LexisNexis Middle East

Saudi Arabia: Foreign Investment Law Amendment Approved

22/09/202122/09/2021
by Benjamin Filaferro

Okaz, 19 September 2021: The Saudi Arabian authorities have approved amendments to the Kingdom’s Foreign Investment Law.

Under the amendments, specific standards to protect pioneering Saudi companies will be introduced.

They will also be developed and the rules and procedures for disposing of their shares reviewed.

For full story see https://www.okaz.com.sa/news/local/2082454.

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News developments

Dubai International Financial Centre Issues Employment Law Amendments

21/09/202121/09/2021
by Benjamin Filaferro

Dubai’s International Financial Centre has enacted the Employment Law Amendment Law, DIFC Law No. 4/2021.

It brings the Qualifying Scheme regime under the Employment Law in line with the DFSA’s Employee Money Purchase Scheme, so that only a single layer of regulation is applied to these schemes.

The amendments also clarify the application of limitation periods to claims made under the Employment Law, the accrual of vacation leave, the duration of the probationary period for short term fixed-term contracts and certain definitions in the Law.

In addition, it modifies the basic workplace health and safety requirements under the Employment Law, to take working from home arrangements into account.

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News developments

Dubai: Emirates Maritime Arbitration Centre to be Dissolved

21/09/202121/09/2021
by Benjamin Filaferro

Dubai’s Ruler has issued Dubai Decree No. 34/2021 dissolving the Emirates Maritime Arbitration Centre.

The Dubai International Financial Centre Arbitration Institute will also be dissolved.

Their operations and assets will be emerged into a Dubai International Arbitration Centre. It will be an independent non-profit institution and will provide regional and international business communities with world-class arbitration services.

Ownership of real estate, assets, funds, staff, financial allocations and membership base will also be transferred to the new Centre.

The Decree specifies the Centre’s objectives, functions and organisational structure. It will have a Board of Directors as well as an arbitration court which will be established in line with the new structure and an administrative unit.

The court will have 13 members, including a President and Vice President. Its members will have locally and internationally accredited arbitration expertise and will be appointed by decisions of the Centre’s Board of Directors for a non-renewable term of four years.

Dubai Decree No. 10/2004 will be repealed.

The Dubai Courts and DIFC Courts will continue to hear claims, applications and appeals related to arbitration proceedings conducted in tribunals of the dissolved arbitration centres.

Anything which contradicts or contravenes the Decree will be repealed.

The Centre will have to comply with the Decree within six months.

The aim is to boost the efficiency of the Emirate’s alternative dispute resolution sector and reinforce its status as a global arbitration hub. Also reported in Alroeya on 18 September 2021. For full story, click here.

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News developments

Bahrain: Execution Law in Civil and Commercial Matters Law Issued

19/09/202119/09/2021
by Benjamin Filaferro

Bahrain’s King has issued Bahrain Decree-Law No. 22/2021 approving the issuing of the Execution Law in Civil and Commercial Matters.

The Prime Minister and relevant Ministers will be responsible for implementing it.

It will be published in the Official Gazette and come into force six months after it is published.

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News developments

Abu Dhabi: Creative Media Authority to be Established

19/09/202119/09/2021
by Benjamin Filaferro

Alroeya, 15 September 2021: Abu Dhabi’s Ruler has issued a law establishing a Creative Media Authority.

It will report to the Culture and Tourism Department.

It will be responsible for promoting the growth of the creative sector in the Emirate and providing the necessary infrastructure for the prosperity of creative institutions.

This will be done by regulating and supervising the activities of creative media production for private sector companies and developing initiatives to attract, motivate and develop talents in the creative field as well as SMEs. For full story, click here.

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News developments

Qatar: Jurisdiction Remit Changes Announced

16/09/202116/09/2021
by Benjamin Filaferro

The Peninsula, 16 September 2021: The Qatari authorities have issued Qatar Law No. 14/2021 and Qatar Law No. 15/2021 to expand the jurisdictional remit of the Qatar International Court and Dispute Resolution Centre.

Their remit has been expanded to cover the Qatar Free Zones and the Qatar Free Zones Authority and matters referred to the Court or Regulatory tribunal by any Law in the State.

