LexisNexis Middle East

Saudi Arabia: Merged Insurance Companies Exempt From Qualification Financial Requirement

05/03/202105/03/2021
by Benjamin Filaferro

Saudi Arabia’s Cooperative Health Insurance Council has announced it is exempting merged small and medium insurance companies from the financial requirement for qualification. They will be exempt for up to three years in line with new terms and conditions. The aim of the policy is to improve the quality of health services by creating economic entities able to offer high quality services as part of the 2022-2024 health strategy to empower the health insurance sector. The official spokesperson for the Council said they have prepared the initiative and a work plan to support the merging of insurance companies. They have also signed an agreement with the Competition General Authority to encourage companies to merge.

News developments

Oman: New Industrial City Proposed

05/03/202105/03/2021
by Benjamin Filaferro

Oman’s Public Establishment for Industrial Estates or Madayn has announced it is proposing building a new Industrial City. It will be built at Al Mudhaibi in North Al Sharqiyah Governorate. It will be one of an increasing network of manufacturing clusters which will help boost jobs generation and GDP growth in the Sultanate. They have invited qualified engineering consultancy firms to bid for its contract to design the infrastructure facilities for the 14 million square metre industrial city. It will be the first industrial park of its kind in the governorate and will provide a manufacturing and processing base for industries focused on commercialising the rich mineral potential of the wider region, among other things. The successful bidder will have to master-plan the development of the new industrial city in several stages and design the basic infrastructure and supervise the overall initial development as well. Construction work on a new industrial city at Ibri in Al Dhahirah Governorate, a first in that part of the country is also about to begin. It will be located on the road leading to the Oman-Saudi Arabia border and will include a variety of industrial, commercial and service activities like light and medium industries, commercial area, administrative offices, industrial workshops and warehouses. They are being built and introduced as part of Oman’s 2040 Vision.

News developments

Kuwait: Public Sector Employees Can Transfer to Private Sector

05/03/202105/03/2021
by Benjamin Filaferro

Kuwait’s Public Authority for Manpower has issued an administrative decision allowing employees working in the public sector to transfer to the private sector. It includes transfers in areas which were previously banned. These are industry, agriculture, herding, fishing, cooperative societies and unions.

News developments

Bahrain: Visa Fees to be Paid When Visas Issued

05/03/202105/03/2021
by Benjamin Filaferro

Bahrain’s Nationality, Passports and Residence Affairs has announced that from 7 March 2021, the entry visa approval fee will have to be paid when the approval of the application is made instead of collecting it from the traveller at the port on arrival. The fee is five Dinars. The aim is to save time and facilitate the procedures for entering the country. It will not apply to visa issued before 7 March 2021.

Weekly Spotlight

Qatar: Artificial Intelligence Committee to be Established

05/03/202105/03/2021
by Benjamin Filaferro

Qatar’s Cabinet has approved a draft Cabinet Decision to establish an Artificial Intelligence Committee. Under the Decision, the Committee will report to the Transport and Telecommunication Ministry. It will have three members from the Ministry and a representative from the Qatar Computing Sciences College, a representative from the Interior Ministry, Education and Higher Education Ministry, the Commerce and Industry Ministry, Qatar Science & Technology Park, Hamad Bin Khalifa University, Qatar National Research Fund and Qatar Development Bank. It will be responsible for setting workflows to follow up on and implement Qatar’s Artificial Intelligence Strategy and supervise the programmes and initiatives related to this area as well as give recommendations on the planning and programmes for training human resources in this area. In addition, it will support start-ups in this area as well as scientific research.

News developments

UAE: Executive Anti-money Laundering and Terrorist Financing Office Established

26/02/202126/02/2021
by Benjamin Filaferro

The UAE’s Cabinet has approved the establishment of an Executive Anti-money Laundering and Terrorist Financing Office. The Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) will oversee the implementation of the UAE’s National AML/CFT Strategy and National Action Plan which are aimed at strengthening the country’s anti-financial crime system. Hamid Al Zaabi has been appointed as the Director-General of the Executive Office. It will report to the Higher Committee overseeing the UAE’s National AML/CFT Strategy which is chaired by the Foreign Affairs and International Cooperation Minister.

News developments

Saudi Arabia: Saudisation Will Not be Forced on Companies Who Relocate Their Headquarters

26/02/202126/02/2021
by Benjamin Filaferro

Saudi Arabia’s Investment Minister has announced Saudisation will not be forced on companies who relocate their headquarters to the Kingdom. They added Saudisation will also not apply to companies who choose to set up in the Kingdom. Their announcement follows last week’s news that certain rules for companies seeking to take advantage of the $3 trillion investment opportunities identified for international investors under the Vision 2030 strategy will be set.

News developments

Qatar: New Offering & Listing of Securities on the Financial Markets Rulebook

26/02/202126/02/2021
by Benjamin Filaferro

Qatar’s Financial Markets Authority has announced it has issued a new Offering & Listing of Securities on the Financial Markets Rulebook. It will come into force on 1 April 2021. It has been issued as part of the Authority’s regulatory and supervisory role over the country’s capital market. It is aimed at expanding the offering and listing procedures and requirements to more companies. It is also aimed at increasing the transparency and volumes of disclosures, particularly in the main market. Finally, it is aimed at increasing the number of listed companies, share turnover and liquidity and attract more investments into Qatar’s capital market.

News developments

Oman: New Electricity Tariff Will be Applied Gradually

26/02/202126/02/2021
by Benjamin Filaferro

The Executive Director of the Authority for Public Services Regulation has announced the new electricity tariff will be applied gradually. They made the announcement in response to rumours it had been rescinded. The January bill includes the approved tariff in line with the regulations published in December. The approved tariff for the first group is 15 baisas, which will be applied gradually over the year starting with 11 baisas in the first month for electricity consumption up to 2,000 kilowatts.The mechanism for the gradual application of the new tariff is the purview of the National Subsidy System Committee.

News developments

Kuwait: Draft Foreign Aid Suspension Law Submitted

26/02/202126/02/2021
by Benjamin Filaferro

Five opposition Parliamentarians have submitted a draft foreign aid suspension law. It follows official reports saying the country is heading for an 81 billion Dinar deficit in the next 12 years. If approved all foreign aid, loans and deposits will be suspended for five years. Urgent relief aid for natural catastrophes and pandemics will not be affected. The law would also require the authorities to use all available means to ensure loans given to foreign countries are repaid.