LexisNexis Middle East

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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News developments

Oman: Health Ministry Issues Circular on Maternity and Paternity Leave

04/10/202410/10/2024
by Tanya Jain

The Arabian Stories, 2 October 2024: The circular directs health institutions, particularly those that provide services to pregnant women and childbirth, to streamline the process for workers across all sectors to obtain proof of their eligibility for maternity and paternity leave.

According to the provisions outlined in the circular, maternity leave allowance, effective from 19 July 2024, is granted for a period of 98 days, which is not limited to a specific number of births.

The law permits that up to 14 days of this leave can be taken before the expected delivery date.
Paternity leave is granted for a period of 7 days, provided that the child is born alive and the leave is taken within 98 days of the child’s birth.

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News developments

UAE: Hajj Permit Requirements for Citizens

03/10/202403/10/2024
by Hannah Gutang

Emaratalyoum, 29 September 2024: The General Authority for Islamic Affairs, Endowments and Zakat has set three conditions for obtaining a Hajj permit for the upcoming season, as per Cabinet Decision No. 32/2018 regarding the Hajj and Umrah system.

The applicant must be a citizen of the UAE, be at least 12 years old, and must not have performed Hajj during the last 5 Hajj seasons.

Priority in granting Hajj permits will be given to those who have not previously performed Hajj, including disabled people, those with intractable diseases, the elderly, and mahrams and companions who meet the conditions, taking into account those who have priority in registration in the electronic system.

For the full story, click here.

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News developments

Saudi Arabia: Financial Support for Persons with Disabilities Regulated

03/10/202403/10/2024
by Hannah Gutang

Al Yaum, 29 September 2024: The Human Resources and Social Development Ministry has amended the regulatory framework governing social and professional programmes for persons with disabilities.

The new regulations standardise terminology and align the definition of a person with a disability with Saudi Arabia Administrative Decision No. 26/1445 of Rights of Persons with Disabilities.

The legislation mandates the Ministry’s oversight of services provided to persons with disabilities by private and non-profit entities.

It also establishes eligibility criteria for financial assistance, capped at 20,000 riyals annually, based on the assessment and severity of the disability.

Additionally, it introduces initiatives aimed at enhancing the skills of persons with disabilities.

For the full story, click here.

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News developments

Qatar: Electronic Payment Compliance Enforcement by Commerce Ministry

03/10/202403/10/2024
by Hannah Gutang

Al-Sharq, 29 September 2024: The Commerce and Industry Ministry is carrying out an organised campaign in markets across the country to monitor and control violating stores that do not provide electronic payment methods as a service to customers.

The concerned ministry has detected numerous violations and will close stores that have not met the conditions within the previously granted deadline.

It is also notifying other violating stores for the first time and giving them a specific deadline to rectify their situation.

After that, stricter measures will be taken, including closure, violations, and financial fines for violators.

The new requirements are verified through field tours conducted by ministry inspectors to monitor various markets across the country.

During inspection tours, compliance with relevant instructions is monitored.

Additionally, there is a dedicated hotline for receiving public complaints, through which the relevant authorities receive various complaints, including stores’ non-compliance with providing electronic payment services, which is a violation punishable by law.

It is worth noting that the Commerce and Industry Ministry has issued a decision, in addition to instructions from the Qatar Central Bank, requiring commercial establishments operating in the country at all levels to provide one of the electronic payment services.

This aims to facilitate daily banking transactions for the public and beneficiaries and enable consumers to benefit from this service, which is their right to pay for purchases or service fees using credit cards, cash, or ATM cards, without imposing any additional fees or commissions on the prices of goods or services.

Equal treatment must be ensured between those who pay in cash and those who pay through electronic payment cards, without any additional charges, regardless of the method chosen by the consumer.

For the full story, click here.

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