LexisNexis Middle East

Oman: Company Transformation Incentives

31/05/202431/05/2024
by Tanya Jain

Shabiba, 28 May 2024: The Sultan has issued directives on an incentive programme which would provide a number of benefits designed to encourage companies which wished to convert to public joint-stock companies and list on the capital markets

This would see the establishment of a sub-market in the Muscat Securities Market called the “Promising Companies Market” which would target private, family-owned, small, medium and start-up companies. There would also be an initiative for limited liability companies that wished to convert into closed joint-stock companies by offering a package of incentives.

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News developments

Kuwait: Proposed Amendments to Traffic Violation Fines

30/05/202430/05/2024
by Tanya Jain

Arab Times, 23 May 2024: The Kuwaiti Interior Ministry has introduced plans to impose harsher penalties for traffic violations to improve road safety and regulate reckless driving.

The proposed Traffic Law amendments to be approved soon include one to three years in jail or KD 1,000-3,000 fines for driving under the influence, three months jail or KD 300 fines for phone use while driving, three months jail or KD 500 fines for speeding, and two months jail or KD 200 fines for tinted window violations.

Additionally, other proposed amendments include KD 75 fines for leaving children or pets unattended in vehicles or allowing them to protrude from windows, KD 100-200 fines for allowing children under ten to sit in the front seat or not using child seats, KD 250-500 fines for failure to give way to emergency vehicles, and three months jail or KD 200-500 fines for running red lights.

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News developments

Dubai: DWTC Launches Work from Home Commercial Licence

30/05/202430/05/2024
by Tanya Jain

The Dubai World Trade Centre has launched home-based business licence packages in Expo Village, its residential community at Expo City Dubai.

The new packages are designed to meet the needs of the growing entrepreneurial community in Dubai, serving new business owners, startups, entrepreneurs and SMEs.

The packages allow them to obtain a commercial licence from Dubai World Trade Centre’s free zone, along with work permits, based on a residential lease without the costs of a dedicated office rental.

The work-from-home packages have been developed to align with the growing global trend towards flexible working systems.

They meet the needs of entrepreneurs seeking a more diverse approach to starting businesses and establishing new companies.

There are currently four Expo Village packages, all of which include membership at the Expo Village Co-Working Hub.

For full story, click here.

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News developments

Bahrain: Cabinet Approves Memorandums To Restructure Ministries And Agencies

30/05/202430/05/2024
by Tanya Jain

The Daily Tribune, 28 May 2024: The Bahrain Cabinet has approved several key memorandums, including a Civil Service Council memorandum on restructuring various ministries and agencies.

The aim is to enhance performance and efficiency, and financing programs for governmental projects.

Cooperative agreements were signed with Russia that are expected to boost bilateral cooperation and support the outcomes of the 33rd Arab Summit, particularly regarding an international peace conference and the Palestinian issue.

The Cabinet has reviewed the efforts of the Education Ministry to promote educational process.

Bahrain has renewed its call for the international community, especially members of the United Nations Security Council, to fulfill their responsibilities in enforcing international resolutions and humanitarian laws.

This includes advocating for an immediate and comprehensive ceasefire in Gaza, ensuring the protection of civilians, and facilitating the urgent and safe delivery of humanitarian aid.

The Cabinet has approved several memorandums, including a Civil Service Council memorandum on restructuring ministries and agencies, and memorandums on financing governmental projects and addressing proposed legislation from the House of Representatives.

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News developments

UAE: Marriage Grants Regulations Under Review

23/05/202423/05/2024
by Tanya Jain

Emaratalyoum, 16 May 2024: A parliamentary report, recently endorsed by the Federal National Council, has proposed that the Community Development Ministry conduct a thorough and contemporary governmental study.

The aim is to reassess the maximum salary cap for citizens seeking a marriage grant, currently set at 25,000 dirhams after accounting for housing and pension allowances, if applicable.

The report has emphasised that the requirement of linking marriage grants to a citizen’s income level or salary ceiling restricts eligibility to individuals without higher academic degrees.

It fails to benefit those with higher academic qualifications and positions.

The report, prepared by the Council’s Social Affairs, Labour, Population, and Human Resources Committee, has highlighted the key requirements for obtaining a marriage grant.

These include citizenship for both the beneficiary and their spouse, as well as the inability to afford marriage expenses, targeting individuals with limited income or those benefiting from social assistance.

However, the report underscores that this condition narrows the scope of citizens eligible for marriage grants, as it excludes many young individuals in need of such support, despite not falling under the definition of “people with limited income” or beneficiaries of social assistance. For the full story, click here.

