Newsletter Archives - Page 23 of 209 - LexisNexis Middle East

Category: <span>Newsletter</span>

UAE: Securities Authority Launches Private Debt and Sukuk Placement Regulation Project

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

Al-Etihad, 3 July 2024: The Securities and Commodities Authority has launched the Regulation of Private Placement of Debt Instruments, Sukuk and Securitised Financial Instruments project, one of the transformational projects within the performance agreements for federal government entities for 2023-2024.

These are qualitative projects that will move the nation towards the future, improve its competitiveness, and have a significant impact on sectors within short timeframes.

The Chairman of the Authority’s Board of Directors issued a resolution to regulate the transformational project, aligning with the UAE’s vision to become a global hub for the new economy within the next decade, as outlined in the ‘We The UAE 2031’ initiative, which demands concerted efforts.

The Securities and Commodities Authority’s CEO has stated that the project reflects the Authority’s commitment to enhancing the role of local financial markets as a key driver of the economy.

The new regulation aims to diversify investment opportunities and instruments for investors by regulating private placements.

This will incentivise issuers to list on local capital markets instead of abroad, thereby enhancing the attractiveness of the national economy.

The Authority aims to prepare financial markets to create a new platform for professional investor trading, as well as attract new segments of investors or issuing companies, contributing to increasing the market capitalisation of local capital markets in the country.

For the full story, click here.

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Saudi Arabia: Supreme Judicial Council Approves Three-Judge Panel System For Criminal Cases

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

Arab News, 3 July 2024: Criminal cases in the Kingdom will be heard by a three-judge panel at criminal courts, pending approval from the head of the Supreme Judicial Council.

The decision will be implemented gradually in collaboration with the relevant departments of the council and the Ministry of Justice.

The council has issued a series of decisions aimed at promoting judicial safeguards and improving the quality of judgments.

These include approval for family cases to be exclusively heard by 12 personal status courts and a selection of personal status panels in general courts located in regions that do not have personal status courts available.

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Qatar: Municipality Ministry Lowers Rents for Industrial Area Plots By 90%

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

Qatar Tribune, 1 July 2024: The Municipality Ministry has issued Qatar Ministerial Decision No. 123/2024, reducing the rental value of the Industrial Area land affiliated with the ministry.

The move aims to support the growth of the national economy and enhance the role of the private sector in diversifying the economy, and contribute to supporting the development process witnessed by the country.

The minister has stated that the decision to reduce the rental value of land in the ministry’s industrial zone aligns with the recently launched strategy and the objectives of the Third National Development Strategy 2024-2030.

This strategy aims to achieve sustainable economic growth, improve market mechanisms, enhance the competitiveness of local products, and support Qatar’s efforts towards achieving its National Vision 2030.

The decision also aims to support activities on the land of the industrial zone affiliated with the Municipality Ministry, whether they are commercial, industrial, logistical, or for workers’ housing purposes.

The decision states that reducing the rental value of land allocated for commercial activities from QR100 to QR10 per square metre annually, which is a 90% reduction.

Additionally, it reduces the rental value of land for logistics projects from QR20 to QR5 per square metre annually, and land with an industrial licence to QR5 per square metre annually, compared to QR10 previously.

Regarding mixed activities, the ministerial decision has clarified that if the land area is used solely for commercial purposes without industrial or logistical activities, the rental value is QR10 per square metre annually.

This rate also applies to food outlets, commercial activities supporting industrial or logistical operations, petrol stations, and car service stations, based on the covered area of the commercial buildings.

The decision indicated that if the land is used for non-commercial activities, such as workers’ housing as a service annex to the industrial or logistical facility, the rental value is calculated at QR5 per square metre annually.

As for the land fully used for residential purposes without the availability of industrial or logistical activity, the rental value is calculated at QR10 per square metre annually.

The ministerial decision stated that for exhibition activities, the rental value is QR5 per square metre annually if the exhibition displays goods related to the existing on-site activity and for the same tenant.

