LexisNexis Middle East

UAE: Dubai Airport Free Zone Signs Cooperation Agreement with Securities and Commodifies Authority

23/05/202123/05/2021
by Benjamin Filaferro

Arab News, 19 May 2021: The Dubai Airport Free Zone Authority has signed a cooperation agreement with the UAE’s Securities and Commodities Authority to allow crypto asset companies to obtain a business license in the Free Zone.

It will allow the regulation, offering, issuing, listing and trading of crypto assets in the Free Zone.

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News developments

UAE: Foreign Ownership Changes to Come Into Force Next Month

23/05/202123/05/2021
by Benjamin Filaferro

The National, 19 May 2021: The UAE Government has announced foreign ownership changes will come into force on 1 June.

The changes will allow 100% of UAE companies to be owned by foreign entities.

The changes were first announced in late 2020.

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News developments

Saudi Arabia: Jail Terms for Debtors Could be Scrapped

23/05/202123/05/2021
by Benjamin Filaferro

Gulf News (United Arab Emirates), 18 May 2021: According to local media reports, Saudi Arabia’s Justice Ministry is understood to have approved amended debt penalty rules.

Under the amendments, jail terms for debt defaulters will be scrapped.

The amendments also include ending suspension of Government services provided to and financial dealings with defaulters as well as giving defaulters a right to sufficient notice to repay debts before their assets are seized to recover the arrears. During this notice period, defaulters can make representations to the authorised officer and set out their objections to the repossession notice.

Under the new rules, State-owned funds, the house in which the defendant and their legal dependents live cannot be seized. However, the house can be seized if it is mortgaged to the creditor. They may also not seize the transport used by the defendant and their legal dependents unless it is mortgaged to the creditor.

In addition wages and salaries may not be seized unless it is half of the total wage or salary, for the alimony debt and one-third of the total wage, or salary for other debts.

Half of the total wage or salary is allocated to the alimony debt and one-third of the remaining 50% for other debts and in the event of multiple debts like this, one third of the half will be distributed among the creditors in line with the law.

They may also not seize anything which is required for the defendant to practice their profession or the personal requirements of the defendant and Government subsidies provided to the defendant.

A right to ensure fair value and realise balance proceeds will be guaranteed under the new rules. Resisting or suspending execution of attachment on properties will lead to a jail term of up to seven years and a fine of up to 300,000 Riyals.

Declarations of bankruptcy are historically very rare in Saudi Arabia. In most cases, a bankruptcy declaration will lead to a jail term of between five and seven years to ensure the bankruptcy claim was not fraudulent.

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News developments

Egypt: Draft Sovereign Sukuk Law Approved

19/05/202119/05/2021
by Benjamin Filaferro

Egypt Today, 17 May 2021: Egypt’s Senate has approved a draft Sovereign Sukuk Law.

It was submitted to the Senate by the Government.

It will address a legislative vacuum in this area in the country and will enable the Government to issue sovereign sukuk.

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News developments

Dubai: Judicial Authorities Law Amended

18/05/202118/05/2021
by Benjamin Filaferro

Dubai’s Ruler has issued Dubai Law No. 11/2021 amending the Emirate’s Judicial Authorities Law.

The original law is contained in Dubai Law No. 13/2016.

Under the new Law, the Secretariat General of the Dubai Judicial Council will be responsible for providing the administrative services, information, statistics and research required by the Council to carry out its functions and responsibilities. The Secretary General of the Council will be appointed by a Decree issued by the Ruler.

It also states the Secretary General of the Council will be responsible for appointing and supervising the activities of the Secretariat General’s team and the Chairman of the Judicial Council will be responsible for defining the functions and responsibilities of the Secretariat General.

It will be published in the Official Gazette and come into force on its issued date.

They also approved Dubai Decree No. 21/2021 appointing Dr Saif Ghanem Al Suwaidi from Dubai Police as the Secretary General of the Dubai Judicial Council. It repeals Dubai Decree No. 7/2014 on the Secretary General of Dubai Judicial Council and any other legislation which contradicts or contravenes it.

It will be published in the Official Gazette and come into force on its issued date.