The aim is to boost its position as a specialist judicial authority.

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News developments

Saudi Arabia: New Data Protection Law Approved

15/09/202115/09/2021
by Benjamin Filaferro

Saudi Gazette, 14 September 2021: Saudi Arabia’s Cabinet has approved a new personal Data Protection Law.

It will protect personal data from unconsented collection and processing. It will be implemented within six months.

It will protect any personal data which might lead to the user being directly or indirectly identified from unconsented collection and processing.

Data for the purposes of the Law includes a user’s name, identification number, address, phone number, personal records, financial records and Images, videos or any other identifying data.

The aim is to ensure personal data remains private, the sharing of personal data is regulated and personal data is not abused.

Personal means of communication to market or awareness materials are not allowed unless the personal data owner approves it or a mechanism which enables them to express their desire to receive it or not exists.

Awareness materials sent by public authorities are exempt.

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News developments

Saudi Arabia: Government Ministers to be Banned From Being Board Members

15/09/202115/09/2021
by Benjamin Filaferro

Arab News, 12 September 2021: Saudi Arabia’s Government is going to ban Government ministers from being board members of private companies or leading boards of these companies.

They will only be able to lead them or be members of them if they have Government approval.

The aim is to reduce conflicts of interest in companies and improve governance.

Saudi Arabia Cabinet Decision No. A27/1421 will be amended to state ‘[No] minister is allowed to chair the board of any company or even serve as a member. This does not include those whose chairmanship or membership is by order of Prime Minister’.

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News developments

UAE: Emiratisation Quotas for Private Companies Announced

13/09/202113/09/2021
by Benjamin Filaferro

Arab News, 12 September 2021: The UAE Government has announced Emiratisation quotas for private companies.

The quotas mean private company employers will have to ensure 10% of employees are Emiratis.

These companies will have five years to comply.

For the first year, the requirement will be 2%.

It will only apply to skilled labour positions.

In addition, 24 billion AED will be allocated to create 75,000 private sector jobs for Emiratis.

There will also be allowances, bonuses and other monetary incentives for UAE nationals, especially those working in programming, nursing and entrepreneurship.

Elsewhere, Emirati Government employees who want to set up their own business will be granted partially paid leave of absence for up to a year.

Training programmes for Emiratis transferring from the public to private sector will also be hosted.

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News developments

Saudi Arabia: Penalties Amended Under New Judicial Implementation Law

12/09/202112/09/2021
by Benjamin Filaferro

Saudi Gazette, 7 September 2021: The Saudi Arabian authorities are considering a new Judicial Implementation Law which will contain amended penalties for violations.

Under the Law, debtors will not be detained and electronic services will still be available to them.

Public sector employees who are involved in preventing or obstructing the implementation of verdicts will be jailed for up to five years. This will be considered an honesty offence.

In addition, there is a provision aimed at addressing the discrepancy between a travel ban order and a decision to terminate the residency permit or iqama of non-Saudi debtors.

Implementation procedures for court orders also ban financial dealings with those who have defaulted in carrying out financial rights.

Those facing proceedings under the Law should have their details announced as well as individuals who are suspected of financing them illegally.

Those who provide incorrect information will also commit an offence.

There will be a system to track illegal funds and the court will have more powers to track, interrogate, recover and invalidate these funds and transactions.

Orders on the seizure and enforcement of the funds owned by the State cannot be issued.

Similarly houses where the insolvent and their legal dependents live as well as their means of travel if their values do not exceed the amount of their solvency cannot be seized unless they are mortgaged to a creditor.

Verdicts on wages and salaries cannot be increased more than 50% of the total wage or salary in the verdict related to alimony debt. It cannot be more than 33.3% for other debts.

In both alimony and other debts, half of the total wage or salary will be allocated to the alimony debt and 33% to other debts.

If there are multiple debts, 33% of the other 50% will be distributed among the creditors in line with the Law and its Implementing Regulations.

An insolvent individual will also be able to continue practising their profession or their craft. They will also be able to carry out their personal obligations. The court will have to assess their solvency and decide on the amount of Government subsidies which can be extended to them.

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