LexisNexis Middle East

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 They made the announcement in response to rumours it had been rescinded.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.

News developments

Oman: The Director-General of Disease Control and Surveillance announced a unified Coronavirus health passport will be discussed by GCC health officials next week

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

The Director-General of Disease Control and Surveillance in Oman has announced a unified Coronavirus health passport will be discussed by GCC health officials next week. Health officials from the GCC countries will discuss it next week. They will also consider travel and movement between GCC countries. It follows the launch of a digital Covid vaccine passport in Bahrain earlier this month. They became one of the first countries in the world to do so. The green COVID-19 Vaccinated shield will be issued to vaccinated people with a username, date of birth, nationality and which vaccine they received. It will help authorities verify the validity of users by scanning a QR code which is linked to a national vaccine register.

Weekly Spotlight

Dubai: The International Financial Centre has launched a public consultation on proposed amendments

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

The Dubai International Financial Centre has launched a public consultation on proposed amendments to some of its key laws. It will end on 28 March 2021.
The proposed amendments will affect the 2019 Employment Law (DIFC Law No. 2/2019 as amended last year by DIFC Law No. 4/2020), the Employment Regulations, the 2020 Data Protection Law (DIFC Law No. 5/2020), the 2019 Insolvency Law (DIFC Law No. 1/2019) and the Insolvency Regulations.
The amendments have been proposed in light of international best practices and the specific factors relating to the DIFC as well as the need to provide an appropriate regulatory environment for businesses to operate in or from the Centre.
The proposed amendments to the Employment Law are aimed at clarifying the application of limitations periods to claims made under the Employment Law, including claims for deductions to an Employee’s Remuneration, the accrual of vacation leave and the duration of the probationary period for short term fixed-term contracts and certain defined terms used in the Law. In addition, they are aimed at amending the basic workplace health and safety requirements under the Employment Law to account for working from home arrangements.
They are also proposing issuing new Employment Regulations to provide further clarity in relation to the Qualifying Scheme regime to bring it in line with the Dubai Financial Services Authority’s Employee Money Purchase Scheme so only a single layer of regulation is applied to these schemes; and make them fit for purpose from a consumer protection perspective.

News developments

KSA: International companies that wish to participate in the Saudi government’s investment opportunities will have to establish regional headquarters in the kingdom from January 2024

19/02/202119/02/2021
by Benjamin Filaferro

International companies that wish to participate in the Saudi government’s investment opportunities will have to establish regional headquarters in the kingdom from January 2024 or they will not win government contracts, the Saudi finance minister has told Reuters. International companies which refuse to move their regional headquarters to Saudi Arabia after this time would continue to have the freedom to work with the private sector in the country. However, some sectors will be exempt and detailed regulations on this area will be issued before the end of 2021. This will affect all the authorities, organisations, and funds of the government from any of its organisations. The aim is also to ensure that the products and services purchased by the government are implemented in the kingdom and with suitable local content.

News developments

Qatar: The Qatari cabinet has approved a number of decisions including a template draft memorandum of understanding on cooperation in the field of combating narcotic drugs and psychotropic substances

19/02/202119/02/2021
by Benjamin Filaferro

The Qatari cabinet has approved a number of decisions including a template draft memorandum of understanding on cooperation in the field of combating narcotic drugs and psychotropic substances and their precursors in the field of civil aviation between the government of Qatar and the government of any other country. The cabinet has also approved a draft memorandum of understanding for cooperation in the field of exchanging financial investigations related to combating money laundering and terrorist financing between the Financial Information Unit in the State of Qatar, the Anti-Money Laundering Council, and the Financial Intelligence Unit in the Republic of the Philippines.

News developments

Oman: The Labour Minister has issued a ministerial decision on the Omanisation of certain professions

19/02/202119/02/2021
by Benjamin Filaferro

The Labour Minister has issued a ministerial decision on the Omanisation of certain professions by limiting them to Omani nationals including jobs in the private higher education institutions. The aim is to increase job opportunities for Omani nationals in areas where they are able to be competitive. The decision states that Omani nationals should be appointed in all administrative, financial and other sectors related to admitting and registering students and jobs related to students affairs and services. It was also stressed that the ministry was continuing its search for solutions that boost investment and empowers national manpower.

News developments

Kuwait: Parliament Favours Tax on Expat Remittances

19/02/202119/02/2021
by Benjamin Filaferro

A proposal to levy a tax on remittances by expatriates in Kuwait has resurfaced after a failed attempt at the previous parliament. The legislative Committee at the current Kuwaiti legislature, which was elected in December, has requested that a tax on transfers should be confined to those of migrant workers and that transfers involving Kuwaiti citizens should be exempt. A similar suggestion was vehemently rejected by the government in the previous parliament on constitutional and economic grounds. Migrant workers transfer about 4.2 billion Dinars annually from Kuwait, according to the Kuwait Central Bank.

News developments

UAE: Dubai Government-owned licensing solutions accept crypto-currencies

19/02/202119/02/2021
by Benjamin Filaferro

Kiklabb, the Dubai Government-owned licensing solution, now accepts cryptocurrencies as a payment option for trade licences and visa fees. Kiklabb customers can now pay for services using cryptocurrencies, including Bitcoin, Ethereum and Tether (USDt). Kiklabb is also the first to use a virtual end-to-end business setup experience. Customers can register as well as pay for Dubai trade licences remotely and with a virtual currency, using their smartphone.