Bahrain Archives - Page 15 of 28 - LexisNexis Middle East

The MENA Business Law Review No. 03/2022 is out!

06/10/202211/10/2022
by Benjamin Filaferro

We are pleased to share the third edition of the MENA Business Law Review, the definitive business law reference in the Middle East and North Africa! In this edition:

ARBITRATION: Outcome-Related Fees Structures for Arbitration the UAE by Dr Tariq Mahmood FCIArb (33 Bedford Row), James Ng (Zhong Lun Law Firm) and Usama Munir (Schleuter Graf)

We explore the basic features and types of outcome-related fee structures (ORFS) for dispute funding and provide a detailed analysis of the UAE legal landscape of the acceptability of ORFS in arbitration proceedings.

LITIGATION: Comment on IPGL General Trading v. Horton Holding by Anson Cheung, Outer Temple Chambers

We share comments on this case, which raised interesting issues regarding the application and scope of the Duomatic principle to acts assented to by shareholders, with far-reaching practical consequences for a common practice in the UAE.

COMPANIES: A Guide to Saudi Arabia’s New Companies Law by Dr Qaisar Hamed Metawea, Lamisse Bajunaid, and Aziza Al Abbasi (Dr Qaisar Metawea Law Firm)

In this article, we provide a guide to the main areas of reform in Saudi Arabia’s new Companies Law concerning commercial and non-profit entities and analyse the impact of these reforms.

The New Regulation of Musataha Agreements over Commercial Land in the Emirate of Dubai by Jeremy Scott, Addleshaw Goddard (Middle East) LLP

In this article, we look in more detail at musataha arrangements in Dubai and assess the changes made regarding granting musataha rights over commercial land by government or government-related entities against its stated objectives.

CORPORATE GOVERNANCE: Solution to Executive Succession in UAE Family Businesses: The Board of Directors by David Chekroun (ESCP Business School), Megha Bansal (Deloitte) and Tanya Bansal (Abu Dhabi Department of Economic Development (ADDED))

This article assesses the rules and regulations regarding the corporate governance of family-owned businesses in the UAE, including the composition of the Board and its role in succession planning undertaken by the Nomination and Remuneration Committee. It also sets forth a series of recommendations on empowering the Board to facilitate a smooth transition of power amongst family businesses.

CYBERSECURITY: Financial Crime Challenges as We Enter Internet 3.0 by Karl Massi, Charles Russell Speechlys

The developing “crypto-economy” will become a significant part of the real economy in a very short time. This new digital mechanism for assigning, buying, selling and transferring assets brings with it novel issues regarding financial crime risk and security while mirroring some of the same vulnerabilities of the real economy. This article will explore some of the critical areas and how the UAE approaches them.

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LexisNexis MENA Business Law Review No. 03_2022

Have you read the previous editions of the MENA Business Law Review? Click the links below to access and read previous editions.

LexisNexis MENA Business Law Review No. 02_2022

LexisNexis MENA Business Law Review No. 01_2022

News developments

The Lexis® Middle East Gulf Tax – Autumn 2022 edition is out now!

12/09/202213/09/2022
by Benjamin Filaferro

We are pleased to share the latest edition of our tax magazine, Lexis® Middle East Gulf Tax, the first of its kind in the GCC! It is a complimentary magazine that provides updates on the GCC’s recent key tax and financial developments. In this edition:

Crypto Tax

The UAE has taken significant steps to develop a regulatory framework for cryptocurrency and virtual assets. Milos Krstic of Rain and Thomas Vanhee of Aurifer Middle East Tax look at how the UAE tax regime in this area may operate.

No Escape?

Mohamed ElBaghdady of Habib Al Mulla & Partners – a member firm of Baker & McKenzie International, Anas Salhieh of MMJS Consulting and George Campbell of Keypoint explain the different approaches tax authorities are taking in Saudi Arabia, the UAE and Bahrain to tackle tax evasion.

Practical Focus on Customs Duty and e-Commerce in the UAE and Saudi Arabia

Practical points in an article based on a Practice Note by Dr Atia Hussain of the University of Sharjah.

Tax-i, please

Halil Erdem of Careem talks about the need for GCC harmonisation in various areas of tax, one being e-invoicing. Sanjeev Fernandez of EY MENA talks about e-invoicing developments in Saudi Arabia and the region.

What do I do if VAT rates change?

