Kuwait: Banks Must Disclose Records of Specific Individuals and Institutions

Arab Times, 26 April 2022: Kuwait’s Central Bank has issued a Circular requiring some local banks to disclose records of specific individuals and institutions.

They relate to several accounts belonging to a marine equipment company.

They also relate to financial records of seven citizens going back eight years.

The Central Bank has issued the request following a request from the Public Funds Prosecution and Anti-Money Laundering.

The country’s Public Prosecution must be provided with all of the relevant information about the company accounts and the seven individuals for 1 January 2014 to 1 January 2021.

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Kuwait: Regulations to Protect the Rights of Technology Users Approved

Alqabas, 23 April 2022: Kuwait’s Communications and Information Technology Regulatory Authority has approved regulations to protect the rights of users of communications and information technology services.

Among other things, the regulations include an obligation to obtain explicit consent from the service requester when subscribing.

The consent may be in writing, oral, or via electronic message.

The licensee has to keep a copy of the subscriber’s consent.

Unwanted messages must be regulated, including the creation of a database to stop receiving these types of message if requested by subscribers. For dull story, click here.

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Kuwait: Implementing Regulations to Law Establishing Capital Market Authority Amended

Alqabas, 17 April 2022: Kuwait’s Capital Market Authority has announced it has amended the Definitions and Companies Governance Chapters in the Implementing Regulations or Kuwait Decision No. 72/2015 to Kuwait Law No. 7/2010.

The Authority said the amendments of the two chapters is based on a decision of the Authority Commissioners Council.

The amendments must be enforced by all of the relevant entities from its published date in the Official Gazette. For full story, click here.

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Kuwait: Trade Fair Rules Must be Complied With

Arab Times, 27 March 2022: Kuwait’s Interior Ministry has announced trade fair rules must be complied with.

The security directorates in the respective governorates have to be informed of temporary exhibitions.

They have to be organised and comply with the relevant Ministerial Decision on the establishment of temporary trade fairs.

The rules for hosting concerts are different. The General Directorate of Criminal Investigation of the Information Ministry has to be informed by the organiser of the concert.

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Kuwait: Commercial Agency Law Amendments Proposed

Arab Times, 22 February 2022: A Kuwaiti MP has proposed an amendment to the country’s Commercial Agency Law.

They have proposed an amendment to Article 24 of Kuwait Decree-Law No. 68/1980.

If approved, it will state ‘Any foreign company can establish its branch in the country and operate here without the need for a Kuwaiti agent’.

They have also proposed an amendment to Article 31 of Kuwait Law No. 49/2016 (the Public Tenders Law) on the conditions which individuals or companies must meet to participate in public or limited tenders, as well as direct contracting.

Individuals or companies must be registered in the commercial register, in addition to the suppliers and contractors register. The aim of the amendment is to eliminate the privileges granted to local agents, most of who have caused problems which impeded the implementation of many development projects because of the absence of suitable technology and unwillingness to support national projects.

They added most local agents focus on making gains and engage in visa trading, instead of working in the public interest

They went on to say some of these agents won tenders and then divided the projects which were distributed to subcontractors who failed to meet the conditions.

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Kuwait: Implementing Regulations to Health Requirements Against Communicable Diseases Law to be Issued

Alanba, 11 February 2022: Kuwait’s Government is preparing the Implementing Regulations to Kuwait Law No. 8/1969 on the health precautionary measures against communicable diseases.

The Regulations will be issued soon and will be published in the Official Gazette.

They will specify the violations which can be reconciled and their fines in terms of the reconciliation templates and the authorities which the fines must be paid to.

There will be a fine of 50 Dinars for each violation committed by a national or resident under the Law or its Implementing Regulations. For full story, click here.

