LexisNexis Middle East

Egypt: VAT Law Amended

27/06/202127/06/2021
by Benjamin Filaferro

Mubasher, 23 June 2021: Egypt’s Cabinet has approved amendments to the country’s VAT Law.

Under the amendments to Egypt Law No. 67/2016, the services provided by the Suez Canal Authority to ships passing through the Canal will be added to the list of goods and services which are exempt from VAT. For full story, click here.

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News developments

Saudi Arabia: Early Retirement Scheme Suspended

27/06/202127/06/2021
by Benjamin Filaferro

Al Madina, 22 June 2021: Government institutions have been instructed to suspend the early retirement scheme for employees with an employment period of less than 25 years.

The new instructions were issued in line with a Cabinet Decision to merge the retirement institution with the General Organisation for Social Insurance.

A Cabinet Decision to introduce a united retirement scheme will be issued soon. For full story click here.

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News developments

Oman: Residency to be Given to Foreign Investors

27/06/202127/06/2021
by Benjamin Filaferro

Gulf Times, 23 June 2021: Oman’s Trade Ministry has announced residency visas will be offered to foreign investors.

They will be valid for between five and ten years.

It will be aimed at investors in the industry, tourism, mining, logistics, agriculture, fisheries, education, health and information technology sectors, as well as those investing in the green and circular economy.

It is part of an economic stimulus plan and comes into force in September this year.

Additional reporting from Oman News Agency on 23 June 2021.

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News developments

Abu Dhabi: Global Market Launches Public Consultation on Use of eKYC

24/06/202124/06/2021
by Benjamin Filaferro

The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has announced it has launched a public consultation on amendments to its regulatory framework to help facilitate the use of non-face-to-face digital verification of identity in the Global Market and mitigate any associated risks.

The proposed amendments will affect all entities required to undertake customer due diligence in the Global Market, including financial services firms authorised and regulated by the Financial Services Regulatory Authority, Designated Non-Financial Businesses and Professions and Non-Profit Organisations.

All entities carrying out customer due diligence will be urged to consider the matters raised in the consultation. The proposed amendments will also effect on-boarding customers with more than one nationality.

The proposed amendments are a response to the increase in the adoption of eKYC to on-board customers in the Global Market.

They are in line with a general trend towards digitalisation of the customer experience across a range of sectors, which has only been accelerated by the global pandemic.

They build on the Joint Guidance on the treatment of financial crime risks and obligations in the UAE in the context of the Covid-19 crisis which was published together with other regulators last year.

The proposed amendments build and elaborate on the principles contained in the Joint Guidance, as well as those in related guidance published by the Financial Action Task Force.

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News developments

Abu Dhabi: Small Claims Court to be Established

23/06/202124/06/2021
by Benjamin Filaferro

Al Bayan, 20 June 2021: A new Small Claims Court is going to be established in the Emirate.

It is aimed at enabling relevant disputes to be settled quicker.

It is also aimed at protecting the rights of all parties to a dispute.

The court will be able to settle civil, commercial and labour disputes and claims for less than 500,000 AED.

Its final decision will be issued in one session.

Cases will be heard within 15 days of being registered.

For full story see https://www.albayan.ae/uae/news/2021-06-20-1.4190592.

Also reported in Gulf News (United Arab Emirates) on 20 June 2021.

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News developments

Dubai: Arabtec Trustees Appointed

21/06/202121/06/2021
by Benjamin Filaferro

Gulf News (United Arab Emirates), 21 June 2021: Dubai’s Court of First Instance has appointed trustees for each of the Arabtec Group companies facing liquidation.

They have accepted the petition to open bankruptcy proceedings for Arabtec Holding and its subsidiaries including Arabtec Construction LLC, Austrian Arabian Readymix Concrete Co, Arabtec Precast,. Arabtec Constructions LLC, Emirates Falcon Electromechanical Co.; and another entity under the same title and Emirates Falcon Electromechanical Co.

