LexisNexis Middle East

Abu Dhabi Global Market Proposes Merging Regulatory Committee with Appeals Panel

07/11/202107/11/2021
by Benjamin Filaferro

The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has proposed merging its Regulatory Committee and Appeals Panel. Their consultation on the proposals ends on 5 December 2021.

The aim is to create a more streamlined and efficient process for resolving regulatory disputes.

If approved, the change will be introduced by enacting amendments to the Financial Services and Markets Regulations 2015.

The new body would start operating on 1 January 2022.

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News developments

Qatar: Draft Law on Control of Import, Export and Transportation of Rough Diamonds Approved

07/11/202107/11/2021
by Benjamin Filaferro

Al-Sharq, 3 November 2021: Qatar’s Prime Minister and Interior Minister has approved a draft law on the control of the import, export and transportation of rough diamonds.

They also approved a draft Decree approving the country’s accession to the Kimberley Process System on the issuing of rough diamond certificates.

They went on to approve a draft Ministerial Decision on the conditions and controls for granting a marine driving license and the circumstances in which it can be revoked.

Finally, they agreed to implement the necessary measures to ratify an agreement between Qatar and the UN on hosting the Fifth United Nations Conference on the Least Developed Countries. For full story, click here.

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News developments

UAE: Issuing Cheques in Bad Faith is Still a Criminal Offence

07/11/202107/11/2021
by Benjamin Filaferro

Al Bayan, 3 November 2021: The President of the Court of Appeal in Dubai has announced issuing bounced cheques is still a criminal offence.

They made the announcement following confirmation about the implementation of amendments to the Commercial Transactions Law and the decriminalisation of cheques without a balance.

These amendments do not cancel the criminalisation of giving a cheque in bad faith.

Articles 401, 402 and 403 of Federal Law No. 3/1987 have been repealed.

Under the amendments, the current criminalisation in the Penal Code related to issuing a cheque without an appropriate balance has been abolished, except for in four instances.

These are cheque fraud, cheque fraud by giving an order to the bank not to cash the cheque without right, withdrawing the entire balance before the date of issuing the cheque, intentionally complicating the drafting of the cheque or deliberately signing it in a way which prevents it being cashed. For full story, click here.

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News developments

Saudi Arabia: Fines for Building Without License Announced

03/11/202103/11/2021
by Benjamin Filaferro

Al Madina, 2 November 2021: Saudi Arabia’s Municipal and Rural Affairs and Housing Ministry has set the controls for dealing with buildings built without a legal license.

The aim is to limit violations.

The Ministry has also set out the mechanism for municipalities and secretariats to deal with these violations. These include removing the building completely if it contradicts with organisation planning. The violator must pay the costs of removal as well.

If the building is in line with the plans and does not cause harm to neighbouring buildings then the violator must pay a fine equivalent to 25% of the total value of the building plus the license fees. However, if the building does cause harm to others, it must be removed. For full story, click here.

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News developments

UAE: Commercial Transactions Law Amendments to be Implemented From January 2022

02/11/202102/11/2021
by Benjamin Filaferro

The UAE’s Central Bank has announced amendments to the Commercial Transactions Law regarding the decriminalisation of cheques and partial payment of cheques will be implemented from 2 January 2022.

Tougher administrative penalties for issuing cheques without funds will also be imposed from the same date. Penalties, including withdrawal of a cheque book from the offender, denying them the right to receive new cheque books for up to five years and suspending their professional or commercial activity will be imposed.

The amendments are contained in Federal Decree-Law No. 14/2020.

Under these amendments, the scope for criminalisation of bounced cheques because of insufficient funds has been refined and confined to cases of bad faith and other cheque crimes.

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News developments

Abu Dhabi: Rogue Real Estate Marketing Calls Should be Reported

31/10/202131/10/2021
by Benjamin Filaferro

Gulf News (United Arab Emirates), 27 October 2021: Abu Dhabi’s Municipalities and Transport Department has announced rogue real estate marketing calls should be reported.

They should be reported to the Abu Dhabi Government Contact Centre on 800555.

The Department added these calls are illegal in the Emirate.

Real estate companies and agents should only use company websites or social media to promote their services and properties.

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News developments

Oman: Amphibious Aircraft Approved

31/10/202131/10/2021
by Benjamin Filaferro

Times of Oman, 26 October 2021: Oman’s Civil Aviation Authority has announced amphibious aircraft can establish themselves and operate in the Sultanate.

They will be used by Musandam Airlines and Unified Power for Investments companies.

Investors wanting to establish and operate amphibious aircraft should submit their applications including, among other requirements, a detailed offer which should be attached to the application. This should include an economic feasibility study, the company’s business plan and evidence of financial ability. Additional reporting from Atheer on 26 October 2021. For full story, click here.

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News developments

Saudi Arabia: Correction Period for Building Code Violation Announced

31/10/202131/10/2021
by Benjamin Filaferro

Okaz, 26 October 2021: Saudi Arabia’s Commerce Minister has announced an amendment to the regulation for classifying violations of the Saudi Building Code has been approved.

The Code started to be implemented recently.

Violators will have 90 days to undo the violation. After this they will be fined up to 10,000 Riyals among other penalties.

Violations include issuing an occupancy certificate for a building despite the presence of serious construction violations. The supervising office will be fined 7,500 Riyals in this case. Another violation includes assigning the supervising engineering office or the contractor executing their tasks, or part of them, to an individual who is not qualified in the relevant specialist field.

The supervising office will be fined 2,000 Riyals and the contractor will be fined 4,000 Riyals.

For full story see https://www.okaz.com.sa/news/local/2086247.

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News developments

Saudi Arabia: Draft Personal Status Law to be Published

27/10/202127/10/2021
by Benjamin Filaferro

Arab News, 25 October 2021: Saudi Arabia’s Justice Ministry has announced it is going to publish a draft of the Personal Status Law.

The Justice Minister made the announcement at the Saudi Family Forum 2021.

The legislation will be published as part of Vision 2030.

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