LexisNexis Middle East

Qatar: Approval of a Draft Law Regulating the Press, Publications, Media Activities and Arts

16/11/201911/12/2019
by Benjamin Filaferro

Qatar’s Cabinet has approved a draft law regulating the press, publications, media activities and the arts and referred it to the Shoura Council to consider. If approved it will replace Qatar Law No. 8/1979 on Press and Publication and Qatar Decree-Law No. 16/1993 on Advertising, Public Relations and Artistic Production and Works. In June, the Emir issued a law establishing the Media City which will have its own legal personality and independent budget. The City allows licensed companies to hire their employees, regulate their status and import supplies without having to register them and benefits from with tax exemptions for 20 years.

News developments

Saudi Arabia: Aramco Publishes its Initial Public Offering Prospectus

16/11/201911/12/2019
by Benjamin Filaferro

Saudi Aramco has published its Initial Public Offering prospectus. The prospectus states it will sell 0.5% of its shares to Saudi nationals, qualifying resident expatriates and GCC citizens. 1 billion shares will be available to private shareholders. However, the prospectus does not contain any information on the total percentage of the company which will be sold, the level at which the shares will be priced and an estimate of the total value of Aramco. Various groups will now travel across Saudi Arabia, the wider Gulf region and elsewhere around the world to ascertain how much support there is for the Initial Public Offering. This process will start on 17 November and will close on 28 November for individual investors and 4 December for institutions. Private investors who buy shares and who hold them for at least six months after trading begins in December, will receive bonus shares up to a total of 100 shares.

News developments

UAE: New Artificial Intelligence Network to be Launched

15/11/201911/12/2019
by Benjamin Filaferro

The UAE’s Minister of State for Artificial Intelligence, Omar Sultan Al Olama has announced the launch of an Artificial Intelligence Network to accelerate the adoption of AI across various sectors in the country. The network will be dedicated to gathering Governments, private entities, international organisations, start-ups, research centres, academic institutions, business incubators and accelerators to discuss and exchange expertise in this field and identify challenges and roadblocks which affect its adoption and how to solve them. It is hoped it will boost the country’s global position as a preferred destination for AI development and adoption and is part of the UAE Strategy for Artificial Intelligence 2031. Network members will be able to take part in various local and international events, including the annual AI Conferences organised by the UAE National Programme for AI, as well as AI-focused seminars, conferences, workshops, meetings and sessions. They will also be able to network with AI

News developments

First Cooperation Agreement Between Saudi Arabia’s Monetary Authority and Dubai’s Financial Services Authority

14/11/201911/12/2019
by Benjamin Filaferro

Saudi Arabia’s Monetary Authority has signed its first cooperation agreement with Dubai’s Financial Services Authority. It was signed by the Agency’s Governor, Ahmed Al-Kholifey and the Authority’s Chairman, Saeb Eigner. It is aimed at strengthening mutual cooperation in banking and insurance activity supervision. It will also facilitate the exchange of information and oversight of institutions supervised by the respective authorities in Saudi Arabia and the Dubai International Financial Centre. In addition, it will allow secondments for employees from both the Authorities to the other.

News developments

Qatar: New Law to Replace Qatar Law No. 25/2004

14/11/201911/12/2019
by Benjamin Filaferro

Qatar’s Cabinet has approved a draft law to replace Qatar Law No. 25/2004 on Combating Concealment of Illegal Commercial, Economic and Professional Practices by Non-Qataris. It applies to those using the name, license or commercial record of another when these activities are for the benefit of an actor’s own account, or in association with others. Anyone violating the law will be jailed for up to one year and/or fined between 20,000 and 500,000 Riyals. In every case, the court will order the confiscation of the property in question or the proceeds from it, taking into consideration the rights of bona fide third parties. The court may also order the revocation of any relevant license, or annul any relevant commercial registration and close premises or suspend activity for up to one year.

News developments

A Unified GCC Environmental Law in the Making

14/11/201911/12/2019
by Benjamin Filaferro

A Unified Environmental Law has been called for following the 21st meeting of the Ministers Responsible for Environmental Affairs. The relevant Ministers also approved the Committee of Ministers Responsible for the Environment Affairs for 2020 to 2024 strategic plan and the strategy of the Committee of Ministers Responsible for Environment Affairs for 2020 to 2024. The operational committees will start their work to implement the plan. Each committee will set the detailed terms of reference for the committee at its first meeting and submit an annual report to the undersecretaries’ committee. A common framework for the GCC countries under the law will be presented at the next meeting

Weekly Spotlight

Weekly Spotlight: The UAE’s Central Bank has Announced it will Establish a FinTech Office

13/11/201911/12/2019
by Benjamin Filaferro

The UAE’s Central Bank has announced it will establish a FinTech Office. The Office will help draft regulations for this sector and encourage it to grow. It will also examine assets like cryptocurrencies. It will not compete with other initiatives like the sandboxes in the financial free zones.

The Governor of the Central Bank made the announcement at the Middle East Banking Forum in Abu Dhabi. He added ‘the aim of the office will be to position the Central Bank as the coordinating authority, as an author of prudential and market conduct regulatory requirements and as an enabler and facilitator of fintech activities in the UAE. It will ensure financial innovation continues in the banking sector with the support and facilitation of the national authorities’.

News developments

Saudi Arabia is considering introducing a carbon trading system

02/11/201911/12/2019
by Benjamin Filaferro

Saudi Arabia’s Energy Minister has announced the Kingdom is considering introducing a carbon trading system in the country. It will be aimed at reducing greenhouse gas emissions. This kind of scheme involves a cap-and-trade system or credits which pay for or offset greenhouse gas reductions.

News developments

Qatar’s Cabinet has approved draft amendments to the Labour Law

02/11/201911/12/2019
by Benjamin Filaferro

Qatar’s Cabinet has approved draft amendments to the Labour Law, Qatar Law No. 14/2004. If approved, labour dispute settlement committees will be established by a Ministerial Decision from the Administrative Development, Labour and Social Affairs Ministry.

News developments

Kuwait’s Court of Appeal has ruled a local bank could not increase the interest rate on a loan

02/11/201911/12/2019
by Benjamin Filaferro

Kuwait’s Court of Appeal has ruled a local bank could not increase the interest rate on a loan. The claim was brought by a lawyer who argued the bank breached the law when it deducted interest from her client loan before deducting the actual amount lent to her client. The lawyer argued the bank breached the Civil Law and Trade Law.