LexisNexis Middle East

Ajman: Issues Decree Establishes Higher Committee of Energy in Emirate

17/10/202417/10/2024
by Hannah Gutang

Khaleej Times, 14 October 2024: A decree has been issued by the Ajman Ruler, applying to all entities currently involved in or seeking to engage in petroleum product trading within Ajman and its free zones.

The establishment of the Ajman Higher Committee of Energy comes under the Ajman Emiri Decree No. 8/2024, issued by the Ruler of Ajman.

The newly formed committee will possess legal personality and the capacity to fulfill its designated functions.

It will operate under the oversight of the Chairman of the Ajman Executive Council.

According to the decree, the Chairman of the Ajman Executive Council shall appoint the members of the Higher Committee of Energy based on their demonstrated expertise and experience in relevant fields.

The committee members shall serve a three-year term.

The Higher Committee of Energy shall be responsible for regulating the trading of petroleum products within the emirate in accordance with international best practices; optimising the level of services related to the energy sector, aligning the emirate’s energy sector with global trends and developments; enhancing safety and security measures within the Emirate.

Additionally, ensuring that operating establishments and related entities comply with all applicable federal and local regulations.

The decree supersedes any conflicting provisions in other legislations.

It shall enter into force upon the date of its issuance and be published in the Official Gazette.

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News developments

Bahrain: Legal Consultancy Offices Accredited

11/10/202411/10/2024
by Tanya Jain

Al Biladpress, 9 October 2024: The Justice, Islamic Affairs and Endowments Ministry in Bahrain has accredited eight legal consultancy offices to provide foreign legal consultations.
These accredited offices are now authorised to operate in the country, offering legal advisory services.

To obtain the licence, the firms had to submit authorisation letters, experience certificates, and details of their responsible managers and qualifications.

The registration fee for each office is 6000 Bahraini Dinars, payable through a designated payment process.
The accreditation process takes five days to complete.

For the full story, click here.

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News developments

Qatar: New Incentives and Parental Support in Qatar’s Civil Service Law

10/10/202410/10/2024
by Hannah Gutang

Al-Sharq, October 2024: The Qatari Cabinet has approved amendments to Qatar Law No. 15/2016 on Civil Human Resources, aimed at enhancing the work environment, performance evaluation, and work-life balance for government employees.

The draft law will be referred to the Shura Council for further deliberation.

The amendments focus on introducing additional performance-based incentives, linking remuneration and promotions to merit and eligibility criteria, improving recruitment and retention mechanisms, implementing a competency-based performance system, and supporting working parents by promoting family stability.

These measures are designed to boost individual and institutional performance, govern rewards equitably, and achieve a balance between professional and family life for civil servants, aligning with Qatar’s National Vision 2030 and the proposals from various government agencies.

For the full story, click here.

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News developments

Saudi Arabia: Labour Dispute Resolution Decree Extended

10/10/202410/10/2024
by Tanya Jain

Sada, 8 October 2024: The Saudi government has decided to prolong the implementation of the decree on amicable settlement of labour disputes for an additional year.

This legal measure aims to facilitate the resolution of employment-related conflicts through conciliation before escalating to court proceedings.

The Council of Ministers’ decision extends the application of the relevant provision in the Royal Decree, which mandates that labour disputes must first be submitted to the labour office for attempted amicable settlement prior to filing a case with the labour court.

For the full story, click here.

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News developments

Oman: FSA Issues Regulation for Health Co-Insurance

10/10/202410/10/2024
by Hannah Gutang

Oman Observer, 8 October 2024: The Financial Services Authority has approved a regulation for co-insurance in the health insurance sector under the Oman Law No. 12/1979.

The regulation aims to increase retention ratios of insurance premiums within Oman and reduce the need for reinsurance abroad.

It allows insurance companies without health insurance licences to obtain co-insurance licences, enabling them to act as reinsurers for health insurance products.

This move aims to improve the retention of health insurance premiums within Oman.

The regulation was issued after considering recommendations from an actuarial study on health insurance prices, prepared in collaboration with an international consultancy firm.

The FSA aims to create specialised health insurance companies to provide better services to customers, as many companies currently reinsure health insurance policies with specific reinsurers outside Oman to avoid potential losses.

However, this practice reduces the retention ratios within Oman and deprives the national economy of fund circulation.

The retention ratio in health insurance was 79% in 2023.

Companies with co-insurance licences will not be allowed to sell health insurance policies but can participate with licensed health insurance companies in bearing part of the insurance risks and pay financial consideration, which is the principle of co-insurance.

The FSA has prepared a regulation for licensing health insurance co-insurance, including clauses on work mechanisms, limits of co-insurance risks among insurance companies, obligations related to issuing co-insurance policies, terms and conditions for policy administration, and administrative penalties for violations regarding co-insurance licensing directives in health insurance.

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News developments

Kuwait: New Digital Platform to Streamline Real Estate Rental Disputes

10/10/202410/10/2024
by Hannah Gutang

Arab Times, 6 October 2024: The Justice Ministry is working on creating an electronic platform for real estate rental cases.