As Saudi Arabia and Bahrain have increased VAT rates, and further changes could be coming in Saudi, what steps should taxpayers take to mitigate the impact of such changes? Gaurav Kapoor and Kanval Ashar of PwC Oman answer these questions and more!

Special thanks to Alchemy Search for supporting tax professionals by connecting businesses with talent across the GCC and beyond!

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Lexis® Middle East Gulf Tax | Autumn 2022

Have you read the Lexis® Middle East Gulf Tax – Summer 2022 edition? Click the link below to access and read this edition.

Lexis® Middle East Gulf Tax | Summer 2022

News developments

Out Now! MENA Business Law Review No. 02/2022

04/07/202205/07/2022
by Benjamin Filaferro

The MENA Business Law Review No. 02/2022 is brought to you by LexisNexis Middle East and features articles in Arabic, English, and French. In this issue of the MENA Business Law Review:

FIFA World Cup Qatar 2022: Legislative Developments, by Khadeja Al-Zarraa of Al-Ansari & Associates
The UAE’s New Corporate Tax Regime, by Mourad Chatar of Value Square and Ilias Paraskevopoulos
[Arabic] Highlights of Buy-Back Contracts (Repo Agreement): A Comparative Study, by Dr. Zain Al Abdin Sharar of QICDRC
A New Era: English Language Litigation in the Kingdom of Bahrain, by Jodie Martyndale-Howard of Charles Russell Speechlys
Fully Booked: A Return to Form for the Middle East Hospitality Sector, by Llowri Lwydd and Oliver Stevens of Addleshaw Goddard
[French] Affaire Bank Melli Iran versus Telekom Deutschland GmbH, by Maryam Sodayreh
Legislative Insight: Oman’s Crowdfunding Regulations, by Maria Mariam Rabeaa Petrou and Alaa Al Hinai of SASLO
Case Comment by David Russell QC of Outer Temple Chambers: The Industrial Group Ltd v. Abdelazim El Shikh El Fadil Hamid

Get your copy here!

News developments

Bahrain: PPP Guide Approved

22/06/202222/06/2022
by Benjamin Filaferro

Bahrain’s Crown Prince and Prime Minister has issued Bahrain Edict No. 30/2022 promulgating a guide regulating public–private partnerships.

The Minister of Finance and National Economy will be responsible for issuing the edicts, instructions and guidelines necessary to implement the Edict.

This includes the technical and financial provisions and procedures to be taken into account by the administrative authorities while designing partnership projects or implementing them through partnerships.

The Ministry of Finance and National Economy will also be responsible for verifying the compliance with the provisions of the guide accompanying the Edict and the edicts, instructions and guidelines issued subsequently in line with it.

The Minister of Finance and National Economy and other relevant Ministers will be responsible for implementing the Edict.

It will be published in the Official Gazette and come into force on its published date in the Gazette.

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News developments

Bahrain: Penal Code Amendment Approved

18/05/202218/05/2022
by Benjamin Filaferro

Alayam, 15 May 2022: Bahrain’s King has ratified and promulgated Bahrain Law No. 18/2022 amending Article 231 of Bahrain Decree-Law No. 15/1976 (the Penal Code).

Under Article 1, Article 231 will be amended to read:

‘Anyone, while practicing a medical or health profession, examines a dead person or provides first aid to a severely injured person and finds signs indicating that his death or injury is a felony or misdemeanour, or other circumstances exist that call for suspicion of its cause, and he does not inform the public authority of that, will be liable to imprisonment and a fine or to one of these two penalties.’

The Prime Minister and the relevant ministers will be responsible for implementing it. It will be published in the Official Gazette and come into force the day after it is published. For full story, click here.

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News developments

Bahrain: Crowdfunding Regulations Issued

05/05/202205/05/2022
by Benjamin Filaferro

The National, 1 May 2022: The Central Bank of Bahrain has set new rules governing crowdfunding-based activities.

The move follows a comprehensive review of existing regulations and contains rules on both equity and financing-based crowdfunding, according to a report by Bahrain News Agency.

The new regulations include principles governing the conduct of operations by the platform, rules on platform offers and disclosures. Methods for avoiding conflicts of interest are also covered as are segregating client money from platform operators to ensure safe operation of the activity.

