LexisNexis Middle East

Oman: MOCIIP Issues Decision on Commercial Loans

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

Oman Observer, 29 September 2024: The Ministry of Commerce, Industry and Investment Promotion has issued a Ministerial Decision setting the return due for obtaining a commercial loan or debt at 6% unless a lower percentage is agreed upon.

The decision was made based on the Commercial Law and a letter from the Oman Chamber of Commerce and Industry, in response to public interest requirements.

The decision states that this percentage may be exceeded in exceptional cases, such as long-term loans, loans directed to projects contributing to economic development, or loans associated with a high degree of risk, in coordination with the Oman Chamber of Commerce and Industry.

However, this return does not apply to loans provided by banks, finance companies, and asset leasing companies licensed by Oman’s Central Bank.

The decision will be published in the Official Gazette and will be effective for one year from the date of its publication.

It comes within the framework of the government’s efforts to ensure the flexibility of finance for businesses while enhancing governance principles and regulating the investment environment in Oman.

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News developments

Kuwait: Issues Regulations for The Exchange of Information for Tax Purposes

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

Al-Jarida, 28 September 2024: The Finance Ministry has issued executive regulations for the decree-law on the exchange of information for tax purposes, in accordance with Kuwait Decree No. 75/2024 and Kuwait Decree-Law No. 6/2024.

The regulations outline the procedures and requirements for implementing agreements on the exchange of tax information between Kuwait and other countries.

Such as the agreement with the United States to implement the Foreign Account Tax Compliance Act (FATCA), the Convention on Mutual Administrative Assistance in Tax Matters, and the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information.

The competent authority is empowered to determine reporting requirements, request additional information from financial institutions, and ensure compliance with the agreed standards for exchanging tax-related data.

This legal measure aims to improve transparency and facilitate the exchange of relevant financial information for tax purposes between Kuwait and its partner nations.

For the full story, click here.

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News developments

Dubai: Conditions for Transferring Property Ownership Off-Plan

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

Mubasher, 29 September 2024: The Dubai Land Department has outlined the legal requirements for transferring ownership of off-plan properties in the emirate.

According to Dubai Decree No. 4/2010, transferring ownership of off-plan properties necessitates obtaining a no-objection certificate from the developer.

This requirement is mandated by the contractual agreements between developers and buyers.

For completed properties, such as apartments, villas, and townhouses, the “Malak” application provides information on any outstanding financial dues associated with the property.

If dues exist, buyers have the option to proceed with registration or postpone until the dues are settled.

The no-objection certificate can be obtained electronically through the “Dubai REST” application, ensuring compliance with the established legal framework.

For the full story, click here.

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News developments

Bahrain: New Regulations for Tourist Establishments

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

Al-Biladpress, 29 September 2024: Tourist facilities in Bahrain face new restrictions on their operating hours and services.

The new regulations, issued by the Tourism Ministry, aim to regulate the hospitality industry and ensure compliance with certain standards.

The key aspects of the new regulations include a complete closure of tourist facilities offering food and beverages in hotels at 3 AM.

Additionally, the provision of tourist services, artistic and musical performances, and music operations is prohibited between 2:30 AM and 12 PM for certain categories of establishments.

Furthermore, restaurants designated for independent tourist services separate from hotels are required to obtain a licence from the Bahrain Tourism and Exhibitions Authority.

These establishments are also mandated to comply with specific conditions, such as obtaining approvals from relevant authorities, not altering their premises or management without prior consent, and refraining from engaging in unauthorised activities.

For the full story, click here.

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News developments

Abu Dhabi: Digital Mediation Platform Promises Swift Justice

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

Gulf News, 27 September 2024: In Abu Dhabi, the public can settle commercial, property, and other civil disputes online through the Justice Ministry’s “Electronic Mediation” platform.

This platform allows users to create a virtual negotiation space, exchange documents remotely under a mediator’s supervision, and reach amicable settlements.

If an agreement is reached, it is documented for potential implementation.

The platform supports procedures in Arabic and English, aiming to deliver swift justice, enhance client satisfaction, and improve service quality.

It promotes alternative dispute resolution methods, reduces the burden on courts, and involves private mediators.

The platform includes features for registering, renewing, and striking off mediators, facilitating non-judicial and judicial mediation, mediator sessions, payment of mediation fees, and preparation of final mediation reports.

The Justice Ministry is streamlining access to mediation services through this platform, allowing users to initiate the mediation process through the unified electronic portal or digital identity.

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News developments

Oman: New Cloud Computing Services Regulatory Bylaw

01/10/202401/10/2024
by Tanya Jain

Oman Daily, 29 September 2024: The bylaw regulating cloud computing services and data centres in Oman sets out the legal framework for licensing and operating such services, including requirements for applicants, fees, and classifications of service providers.

The bylaw mandates that applicants for a cloud computing service licence must be legal entities with commercial registers limited to telecommunications, information technology, or related services.

It outlines a licensing process with the Telecommunications Regulatory Authority and specifies fees ranging from 100 to 1000 Omani Rials.

The licence duration is three years, renewable unless the licensee requests cancellation.

The bylaw prohibits licensees from altering their legal form without prior approval and classifies service providers into categories such as main providers, aggregators, resellers, and agents.

It also establishes four levels of information security for subscriber content and imposes obligations on service providers regarding data protection, breach notification, and cross-border data transfers.

