LexisNexis Middle East

Bahrain: Banks Should Not Calculate Interests on Postponed Loans

31/03/202031/03/2020
by Benjamin Filaferro

The Central Bank of Bahrain has issued a circular to banks and finance companies directing them not to calculate any interest on the postponement of loans for six months starting from March to August 2020. The circular said original loan repayments should be stopped for six months and that no additional interest or fees should be imposed on customers. In addition, interest rates and repayment amounts should remain the same throughout the credit term and as they were before the postponement.

News developments

Abu Dhabi: Judicial Department Issues Circular on Trial Postponement

31/03/202031/03/2020
by Benjamin Filaferro

The Abu Dhabi Judicial Department has issued Abu Dhabi Circular No. 7/2020 on the work of judges and postponement of trial during the COVID-19 crisis. All courts in Abu Dhabi will postpone trials and appeals which currently have pending decisions for no less than 30 days. In addition, all judges in the urgent courts (including civil, commercial and labour) will work remotely and issue judgments on urgent cases and old cases where the decisions have already been made. Pending judgments will be postponed for no less than 30 days. The Circular also states case registration for initial hearings and appeals will be postponed for no less than 30 days starting from 26 March. Existing judgments will be given without the presence of the parties.

Weekly Spotlight

Weekly Spotlight: UAE National Disinfection Programme for Public Utilities and Transport

31/03/202031/03/2020
by Benjamin Filaferro

The UAE’s Health Prevention Ministry and the Interior Ministry have announced, there will be a ‘National Disinfection Programme’ which will involve a complete sterilisation of all public utilities, public transport and metro services during the weekend. The programme began at 8:00 PM on 26 March 2020 and ended at 06:00 AM on 29 March 2020 but has been extended.

During this period, the movement of traffic and the public will be restricted and public transportation and metro services will be halted. The public have been urged to stay at home during the disinfection period and not to go out unless it is absolutely necessary to get essential supplies or because they work in vital sectors, including energy, telecommunications, health, education, security, law enforcement, military, postal service, shipping and logistics, medicines, water, food, civil aviation, airports, passports, banking and financial services, government media and the service sectors, including petrol stations and construction. During this period workers’ personal or work identity will be checked and verified.

News developments

Saudi Arabia: Court Hearings Postponed

23/03/2020
by Benjamin Filaferro

Saudi Arabia’s Supreme Juridical Council has announced court hearings in the Kingdom are postponed. The aim is to tackle the spread of Coronavirus in the Kingdom. The hearings are cancelled until further notice except for urgent case hearings.

News developments

Oman: Customs Clearing Requirements Relaxed

23/03/2020
by Benjamin Filaferro

The Omani Police have announced customs clearing requirements will be relaxed. The aim is to help the commercial sector. Given the current circumstances in the country and the world, customs clearing requirements will be relaxed. Under the new requirements, imported goods can be cleared even when the importer is unable to provide the relevant documents and certificates from the source country.

News developments

Bahrain: Amended Bankruptcy Law to be Considered Further

23/03/202023/03/2020
by Benjamin Filaferro

Bahrain’s Shoura Council has referred the amended Bankruptcy Law (Bahrain Law No. 22/2018) to the country’s Cabinet to consider further. Under the amendments, owed amounts could be collected from representatives in Bahrain rather than in the country where the entity is based. In addition, owed amounts could be claimed from inheritors or guardian if the bankrupt party retires or dies. The 2018 Law was rushed through in 15 days as the authorities wanted bankruptcy legislation on the statute book.

News developments

Abu Dhabi: Stock Exchange Temporarily Closed

23/03/2020
by Benjamin Filaferro

Abu Dhabi’s Securities Exchange has announced it is temporarily closing its trading halls until further notice because of Coronavirus. The decision was taken following World Health Organisation advice to limit public gatherings. However, the closure will not affect trading operations. In addition, Sahmi services which are based online will continue to be provided.

Weekly Spotlight

Weekly Spotlight: Internet and Skype Restrictions Lifted in the UAE and Oman

23/03/202023/03/2020
by Benjamin Filaferro

Oman’s Telecommunications Regulatory Authority has announced it is lifting Skype restrictions for businesses. It is a landmark move and will allow Skype for Business, Google Meet and Zoom to be used. The aim is boost business continuity and enable communications to continue.

Meanwhile, in the UAE, according to local media reports, the country has lifted some restrictions on internet calls there. However, the Telecommunications Regulatory Authority has not been able to be reached for comment. Under the relaxed rules, businesses will be able to use Microsoft Teams and Zoom. However, the restrictions on Skype, WhatsApp and FaceTime will not be lifted.

News developments

Qatar: Central Bank Finalises FinTech Strategy

16/03/202016/03/2020
by Benjamin Filaferro

Qatar’s Central Bank has announced it is finalising a trial for a regulatory Sandbox environment to boost FinTech innovations and tackle possible cyber risks using Blockchain strategies. The Bank is using FinTech strategies to boost financial innovation which is the second objective of its strategic plan for developing the financial sector by 2022. The Sandbox will be an experimental lab enabling for testing programme software and financial and commercial services in an experimental environment to be evaluated later.

News developments

Oman: Draft Hidden Trade Law Under Consideration

16/03/202016/03/2020
by Benjamin Filaferro

Oman’s State Council is considering a draft hidden trade law. If approved, it will help companies identify loopholes and boost Omanisation across various sectors. Hidden trade occurs when a company is owned on paper by an Omani national but, in practice is run by someone else. This person does not create employment for the company’s employees but instead makes them find their own jobs while still being employed by the company. Under the new law, those found guilty of engaging in hidden trade will be punished. The State Council will review the draft law and then refer it back to the Council’s Economic Committee.