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Lexis Middle East Law Alert: January/ February 2024 Edition

24/01/202424/01/2024
by Tanya Jain

Welcome to the January – February 2024 issue of Lexis Middle East Law Alert, where we provide a comprehensive examination of the latest legal developments shaping the region. In this edition, we explore key changes in maritime law, tourism legislation, landmark legal cases, and various sectors, offering valuable insights from legal experts and practitioners.

Keep yourself informed about the most recent legal, financial, and fiscal advancements, as well as trending subjects in the MENA region.

FEATURE: NAVIGATING A SEA CHANGE

Discover the substantial changes set to unfold in the shipping and trade landscape in the UAE as we delve into the implications of the recently issued Maritime Code. Ince & Co Middle East experts Mohamed El Hawawy, Natalie Jensen, and Mahmoud El-Sayed guide us through the transformative impact expected in March 2024.

FEATURE: DIRECTION OF TRAVEL

Ahmed Al Barwani of Al Tamimi & Company sheds light on the recent legislative changes in Oman’s tourist law, offering a detailed exploration of the evolving landscape within the country’s tourism sector.

FEATURE: CASE FOCUS

Our case focus zooms in on the intriguing legal battle between AC Network Holding Limited & Others and Polymath Ekar SPV1 & Others. Delve into the details of the case and explore the jurisdiction, court, and recommendations by Faridah Sarah of Ingmiresy Limited.

PROFILE: FROM REGIONAL TO GLOBAL

Read about Bethan Onions, a Global Legal Operations Leader at Arup, as she shares insights
on switching to a global focus and navigating legal operations on a global scale.

DISPUTE RESOLUTION FOCUS – CREDITOR’S RIGHTS

Waleed Hamad of Al Aidarous explores practical strategies to safeguard creditor’s rights in the face of asset disposal challenges in our Dispute Resolution Focus.

MOVERS AND SHAKERS

Check out our latest round-up of the top movers and shakers from the world of legal appointments and promotions, brought to you by Jameson Legal. Who is been promoted, who is been appointed, and who is moving on?

CONTRACT WATCH: ARBITRATION CLAUSES

Contributor Paul Taylor, Managing Partner at Eversheds Sutherland, discusses the common practice of using arbitration clauses in UAE construction contracts. Gain valuable insights into the pro-arbitration stance of UAE courts and the importance of clear and complete contractual dispute clauses.

LAW MONITOR

Explore the implications of a UAE Cabinet Decision on Real Beneficiary procedures in our Law Monitor section, offering a detailed analysis of the latest legal developments in the GCC.

Thanks to Jameson Legal for supporting individuals and businesses, and Al Aidarous for keeping us updated on dispute resolution cases.

Lexis Middle East Law Alert_January-February 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 2023

Lexis Middle East Law Alert March-April 2023

Lexis Middle East Law Alert_May June 2023

Lexis Middle East Law Alert_July August 2023

TAX AND FINANCE ROUND-UP

Get updated on the latest in tax and finance with our round-up, including a spotlight on DIFC Crypto Tokens. We provide an in-depth analysis of the significant developments influencing the financial landscape in the Middle East.

LEGAL ROUND-UP

Stay informed with our legal round-up, providing a comprehensive overview of recent developments across the region. Highlighting changes in the ADGM jurisdiction, we ensure you are up to speed on the latest legal landscape.

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

News developments

Oman: Liquidity Provider Service Launched

17/01/202417/01/2024
by Tanya Jain

Oman Daily Observer, 14 January 2024: The Muscat Stock Exchange has announced the launch of a liquidity provider service.

The service enables the daily presentation of buying and selling offers with a spread of approximately 2% between asking price and bid.

It has been launched as part of the Exchange’s Market Making Initiative and has been launched together with the National Programme for Financial Sustainability.

The Exchange’s CEO said the service has been launched to create liquidity for selected and agreed-upon stocks.

The launch of the service will help the Exchange become an emerging exchange by meeting the essential requirements.

The Exchange is currently working with listed companies, specifically with significant market capitalisation, to provide the service.

There are plans to establish dedicated funds to improve liquidity in the coming days as well.

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: New Visa Medical Certification Guidelines Issued

12/01/202412/01/2024
by Tanya Jain

Oman Daily Observer, 7 January 2024: Oman’s Health Ministry has announced new visa medical certification guidelines have been issued.

The certifications are completed in Gulf Health Council centres abroad. From 7 January, expatriates will not have to visit Health Ministry medical fitness examination centres.

They will be able to approve their certificates on the Health Ministry’s electronic health portal or at Sanad offices instead. Patients who had medical fitness certificates issued before 7 January can continue to do so until 21 January.

The Royal Oman Police will not approve manually approved examinations after this date.

