Oman Archives - Page 10 of 33 - LexisNexis Middle East

Lexis Middle East Law Alert: August-September 2024 Edition

15/08/202415/08/2024
by Tanya Jain

Welcome to the August-September 2024 edition of Lexis Middle East Law Alert, your trusted source for the latest legal developments and insights in the MENA region. This issue delves into the most significant legal changes across the Gulf, including the introduction of stringent new telemarketing regulations in the UAE and the implementation of a groundbreaking enforcement law in Qatar. We also cover vital updates in DIFC property law, Saudi disability rights, and the latest customs regulations, providing you with a comprehensive overview of the legal landscape.

In addition to these key features, this edition highlights expert analyses on crucial legal topics such as non-compete clauses, a landmark ADGM case on fraud, and an in-depth profile of a leading legal counsel driving innovation at Qatar Stock Exchange. Whether you are a legal professional, a business leader, or simply interested in the evolving legal environment in the Middle East, this edition offers valuable insights to help you stay informed and ahead of the curve.

Stay informed with our meticulously curated content, designed to keep you ahead in the ever-changing legal landscape.

FEATURE: CALLING FOR CHANGE

Lama Alkhouli of Maamoun Alkhouli delves into the newly implemented legal framework governing telemarketing activities both onshore and offshore in the UAE, effective from August. The article provides a detailed analysis of how these stringent regulations will operate and the impact on businesses.

FEATURE: FULL FORCE OF THE LAW

The new enforcement law in Qatar aims to address the challenges creditors face. Experts from Mashael Alsulaiti Law Firm offer insights into the implications of this law and how it will streamline enforcement procedures for creditors.

IN-HOUSE PROFILE: WHEN MARKET MEANS INNOVATION

Aiman Khair, Legal Counsel at Qatar Stock Exchange, shares his insights on how his role contributes to the realization of the Qatari Financial Sector Strategy, emphasizing innovation in the market.

DISPUTE RESOLUTION FOCUS

A detailed analysis of a recent ADGM case involving allegations of fraud and breaches under Section 242 of the ADGM Financial Services and Markets Regulation 2015. Legal experts from Al Aidarous explain the importance of the case, particularly the decision to strike out all claims against one Defendant.

MOVERS AND SHAKERS

A round-up of the most significant appointments and promotions across the legal landscape in the region, highlighting the top moves that are reshaping the industry.

CONTRACT WATCH: NON-COMPETE CLAUSES

Gloria Estolano from M & Co. Legal examines non-compete clauses, providing valuable insights into their enforceability and implications for businesses.

LME Law Alert_ August-September 2024

Explore the past editions of the Lexis® Middle East Law Alert and stay up-to-date with the latest news! Click the links below for instant access to older editions.

Lexis Middle East Law Alert_January-February 2024

Lexis Middle East Law Alert_May/June 2024 Edition

Lexis Middle East Law Alert_July August 2023

TAX AND FINANCE ROUND-UP

A breakdown of the new Customs voluntary disclosure rules, providing clarity on compliance requirements and the impact on businesses in the region.

LEGAL ROUND-UP

Stay informed with our legal round-up, providing a comprehensive overview of recent developments across the region. Also, updates on the DIFC Property Law changes, highlighting the key modifications that stakeholders need to be aware of.

LAW MONITOR

An in-depth look at the Implementing Regulations for the Saudi Law on the Rights of Persons with Disabilities, exploring the legal protections and rights for individuals under this new regulation.

Want to receive more content? Subscribe to our newsletter here!

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

News developments

Oman: More Services Added to Oman Business Platform

08/08/202408/08/2024
by Hannah Gutang

Shabiba, 28 July 2024: The Commerce, Industry and Investment Promotion Ministry has unveiled a series of enhancements and new facilities for investors and businesses through the Oman Business Platform.

These improvements aim to streamline processes, reduce bureaucracy, and create a more conducive environment for investment in Oman.

Among the key updates are simplified procedures for commercial registration services, including updating commercial register data and transferring ownership.