This platform will store contracts, rulings, and executive orders related to these cases.

Recent legislative amendments now allow for the development of such a platform, which aims to simplify the resolution of disputes and implementation issues, benefiting the ease of commercial activities related to real estate rentals.

In a related development, a recent legislative amendment to the Criminal Procedures and Trials Law extends the appeal period for misdemeanour and felony cases to 30 days, effective immediately.

Previously, the appeal period for these cases in the Courts of Appeal was 20 days.

Following the publication of the amendment in the Official Gazette, judicial investigation authorities, including the General Department of Investigations, the Public Prosecution, and criminal courts, can now electronically notify and summon parties involved in criminal cases to attend investigations and court sessions.

This will be done using methods approved by the Law of Litigation and Electronic Announcements, including the “MyIdentity” app.

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News developments

Dubai: Approves Suspended Transport System

10/10/202410/10/2024
by Hannah Gutang

MSN, 5 October 2024: Dubai has given the green light to a groundbreaking suspended transport system, marking a significant stride in the city’s commitment to sustainable and innovative mobility solutions.

The Suspended Transport Systems Project, a 65-kilometre-long smart mobility network, aims to seamlessly connect Dubai’s major neighbourhoods, enhancing accessibility and ease of movement across the emirate.

This initiative aligns with Dubai’s strategic vision to bolster its leadership in various sectors over the next decade, as outlined by the Executive Council’s statement.

The cutting-edge technology is expected to increase the share of self-driving or driverless public transport trips to 25% by 2030, underscoring Dubai’s commitment to sustainable transportation and compliance with relevant environmental legislation.

The suspended transport system will integrate with existing modes of transportation, fostering a cohesive and efficient mobility ecosystem.

Preliminary models presented by the Roads and Transport Authority envision suspended residential units mounted on towering beams, offering passengers a unique and scenic experience while traversing the city.

This innovative approach not only addresses transportation challenges but also showcases Dubai’s dedication to embracing futuristic solutions that prioritise sustainability and seamless connectivity.

For the full story, click here.

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News developments

Bahrain: First Digital Assets Exchange Launched

10/10/202410/10/2024
by Hannah Gutang

Zawya, 4 October 2024: ATME, a regulated digital assets exchange in Bahrain, has officially launched at FinTech Forward 2024, hosted by the Bahrain Economic Development Board (EDB).

Licensed by the Central Bank of Bahrain (CBB), ATME aims to democratise access to a wide range of previously illiquid assets through fractional ownership.

Built on a private blockchain network, ATME facilitates the conversion of real-world assets into digitally tradable tokens.

These tokens represent a new, more convenient form of traditional financial instruments, such as debt, equity, and more.

By incorporating tokenisation, ATME enables businesses to gain access to new, more cost-effective ways of raising capital.

Meanwhile, it opens doors to new, high-value investments and portfolio diversification for investors.

ATME’s platform ensures a trustworthy digital asset trading environment by restricting access to authorised participants who have undergone rigorous KYC and AML compliance.

By incorporating the enterprise-grade Hyperledger Fabric framework, ATME provides a comprehensive range of services to optimise the capital raising process and enhance investment potential.

With comprehensive regulatory backing, ATME is poised to contribute significantly to Bahrain’s economic diversification efforts and further elevate the country’s prominence in the global fintech landscape.

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News developments

Abu Dhabi: Guidance Manual for Safe Use of Bicycles and Scooters Updated

10/10/202410/10/2024
by Hannah Gutang

Atheer, 3 October 2024: The Abu Dhabi Quality and Conformity Council has approved the update of the guidance manual for the safe use of bicycles, electric bicycles, and scooters in the Emirate.

The updated manual aims to support service providers and users by outlining the classifications, requirements, and specifications for permitted use, as well as safety guidelines and infrastructure needs.

This is in accordance with Abu Dhabi Administrative Decision No. 21/2022 on Regulating the Use of Bicycles in the Emirate of Abu Dhabi.

This update promotes sustainable transportation, enhances public safety, and aligns with international standards for short-distance mobility services.

For the full story, click here.

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News developments

UAE: Exempts Cryptocurrencies and Virtual Assets from VAT

09/10/202409/10/2024
by Tanya Jain

Khaleej Times, 7 October 2024: The UAE has introduced amendments to the Executive Regulations of Federal Decree-Law No. 8/2017 on VAT, exempting certain activities related to cryptocurrencies and virtual assets from VAT.

This move aims to establish the UAE as a hub for investment activities and support the growth of the financial sector.

The amendments, approved by the UAE Cabinet through Cabinet Decision No. 100/2024, exempt digital representations of value that can be digitally traded or converted and are intended for investment purposes from VAT. However, this exemption does not extend to digital representations of fiat currencies or financial securities.

The scope of the exemption covers transfers, conversion, keeping, and managing virtual assets, essentially encompassing cryptocurrency trading.

Additionally, the amendments provide exemptions for investment fund management services, including the management of fund operations, investments, and performance monitoring.

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