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 – Winter 2023 Edition

11/12/202311/12/2023
by Tanya Jain

We are excited to introduce the newest edition of Lexis Middle East Gulf Tax. Our complimentary magazine provides valuable insights into the latest tax and financial developments throughout the region.

This issue covers a spectrum of critical topics reshaping the taxation landscape in the GCC region. It delves into the substantial impact of the OECD’s Subject to Tax Rules (STTR) on Gulf countries and examines the recent alterations in Saudi Arabia’s Real Estate Transaction Tax (RETT). The issue spotlights the new VAT reporting and documentary requirements affecting B2B local supplies of electronic devices in the UAE as of October 30, 2023.

FEATURE: CREATING A STTR

Anand Krishnan from KPMG Qatar delves into the implications of the OECD’s Subject to Tax Rules (STTR) within the GCC states. Exploring the impact of these rules on taxpayers in Gulf countries, this feature sheds light on how these regulations align with Pillar Two’s minimum income tax levels for multinational companies.

FEATURE: SHIFTING SANDS OF RETT

Deloitte Middle East experts, Michael Camburn, Manish Bansal, and Maliha Asghar, dissect the recent changes in Saudi Arabia’s Real Estate Transaction Tax (RETT). They discuss regulatory amendments, providing insights into key developments and potential future changes in this domain.

TAX NEWS ROUND-UP

Stay informed about the latest updates in tax treaties and regulations throughout the region.

WHAT’S CHANGED?

Focusing on the new VAT reporting and documentary requirements for B2B local supplies of electronic devices in the UAE effective from October 30, 2023.

PRACTICAL FOCUS: RELATED PARTIES AND CONNECTED PERSONS

Patryk Karczewski, Partner at Amereller offers practical insights into related parties and connected persons concerning taxation.

TAX PROFESSIONAL PROFILE:

Featuring John O’Leary, Group Head of Tax at Ghobash Group, discussing tax challenges within a diversified business strategy.

ANY QUESTIONS?

Mahmoud Abuwasel from Wasel & Wasel provides an analysis of the UAE Federal Supreme Court’s perspective on related company tax liabilities.

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

Lexis Middle East Gulf Tax | Winter 2023

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 | Autumn 2023

News developments

Oman: Telecommunications Regulatory Authority Launches Public Consultation on Postal Services Licences Framework

08/12/202308/12/2023
by Tanya Jain

Shabiba, 28 November 2023: Oman’s Telecommunications Regulatory Authority has launched a public consultation on a postal services licences framework. It ends on 29 December 2023.

The framework aims to create qualitative and value-added investments, in addition to simplifying and facilitating procedures, developing a workforce, and creating a flexible regulatory environment.

It aims to improve the quality of postal services provided and encourage investment in new postal companies.

Read more 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 Law Alert: Saudi Civil Transactions Law Supplement

06/12/202308/12/2023
by Tanya Jain

Presenting the latest edition of our complimentary law magazine, the Lexis Middle East – Law Alert! The “Saudi Civil Transactions Law Supplement” is a comprehensive guide tailored for legal professionals, providing a deep dive into critical aspects of civil transactions in Saudi Arabia. This supplement encompasses various legal facets, offering insights and analysis crucial for understanding and navigating the intricacies of the Saudi legal landscape.

The supplement comprises diverse sections, each addressing significant components of civil transactions law:

RISKY BUSINESS: Risk Allocation in Contracts

Explores the strategies involved in managing risk within legal frameworks in contractual agreements. Jawahir Al-Subaie from Z&Co. examines pivotal provisions of the new Civil Transactions Law, including their impact on contract formation, termination, limitations of liability, and more.

RIGHT APPROACH TO REAL ESTATE

Focuses on the legal aspects governing real estate transactions under the Civil Transactions Law. Sarah Gonem of Z&Co. provides insights into how this comprehensive legal framework will operate concerning property rights.

DEALING WITH DEBT AND DEBTORS

Discusses navigating debt-related transactions within legal parameters, particularly concerning guarantees and debt resale. Martin Creek of Z&Co. explains the anticipated changes in handling these aspects under the new Civil Transactions Law in Saudi Arabia.

IN HARM’S WAY: Tort Liability

Explores the principles and complexities surrounding tort liability, offering an understanding of civil wrongs and liabilities. Dr. Yazid Almasoud from Z&Co. explains the application of tort liability in Saudi Arabia under the new Civil Transactions Law.

IN-HOUSE PROFILE

Features Chief Legal Officer Ibrahim Bakhurji‘s insights into the National Infrastructure Fund’s role in developing infrastructure and financing solutions. This section provides valuable perspectives on legal strategies within this sector.