The ministry has also introduced improvements to license applications and registration processes for companies subject to the Foreign Capital Investment Law.

Notably, the ministry has reduced the number of required documents and prerequisites, contributing to a more user-friendly experience and enabling faster and more efficient transaction completion.

These measures are expected to significantly support the investment climate in Oman, making it more attractive for both local and foreign investors.

The ministry’s efforts align with the Oman’s broader strategy to diversify its economy and attract investments across various sectors.

By improving the ease of doing business and providing a supportive regulatory framework, Oman aims to position itself as a preferred destination for businesses seeking to establish or expand their operations in the region.

Investors and entrepreneurs can look forward to a streamlined and efficient process through the Oman Business Platform, enabling them to focus on their core business activities while benefiting from the government’s commitment to encourage a conducive investment environment.

For the full story, click here.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit https://www.lexis.ae/lexis-middle-east-law/.

News developments

Oman: FSA Implements Unified Life Insurance Policy for Borrowers

01/08/202401/08/2024
by Hannah Gutang

Atheer, 25 July 2024: The Financial Services Authority (FSA) has confirmed the implementation of a new unified template for life insurance policies for borrowers.

This policy aims to standardise the terms and provisions governing the contractual relationship between borrowers, banks, and insurance companies.

Effective 1 June 2024, all parties involved in the insurance relationship, including insurance companies, banks, and borrowers, are required to comply to the provisions outlined in Oman Capital Market Authority Decision No. H/4/2024.

The FSA has emphasised the importance of compliance with the new policy.

The CEO of the Financial Services Authority had previously issued a decision to introduce the new unified template for life insurance policies for borrowers, establishing a legal framework to regulate the contractual relationship between the borrower, the bank, and the insurance company.

The document provides a unified framework for the terms and conditions of insurance coverage contracts offered by insurance companies to borrowers from financial institutions.

In the event of death or permanent total disability, the insurance company will bear the remaining balance of the loan, ensuring financial protection for the borrower and their heirs.

One of the key features of the document is that it guarantees the protection of the rights of life insurance policyholders for borrowers by specifying the basic and optional benefits of insurance coverage.

This initiative enhances the social safety net for citizens and residents in Oman by facilitating access to appropriate financing while providing protection for the borrower and their beneficiaries.

The document also states that insurance companies cannot reject a claim on the pretext of non-disclosure of any diseases after four years from the policy’s effective date.

The implementation of the unified life insurance policy for borrowers is expected to bring transparency, standardisation, and enhanced protection for all parties involved in the insurance relationship.

For the full story, click here.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit https://www.lexis.ae/lexis-middle-east-law/.

News developments

Lexis Middle East HR Alert – July 2024 Edition

29/07/202430/07/2024
by Tanya Jain

Welcome to the latest edition of Lexis Middle East HR Alert – July 2024, your definitive source for staying abreast of the legal and business developments shaping HR in the Middle East. As the region continues to evolve and adapt to global standards, it is imperative for HR professionals, legal practitioners, and business leaders to stay informed about the changes and trends impacting the workforce.

In this issue, we delve into the critical reforms in wage protection systems in Saudi Arabia and Qatar, shedding light on how these changes aim to safeguard employees’ rights. Our comprehensive News Round-Up covers key regional developments, including significant retirement age changes in Saudi Arabia, while our Immigration Focus highlights the latest visa and immigration changes across the GCC, essential for managing international workforces.

Gain valuable insights from industry experts like Joshua Decker, Shreyansh Singh, and Antoine Salloum, who provide in-depth analyses and perspectives on current HR and legal challenges. Additionally, our HR and In-House Profiles feature Ryan Jackson and Shayan Sultan, sharing their strategies and experiences in navigating the dynamic HR landscape.

Stay updated with the latest business moves, appointments, and promotions, and explore new and proposed laws affecting the MENA region. This issue also includes a pivotal case study from the DIFC, emphasising the importance of understanding legal precedents in employment law.

Happy reading!