Crowdfunding is seen by the authorities in Bahrain as potentially providing new alternative sources of funding for new businesses and start-ups and it is hoped it will serve as a catalyst for the growth of these types of businesses. The new regulations are principles-based, simple, easily understood and contain the minimum safeguards required to ensure crowdfunding platforms do not pose excessive risk to the financial sector.

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News developments

Bahrain: Maritime Law Ratified

11/04/202211/04/2022
by Nawell Bel Hhaddou

Al Watan, 7 April 2022: Bahrain’s King has ratified Bahrain Law No. 10/2022 issuing the Maritime Law.

It had already been approved by the Shoura and Representative Councils.

Under Article 1, the Maritime Law will be enforced, in a way which does not conflict with the provisions of relevant international conventions and treaties and protocols in force in the Kingdom.

Under Article 2, the Law of Ship Registration and Determining Safety Conditions promulgated by Bahrain Decree-Law No. 14/1978 and the Maritime Law promulgated by Bahrain Decree-Law No. 23/1982 (as amended) as well as any provision which contradicts the provisions of the Law will be repealed.

Under Article 3, the Minister responsible for Ports and Maritime Affairs will issue the Implementing Regulations and decisions necessary to implement the Law.

They will do within six months of the Law being published in the Official Gazette.

For full story see https://alwatannews.net/Bahrain/article/1000003/%D8%A7%D9%84%D9%85%D9%84%D9%83-%D9%8A%D8%B5%D8%A7%D8%AF%D9%82-%D9%88%D9%8A%D8%B5%D8%AF%D8%B1-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%B1%D9%82%D9%85-(10)-%D9%84%D8%B3%D9%86%D8%A9-2022-%D8%A8%D8%A5%D8%B5%D8%AF%D8%A7%D8%B1-%D8%A7%D9%84%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D8%A8%D8%AD%D8%B1%D9%8A.

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News developments

Bahrain: Central Bank Issues Updated Investment Fund Operation Directives

31/03/202231/03/2022
by Benjamin Filaferro

Bahrain’s Central Bank has issued updated investment fund operation directives.

They have done so following a comprehensive review of the rules governing the work of these entities as part of its plan to carry out a comprehensive review of the entire legislative system related to the financial sector.

The amendments focus on dividing investment funds into two categories.

The first category of funds relates to small investors and contain details of the nature of investment in the funds and require approval from the Bank first.

The second category of funds relates to investors with high financial solvency and experience. Those in this category only have to notify the Bank of the fund marketer.

The updated rules take the rapid and continuous changes in the investment fund sector into account.

They are aimed at reducing administrative procedures and facilitating approvals for the establishment and marketing of investment funds in order to create an environment to enable the sector to grow with appropriate regulations in place.

This will improve the competitiveness of investment fund operators and investment managers. For full story, click here.

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News developments

Bahrain: Cyber Crime Law Amendments Being Considered

15/03/202215/03/2022
by Benjamin Filaferro

Al Watan, 10 March 2022: The Foreign Affairs, Defence and National Security Committee of Bahrain’s Parliament has discussed proposed amendments to the Kingdom’s Cyber Crimes Law.

The proposed amendment would add a new Article to Bahrain Law No. 60/2014 criminalising insult, slander, and violating the reputations of others by misusing information technology,

The Committee examined the feedback of the Legal and Legislative Affairs Committee, the Interior Ministry and the Justice, Islamic Affairs and Waqf Ministry.

Following their examination of the feedback, the Committee decided to approve the draft law.

They also approved reducing the minimum fine for the related violations to 5,000 Dinars instead of 50,000 Dinars. For full story, click here.

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News developments

Bahrain: Civil Aviation Regulation Law Amendments Approved

24/02/202224/02/2022
by Benjamin Filaferro

Al Watan, 21 February 2022: Bahrain’s King has approved and issued Bahrain Law No. 4/2022 amending the Civil Aviation Regulation Law promulgated by Bahrain Law No. 14/2013.

Under Article 1 of Bahrain Law No. 4/2022, the definitions of civil aviation affairs, national aircraft and unit or investigation unit contained in Bahrain Law No. 14/2013 will be replaced wherever they appear with

‘Civil Aviation Affairs: The body entrusted with the authorities, competencies and powers related to civil aviation and represented by the Undersecretary for Civil Aviation Affairs.

National Aircraft: An aircraft registered in the National Aircraft Registry.

Unit or Investigation Unit: The unit for investigating accidents and dangerous incidents of aircraft established under Article 90 of this law’. For full story, click here.

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