However, if the exhibition or existing property is for commercial use by someone other than the actual land investor, the rental value is QR10 per square metre annually for the covered area.

The new decision states that contracts for the land of the industrial zone affiliated with the Municipality Ministry will be for 25 years from the date of receiving the leased land.

The rental value can be reviewed every five years from the implementation date of the ministerial decision, and after this period, the Municipality Minister may reconsider the value.

The ministerial decision to reduce the rental value of the ministry’s Industrial Area land aims to strengthen the private sector’s role in diversifying the national economy.

It allows the private sector to drive economic growth and focuses efforts on highly productive, specialised, and competitive economic clusters.

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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.

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Kuwait: Allows Ministry Transfers With Specialised Certifications

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

Arab Times, 26 June 2024: The Civil Service Commission has upheld Kuwait Ministerial Decree No. 10/2013 for the 12th consecutive year, reaffirming its longstanding policy of prohibiting the transfer of employees between ministries.

An exception has been introduced allowing employees with specialised certifications to move between ministries.

Under this exception, employees currently serving in any ministry will now have the opportunity to transfer if they acquire specialised certificates relevant to another ministry’s needs.

For instance, an employee working in the Transportation Ministry who obtains a bachelor’s degree in nursing can seek a transfer to the Health Ministry.

Additionally, an employee from the Commerce Ministry with a bachelor’s degree from the College of Education or the College of Basic Education will now be eligible to transfer to the Education Ministry.

This decision marks a significant departure from the general prohibition outlined in Kuwait Ministerial Decree No. 10/2013.

They have clarified that this exception has been extended to accommodate residents of Al-Wafra, Al-Khiran, and Sabah Al-Ahmad, allowing them to work within a government agency located in these specific areas.

This move by the Civil Service Commission aims to use the deployment of human resources across ministries while aligning with the evolving educational and professional qualifications of government employees.

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Bahrain: Signs Patent Prosecution Highway Agreement With US

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

The Bahrain Industry and Commerce Ministry has signed a cooperation agreement with the United States Patent and Trademark Office, to apply the fast-track system for technical examination of patents (PPH).

The minister has emphasised that this agreement will further enhance the Kingdom’s patents and intellectual property sector.

He has highlighted Bahrain’s position in preserving and protecting all types of intellectual property and patent rights, which contributes to increasing the flow of investments.

The agreement comes as part of the plan to develop the regulatory and procedural framework related to the registration of intellectual property and patents in cooperation with the Prime Minister’s Office (PMO).

The agreement will allow accelerating technical examination procedures of patent applications.

It will also improve cooperation with the US Patent Office and facilitate the exchange of the latest findings on patent applications filed with the Bahrain Patent Office.

Additionally, the agreement will promote the exchange of expertise in managing patent offices and procedures for examination and grants.

It aims to raise the quality of the reports of the Bahraini National Office and prevent conflicts in technical results with major international patent offices.

This also includes increasing revenues related to filing patent applications and examining them technically.

The fast-track system supports applicants approved by international patent offices, including the US Patent Office.

It will accelerate the procedures for granting patents in the Kingdom.

This will be based on the examination reports issued by the five major international government offices proposed for bilateral contracting through this agreement.

The system also aims to provide an attractive environment for regional and international investments, in addition to enabling the examination of patent applications filed with the Bahrain Patent Office, especially in cases where a specialised patent examiner is not available.

For the full story, click here.

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UAE: Central Bank Reveals New Sandbox Conditions Regulations

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

Middle East Economy, 25 June 2024: The Central Bank of the UAE (CBUAE) has issued the new ‘Sandbox Conditions Regulation’ aimed at attracting startups and global fintech businesses to the UAE financial sector.

The regulation outlines specific criteria and conditions that participants must meet in order to test innovative financial business models, products, and services within a regulatory sandbox environment.

