Saudi Arabia Archives - Page 23 of 32 - LexisNexis Middle East

Saudi Arabia: Central Bank Launches Public Consultation on Finance Companies Control Law

10/10/202210/10/2022
by Benjamin Filaferro

Arab News, 6 October 2022: Saudi Arabia’s Central Bank has launched a public consultation on amendments to the Finance Companies Control Law.

The amendments will affect companies that practice finance activities. They must offer the finance activity as a joint stock company.

Under the amendments, the Central Bank has the right to grant exceptions to finance companies to allow them to practice activities other than finance.

The definition of Finance Company will also no longer have the word joint stock in it if the amendments are approved.

The amendments are being proposed to ensure transparency and broader participation.

Comments can be submitted via the National Competitiveness Centre’s Public Consultation Platform.

They are also being proposed to strengthen the Bank’s commitment to upkeep relevant international principles and standards and boost growth in the sector. Additional reporting from Okaz on 6 October 2022. For the full story, click here.

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News developments

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

Saudi Arabia: New Unified Regulator for Insurance Sector to be Established

30/09/202230/09/2022
by Benjamin Filaferro

Saudi Gazette, 28 September 2022: Saudi Arabia’s Finance Minister has announced a new unified regulator for the insurance sector in the Kingdom will be established.

It will be established soon and will help develop the sector. They announced this at the 6th Saudi Insurance Symposium.

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News developments

Saudi Arabia: Regulatory Framework for Equity Crowdfunding Approved

28/09/202228/09/2022
by Benjamin Filaferro

Saudi Arabia’s Capital Market Authority has approved a regulatory framework for equity crowdfunding.

They have issued an appropriate Decision to this effect.

Under the Decision, the Capital Market Institutions Regulations, Investment Accounts Instructions, Rules on the Offer of Securities and Continuing Obligations and the Glossary of Defined Terms Used in The Regulations and Rules of the Capital Market Authority have been amended.

They will allow Capital Market Institutions who are authorised to arrange activities to offer securities via Equity Crowdfunding platforms and hold their clients’ money in the course of securities crowdfunding.

They also specify the requirements for custody of clients’ money received by capital market institutions which are authorised to carry out arranging activities in the course of carrying out securities crowdfunding and opening and operating investment accounts.

They aim to support financial technology innovations in the capital market by setting out a regulatory framework for equity crowdfunding, including determining the requisite authorisation for capital market institutions to carry it out and enabling companies which have a Financial Technology Experimental Permit (FinTech ExPermit) to obtain the appropriate authorisation to practice as a capital market institution, in line with the relevant international best practices.

The amendments will come into force on their published date.

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News developments

Saudi Arabia: Saudisation to be Implemented in Fun Cities

27/09/202227/09/2022
by Benjamin Filaferro

Saudi Gazette, 25 September 2022: Saudi Arabia’s Human Resources and Social Development Ministry has announced it will implement Saudisation in fun cities.

The programme is also being implemented in amusement parks.

The programme started to be implemented on 24 September.

Under the Decision, the new programme covers 70% of jobs in independent and seasonal fun cities and family entertainment centres.

It covers 100% of jobs in entertainment cities within closed commercial complexes or malls.

The Ministry has published the appropriate procedural guide on its website.

The guide states the Decision does not conflict with the Saudisation rates previously specified for various professions, which apply to the firm’s total employees in line with the Nitaqat Saudisation program.

It also states the Saudisation percentage will be calculated after subtracting workers who belong to the professions exempted.

Those who do not comply will be penalised—also reported in Okaz on 25 September 2022.

For the full story, click here.

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News developments

Saudi Arabia: Non-Terrestrial Network Regulations Issued

21/09/202221/09/2022
by Benjamin Filaferro

Al Madina, 20 September 2022: Saudi Arabia’s Communications and Information Technology Commission has issued three regulatory documents for non-terrestrial networks (NTN).

The documents are regulations for the provision of non-terrestrial networks or NTN services, regulations for the provision of telecommunication services over non-terrestrial networks or NTN and regulations for the registration of telecommunications space stations.

They are aimed at enabling non-terrestrial networks and creating a regulatory environment which boosts investment and facilitate the adoption of the latest wireless technologies.

For the full story, click here.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

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

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

Saudi Arabia: Financial Firms Ordered to Maintain High Customer Satisfaction Levels

08/09/202208/09/2022
by Benjamin Filaferro

Arab News, 7 September 2022: Saudi Arabia’s Central Bank has ordered financial firms in the Kingdom to maintain high customer satisfaction levels. They have issued a Circular to this effect. It applies to all banks, finance, insurance and payments companies operating in the Kingdom.

Customer satisfaction levels must not fall below 80%. Complaints that have already been escalated and closed for the customer’s benefit after processing should not exceed 5%.

The Circular will come into force in the first quarter of 2023.

The Bank added they would review the performance of financial institutions in line with the relevant indicators every quarter and take legal action against violators.

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News developments

Saudi Arabia: Procedures for Implementing Regulations for Dealing With Non-Disclosure of Information for Tax Purposes Issued

31/08/202231/08/2022
by Benjamin Filaferro

Almadina, 27 August 2022: The Zakat, Tax and Customs Authority has issued procedures for implementing the provisions of the regulations for dealing with non-disclosure of information for tax purposes.

A fine of 500 riyals will be imposed for each day of delay after the end of the period specified for submitting a tax report, provided that the amount of the fine does not exceed 15,000 riyals, according to the common reporting standard before 31 May of the year following the calendar year to which the tax report relates.

The provisions of these procedures will apply to all persons subject to the regulation for the treatment of non-disclosure of information for tax purposes by the provisions of agreements to which Saudi Arabia is a party.

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News developments

Saudi Arabia: Holders of the Hayya Qatari World Cup Card can go to Saudi

26/08/202226/08/2022
by Benjamin Filaferro

Gulf Times, 24 August 2022: The Saudi Arabian Ministry of Foreign Affairs has announced that holders of Qatar’s Hayya World Cup card will be able to enter Saudi 10 days before the start of the competition.

Further details of how the process will work in practice will be announced later. However, it has been confirmed that holders of the Hayya card will obtain a multiple entry visa valid for 60 days. It will not be necessary for them to enter Qatar before going to Saudi Arabia, but the visitors must have good medical insurance before entering Saudi Arabia.

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