Administrative sanctions, including warnings, fines, and license cancellation, are prescribed for violations of the bylaw’s provisions.

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News developments

UAE: Guidelines on Use of Internet in Schools

26/09/202426/09/2024
by Hannah Gutang

Emaratalyoum, 22 September 2024: A set of guidelines have been introduced on the use of information technology in government and private school premises in the UAE.

The guidelines restricted the use of the Internet in schools solely for educational purposes and within the regulations, rules, and laws. Schools have prohibited the use of information technology to receive, send, or distribute any materials that violate the applicable instructions, regulations, and laws. Schools have circulated a list of 19 prohibited violations to students and teachers to ensure a safe electronic environment in educational establishments. They emphasised ensuring all students and staff are aware of the risks of internet use and using it responsibly and safely for study purposes. Violating these instructions may lead to pupils being permanently expelled from the school.

The 19 prohibited violations for all users of school computers and internet services include using email to threaten or harass others, sending or posting disturbing images online, using the internet for any form of piracy such as music, movies, or software, sharing or using others’ passwords, violating copyright laws on downloading or copying electronic files for personal use, sharing confidential school matters or information without permission, compromising the school’s electronic systems’ security by introducing malware, using the internet for personal purposes, visiting unauthorised websites, distributing inaccurate, offensive, or defamatory information, using inappropriate threatening language in communications, damaging devices or software, intentionally causing harm to someone’s work or program, engaging in cyberbullying, impersonating others online, plagiarising work, accessing pornographic or hate-promoting websites, disclosing personal information without permission, visiting social media sites without permission, and using someone else’s information and work without permission.

The electronic safety policy outlines acceptable internet uses for students, including using web browsers for educational purposes, research, and gathering information from various websites and databases; using the internet to share documents and tasks that promote collaborative work; maintaining the confidentiality of personal usernames and passwords; not sharing passwords with anyone; not attempting to access, modify, or change anyone else’s username, password, files, or data; sharing emails only with known and parent/teacher-approved individuals. There is also a prohibition on bringing mobile phones to school (which will be monitored by surveillance cameras). The internet can also be used for online tests or tasks approved or recommended by teachers; studying curriculum content online and performing related tasks as assigned by teachers; working on projects or lesson presentations; preparing global circulars, invitations, and booklets for community service or other school activities with teacher approval; accessing exam sites and practice papers; responsibly accessing social media sites for educational purposes only under teacher guidance. Pupils should also always use appropriate language in all digital communications through emails and social networks, and take care of all digital devices used.

Permitted uses of the Internet for teachers include adhering to responsible and effective Internet use, using the Internet only for school-related purposes, using email for school-related matters only, and participating in all activities that enhance and improve the employee’s professional aspect, including online research and training.

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News developments

Sharjah: Site to Help Start Ups

26/09/202426/09/2024
by Hannah Gutang

Sharjah: The Sharjah Research, Technology, and Innovation Park (SRTI Park), American University of Sharjah (AUS), Invest in Sharjah, and the Sharjah Entrepreneurship Center (Sheraa), have launched a scheme called ‘Seal the Deal,’ which is a platform to help student-led startups to pitch to investors.

Seal the Deal’ aims to provide startups with investment opportunities while allowing them to receive guidance from experienced investors, help refine their solutions and improve their chances for future success. The programme features startups from Sheraa’s Startup Dojo+ youth incubation programmes.

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News developments

Saudi Arabia: Certain Real Estate Transactions Exempted from VAT

26/09/202426/09/2024
by Hannah Gutang

Al-Riyadh, 19 September 2024: The Saudi Council of Ministers, during its session held on 17 September 2024, chaired by the Crown Prince and Prime Minister, has approved the Real Estate Transactions Tax System.

The law imposes a rate of 5% on the total value of real estate transactions involving the transfer of property ownership, such as sales, exchanges, or similar transactions.

However, certain transactions are exempted according to the executive regulations, including the distribution of inheritance among beneficiaries, the disposal of property for family or charitable endowments, and the transfer of ownership to licensed charitable associations.

The real estate transaction tax was introduced at the beginning of the year 1442 AH, replacing the 15% VAT on real estate sales.

Additionally, the state’s support for the tax on the first home for citizens increased from 850,000 riyals to one million riyals.

Recent amendments to the executive regulations require all real estate transactions to be registered on the Zakat, Tax and Customs Authority’s real estate transaction portal, with details on the property and the type of transaction specified before documentation with the competent authorities.

For the full story, click here.

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News developments

Qatar: Qatari Trademark Database now on WIPO System

25/09/202425/09/2024
by Hannah Gutang

Al Sharq, 22 September 2024: The Qatari Ministry of Commerce and Industry has launched Qatar’s trademark database on the World Intellectual Property Organisation (WIPO)’s Global Brand Database.

Those interested in Qatari trademarks can now search the database through the Global Brand Database (wipo.int) website before applying for trademark registration and learn about trademarks in markets of interest to both the government and private sectors. The changes come after Qatar’s accession to the Madrid Protocol for the International Registration of Trademarks, which aims to achieve international legal protection for trademarks.

The move is part of a series of initiatives undertaken by the Ministry of Commerce and Industry, represented by the Intellectual Property Rights Protection Department, to enhance the frameworks for protecting intellectual property rights in Qatar and achieve the highest standards of transparency in government procedures.

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