A key objective of this regulation is to facilitate the testing of innovative financial solutions to support the competitiveness of the UAE financial sector.

It also aims to create an attractive environment that promotes creativity and innovation within a well-defined regulatory framework.

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Additionally, the regulation aims to improve the competitiveness of the UAE’s financial sector, thereby promoting economic growth within the nation.

The regulation provides details on the conditions and criteria that participants like startups, fintechs and established businesses must fulfill.

It allows them to be exempted from the requirement of obtaining a full license, enabling them to test their innovations for a specified duration.

However, they must comply with the stated regulatory obligations during this period.

Importantly, applicants must present a technologically innovative financial product, service, solution or business model that can benefit consumers and the wider industry.

They must also demonstrate a clear intention to deploy the proposed service broadly across the UAE after successfully exiting the regulatory sandbox.

A key aspect of the regulation is that it enables the CBUAE to proactively assess and respond to fintech innovations as part of its supervisory role.

It also guides participants on structuring their businesses in a compliant manner within the sandbox environment.

The CBUAE Governor stated that the Sandbox Conditions Regulation highlights the UAE’s commitment to enabling innovation and building a knowledge-based economy.

The aim is to encourage innovators to contribute positively while ensuring consumer protection and serving the interests of all stakeholders.

The Sandbox Conditions Regulation has been published in the Official Gazette and has come into force with immediate effect.

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Saudi Arabia: Deadline for Transferring Domestic Workers Salaries Via Digital Wallets Announced

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

Al-Madina, 22 June 2024: The Musaned Program has confirmed that transferring domestic workers’ salaries via digital wallets will be mandatory as of the beginning of next July, as part of the measures being implemented to control the recruitment sector.

The “Musaned” program confirmed that transferring domestic workers’ salaries via digital wallets will be mandatory starting from the beginning of July 2024, as part of the measures being implemented to regulate the recruitment sector.

The program has advised benefiting from the domestic workers’ salaries icon available in digital wallets, as it is a tool for documenting wage payment.

Only the employer can transfer their salaries, as the worker’s data is available to them.

In a related context, the program indicated that until 1 July 2024, transfers can be made through the channels approved by the “Musaned” platform’s domestic workers’ salary transfer system to document the payment of salaries.

The Musaned platform for recruiting domestic workers achieved remarkable achievements in the recruitment sector for the year 2023.

The total number of recruitment contracts made through the Musaned platform reached more than two million contracts, in a proactive step that imrpoves the platform’s international status.

New countries were added to the list of countries available for recruiting domestic workers, such as Ethiopia, Burundi, Sierra Leone, Tanzania, and Gambia.

The number of countries available for recruiting female domestic workers reached 33 countries, providing many different options for beneficiaries.

In response to economic changes, the Ministry has reviewed costs, services provided, and systems.

As a result, the platform lowered the maximum recruitment prices for domestic workers in 2023 for several countries.

These countries included the Philippines at 14,700 riyals, Uganda at 8,300, Kenya at 9,000 riyals, Sri Lanka at 13,800, Bangladesh at 11,750 riyals, and Ethiopia at 5,900 riyals.

With increased competition among service providers, beneficiaries can find the most affordable options with the highest service quality and satisfaction through the platform.

For the full story, click here.

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Qatar: Qatarisation Draft Law Approved

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

Raya, 24 June 2024: The Shura Council has approved a draft law on the Qatarisation of jobs in the private sector, after reviewing the report of the Financial and Economic Affairs Committee on it and discussing the provisions of the draft law by its members.

The Council has also approved a draft law amending some provisions of Qatar Law No. 24/2015 on tenders and bids, after reviewing the relevant report of the Financial and Economic Affairs Committee.

Additionally, the Council has approved a draft law amending some provisions of Qatar Law No. 25/2015 regarding Civil Defense, after discussing the report of the Internal and Foreign Affairs Committee on the matter.

For the full story, click here.

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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.

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