This edition features a diverse range of content, including:

Feature: Protecting Pay Cheques

Saudi Arabia and Qatar are both in the process of updating their wage and salary protection systems. Joshua Decker of Vaishvik Law International Ltd delves into the specifics of these reforms, providing a comparative analysis of both systems and how these changes are set to improve wage protection for employees in these countries.

Trend Setter – Smoke and Mirrors: Gulf Workers’ Housing Reality

The tragic Mangaf fire in Kuwait has brought to light the dire conditions in which many foreign workers live. Shreyansh Singh, Associate Partner at Shree Legal Consultancy, examines this incident and highlights the pressing need for more stringent housing regulations to ensure the safety and well-being of foreign workers in the Gulf.

News Round-up: Covering Recent Key Developments – Region-Wide

Stay updated with the latest regional developments, including significant changes to the retirement age in Saudi Arabia, impacting HR policies and employee planning across the region.

Immigration Focus

Explore the latest immigration and visa regulations across the GCC, with a special focus on Qatar’s new exit requirements. This section provides essential insights for HR professionals managing international workforces.

Immigration Focus: Turning Qatar’s Challenges into Opportunities

Antoine Salloum, an expert in Qatar’s immigration sector, offers an insider’s perspective on navigating the ever-evolving immigration landscape, turning potential challenges into strategic opportunities.

Law Changes: New and Proposed MENA Laws

Sarit Thomas and Emma Higham from Clyde & Co analyse Qatar Cabinet Decision No. 11/2024, detailing the new eligibility criteria for early retirement under the updated Social Insurance Law. This section covers crucial legal changes affecting HR policies and employee benefits.

Case Focus – DIFC Case No. 039/2024: Noah v Nicole

This case, recommended by Ayesha Karim, highlights a pivotal issue concerning the right to a salary in an unopened business. Issued on 28 May 2025 by the DIFC Small Claims Tribunal, this case sets a significant precedent for employment law in the region.

Enrich your understanding of the HR landscape and stay up-to-date with the latest trends, cases, and policies through the newest issue of Lexis Middle East – HR Alert.

For all the latest industry updates and developments, opt for a free HR Alert subscription!

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Lexis Middle East HR Alert_July 2024

Have you read the Lexis® Middle East HR Alert – previous 2024 editions? Click the links below to access and read these editions.

Lexis Middle East HR Alert_January 2024

Lexis Middle East HR Alert_May 2024

HR Profile: Embracing Culture In Recruitment

Ryan Jackson, founder and CEO of Culture First Recruitment, shares his journey and offers insights into addressing talent shortages in the UAE. By focusing on a culture-centric approach, Jackson discusses how evolving workforce dynamics can be managed effectively.

In-House Profile: Practitioner Perspective

Shayan Sultan of Fragomen provides an overview of upcoming changes in Bahrain that will impact the costs charged by agencies recruiting domestic workers, highlighting key points HR professionals need to consider.

Policy Pointers: Smokeless Zones

Maisa Maarouf, Head of HR and Administration at BSA Ahmad Bin Hezeem & Associates LLP, contributes her expertise on creating smokeless zones, an essential policy pointer for maintaining a healthy work environment.

Moves and Changes

Stay informed about the latest business news, significant appointments, and promotions across the region, ensuring you are up-to-date with the key players in the market.

HR Profile: Recruitment in an Evolving Market

Mpho Netshiombo, Head of People, Performance, and Culture at KPMG Bahrain, discusses how recent legal and market changes have impacted recruitment strategies. He shares his approach to talent development, management, and engagement in this evolving landscape.

News developments

Oman: Tightens Labour Market Regulations to Prioritise Omanisation

25/07/202425/07/2024
by Hannah Gutang

Al-Roya, 24 July 2024: Oman has unveiled a comprehensive set of stringent labor market regulations aimed at boosting Omanisation in the private sector.

The Labour Ministry has issued a statement outlining several measures to be implemented.

Firstly, all government entities and state-owned companies will be prohibited from contracting with private sector establishments that fail to comply with the prescribed Omanisation percentages.

Additionally, private sector establishments must obtain an electronic certificate from the Ministry of Labour, confirming their compliance to labour standards and Omanisation requirements.