CONTRACT WATCH

Analyses settlement agreements, providing legal professionals with a detailed understanding of dispute resolution through contractual arrangements. Contributor Muneerah Alwahbi, Partner at Z&Co., sheds light on the elements involved in these agreements.

2023 LMELA_SaudiCivilTransactionsLaw_Supplementary

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 2023

Lexis Middle East Law Alert March-April 2023

Lexis Middle East Law Alert_May June 2023

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

News developments

Oman: First Islamic Investment Fund Established

24/11/202324/11/2023
by Tanya Jain

Oman Daily Observer, 20 November 2023: Oman’s Capital Market Authority has announced the establishment of the Sultanate’s first Islamic investment fund.

The Gheras Fund, was launched by Imam Jabir bin Zaid Waqf Foundation.

All private and public Waqf institutions as well as Waqf agents will be able to join the fund.

Waqf units will be owned by Waqf institutions, allowing contributors to participate by allocating or purchasing units and designating them for specific Waqf institutions based on the contributor’s intentions.

The fund will not only serve orphans and the sick but also help establish mosques and other types of endowments.

The fund’s asset classes will include Sharia-compliant fixed income instruments along with Sharia-compliant stocks.

It will be the first fund of its kind to list on the Muscat Stock Exchange.

The subscription for the initial public offering will run from 17 to 21 December.

It will be open to private and public Waqf institutions and agents and will be valued at around 50 million Rials.

It has been established to address an urgent need for investing Waqf assets and deviating from the conventional approach of investing solely in real estate and similar avenues within the endowment sector.

The fund’s investments will be managed by Ubhar Capital. The funds will be collected by Sohar Islamic Bank.

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News developments

Oman: Telecommunications Regulatory Authority Urges Voice Over LTE Services to be Activated

17/11/202317/11/2023
by Tanya Jain

Oman Daily Observer, 13 November 2023: Oman’s Telecommunications Regulatory Authority has urged mobile phone users and operators to activate the voice calling facility via 4G Voice over LTE or VoLTE networks.

VoLTE allows users to make calls using the Internet while still using their phone number.

The user’s mobile phone provider should support VoLTE, which will work even If the data signal is strong.

It comes as the Authority prepares to phase out 3G services from July 2024.

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News developments

Oman: Carbon Capture and Blue Hydrogen Regulatory Framework to be Established

10/11/202310/11/2023
by Tanya Jain

Oman Daily Observer, 8 November 2023: Oman’s Energy and Minerals Ministry has signed a Terms of Reference agreement with multiple oil and gas industry stakeholders to establish a policy and regulatory framework for blue hydrogen and carbon capture utilisation policies in the Sultanate.

The agreement was signed by the Energy and Minerals Ministry and a team consisting of Petroleum Development Oman, Oman Shell, OQGN and Occidental Oman.

Under the agreement, a House of Expertise consisting of the Energy and Minerals Ministry, key carbon capture, utilisation and storage and blue hydrogen industry partners, public and private stakeholders and academic institutions will be established.

They will conduct a study to assess the current carbon capture, utilisation and storage and blue hydrogen landscape.

They will also carry out a techno-economic assessment of carbon capture, utilisation and storage in the country, create transparent licensing processes and assess financial mechanisms required to facilitate private sector investment in these sectors.
They will help develop the regulatory framework as the Sultanate looks to achieve net zero emissions by 2050 too and identify regulatory challenges to projects in these sectors.

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News developments

Oman: Contract Review Powers Decision Approved

08/11/202308/11/2023
by Tanya Jain

Oman Daily Observer, 31 October 2023: Oman’s Sultan has issued a Decree transferring powers related to the revision of contracts from the Justice and Legal Affairs Ministry to the Secretariat General of the Tender Board.

Under Oman Sultani Decree No. 73/2023, the powers to review blueprints of unified model contracts drafted by units of the State’s Administrative Apparatus and other public legal persons in the instances/circumstances stipulated by law will be transferred.

The powers to review the blueprints of contracts whose value exceeds five million Rials and related change orders, irrespective of their values before the signing of the contract or whether any unit of the State’s Administrative Apparatus or other public legal persons might have started implementing the projects will also be transferred.

The review of anything other than unified model contracts covers the procedures that preceded the contract signing process.

The Justice and Legal Affairs Ministry’s technicians and legal advisers who are responsible for reviewing contracts, as well as other staff whose tasks are associated with the revisions or reviews will be transferred to the Secretariat General of the Tender Board.

These employees’ seniority and financial grades will also be transferred. Existing job allowances for these employees will be transferred as well.

The transfer will take place in line with a mechanism agreed by the Justice and Legal Affairs Minister and the Secretary General of the Tender Board. Anything which contradicts or cancels the Decree will be repealed.

The Decree will be published in the Official Gazette and come into force on its issued date.

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