LexisNexis Middle East

UAE: Issues Federal Decrees Forming Council For Fatwa

21/06/202421/06/2024
by Tanya Jain

Khaleej Times, 19 June 2024: The President of the UAE has issued two federal decrees forming the UAE Council for Fatwa and appointing its Chairman with the rank of Minister.

The UAE Council for Fatwa serves as the official authority for issuing fatwas in the UAE, aiming to unify efforts, visions, and objectives to develop approaches, policies, and legislation related to fatwas.

The council is responsible for issuing general, urgent, and new fatwas on various matters, conducting studies and research in various fields of fatwas, providing legal opinions on relevant legislation, licensing the practice of issuing fatwas, and training and developing the skills of muftis.

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News developments

Saudi Arabia: CMA Proposes Expanding Public Fund Investments

21/06/202421/06/2024
by Tanya Jain

Al-Watan, 12 June 2024: The Saudi Capital Market Authority has invited public comments from interested parties, market participants, and stakeholders on the proposed amendments to the Investment Funds Regulations, allowing a 30-calendar day consultation period ending 12 July 2024.

The project aims to allow public funds to subscribe to debt instruments offered through private placements if issued by issuers within the Kingdom, in order to enable the growth of the asset management industry.

Under this project, a public fund manager will be able to subscribe with a larger number of debt instrument issuers, after removing the conditions imposed on them according to the Investment Funds Regulations.

This development is expected to increase the attractiveness of the market for debt instrument issuers, as well as the appeal of funds investing in debt instruments as a result of the expanded range of assets available for them to invest in.

To enhance investor protection, the proposed project has required money market fund managers and capital protected funds to not invest more than 10% of the fund’s net asset value in debt instruments issued by a single issuer, in order to limit risks and increase portfolio diversification.

According to the proposed project, managers of public funds that invest in debt instruments are obligated to disclose the credit rating of the invested debt instruments in the fund’s quarterly statement, in order to enhance disclosure and transparency levels for investors in those funds.

The proposed amendments align with the Capital Market Authority’s strategy to deepen the debt market, increase liquidity, boost the Saudi market’s global competitiveness, and develop the sukuk and debt instruments into a top emerging market.

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News developments

UAE (Ras Al Khaimah): New Private School Regulator

20/06/202420/06/2024
by Tanya Jain

Khaleej Times, 14 June 2024: It has been announced private schools in Ras Al Khaimah will be regulated by a new government entity

The Ministry of Education (MoE) will be “gradually delegating the powers” to oversee the private education sector in Ras al Khaimah to the Ras Al Khaimah Department of Knowledge (Rakdok). The transition is expected to happen in a number of phases and will be completed by the end of the year.

Rakdok consists have four main departments which will cover Institutional licensing and compliance for educational institutions; operations management and customer relations; quality management and evaluation and strategies and policies.

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News developments

Qatar: Real Estate Development Dispute Resolution Committees Approved

20/06/202420/06/2024
by Tanya Jain

Al-Watan, 16 June 2024: The Council of Ministers has approved a draft decision to form real estate development dispute resolution committees.

The draft decision is prepared in accordance with the provisions of Qatar Law No. 6/2014 regulating real estate development.

These committees will be responsible for adjudicating, on a priority basis, all disputes arising from real estate development activities, in compliance with the requirements of this law.

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News developments

Kuwait: Banks Given Access to Public Employees’ Data

20/06/202420/06/2024
by Tanya Jain

Alari, 13 June 2024: Kuwaiti banks have signed a cooperation agreement with the Civil Service Commission stating that they would be allowed access to the data vault of employees in government agencies.

Under this agreement, banks will be authorised to obtain relevant financial information, including salary certificates with detailed income records, from employees seeking loans, which will aid in making informed lending decisions.

Extracting employee data from the official ‘Civil Service’ website will require prior written consent from the client, granting the bank access to the information while complying to strict confidentiality protocols for safeguarding employee data.

The banks have conducted a study on this matter and determined that direct access to the salary data of employees in government agencies would offer several benefits.

It will facilitate the process of obtaining salary certificates, thereby reducing the administrative burden and simplifying the routine procedures for both banks and government agencies.

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News developments

Bahrain: Proposed New Bill To Implement Corporate Income Tax

20/06/202420/06/2024
by Tanya Jain

The Daily Tribune, 19 June 2024: Bahraini lawmakers have proposed a new law to introduce a corporate income tax, aiming to foster sustainable economic growth and improve collaboration between the public and private sectors.