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Uncategorized

Saudi Arabia: Excise Tax Declaration Deadline Announced

16/05/202117/05/2021
by Benjamin Filaferro

Arab News, 13 May 2021: Saudi Arabia’s Zakat, Tax and Customs Authority has announced an excise tax declaration deadline.

Declarations for March and April have to be submitted by 15 May.

Taxpayers who do not submit their returns on time will have to pay a fine worth 5% of the amount for every 30 days of delay.

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Uncategorized

Oman: Curfew to End

16/05/202117/05/2021
by Benjamin Filaferro

Arab News, 13 May 2021: Oman’s Supreme Anti-Coronavirus Committee has announced the curfew will be lifted for individuals and vehicles on Saturday.

A ban on hosting any commercial activities in stores between 8pm and 4am will remain in place and services limited to deliveries.

Grocery stores and supermarkets will be exempt.

They added that stores, outlets, malls, restaurants and cafes will be allowed to open at 50% capacity.

A decision to limit public sector workplaces to 50% capacity in person has been reactivated.

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News developments

Turkey: Coronavirus Vaccine Card to be Issued

16/05/202117/05/2021
by Benjamin Filaferro

Hurriyet Daily News, 12 May 2021: The Turkish authorities have announced they are introducing a Coronavirus vaccine card for its citizens.

It will be available through the Hayat Eve Sıgar system which keeps track of Coronavirus contacts.

Those who have had both doses of the Coronavirus vaccine will be able to create a vaccine ID card.

They will also be able to add their passport numbers. This will be included in the ID card.

The cards will be able to be used for international travel.

The information regarding the vaccine status of someone will be accessed with the data on the passports when they enter their destination.

An individual’s identity information, vaccine status, the name and date the vaccine was applied and the safe tourism logo which was introduced by the Culture and Tourism Ministry last year will be included in the card.

There will also be a QR code on the card. This will enable the relevant authorities to visit a website which shows if people are eligible for the vaccine and handles vaccine appointments via the e-Nabız system.

When they scan the QR code, information on the vaccine status of an individual will be available in both English and Turkish on the screen.

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News developments

Saudi Arabia: International Central Securities Depositories Instructions Approved

13/05/202119/05/2021
by Benjamin Filaferro

Arab News, 7 May 2021: Saudi Arabia’s Capital Market Authority has announced International Central Securities Depositories Instructions have been approved.

They came into force on 6 May 2021.

The instructions regulate the linkage application process and its conditions, related Depository Centre accounts and additional general provisions.

Also reported in Al Madina on 8 May 2021. Full story available here.

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News developments

UAE: Safe Travel Corridor for Vaccinated Travellers with Bahrain Approved

12/05/202112/05/2021
by Benjamin Filaferro

Alroeya, 10 May 2021: The UAE has approved a safe travel corridor for vaccinated travellers with Bahrain.

It will allow individuals to travel between the two countries from the first day of Eid al-Fitr without having to self-isolate.

They will have to comply with the relevant anti-Coronavirus measures in the destination country.

They have recently been updated to ensure safer travel for everyone.

Citizens and residents who want to utilise the isolation exemption in both countries will have to provide evidence that they have received the full dose of the Coronavirus vaccine through approved applications and certificates. This is the Al Hosn application in the UAE and the BeAware Bahrain application in Bahrain.

Passengers can also save their PCR test results on the two applications.

For full story see https://www.alroeya.com/173-76/2217723-%D8%A7%D8%B9%D8%AA%D9%85%D8%A7%D8%AF-%D9%85%D9%85%D8%B1-%D8%B3%D9%81%D8%B1-%D8%A2%D9%85%D9%86-%D8%A8%D9%8A%D9%86-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D9%88%D8%A7%D9%84%D8%A8%D8%AD%D8%B1%D9%8A%D9%86-%D9%84%D9%84%D8%AD%D8%A7%D8%B5%D9%84%D9%8A%D9%86-%D8%B9%D9%84%D9%89-%D9%84%D9%82%D8%A7%D8%AD-%D9%83%D9%88%D9%81%D9%8A%D8%AF-19.

Additional reporting from Emirates News Agency.

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