Furthermore, the Ministry has added more than 30 new professions to the list of jobs restricted for non-Omanis.

All private sector establishments will be mandated to employ at least one Omani citizen in suitable professions and jobs, subject to forthcoming guidelines from the Ministry.

A financial package has also been approved to support the Ministry’s initiatives aimed at increasing Omanisation rates.

The Labour Ministry will review work permit fees, with incentives for compliant establishments and doubled fees for non-compliant ones.

Moreover, intensified inspection campaigns will be conducted to ensure private sector compliance with labour market regulations.

The Ministry will provide further details on these decisions before their implementation in September 2024 and has urged all stakeholders to cooperate in the national interest.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit https://www.lexis.ae/lexis-middle-east-law/.

News developments

Oman: State Council Discusses Draft Law on Arbitration in Disputes

18/07/202418/07/2024
by Hannah Gutang

Oman Observer, 10 July 2024: The State Council Office has discussed its Legal Committee’s proposal on the “Draft law on documentation” and a proposal on amending some provisions of the Law on Arbitration in Civil and Commercial Disputes.

The members of the State Council’s Office have discussed the Economic and Financial Committee’s proposal on “the framework for developing the government’s performance management system and criteria for placement in leadership positions”.

The meeting has also looked into a proposal on “the role of plant extracts in enhancing the local economy”.

The meeting has reviewed the Council of Ministers’ reply to observations and views made by the State Council and the Majlis Ash’shura about the “Draft of State Budget 2024”.

The members have elaborated on two studies conducted by the State Council: One titled ‘Legislative and regulatory determinants for e-commerce’ and the other titled ‘Arts and their role in supporting the national economy’.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit https://www.lexis.ae/lexis-middle-east-law/.

News developments

Oman: Clearing Regulations Provisions Amended

12/07/202412/07/2024
by Hannah Gutang

Shabiba, 8 July 2024: The FSA has published in the Official Gazette Oman Decision 127/2024 amending some provisions of the regulation governing clearing and settlement which included a minor change to Article 14 of Oman Ministerial Decision No. 75/2022 issuing the regulation governing clearing and settlement.

Article 14 of Oman Ministerial Decision No. 75/2022 outlines that upon executing a sale or purchase transaction, the securities are recorded in the electronic system under the status of “Deemed Sold Awaiting Settlement” or “Deemed Bought Awaiting Settlement, Sale Permitted,” respectively.

Ownership is registered to the buyer on the day of settlement, and this settlement is considered final.

The amendment makes a small specific change to the wording of the original article 14 Oman Ministerial Decision No. 75/2022 by stating that the settlement cannot be “conditional or deferred”.

For the full story, click here.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit https://www.lexis.ae/lexis-middle-east-law/.

News developments

Lexis Middle East Gulf Tax – Summer 2024 Edition

08/07/202408/07/2024
by Tanya Jain

Welcome to the latest edition of Lexis Middle East Gulf Tax Magazine, your comprehensive guide to the evolving tax landscape in the Gulf Cooperation Council (GCC) region. As businesses navigate through dynamic tax regulations and new compliance requirements, staying informed is crucial. This edition brings you expert insights, practical advice, and updates on significant tax developments affecting various sectors across the GCC.

In this issue, we delve into the attractive tax incentives for companies establishing Regional Headquarters in Saudi Arabia, with insights from Sadia Nazir of KPMG. We also explore the recent changes in the taxation of foreign banks in Dubai, expertly explained by Charles Collett of PwC. As the UAE prepares for the implementation of E-Invoicing in 2026, we highlight the key takeaways businesses need to consider to ensure readiness and efficiency.

Gulf Tax Magazine remains committed to providing valuable knowledge and expert perspectives to help you navigate the complexities of the GCC tax environment. We hope you find this issue insightful and beneficial for your tax planning and compliance efforts.

FEATURE: OVER AT HQ

In this feature, Sadia Nazir from KPMG Saudi Arabia explores the tax incentives available for companies establishing a Regional Headquarters (RHQ) in Saudi Arabia. Nazir delves into the specifics of these incentives, offering insights into how businesses can benefit from setting up their RHQs in this strategic location.

