside the house or any toxic, dangerous or flammable materials or any other materials which may cause harm to public health in the place of activity.

The licensee cannot practice the activity after the licence has expired or in a place other than where it is licenced to work.

An administrative fine of 100 Rials will be imposed on licensees who violate the Decision. The penalty will only be set after the relevant authorities have issued a written warning of the reasons for the violation and given three days to remove it. The fine will be doubled for repeat violations.

Where the violation is not corrected, the Ministry can suspend the licence for up to three months. The Ministry may cancel the licence after this period has expired without the violation being removed.

The licensee may appeal the penalties under the Decision to the Minister within 60 days from the date of their notification of it.

The grievance will on within 30 days from the date of its submission, and the lapse of this date without a response will be considered a rejection.

In all instances, the refusal decision must be justified.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

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United Arab Emirates News developments

Dubai: Requirements for Real Estate Advertisements Announced

  • 26/07/202226/07/2022
  • by Benjamin Filaferro

Al Bayan, 22 July 2022: Dubai’s Real Estate Regulatory Agency has set requirements that all real estate companies wanting to market or promote real estate through various advertising channels, including platforms or social media channels, must comply with.

The requirements include obtaining an official permit from the Agency and writing the permit number in the advertisement.

The advertisement must include the name of the announced real estate company.

For real estate projects sold off-plan, the advertisement must include the developer’s name, project name, project number, location, and approved escrow account number.

For full story, click here.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

United Arab Emirates News developments

UAE: Implementing Regulations to Federal Decree-Law on Foreigners’ Entry and Residency Issued

  • 25/07/202225/07/2022
  • by Benjamin Filaferro

Alkhaleej, 21 July 2022: The UAE’s Vice President and Prime Minister, and Dubai Ruler has issued Cabinet Decision No. 65/2022 approving the Implementing Regulations to Federal Decree-Law No. 29/2021 on foreigners’ entry and residency.

It will come into force on 5 September 2022.

Under the Decision, an entry visa granted to a foreigner determines the purpose of the holder’s entry into the country.

The entry visas include visit visas, temporary or emergency entry visas, employment visas, residency visas and entry visas for GCC residents and their foreign escorts.

The Federal Authority for Identity, Citizenship, Customs and Ports Security may, after the approval of the competent authorities, grant the foreigner a visa which allows them to enter the country for a brief visit, whether for single or multiple entries.

For full story, click here.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Saudi Arabia News developments

Saudi Arabia: Amendments to Implementing Regulations of Excise Tax Law Approved

  • 25/07/202225/07/2022
  • by Benjamin Filaferro

Okaz, 20 July 2022: Saudi Arabia’s Zakat, Tax and Customs Authority has approved amendments to the Implementing Regulations to the Kingdom’s Excise Tax Law. The amendments relate to Articles 29-32.

They state that a licensee or license applicant must provide the financial guarantee owed to each tax warehouse before the application’s final approval to fulfil any other conditions specified by the Authority in the licence application.

For full story, click here. see https://www.okaz.com.sa/news/local/2110585.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Pinsent Masons participates as a sponsor at the Qatar Business Law Forum Awards Ceremony & Gala Dinner 2022 – 7th Edition! News developments

Pinsent Masons participates as a sponsor at the Qatar Business Law Forum Awards Ceremony & Gala Dinner 2022 – 7th Edition!

  • 25/07/202227/07/2022
  • by Benjamin Filaferro

LexisNexis Middle East is pleased to announce that Pinsent Masons will be participating as the Gala Dinner Sponsor at the Qatar Business Law Forum Awards Ceremony & Gala Dinner 2022 – 7th Edition being held on 12 October 2022. The Awards Ceremony sets out to recognise exceptional achievement from within Qatar’s legal community.

We hope you will join us for this unique and exclusive opportunity to meet existing and potential clients on 12 October 2022 in Doha, Qatar. For more information, visit: www.qatarbusinesslawforum.com.

United Arab Emirates News developments

UAE: Gold Import Rules Tightened

  • 21/07/202221/07/2022
  • by Benjamin Filaferro

Gulf News (United Arab Emirates), 21 July 2022: The UAE’s Economy Ministry has announced gold import rules have been tightened.

The Due Diligence Regulations have been introduced to ensure the responsible importing of gold into the country.

They specify the quantity of supply of gold for regulated establishments. These include companies operating refineries and recycling gold products inside and outside the country.

These come under the precious metals and gemstones trade sector, which is classified as a Designated Non-Financial Business and Professions.

Regulated business establishments must comply with the Regulations and implement them in their policies and procedures.

They also have to de-risk the possibility of financial crime in their relations with their suppliers and communicate with the supervisory authority to determine what measures are being taken concerning the responsible supply of gold from conflict-affected and high-risk areas.

