LexisNexis Middle East

Abu Dhabi Global Market: Financial Services Regulatory Authority Fines Six Financial Institutions for Common Reporting Standard Regulations Breaches

16/02/202416/02/2024
by Tanya Jain

The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has fined six financial institutions a total of 170,000 AED for Common Reporting Standard Regulations 2017 breaches.

The institutions were fined for failing to follow due diligence procedures in line with the Regulations, keep records of the performance of due diligence, report the required information in a complete and accurate way and/or submit the required annual information return.

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News developments

Sharjah: New Property Laws Proposed

16/02/202416/02/2024
by Tanya Jain

Arabian Business, 13 February 2024: Sharjah’s Crown Prince and Deputy Ruler have announced new property laws have been proposed.

The new laws have been proposed as a property boom is being seen in the Emirate.

The laws were formally presented to the Executive Council today.

The Council has approved the proposed laws which relate to the leasing of real estate and the establishment of a Rental Disputes Centre in the Emirate.

The draft laws will now be sent to the Consultative Council to consider.

The leasing of real estate law is aimed at regulating the rental market in the Emirate and developing the legal framework in line with urban development and real estate sector demand.

It is also aimed at streamlining government procedures, protecting the rights of all parties and making procedures easier for landlords and tenants alike.

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News developments

UAE: Draft Emirates Council for Sharia Fatwa Law Approved

09/02/202409/02/2024
by Tanya Jain

Al Bayan, 31 January 2024: The UAE’s Federal National Council has approved a draft federal law regarding the Emirates Council for Sharia Fatwa.

It will organise the Emirates Council for Sharia Fatwa and grant it the necessary capabilities to organise fatwa affairs and consolidate the status of the fatwa in line with the national identity of the state locally and globally.

The draft law specifies various penalties which will be imposed on offenders.

These include a fine of between 10,000 AED and 200,000 AED for anyone who issues a general legal fatwa in the country on any of the issues and topics that concern the Council.

In addition, the facility may be closed and the website blocked.

The Court may also order the closure of the violating facility or institution or block the platform or website that published the fatwa in violation of the provisions of the law or the decisions issued to implement it.

For more information, click here .

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News developments

Saudi Arabia: New Privatisation Project Rules Announced

09/02/202409/02/2024
by Tanya Jain

Arabian Business, 4 February 2024: Saudi Arabia’s National Centre for Privatisation & PPP has published new guidelines for privatisation projects in the Kingdom.

The new guidelines are contained in the Implementing Regulations to the country’s Privatisation Law (Saudi Arabia Administrative Decision No. 1/4/2023/1445).

The Privatisation Law is contained in Saudi Arabia Cabinet Decision No. 114/1443.

They have done so following the approval of amendments late last year.

The new rules have been issued to provide businesses with more clarity.

Among the amendments, new minimum value thresholds are specified for different project types.

The minimum for public-private partnership schemes is 200 million Riyals.

The minimum for deals involving the transfer of asset ownership is 50 million Riyals.

This minimum has been based on the estimated value determined by the executive entity for the target assets.

Projects below these thresholds can still go ahead if they are approved by relevant authorities.

If the minimum threshold is not met but the relevant authority infrastructure or public service project has to go ahead, the regulations and rules related to that project will apply.

In addition, the amendments provide clearer criteria for determining if a company has been set up specifically for privatisation.

Among other considerations, a company will be deemed to have been set up for privatisation if the establishment or ownership of the company by the government is for the purpose of offering a project related to infrastructure or public services through privatisation.

The amendments have taken international practices and local experiences into account. They will replace the previous guidelines and specify the principles that must be taken into account in implementing projects. These are fairness, transparency, contract enforcement, planning and feasibility.

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News developments

Qatar: Shoura Council Committee Discusses Fees for Interior Ministry Certificates

09/02/202409/02/2024
by Tanya Jain

Raya, 5 February 2024: The Interior and Foreign Ministry Committee of Qatar’s Shoura Council has discussed fees for Interior Ministry and affiliated entity certificates.

Under Qatar Law No. 2/1991 fees can be imposed for these certificates.

The Committee also discussed Qatar Law No. 7/1991 imposing fees for the issuing of certificates by the Defence Ministry. It submitted the relevant report to the Council.

In addition, it discussed the procedures for the departure of domestic workers from the country and decided to continue this discussion in its next meeting.

For the full story, click here.

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News developments

Oman: E-commerce Regulations Implementation Begins

09/02/202409/02/2024
by Tanya Jain

Oman Daily Observer, 5 February 2024: Oman’s Commerce, Industry and Investment Promotion Ministry has announced the implementation of the e-commerce regulations has begun.

The regulations are contained in Oman Ministerial Decision No. 499/2023. The regulations stated that they would be implemented 90 days after they were published in the Official Gazette.

They have been introduced to align the Sultanate with international developments in this area.