FEATURE: TAXING: NEW ERA FOR BANKS

Charles Collett of PwC provides an in-depth analysis of the recent changes in the taxation of foreign banks in Dubai. Collett explains how these changes impact foreign financial institutions and what steps they need to take to comply with the new tax regulations.

TAX NEWS ROUND-UP

This round-up covers recent key developments in tax treaties and regulatory changes across the region, providing readers with a comprehensive overview of the latest updates.

WHAT’S CHANGED?

With the implementation of E-Invoicing set for July 2026, UAE businesses must evaluate their readiness in terms of people, processes, and systems. This section highlights the importance of automating invoicing processes to enhance efficiency and ensure a smooth transition to the new system.

PRACTICAL FOCUS: ON REAL ESTATE

Brian Conn and Ashish Athavale of BDO discuss the application of VAT on real estate in GCC countries. As the real estate market continues to boom, this article examines how VAT impacts investors and the overall market dynamics.

TAX PROFESSIONAL PROFILE:

Head of Tax Operations – MEA, Amedeo Aragona, discusses his proactive approach to tax audits. Aragona shares strategies for mitigating risk and avoiding costs through careful audit preparation and execution.

ANY QUESTIONS?

Mohamed El Baghdady of Habib Al Mulla examines the recent changes to UAE guidance on the VAT treatment of board members’ services, providing clarity on whether VAT is applicable and under what conditions.

Want to receive future editions? Subscribe here!

Want to learn more about Lexis® Middle East Visit, https://www.lexis.ae/lexis-middle-east-law/.

Lexis Middle East Gulf Tax_Summer 2024

Have you read the Lexis® Middle East Gulf Tax – Spring and Summer 2023 editions? Click the links below to access them.

Lexis Middle East Gulf Tax | Autumn 2023

Lexis Middle East Gulf Tax |Spring 2023

Lexis Middle East Gulf Tax | Winter 2023

News developments

Oman: CBO Issues RO 100 Million Government Bonds

05/07/202405/07/2024
by Hannah Gutang

Oman Observer, 27 June 2024: The Central Bank of Oman (CBO) has announced announced the issuance of the 71st series of government development bonds worth OMR 100 million, with a five-year maturity andan annual interest rate of 5.1%.

CBO has stated that the subscription will open on 1 July 2024, and close on 11 July 2024.

The auction will be held on 14 July 2024, and bonds will be issued on 16 July 2024.

Interest will be paid biannually on 16 January 2024 and 16 July 2024 until maturity on 16 July 2029.

Bidding will be open to all categories of investors, both within and outside Oman, regardless of nationality.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit https://www.lexis.ae/lexis-middle-east-law/.

News developments

Oman: Building Code To Be Ready By Year End

28/06/202428/06/2024
by Hannah Gutang

Oman Observer, 24 June 2024: The Housing and Urban Planning (MoHUP) Ministry has entered into an agreement with the International Code Council to design Oman Building Code before the end of 2024, with five codes being completed in 2025.

ICC is a non-profit standards organisation that creates the International Building Code (IBC) as well as the International Residential Code (IRC) for countries across the world the agreement the codes will be issued in Arabic and English and aim to regulate the buildings sector in Oman.

The Omani Building Code, set to be ready by the end of the year, is a comprehensive set of technical, scientific, and administrative systems specialised in buildings.

It is based on practical foundations, natural conditions, and engineering rules to achieve sustainability, safety, and public health.

The code is being developed in line with the recommendations of the National Urban Development Strategy.

An advisor from the Ministry of Housing and Urban Planning (MoHUP) has stated that the Omani Building Code consists of six sections: general code, energy conservation and sustainability code, code for existing and heritage buildings, plumbing code, mechanical code, and sanitation code.

Once approved, they will serve as the basic reference for any new construction or renovation projects in the country, facilitating the exchange of experiences between Oman and other nations while creating job opportunities.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit https://www.lexis.ae/lexis-middle-east-law/.