News developments
Oman’s Public Authority for Privatisation and Partnership has approved the Implementing Regulations to the Sultanate’s Public Private Partnership Law. Among other things, the Implementing Regulation specifies how these projects should be carried out. The Authority was established under Oman Sultani Decree No. 54/2019.
News developments
The President of Bahrain’s Court of Cassation and Deputy President of the Supreme Judicial Council has announced all Sharia lawsuits will now be able to be filed online, including the issuing of judgments in these cases. It is part of the digitisation of justice in the Kingdom. The country’s Information and e-Government Authority is supporting the programme.
News developments
The Abu Dhabi Global Market has announced it has amended its commercial legislation. They have issued new Companies Regulations. The 2020 Regulations repeal the Companies Regulations 2015 (as amended). They have also amended the 2017 Foundations Regulations and 2015 Limited Liability Partnership Regulations. In addition, they have issued amendments to the 2018 Beneficial Ownership and Control Regulations and 2015 Real Property Regulations. Finally, they have issued new Limited Liability Partnership Rules. Among other changes, the requirement to issue paper certificates and licenses electronically has been abolished and the definition of ‘members of the same family’ in the Companies Regulations have been amended. The term Annual Returns has also been amended to Confirmation Statements and the current ban on foreigners owning freehold land in Al Maryah Island has been lifted.
News developments
Qatar’s Emir has approved a Cabinet Decision establishing a real estate development committee. Under Qatar Cabinet Decision No. 10/2020, the committee will be chaired by the Municipality and Environment Minister. A representative from the Interior, Finance, Justice, Municipality and Environment, Commerce & Industry, Administrative Development, Labour and Social Affairs Ministries, Qatar Central Bank, Qatar Financial Markets Authority and Qatar Chamber of Commerce & Industry will be members. It comes into force on its issued date and will be published in the Official Gazette.
News developments
The Financial, Economic and Industrial Affairs Committee of the UAE’s Federal National Council has discussed a draft consumer protection law. The aim of the new law is to benefit consumers and protect them from being exploited by suppliers. Consumers will be able to contact the relevant authorities at the Economy Ministry to submit fraud and exploitation complaints. The relevant authorities will obtain the correct information on goods purchased by consumers and raise consumer awareness about their rights and obligations.
News developments
Saudi Arabia’s Finance Ministry has unified the work laws for financial and procurement affairs by introducing the Guidelines for the Unified Financial Policies and Procedures. The aim of the guidelines is to specify and regulate the operational procedures to be used by Government bodies to manage and regulate the activities and transactions related to their financial and procurement affairs. They include templates and reports which can be used along with other detailed procedures.
News developments
Islamic Banks are expected to activate a service for electronic cheques in the near future in Qatar. The service is a smart banking service which would contribute to reducing and facilitating financial transactions. The service would also reduce the time needed to execute and clear cheques which have been traded in the market especially rent cheques and some of the other trade transactions where the value is high which renders using cheques necessary. The electronic cheque would be the equivalent of paper cheques.
News developments
Saudi Arabia’s Monetary Agency has notified banks they have no objection to them using the digital tools to authenticate banking products related to funding for individuals and issuing credit cards if the bank wants to do so. It was stated that banks should evaluate the risks associated with using the service and verify the identity of the applicant. SAMA has stressed that banks who wish to use this service should adhere to a number of requirements including that the providers of the service should be recognized by the national centre for digital authentication.
News developments
Bahrain’s Businessmen’s Association has urged the Government to rethink a proposed income tax law on industrial and commercial establishments. The Association is concerned about the potential negative economic effects of the law. It has asked for a proper assessment of the benefits and drawbacks of the law to be carried out and suggested any tax changes of this kind be introduced together with other GCC countries to ensure the country’s competitiveness is not damaged. The Association’s Chairman added the tax should not be imposed as the Kingdom tackles the Coronavirus outbreak.
News developments
Abu Dhabi Commercial Bank has announced it is suing NMC Health. The case has been filed with the Emirate’s Attorney General. The case has been filed against various individuals at the hospital operator. They are suing the Bank to protect its commercial interests. ADCB has $981 million exposure to the entity. NMC is $6.6 billion in debt and it share value has fallen by more than 50% since December 2019.