They were introduced together with the Transport and Communications Ministry, Information Technology Ministry, the Royal Oman Police represented by the General Directorate of Customs, the Consumer Protection Authority, the Central Bank, the Telecommunications Regulatory Authority Asyad Group and the ITHCA Group.

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News developments

Kuwait: Part-Time Work Permits for Expatriates Launched

09/02/202409/02/2024
by Tanya Jain

Arabian Business, 1 February 2024: Kuwait’s Public Authority for Manpower has announced it has launched a part-time work permit for expatriates.

The permit has been launched to help employers use expatriates already working in the country without having to carry out additional recruitment.

The permits will be issued via the Authority’s Sahel application.

The fees for the new work permit will be five Dinars for one month, 10 Dinars for three months, 20 Dinars for six months and 30 Dinars for a year.

Kuwaiti citizens will not have to pay these fees and can carry out unlimited part-time work. The expatriate applying for a part-time work permit will be able to work for a maximum of four hours a day.

Permission must also be given by the individual’s primary employer. The rules do not apply to employees in the contracting sector.

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News developments

Dubai: Dubai Financial Services Authority Issues First ESG Fee Waiver

09/02/202409/02/2024
by Tanya Jain

The Dubai Financial Services Authority has announced it has issued the first ESG fee waiver.

It was issued to Emirates NBD Bank PJSC.

The Authority’s Chief Executive announced in December 2023 that it was going to waive all regulatory fees for issuers looking to list sustainability-related debt securities in the DIFC throughout 2024.

All new and repeat issuers who make a relevant application to the Authority are eligible.

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News developments

Abu Dhabi: Multiple Health Facilities Shut Down

09/02/202409/02/2024
by Tanya Jain

Arabian Business, 5 February 2024: Abu Dhabi’s Health Department has announced it has closed numerous facilities for violations of healthcare laws and regulations.

It has fined one healthcare centre one million AED. It has also banned it from offering dental services across all its branches because of suspected fraudulent activities aimed at misappropriating public funds.

Investigations into the centre are ongoing.

Eight healthcare facilities have been shut down. They include an occupational medicine centre, a laboratory and a medical centre.

They were found to have violated Federal Law No. 14/2014 relating to the prevention of infectious diseases.

They were also found to have failed to have complied with electronic reporting regulations and failed to follow the Department’s public health statistics reporting standards.

In addition, four home care facilities were closed for failing to comply with the Department’s standards and regulations governing home care services and committing other violations.

These included failing to obtain proper patient consent and provide comprehensive explanations of treatment procedures and associated risks.

They were also not approved to offer secondment contracts between facilities.

In addition, they were found to have failed to have failed to provide essential medicines, medical supplies, or devices for emergencies and the healthcare facilities were used for unauthorised purposes by unlicensed individuals.

Concerns about the lack of essential medicines, medical supplies and devices for emergency cases at these facilities were also received.

The facilities also failed to adhere to safety procedures and infection prevention measures and inadequately maintained supplies, handled and disposed of medical waste improperly and insufficiently stored patient medical records.

A dental clinic has been closed too for multiple violations, including the employment of unlicensed healthcare professionals, non-compliance with sterilisation protocols and using non-sterile medical supplies.

It was also found to be deficient in recording comprehensive medical histories, procedures, examinations, interventions, or treatments in patient files and was operating in a different field to the one it was licensed for.

Also reported in Al Bayan on 4 February 2024. For the full story, click here.

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News developments

Kuwait: Government Submits Action Programme

08/02/202408/02/2024
by Tanya Jain

Kuwait Times, 6 February 2024: The Speaker of Kuwait’s National Assembly has announced the government has submitted its action programme.

The government have warned that economic and financial reforms must not be delayed any longer. If they are the cost of the reforms will be too expensive and relevant procedures will be extremely difficult to complete.

The government has expressed its intention to review charges for various public services that are not controlled by a 30-year-old law banning the government from raising charges on some public services without the prior approval of the Assembly.

In addition, the government has expressed its ambition to enable the private sector to play a bigger economic role. It will do this by offering more investment opportunities to the sector to help it create job opportunities for citizens.

Under the programme, the government has a 100-day action plan.

This plan includes measures being taken to control price rises, reprice various government services that have a limited impact on citizens, prepare a draft corporate income tax law and study the disbursement of public subsidies.

It proposes 22 different pieces of legislation as well that should be approved by the Assembly during the current term that ends in July.

These include a law establishing the northern economic zone and a law amending the wage scheme in the public sector. It also includes a selective tax law, a law amending the Residency Law for expatriates and a law establishing an independent electricity and water authority.

In addition, it includes a law regulating the information sector.

Elsewhere, the National Assembly has voted to approve a government request to delay the debating of two draft laws calling for the citizens’ cost of living allowance to be increased and interest-free loans to be provided to retired Kuwaitis.

The government said it had requested the delay to ensure they could be reviewed more carefully.

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