Bahrain Archives - Page 23 of 27 - LexisNexis Middle East

Bahrain: Draft Amendments to the Commercial Companies Law Approved

14/06/201911/12/2019
by Benjamin Filaferro

Bahrain’s Cabinet has approved draft amendments to the Commercial Companies Law promulgated by Bahrain Decree-Law No. 21/2001 proposed by Parliament, following a recommendation from the Ministerial Committee for Legal and Legislative Affairs. The amendment will facilitate procedures for attending General Assembly meetings on behalf of partners using special power of attorney, without having to be authenticated by the relevant authorities.

Weekly Spotlight

Weekly Spotlight: Foreign Capital Companies in Bahrain Authorised to Explore for Oil and Gas

09/06/201911/12/2019
by Benjamin Filaferro

Bahrain has agreed to allow companies with foreign capital to own 100% of exploring for oil and natural gas operations in the Kingdom. The approval was contained in Bahrain Edict No. 10/2019 which has been issued by the King. The conditions for these permits include a requirement for foreign parent company to sign or be in the last stages of signing an exploration agreement with the Bahraini Government.

News developments

Bahrain: Draft Law to Increase Penalties for Social Media Misuse Under Consideration

03/06/201911/12/2019
by Benjamin Filaferro

The Chairman of the Committee for Foreign Affairs, Defence and National Security of Bahrain’s Council of Representatives has announced a draft law to increase the penalties for social media misuse is under consideration. It is part of Government attempts to clampdown on this misuse. Among other things, social media misuse covers defaming someone, insulting someone or spreading rumours.

News developments

Bahrain: Launch of a Model Contract Between Real Estate Sellers and Brokers

25/05/201911/12/2019
by Benjamin Filaferro

Bahrain’s Real Estate Regulatory Authority has launched a model contract for use between real estate sellers and brokers. The CEO of the Authority said it is not mandatory to use the model contract and is intended for use as a unified model for mediation contracts, with more items to be added in line with the relevant regulations. The model was prepared following consultation with the relevant parties including real estate brokers and sellers. The Authority is going to prepare more models and guidelines in the coming months, covering other types of real estate transactions.

News developments

Bahrain: New Providing Cloud Computing Services to Foreign Parties Law Approved

18/05/201911/12/2019
by Benjamin Filaferro

Bahrain’s Shoura Council have approved four laws including a new Providing Cloud Computing Services to Foreign Parties Law. It is aimed at international cloud providers who have shown an interest in establishing in the Kingdom following the launch of Amazon Web Services. The Council also approved a Letters and Electronic Transactions Law which will establish a new framework for associated banking and financing services.

News developments

Bahrain: Amendment to the 2001 Non-Bahrainis Ownership of Property and Plots Law Approved

05/05/201911/12/2019
by Benjamin Filaferro

Bahraini MPs have approved an amendment to the 2001 Non-Bahrainis Ownership of Property and Plots Law which will mean expatriate property investors will not be able to own property in areas which aren’t designated tourism or investment zones. Previously foreigners were able to buy property anywhere in the Kingdom. It follows concerns Bahrainis were being priced out of the market. The Shoura Council will now consider the amendment.

News developments

Bahrain: Draft Insurance Aggregator Rules Issued

27/04/201911/12/2019
by Benjamin Filaferro

Bahrain’s Central Bank has announced it has issued draft insurance aggregator rules. Insurance aggregators are intermediaries with an insurance broker’s license who operate an online platform, whether hosted on an Internet website or available as a smart device application which provides price comparisons and facilitates the purchase of insurance policies from several insurance licensees. By introducing insurance aggregators, customers will be able to find and choose insurance quotes from several insurance companies under a single electronic platform or mobile device application, instead of obtaining quotes individually and purchase insurance online from a single insurance company. The move is the first step towards Insuretech which is a technology-led transformation of the insurance sector. Copies of the directive are available on the Central Bank Website.

News developments

Bahrain: Draft Law to Regulate Hygiene Approved

20/04/201911/12/2019
by Benjamin Filaferro

Bahrain’s Shoura Council has approved a draft law to regulate hygiene, following Bahrain Royal Decree No. 86/2014. It will apply to waste and its transportation and disposal. It will also cover waste dumping and depositing waste in incorrect facilities. In addition, it will ban abandoning scrap vehicles on streets and leaving vehicles in public streets and squares to sell. Finally it will allow waste to only be transported by licensed companies and institutions.

News developments

Bahrain: Final Consultation on Batelco Split Launched

13/04/201911/12/2019
by Benjamin Filaferro

Bahrain’s Telecommunications Regulatory Authority has launched a final consultation on the reference offer of the split Batelco entity. The consultation ends on 25 April 2019. The new wholesale-only entity (NBNetco BSC) will be formed by the separation of Batelco into two distinct entities. NBNetco will operate and deploy the single national broadband infrastructure in the Kingdom. This is how all telecom services including 5G will be provided. Service providers must therefore be granted access to the infrastructure on fair and reasonable terms.

News developments

Bahrain: Calls to End the System of Flexible Work Permits

08/04/201911/12/2019
by Benjamin Filaferro

Bahraini MPs have called on the Government to end the system of flexible work permits used by freelancers immediately and compensate merchants for damage caused by the system. The Labour Minister has said flexible workers do not have the right to establish a private company and added the practice does not hurt Bahraini employment. Workers will not be allowed to move to another sponsor until two years of service and will pay 500 Dinars in insurance when entering the country to cover any claims against them.