LexisNexis Middle East

Bahrain: Industrial Zones Tender

04/04/202404/04/2024
by Tanya Jain

Gulf Daily News, 27 March 2024: Bahrain’s Industry and Commerce Ministry has announced investment opportunities in industrial zones in the Kingdom.

The initiative has been launched with the Tender Board.

It aims to develop essential facilities through public-private partnerships. This includes workers’ housing, a petrol station and service and commercial support areas.

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News developments

Abu Dhabi: Working Group for Startups and SMEs Established

04/04/202404/04/2024
by Tanya Jain

Gulf News (United Arab Emirates), 28 March 2024: Abu Dhabi’s Chamber of Commerce and Industry or ADCCI has announced a working group for startups and SMEs has been established.

It will report to the Chamber and will be responsible for representing the interests of startups and SMEs registered in the Emirate.

It will also be responsible for empowering businesses and helping them support the Emirate’s economic development.

It will partner with government agencies and the private sector to solve the challenges faced by these entities as well as foster innovation and drive economic diversification.

This will support sustained growth and development.

It will closely monitor the needs and requirements of these entities too.

It will be responsible for developing plans and proposing policies to attract representatives from these entities to enter promising sectors, particularly modern technology sectors too.

It will be responsible for spearheading various programmes, initiatives and activities designed to equip these entities with the necessary guidance and skills as well as coordinating with various parties to provide a platform to improve cooperation and the exchange of experiences, ideas and opportunities that support their growth.

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News developments

UAE: Investor Rule Change

04/04/202404/04/2024
by Tanya Jain

Gulf News (United Arab Emirates), 2 April 2024: The UAE’s Securities and Commodities Authority has approved a rule change which will mean UAE-based individual investors cannot directly subscribe to foreign funds through their bank accounts in the country.

The rule change came into force on 1 April 2024. It is believed the rule change only applies to subscriptions made after 1 April.

According to industry sources, all existing investment commitments can continue.

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News developments

Oman: Consultation on New Bonds and Sukuk Regulation

03/04/202404/04/2024
by Tanya Jain

Oman Daily Observer, 1 April 2024: Oman’s Financial Services Authority has announced it has issued a public consultation on a new Bonds and Sukuk Regulation.

If approved, it will regulate the long-term debt market in the Sultanate.

It will offer flexibility in structuring diversified financing products such as Green and Sustainable Bonds and Sukuk and Waqf Sukuk. It will also provide for special types of bonds and Sukuk customised to the financing needs of an investor and an issuer of a security.

These green products will improve green and sustainable financing in line with green and sustainable financing requirements approved by the Authority’s Board of Directors.

It also includes a chapter on disclosure rules, specifically disclosures related to green and sustainable bonds and sukuk. An issuer will have to implement the rules and terms and conditions of these disclosures to improve the integrity of the capital market and encourage conventional investors and those interested in sustainability issues to invest in these securities.
Along with the issuing of the Commercial Companies Law (Oman Sultani Decree No. 18/2019) and the Securities Law (Oman Sultani Decree No. 46/2022), the Bonds and Sukuk Regulation has been proposed to bring the national market into line with the latest global practices and standards.
It will enable debt instruments to be designed to be one of the main financing options to provide an appropriate investment environment and allow additional alternative instruments for local and foreign investors.

It has been proposed in line with three strategic objectives. The first is related to providing resilient and innovative financial instruments. The second is related to issuing flexible legislation and the third is the sustainable usage and investment of resources and natural wealth.

The Regulation has been proposed to encourage innovative and diversified financing products in line with the nature of financing needs of projects.

The Regulation will also allow conventional bonds and Sukuk to be issued.

The Regulation will incentivise Waqf Sukuk to help the development of the Waqf sector, specifically in terms of activating monetary Waqf and development of Waqf institutions, be they civil or charity institutions too.

The aim is to expand the base of subscribers and participants in Waqf activity.

Bonds and Sukuk can be issued in Oman in any convertible currency and the Authority will accept prospectuses in English for private placement.