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Kuwait: Conditions for Expatriates Who are Over 60 to Renew Residence Permits Announced

Kuwait Times, 4 November 2021: Kuwait’s Public Authority for Manpower has announced expatriates who are over 60 and have a secondary certificate or less can renew their residence permits provided they pay 500 Dinars annually and pay health insurance.

It comes as the Authority repeals a decision it issued last year to ban these expatriates from renewing residence permits.

The decision was ruled unconstitutional by the country’s Fatwa and Legislation Department last month.

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LexisNexis and Al-Yaqout & Al-Fouzan Legal Group Launches the ‘LexisNexis Library’ in Kuwait

Dubai, United Arab Emirates – 20 October 2021

The ‘LexisNexis Library’, located in the Al-Yaqout & Al-Fouzan’s premises at the Kuwait Chamber of Commerce & Industry, is the first initiative of its kind across the Gulf Cooperation Council (GCC).

In partnership with Al-Yaqout & Al-Fouzan Legal Group, strategic partner and exclusive reseller of LexisNexis products and services in the State of Kuwait, LexisNexis is proud to launch their newest project in the GCC, the LexisNexis Library, which will be located in Al-Yaqout & Al-Fouzan’s premises at the Kuwait Chamber of Commerce & Industry (Abdulaziz Al-Saqer Street, Al-Qibla, Kuwait City, State of Kuwait).

The library’s collection will include a series of legal books, magazines, journals and reference legal research guides and handbooks, edited by global and regional legal publishers. While the titles will mainly be focused on the Gulf (United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman, and Bahrain) and the Dubai International Finance Centre (DIFC), a collection of foreign books will also be made available to the public. The library will be regularly provisioned and updated. Books will be available for on-site consultation or can be borrowed for a certain period of time. Some titles can be purchased. It will also be possible to order titles that are not immediately available at the library.

Through this partnership, in addition to the LexisNexis Library, a LexisNexis Legal Training Room will be established in Kuwait, to continue delivering unique and tailor-made training programs in the country.

The initiative has no equivalent across the GCC. With this unique project, LexisNexis, a leading global provider of legal, regulatory and business information and analytics, and Al-Yaqout & Al-Fouzan Legal Group, a leading law firm in Kuwait, have come together, with the aim of diversifying the sources of legal knowledge by providing training services and legal books in English, Arabic and French for legal practitioners, students, researchers and academics in Kuwait. This project is part of LexisNexis and Al-Yaqout & Al-Fouzan Legal Group’s desire to contribute to advancing the Rule of Law in the Middle East.

The LexisNexis Library will open its doors end of October 2021. LexisNexis and Al-Yaqout & Al-Fouzan Legal Group look forward to welcoming the legal community of Kuwait to the LexisNexis Library and hope they will take part in the various legal training programmes that will be offered.

The agreement-signing ceremony took place on Wednesday 6^th October 2021 at the LexisNexis headquarters in Paris. It was attended by Al-Yaqout & Al-Fouzan Legal Group’s Managing Partner, Khalifah H. Al-Yaqout, Attorney-at-Law and LexisNexis Middle East’s newly appointed Managing Director, Benjamin Filaferro.

Kuwait: Over-60s Expatriate Ban Reversed

Gulf News (United Arab Emirates), 8 October 2021: A Kuwaiti Government agency has reversed a ban on expatriates over 60 who do not have a university degree from renewing their work permit.

The decision was revered by the Legal Advice and Legislation Department.

It was issued by the Public Authority of Manpower in August 2020 without authorisation.

They issued a subsequent decision allowing expatriates over 60 to renew their residency permits in for 2,000 Dinars.

The Commerce Minister as Chairman of the Public Authority of Manpower will now have to issue a decision to reverse the ban.

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Kuwait: Tax Changes on the Way

Arab News, 14 July 2021: Kuwait’s Finance Minister has announced tax changes are on the way.

Excise tax and VAT will be introduced.

They also announced withdrawals need to be made from the Future Generations Reserve Fund temporarily to plug a budget deficit.

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