LexisNexis Middle East

Dubai: First Portal for Opening Accounts Using Blockchain Launched

07/03/202006/03/2020
by Benjamin Filaferro

Dubai International Financial Centre has announced it has launched the first portal for sharing details between companies to facilitate identifying customers using Blockchain technology. The aim is to empower companies and licensed enterprises to open digital bank accounts immediately. The DIFC launched the portal together with Almashreq Bank to implement the initiative which was launched in July 2019. Businesses and companies operating in the UAE can now use this platform.

News developments

Oman: Companies’ Activities Limited to their Specific Sector

06/03/202006/03/2020
by Benjamin Filaferro

Oman’s Commerce and Industry Ministry has announced companies must operate in the sector or sectors they were licensed to operate in. Those who do not comply will be punished in line with the country’s legal and regulatory regime. They could even be shut down. They must also dissolve and liquidate in line with the appropriate laws and regulations.

News developments

Qatar: Guide to Protect Marine E-assets to be Issued

02/03/202002/03/2020
by Benjamin Filaferro

Qatar’s Transport and Communications Minister has announced the country will issue a first of its kind guide in the region to protect marine assets and information about ships and goods from cyber attacks. The announcement was made at the Qatar Maritime and Logistics Summit. The guide will facilitate greater cooperation between the national navigation companies and the National Information Security Centre, Q-cert to improve cybersecurity in this area.

News developments

Kuwait: Penalties Announced for Those Who Violate House Quarantine Rules

02/03/202002/03/2020
by Benjamin Filaferro

According to local newspaper reports, some constitutional experts have said some Kuwaiti nationals who have recently returned from Iran are not following the house quarantine rules for those who have not definitively ruled out having Coronavirus. Under Article 17 of Kuwait Law No. 8/1969 (the Health Precautions Law) those who break the house quarantine rules will be jailed for up to one month and/or fined up to 50 Dinars. Those who violate Article 15 of Kuwait Law No. 8/1969 will be jailed for up to three months and/or fined between 50 and 200 Dinars.

News developments

Oman Launches a National Aviation Strategy for 2030

02/03/202002/03/2020
by Benjamin Filaferro

Oman’s Transport Ministry has announced it has launched a National Aviation Strategy 2030. The aim is to strengthen the economy by improving the aviation industry in the Sultanate. The Strategy will help develop an effective organisational framework to boost support and develop the aviation sector, strengthen the country’s economy and create jobs. It will also boost marketing and operational support for Oman Air and restructure the company. It will also establish Airport Cities to help the country cope with the anticipated increase in tourist numbers. Finally, it will support aviation operations by logistics companies. Among other things, a logistics service regional centre will be established for international companies.

News developments

Abu Dhabi Global Market Updates Virtual Asset Regulatory Framework

02/03/202002/03/2020
by Benjamin Filaferro

The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has announced it has updated its Virtual Asset Regulatory Framework. The key amendments include changing the terminology of Crypto Asset to Virtual Asset to align the Market’s terminology with that of the Financial Action Task Force. The applicable regulations and rules from a bespoke category of Operating a Crypto Asset Business have also been moved to the Regulated Activities (e.g. Providing Custody, Operating a Multilateral Trading Facility, Dealing in Investments etc). The aim is to better reflect the nature of the underlying activities related to Virtual Assets.

Weekly Spotlight

Weekly Spotlight: New Multi Commodities Centre Authority Established in Dubai

02/03/202002/03/2020
by Benjamin Filaferro

Dubai’s Ruler has issued Dubai Law No. 3/2020 on the Dubai Multi Commodities Centre. The aim is to improve Dubai’s position as a regional and international destination in trading commodities and commercial and Islamic financing. It is also aimed at attracting investment and local and international companies to make Dubai a centre for their businesses. The Law applies to the Centre in its capacity as a free zone and to the Centre’s authority in its capacity as a public authority. The Centre’s Authority will supervise the Centre and it will be able to establish and develop infrastructure and administrative services in the Centre together with the relevant bodies in the Emirate.

Weekly Spotlight

Weekly Spotlight: Compulsory Health Insurance for UAE Visitors Under Consideration

23/02/202021/02/2020
by Benjamin Filaferro

The UAE’s Insurance Authority has announced it is working with a number of other bodies to prepare a draft law on compulsory health insurance for visitors. They stated during a health insurance conference in Dubai that it was important to continue to develop the regulatory and legislative base for this sector. The Authority’s Chairman said it is important to bolster the role of the insurance industry in securing individuals, possessions, and responsibilities against risks in order to protect the national economy.

News developments

Oman: Foreign Investment Law Exemptions Announced

22/02/202021/02/2020
by Benjamin Filaferro

The Omani authorities have announced small businesses have been exempted from 100% foreign ownership under the Sultanate’s Foreign Investment Law. Businesses which are included are translations, photocopying, tailoring, laundry, vehicle repairs, transporting and selling drinking water. It also covers manpower and recruitment services, hairdressing and salon services, taxi services, driving instructions, fishing and rehabilitation homes for the elderly, disabled and orphans. The aim is to make investing in the country more attractive but protect Oman’s small businesses.

News developments

Dubai: Online Service Being Used in Financial Status Cases

22/02/202021/02/2020
by Benjamin Filaferro

The Dubai Police’s online service which enables individuals to check their status when a financial case has been registered against them has been used by 57,483 people. The service was initially launched in 2018 and allows people to log on to the Dubai Police website or download the Dubai Police e-app, using a valid Emirates ID to use the service. They can then quickly get information on their case status, including checking if a travel ban has been issued against them. The online service can be used free of charge. The Dubai Police are also understood to be studying the possibility of adding an option for customers to pay up their debts and resolve their cases faster via the online route and have been working with the Dubai Court service on this. The new option will allow people to pay up the full or partial amount to the individual or company which made the complaint to reach a settlement.