Tanya Jain, Author at LexisNexis Middle East

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 Anything which contradicts or cancels the Decree will be repealed.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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News developments

Dubai: Dubai Financial Services Authority Approves New Crypto Tokens

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

The Dubai Financial Services Authority has announced that it has approved two new crypto tokens.

They have issued a Notice to this effect in line with GEN Rule 3A.3.4 of the DFSA Rulebook.

They have approved Toncoin (TON) and Ripple (XRP).

The recognition comes into force immediately and remains in force until further notice.

The Notice should be construed in line with GEN section 6.2 as if they are provisions of the Rulebook.

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News developments

Abu Dhabi: ADGM Introduces Landmark Distributed Ledger Technology Foundations Regulations

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

The Registration Authority of Abu Dhabi’s Global Market (ADGM) has announced it has introduced the world’s first Distributed Ledger Technology Foundations regulatory regime.

The Distributed Ledger Technology Foundations Regulations 2023 are aimed at providing a comprehensive framework for DLT Foundations and Decentralised Autonomous Organisations or DAOs to enable them to operate and issue tokens recognising the unique needs of the Blockchain industry.

The new regime has been introduced in line with the Global Market’s strategy to foster initiatives in the broader blockchain and digital asset realm.

It is an innovative, purpose-built regime that addresses the unique legal requirements of Blockchain Foundations, Decentralised Autonomous Organisations and the broader crypto industry.

It will enable positive transformation across the blockchain and Web3 landscape, which will foster a more transparent and efficient future.

It sets a global benchmark and is aimed to be suitable for Blockchain Foundations, Web3 entities, Decentralised Autonomous Organisations and traditional Foundations looking to improve their operations through Distributed Ledger Technology.

It is anticipated it will revolutionise the industry by providing a unified solution for the needs of digital asset related activities and the broader Foundations landscape.

Finally, it offers an effective way to organise and promote governance while recognising the industry’s need for decentralisation.

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News developments

Kuwait: Corporate Tax Initiative to be Introduced

07/11/202307/11/2023
by Tanya Jain

Arab News, 6 November 2023: The Kuwaiti government has announced it is going to launch a corporate tax initiative.

The plan is being introduced as the country looks to join the Organisation for Economic Co-operation and Development/G20’s Inclusive Framework on base erosion and profit shifting or BEPS.

BEPs refer to tax planning strategies used by multinational entities that exploit gaps and mismatches in tax rules to avoid paying tax.

They are the only GCC country yet to become a member of the Inclusive Framework.

They are going to introduce a Business Profits Tax Law as part of a complete overhaul of the existing tax framework in the country.

The Business Profits Tax Law will introduce a 15% tax on the profits of various operating entities including corporate entities, partnerships, and businesses with separate legal characteristics who have all been established and incorporated in Kuwait or operate in the country.

The plan will be completed by 1 January 2025 and will mean Kuwaiti multinational companies including government entities operating in overseas markets, with annual revenues exceeding 806 million Dollars will be taxed at 15%.

Individuals, micro and small enterprises will be exempt.

The Tax Law will be introduced as an amendment to the country’s existing tax laws in line with the Pillar Two framework being implemented globally.

Only foreign companies carrying out business or trade in Kuwait are taxed on their profits and capital gains income at the moment.

The country’s existing corporate income tax law imposes a tax on the income of any body corporate, wherever it is incorporated, which earns income from a Kuwait source.

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News developments

UAE: New Housing Policy Approved

04/11/202304/11/2023
by Tanya Jain

Khaleej Times (United Arab Emirates), 30 October 2023: The UAE Cabinet has approved the requirements for housing assistance and mortgage transfer.

It will allow citizens to replace or resell their houses and transfer mortgages.

Flexible loan schemes approved for Emiratis will also be offered.

They will be offered by the Sheikh Zayed Housing Programme as part of efforts to provide suitable housing to Emiratis.

Beneficiaries of housing assistance can now apply for a mortgage transfer from one property to another by sending their applications to the Ministry of Energy and Infrastructure.