In addition, affected entities should create an effective governance system, monitor risk assessment in the supply chain, mitigate identified risks, ensure independent third-party reviews, and provide periodic reports.

They have been drafted in line with guidance from the Organisation for Economic Co-operation and Development and its corresponding protocol for gold.

They will come into force in January next year.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

United Arab Emirates News developments

Dubai: New Real Estate Law Approved

  • 21/07/202221/07/2022
  • by Benjamin Filaferro

Arabian Business, 20 July 2022: A new Real Estate Law has been approved in Dubai.

Dubai Decree No. 22/2022 has been introduced to support the Emirate’s growth of real estate investment funds. It effectively creates a register for property investment funds.

The Decree specifies the terms, conditions, and procedures for listing in the Register. Relevant Government authorities should license funds looking to be recorded in the Register, including the Securities and Commodities Authority and the Dubai Financial Services Authority (DFSA).

Funds should not be suspended from trading in Dubai’s financial markets when making an application. Members will be given specific privileges to help their investment activities in the Emirate’s real estate market.

The new register includes real estate investment funds licensed and regulated by Government bodies and private and free zones, including the Dubai International Financial Centre (DIFC). It covers all real estate in Dubai as well.

Applicants should have real estate assets of AED 180 million or more.

A dedicated committee to identify areas and properties where funds are allowed to invest will also be established. They will identify areas and properties that funds are allowed to invest in through full ownership or lease for up to 99 years.

The Dubai Land Department will appoint a valuation specialist to determine the value of properties owned by the funds. They will have to be accredited by the Dubai Real Estate Regulatory Agency.

The value of properties in which funds invest should be AED 50 million or more. The properties should be listed as commercial properties and comply with Dubai Decree No. 4/2010. Funds are allowed to relinquish ownership of properties only with approval from the Committee.

Property investment funds listed in the Register are entitled to receive the incentives specified by the Decree.

Under the Decree, the Chairman of the Executive Council can amend the incentives specified by the Decree or add new ones. The Chairman of the DIFC is also authorised to amend incentives for property investment funds operating within the DIFC’s jurisdiction.

In addition to subsequent decisions issued in line with Dubai Decree No. 22/2022, the Director General of the Dubai Land Department will be able to make other appropriate Decisions to implement the Decree.

Any legislation which contradicts or contravenes the new Decree will be repealed.

The Decree will be published in the Official Gazette and come into force on its published date.

Also reported in Al Bayan on 19 July 2022. For the full story, click here.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Abu Dhabi: Holiday Home Operators Must be Licenced News developments

Abu Dhabi: Holiday Home Operators Must be Licenced

  • 20/07/202220/07/2022
  • by Benjamin Filaferro

Abu Dhabi’s Culture and Tourism Department has reminded holiday home operators in the Emirate.

They must register their properties in the Department’s online system before the final deadline of 1 August.

They must comply with regulations established to manage holiday homes in the local community safely.

Individuals interested in renting a holiday home should follow a simple online application procedure.

This includes providing several documents, including a Licence application form, a photocopy of the passport or Emirates ID of the owner, the unit’s certificate of insurance, the unit’s deed, and any additional documentation requested by the Department.

The Emirate’s requirements for operating holiday home rentals came into force last year following an Executive Council Decision.

They aim to ensure private accommodation operators maintain a standard of excellence while providing a wide variety of safe and secure options. The system also aims to support the increased demand for alternatives to established hotels and hotel apartments.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Saudi Arabia: Central Bank Issues Standard Insurance Policy of Professional Indemnity for Auditors of Entities Regulated by Capital Market Authority News developments

Saudi Arabia: Central Bank Issues Standard Insurance Policy of Professional Indemnity for Auditors of Entities Regulated by Capital Market Authority

  • 19/07/202219/07/2022
  • by Benjamin Filaferro

Saudi Arabia’s Central Bank has announced it has issued a standard professional indemnity insurance policy for auditors of Capital Market Authority supervised entities.

The Standard Policy aims to set the minimum acceptable standard which must be met within the professional indemnity insurance policy, promote the concept of sustainability and reduce potential risks in the financial market.

It also aims to protect the parties’ rights to the contractual relationship and support opportunities for growth and development in the insurance sector.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Saudi Arabia: Airspace Changes Announced News developments

Saudi Arabia: Airspace Changes Announced

  • 18/07/202218/07/2022
  • by Benjamin Filaferro

Arab News, 15 July 2022: Saudi Arabia’s General Civil Aviation Authority has announced airspace changes have been approved.

Under the changes, all carriers can use the Kingdom’s airspace so long as the Authority’s overflight requirements are met.

No date for the change coming into force was given.

The change has been approved as part of the Kingdom’s efforts to meet its obligations under the Chicago Convention of 1944.

This states non-discrimination between civil aircrafts used in international air navigation.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

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