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News developments

Saudi Arabia: Insurance Authority Cybersecurity Subcommittee Established

23/05/202423/05/2024
by Tanya Jain

Al-Watan, 19 May 2024: The Insurance Authority has approved the establishment of a Cybersecurity Subcommittee.

This initiative aims to strengthen the cybersecurity framework within the Kingdom’s insurance sector.

The Cybersecurity Subcommittee aims to ensure the Saudi insurance sector’s commitment to implementing, supporting, and following up on comprehensive cybersecurity programmes, legislation, and strategic frameworks approved by regulatory authorities.

In its role, the subcommittee will focus on several key areas, including facilitating the integration of new cybersecurity regulations and practices into the daily operations of insurance companies, providing expert guidance, and supervising cybersecurity trends and performance in the insurance sector.

It will also follow up on the implementation of approved cybersecurity programmes and initiatives, and improve collaborative efforts among stakeholders to share best practices on cyber security.

The Chairman of the Executive Committee for Insurance Companies has stated that the creation of the Cybersecurity Subcommittee marks a significant commitment by regulators and stakeholders to safeguard the Saudi insurance sector amid digital transformation.

He has also noted that the committee includes experienced stakeholders and cybersecurity specialists, fostering a collaborative approach. for the full story, click here.

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News developments

Qatar: New Regulations for Medical Certificates Announced

23/05/202423/05/2024
by Tanya Jain

Raya, 20 May 2024: The Health Specialties Department at the Public Health Ministry has confirmed that medical certificates issued to patients are legal documents.

Healthcare providers who issue misleading or inaccurate sick leave certificates may be subject to disciplinary procedures, and appropriate measures can be taken regarding any violation of the rules regulating them.

This may include taking civil or criminal legal action against violators.

The Department has announced in a circular the issuance of new regulations to regulate the acceptance and approval of requests to verify the validity and entitlement to sick leave.

The Department has explained that applications that do not meet the regulations, include the requirement for the employer to verify that the sick leave has been added to the electronic system E-Jaza.

Additionally, regarding sick leave issued by Hamad Medical Corporation and the Primary Health Care Corporation, the employer can refer to both entities if the relevant sick leave cannot be found in the electronic system. for the full story, click here.

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News developments

Oman: Regulations Amended to Support Liquidity Fund

23/05/202423/05/2024
by Tanya Jain

Shabiba, 16 May 2024: The Muscat Stock Exchange has celebrated by ringing the bell for the inauguration of a “Liquidity Development Fund”.

The fund aims to improve the liquidity of shares of companies listed on the stock exchange.

The launch of the fund aligns with the ongoing developments in the Omani capital markets, which include the announcement of several new IPOs and the introduction of regulations governing market-making operations.

The Muscat Stock Exchange is intensifying its marketing efforts with regional campaigns and incentive initiatives.

This involves making significant changes to certain regulatory requirements for capital markets, especially regarding taxes on distributed profits. For the full story, click here.

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News developments

Kuwait: Advertisement Regulations Amended

23/05/202423/05/2024
by Tanya Jain

Alrai, 16 May 2024: The Public Works Minister and the State for Municipal Affairs Minister have issued a ministerial decision to amend advertisement regulations.

The regulatory amendments now include new fees for recent advertisements that previously did not have financial compensation as listed in the advertisements, with some provisions being amended.

The amendments involve the introduction of new fees, including a charge of 5 dinars per square meter per month for seasonal advertisements.

A fee of 75 dinars annually per square meter on animated electronic advertisements.

Additionally, 50 dinars annually per square meter on fixed and non-moving electronic commercial advertisements.

For the full story, click here.

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News developments

Dubai: Complaints System for Military Departments Approved

23/05/202423/05/2024
by Tanya Jain

Emaratalyoum, 20 May 2024: The Dubai Government Human Resources Department has issued Dubai Decision 1/2024, which approves the grievances and complaints system for the military departments in Dubai.

The decision aims to achieve several goals.

First, it governs the procedures of the military department committees covered by the law.

Second, it organises the process of handling grievances and complaints before the relevant committee in terms of procedural and substantive rules.

Third, it links this process to the one followed by the Central Committee, in accordance with Dubai Decree No. 27/2018.

This includes specifically organising the timelines for submitting a grievance or complaint.

The decision aims to raise the level of performance of the committees’ work and align their indicators with government indicators and those of the Central Committee.

The objectives of the decision also include ensuring proper implementation of the provisions of current legislation and compliance with set limits.

It also aims to address any complaints from affiliates by providing an optimal environment within the department and reducing the need to resort to the Central Committee.

For full story, click here.

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