The Regulations also contain provisions on special purpose companies, financial trusts, Sharia compliance, agents of beneficiaries or issuers, and general meetings.

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News developments

UAE: Golden Business Licences

01/04/202401/04/2024
by Tanya Jain

Gulf News (United Arab Emirates), 27 March 2024: The UAE’s Economic Integration Committee has discussed a proposal to introduce long-term business licences.

Golden business licences could be valid for 10 years.

The Committee also discussed a proposal to introduce silver business licences.

These would be valid for five years.

The licences would be introduced to support revenue growth, encourage business continuity and help business activities grow economically and prosper in alignment with the We are the UAE 2031 vision.

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News developments

UAE: Mandatory Health Insurance

27/03/202427/03/2024
by Tanya Jain

Khaleej Times, 21 March 2024: A new mandatory health insurance scheme is to be required from 1 January 2025 in the UAE.

Under the scheme all employers in the UAE will be required to provide and pay for the insurance of their employees. This will also include employers of domestic workers. Employers will have to pay for the health insurance coverage of their employees when applying for or renewing residency visas. The scheme clarifies the position for employees who are on their husband or father’s visa.

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News developments

Saudi Arabia: Second Phase of Consultancy Professions Saudisation to Begin

27/03/202427/03/2024
by Tanya Jain

Saudi Gazette, 25 March 2024: Saudi Arabia’s Human Resources and Social Development Ministry has announced it is going to start implementing the second phase of the Saudisation programme in consultancy professions.

The second phase covers 40% of professions related to consulting services, specifically financial consulting, engineering and architectural consulting, health consulting and senior management consulting.

Professionals including financial consulting specialists, business consulting specialists, cyber security consulting specialists, project management managers, project management engineers and project management specialists are included.

They have done so together with the Finance Ministry, the Local Content and Government Procurement Authority, Expenditure and Project Efficiency Authority or EXPRO and the Human Resources Development Fund or HADAF.

The second phase starts on 25 March 2024.

Also reported in Al Riyadh on 25 March 2024. For the full story, click here.

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News developments

Qatar: Financial Law Amendments Reviewed

27/03/202427/03/2024
by Tanya Jain

Qatar Tribune, 26 March 2024: Qatar’s Shoura Council has reviewed a draft law amending Qatar Law No. 7/2005 (the Qatar Financial Centre Law).

It was referred to the Council by the government. The Council has decided to refer it to the Legal and Legislative Affairs Committee to consider and report back to them on.

The Council has also approved a draft law regarding exemptions and facilitations for the State’s hosting of sports tournaments.

They approved it after reviewing a report from their Financial and Economic Affairs Committee and discussing it.

In addition, the Council approved a request to extend the Information and Cultural Affairs Committee’s study of a draft higher education institutions law.

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News developments

Oman: Biosignatures Law Issued

27/03/202427/03/2024
by Tanya Jain

Oman Daily Observer, 26 March 2024: Oman’s Sultan has issued Oman Sultani Decree No. 21/2024 approving the Biosignatures Law.

They issued the Decree after presenting it to the Council of Oman.

The Inspector General of Police and Customs will be responsible for issuing the Implementing Regulations to the Law.

Anything which contravenes or contradicts the Law is repealed.

The Decree will be published in the Official Gazette and will come into force the day after it is published.

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News developments

Kuwait: Real Estate Property Description Certificate Controls

27/03/202427/03/2024
by Tanya Jain

Alrai, 23 March 2024: The Director General of Kuwait’s Municipality, Engineer Saud Al-Dabbous has directed governorate branches to review the last inspection and inspect all engineering plans and their conformity with the technical requirements of properties before issuing a real estate description certificate.

Sources have said the Director-General is in the process of establishing a committee to research the validity of the description certificates issued throughout the last year.

They pointed out that description certificates have a direct relationship to the issue of building violations and single people’s housing in private and model housing areas.

For the full story, click here.

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