They will review the accumulated debts and create a record of all creditors.

Each trustee overseeing an Arabtec Group entity facing liquidation has to submit a request to the court on the contractual and legal interests.

They have to prepare an initial separate report on the assets of each entity and its rights with third-parties. They must also list all managers and members of the board of directors and shareholders for the two years preceding the bankruptcy application. In addition, they have to submit their opinion on the management and the preservation of the company’s assets.

The Court have also stated all procedures in Federal Decree-Law No. 9/2016 (the Bankruptcy Law) must be completed within 35 days from the date of the trustee appointment notification.

Initial reports from the trustees have to be handed in within two weeks.

The announcement paves the way for the liquidation of the UAE’s biggest construction company and will also be the benchmark for future proceedings under the country’s recently amended Bankruptcy Law.

In addition, the Court has stayed all judicial procedures and execution procedures on the companies’ assets until a restructuring plan is approved or for 10 months from the date of the decision to open the bankruptcy proceedings.

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News developments

Saudi Arabia: Mining Licenses to be Issued Next Year

20/06/202120/06/2021
by Benjamin Filaferro

Arab News, 18 June 2021: Saudi Arabia’s Vice Minister for Saudi Mining Affairs has announced mining licenses are going to be auctioned next year.

They will auction two major mining licenses for commodities including gold, copper and zinc.

The Kingdom is aiming to triple the sector’s contribution to national GDP to 240 billion Riyals and double the number of jobs to 470,000 by 2030.

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News developments

Qatar: Amendments to QFC Law Approved

20/06/202120/06/2021
by Benjamin Filaferro

Gulf Times, 16 June 2021: Qatar’s Cabinet has approved a draft law amending the QFC Law (Qatar Law No. 7/2005).

They also approved a draft law amending the Free Zones Law (Qatar Law No. 34/2005).

In addition, they approved a draft Ministerial Decision amending the tables attached to Qatar Law No. 9/1987 on Controlling Drugs and Regulating their Trade and Use and Qatar Law No. 19/1993 regarding regulating the circulation of psychoactive substances.

They went on to approve a draft Ministerial Decision on establishing a disciplinary board for auditors. It has been approved as part of efforts to implement Qatar Law No. 8/2020 on regulating the auditing profession.

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News developments

UAE: Genomics Council to be Established

16/06/202116/06/2021
by Benjamin Filaferro

The UAE’s Vice President and Prime Minister and Dubai Ruler has approved the establishment of a UAE Genomics Council.

It is being established to help the country provide a world-class healthcare system.

It will be led by the Chairman of the Abu Dhabi Executive Office.

It will regulate, oversee and guide the implementation of the Emirati Genome Programme in the country’s healthcare system.

It is being established to help the UAE carry out therapeutic and preventative programmes to help reduce the prevalence of genetic disorders, disabilities and mortality rates.

It will also oversee the execution of Government genomic programmes and propose legislation to govern the field together with health regulators across the country.

In addition, it will regulate data acquisition and storage and establish a system for issuing ethics and consent approvals for all genomics programmes.

It will support technology start-ups and companies and build partnerships with world-leading technology firms to drive cutting-edge genomics research as well and support new innovative therapies for rare and chronic diseases and develop technical training and graduate programmes and knowledge incubators to build the next generation of omics professionals.

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News developments

Bahrain: Implementation of Data Protection Law Being Considered

15/06/202115/06/2021
by Benjamin Filaferro

Bahrain’s Justice, Islamic Affairs and Endowments Ministry is considering the implementation of the country’s Data Protection Law.

It will be implemented in line with international standards.

They have launched a consultation on draft implementing regulations. The consultation ends on 30 June 2021.

They are also working directly with specific sector regulators to facilitate consultation on the draft regulations to ensure they are implemented smoothly in all sectors and sector-specific requirements are taken into account.

Under Bahrain Decree-Law No. 78/2019, the Ministry has had the duties and powers of the Personal Data Protection Authority delegated to them.

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