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News developments

Saudi Arabia: New Shipping Service Announced

04/11/202304/11/2023
by Tanya Jain

Nuom News, 30 October 2023: Saudi Arabia’s General Ports Authority or Mawani has announced the launch of a new shipping service.

CMACGM has launched a new India Gulf Express shipping service to King Abdulaziz Port in Dammam.

The new shipping service connects King Abdulaziz Port in Dammam with seven regional and international ports including Nhava Sheva, Mundra and Mangalore in India, Colombo in Sri Lanka, Jebel Ali and Khalifa in the UAE and Umm Qasr in Iraq.

It will operate four ships a week, with a total capacity of up to 9,800 containers.

It will improve the operational capabilities of King Abdulaziz Port in Dammam.

It will boost trade and export activity and increase the Kingdom’s links with global markets.

In addition to improving economic growth by reducing the time required for imports and exports, it will also reduce the cost of sea freight to and from the Kingdom’s ports, in line with the National Strategy for Transport and Logistics Services.

Click here to read more.

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News developments

Qatar: Digital Assets Lab Launched

04/11/202304/11/2023
by Tanya Jain

Lusail News, 29 October 2023: The QFC has announced it has launched a digital assets lab.

The lab will support efforts to benefit from digital technological developments in various sectors and contribute to developing other economic sectors as well as improving Qatar’s financial environment.

It has been launched as part of the financial technology strategy.

The strategy was announced by the country’s Central Bank in March 2023 as part of the Qatar National Vision 2030.

For the full story, click here.

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News developments

Oman: Draft Commercial Activities in Residential Buildings Decision Approved

04/11/202304/11/2023
by Tanya Jain

Atheer, 25 October 2023: The Muscat Governorate Municipal Council has approved a draft decision regulating the use of residential buildings for commercial purposes in Muscat Governorate.

The decision aims to address the carrying out of commercial activities in residential buildings. It takes existing activities into account.

It aims to develop the business environment and divides streets into approved and unapproved streets.

Approved streets are those where commercial activities are allowed to be carried out in residential buildings overlooking them and specify the activities which can be practiced on those streets.

Click here to read more.

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News developments

Kuwait: Child Allowance Approved for Working Women

04/11/202304/11/2023
by Tanya Jain

Gulf News (United Arab Emirates), 27 October 2023: Kuwait’s government has approved a child allowance for working women in the private sector.

It has been introduced to support Kuwaiti women whose husbands are currently unable to contribute financially because they don’t have a regular income, pension or public assistance.

It has been approved following a proposal from the First Deputy Prime Minister and Interior Minister.

It has also been introduced to help Kuwaiti women who are balancing their professional roles in the private sector with family responsibilities.

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News developments

Abu Dhabi: Global Market Publishes Amendments to Beneficial Ownership and Control Regulations

04/11/202304/11/2023
by Tanya Jain

Gulf News (United Arab Emirates), 30 October 2023: Abu Dhabi’s Global Market has announced it has published amendments to its Beneficial Ownership and Control Regulations 2022.

The 2022 Regulations repealed and replaced the Beneficial Ownership and Control Regulations 2018.

The new Regulations aim to ensure the Global Market remains aligned with the requirements of the Organisation for Economic Co-operation and Development and the standards of the Financial Action Task Force.

It also means the new regulations align with federal requirements for anti-money laundering, anti-terrorist financing and financing of illegal organisations and beneficial ownership.

Among other things, the amendments clarify the cascade approach for identifying beneficial owners of Global Market entities. This was recommended by the Task Force and the Organisation for Economic Co-operation and Development.

The amendments clarify that the location of the trustee rather than the applicable law of the trust will determine the scope of application of the relevant regulations, imposing duties on Global Market entities related to updating the record of beneficial owners upon a change of ownership in the entity along with identifying and maintaining a record of nominee directors and persons on whose behalf each nominee director acts.

A transition period has been introduced to allow time for existing Global Market entities to rectify and update their records of beneficial owners and nominee directors as well as update the required particulars and implement other regulatory changes.

The Regulations will come into force at the date of publication for new Global Market entities.

They will come into force six months from the date of publication for existing Global Market entities.

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Author: <span>Tanya Jain</span>