This initiative seeks to achieve balanced development, contributing to the prosperity and well-being of citizens.

The proposed legislation establishes a comprehensive framework for a tax system governing companies operating in the Kingdom of Bahrain.

The memoranda accompanying the new bill emphasises that it has been proposed to exempt lower-income individuals from taxation, ensuring that the minimum standard of living is not compromised.

The bill also highlights the alignment of this initiative with the nation’s broader strategy of diversifying its revenue sources beyond natural resources like oil and gas.

Additionally, the memoranda states that the new bill aims to revitalise the national economy by imposing taxes on financial institutions and commercial companies engaged in specific economic activities, as outlined in the proposed legislation.

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News developments

UAE: Abortion Regulations Announced

14/06/202414/06/2024
by Tanya Jain

Al-Bayan, 8 June 2024: The Ministry of Health and Community Protection has announced the procedures and controls related to cases in which abortion is permitted, with the aim of preserving the life and health of pregnant women and enhancing oversight of health facilities operating in the country.

The Ministry has explained that the procedures and cases in which abortion is permitted have been regulated by several rules.

These rules state that abortion requests are studied and decided upon by a committee formed within each health authority, as per the decision of the Minister or the head of the respective health authority.

The committee must include three members, a specialist in obstetrics and gynecology, a doctor specialising in psychiatry, and a representative from the Public Prosecution.

The committee may seek the assistance of whomever it deems appropriate with expertise and experience.

The Ministry has explained that an abortion may be performed if the continuation of the pregnancy poses a threat to the pregnant woman’s life and there is no other way to save her life.

Additionally, an abortion may be performed if the fetus is proven to have a serious deformity that would affect its health and life after birth, but this requires a medical report issued by a committee as proof.

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News developments

Saudi Arabia: Working Under Direct Sunlight Banned

14/06/202414/06/2024
by Tanya Jain

Okaz, 10 June 2024: The Human Resources Ministry and Social Development and the National Council for Occupational Safety and Health will begin prohibiting working under the sun on all private sector establishments, from 12pm to 3pm.

The ban will start from 15 June 2024, until15 September 2024.

This decision aims to protect the well-being and health of private sector employees by ensuring a safe and healthy work environment that complies with international occupational safety and health standards.

The Ministry has urged employers to regulate working hours and comply to this decision, contributing to the provision of a safe work environment free from various risks.

This measure aims to enhance efficiency and preventive measures, thereby reducing occupational injuries and illnesses, and safeguarding workers from accidents.

Additionally, the Ministry has published the “Procedural Guide for Occupational Safety and Health to Prevent the Effects of Exposure to Sunlight and Heat Stress” on its website.

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News developments

Qatar: Early Retirement Decision Issued

14/06/202414/06/2024
by Tanya Jain

Raya, 7 June 2024: The General Retirement and Social Insurance Authority has confirmed that the Council of Ministers’ decisions were in line with Qatar Law No. 1/2022.

These decisions covered the conditions for early retirement eligibility, the formation and operating procedures of the authority’s dispute resolution committee, as well as the rules and regulations to be followed.

It aims to safeguard their rights, promote their active participation in society, and ensure they receive adequate income to maintain a decent standard of living.

The Cabinet decision provides exceptional benefits for certain cases of end of service.

It applies to those whose service ended on or after 3 January 2023.

Individuals born in 1983 or earlier can benefit from the decision in case of resignation without pension entitlement.

Those born in 1984 are eligible for early retirement pension, provided they are at least 44 years old.

However, for those born in 1983 or earlier, the subscription period in the insurance system must be at least 17 years.

Additionally, the dispute resolution committee includes judicial elements.

The Legal Affairs Director has noted that those previously covered under the repealed Qatar Law No. 24/2002, whose service ended due to resignation, disciplinary action, or other reasons under the new Social Insurance Law, may qualify for the pension, subject to certain conditions set by the Council of Ministers.

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News developments

Oman: New Agricultural City to be Established

14/06/202421/06/2024
by Tanya Jain

Oman Daily Observer, 16 June 2024: A new agricultural city is to be established in Saham by the Ministry of Housing and Urban Planning in conjunction with the Oman National Spacial Strategy.

Saham Agricultural City (SAM) will occupy 65 square kilometers. Under its plan 70% of the land will be set aside for agriculture and 30% for urban planning. Both agriculture and civil units will be included in this unique master plan. Fish farming is also expected in the area.

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