Newsletter Archives - Page 6 of 203 - LexisNexis Middle East

Dubai: Approves Suspended Transport System

10/10/202410/10/2024
by Hannah Gutang

MSN, 5 October 2024: Dubai has given the green light to a groundbreaking suspended transport system, marking a significant stride in the city’s commitment to sustainable and innovative mobility solutions.

The Suspended Transport Systems Project, a 65-kilometre-long smart mobility network, aims to seamlessly connect Dubai’s major neighbourhoods, enhancing accessibility and ease of movement across the emirate.

This initiative aligns with Dubai’s strategic vision to bolster its leadership in various sectors over the next decade, as outlined by the Executive Council’s statement.

The cutting-edge technology is expected to increase the share of self-driving or driverless public transport trips to 25% by 2030, underscoring Dubai’s commitment to sustainable transportation and compliance with relevant environmental legislation.

The suspended transport system will integrate with existing modes of transportation, fostering a cohesive and efficient mobility ecosystem.

Preliminary models presented by the Roads and Transport Authority envision suspended residential units mounted on towering beams, offering passengers a unique and scenic experience while traversing the city.

This innovative approach not only addresses transportation challenges but also showcases Dubai’s dedication to embracing futuristic solutions that prioritise sustainability and seamless connectivity.

For the full story, click here.

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Bahrain: First Digital Assets Exchange Launched

10/10/202410/10/2024
by Hannah Gutang

Zawya, 4 October 2024: ATME, a regulated digital assets exchange in Bahrain, has officially launched at FinTech Forward 2024, hosted by the Bahrain Economic Development Board (EDB).

Licensed by the Central Bank of Bahrain (CBB), ATME aims to democratise access to a wide range of previously illiquid assets through fractional ownership.

Built on a private blockchain network, ATME facilitates the conversion of real-world assets into digitally tradable tokens.

These tokens represent a new, more convenient form of traditional financial instruments, such as debt, equity, and more.

By incorporating tokenisation, ATME enables businesses to gain access to new, more cost-effective ways of raising capital.

Meanwhile, it opens doors to new, high-value investments and portfolio diversification for investors.

ATME’s platform ensures a trustworthy digital asset trading environment by restricting access to authorised participants who have undergone rigorous KYC and AML compliance.

By incorporating the enterprise-grade Hyperledger Fabric framework, ATME provides a comprehensive range of services to optimise the capital raising process and enhance investment potential.

With comprehensive regulatory backing, ATME is poised to contribute significantly to Bahrain’s economic diversification efforts and further elevate the country’s prominence in the global fintech landscape.

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Abu Dhabi: Guidance Manual for Safe Use of Bicycles and Scooters Updated

10/10/202410/10/2024
by Hannah Gutang

Atheer, 3 October 2024: The Abu Dhabi Quality and Conformity Council has approved the update of the guidance manual for the safe use of bicycles, electric bicycles, and scooters in the Emirate.

The updated manual aims to support service providers and users by outlining the classifications, requirements, and specifications for permitted use, as well as safety guidelines and infrastructure needs.

This is in accordance with Abu Dhabi Administrative Decision No. 21/2022 on Regulating the Use of Bicycles in the Emirate of Abu Dhabi.

This update promotes sustainable transportation, enhances public safety, and aligns with international standards for short-distance mobility services.

For the full story, click here.

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UAE: Exempts Cryptocurrencies and Virtual Assets from VAT

09/10/202409/10/2024
by Tanya Jain

Khaleej Times, 7 October 2024: The UAE has introduced amendments to the Executive Regulations of Federal Decree-Law No. 8/2017 on VAT, exempting certain activities related to cryptocurrencies and virtual assets from VAT.

This move aims to establish the UAE as a hub for investment activities and support the growth of the financial sector.

The amendments, approved by the UAE Cabinet through Cabinet Decision No. 100/2024, exempt digital representations of value that can be digitally traded or converted and are intended for investment purposes from VAT. However, this exemption does not extend to digital representations of fiat currencies or financial securities.

The scope of the exemption covers transfers, conversion, keeping, and managing virtual assets, essentially encompassing cryptocurrency trading.

Additionally, the amendments provide exemptions for investment fund management services, including the management of fund operations, investments, and performance monitoring.

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Oman: Health Ministry Issues Circular on Maternity and Paternity Leave

04/10/202410/10/2024
by Tanya Jain

The Arabian Stories, 2 October 2024: The circular directs health institutions, particularly those that provide services to pregnant women and childbirth, to streamline the process for workers across all sectors to obtain proof of their eligibility for maternity and paternity leave.

According to the provisions outlined in the circular, maternity leave allowance, effective from 19 July 2024, is granted for a period of 98 days, which is not limited to a specific number of births.

The law permits that up to 14 days of this leave can be taken before the expected delivery date.
Paternity leave is granted for a period of 7 days, provided that the child is born alive and the leave is taken within 98 days of the child’s birth.

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UAE: Hajj Permit Requirements for Citizens

03/10/202403/10/2024
by Hannah Gutang

Emaratalyoum, 29 September 2024: The General Authority for Islamic Affairs, Endowments and Zakat has set three conditions for obtaining a Hajj permit for the upcoming season, as per Cabinet Decision No. 32/2018 regarding the Hajj and Umrah system.

The applicant must be a citizen of the UAE, be at least 12 years old, and must not have performed Hajj during the last 5 Hajj seasons.

Priority in granting Hajj permits will be given to those who have not previously performed Hajj, including disabled people, those with intractable diseases, the elderly, and mahrams and companions who meet the conditions, taking into account those who have priority in registration in the electronic system.

For the full story, click here.

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Saudi Arabia: Financial Support for Persons with Disabilities Regulated

03/10/202403/10/2024
by Hannah Gutang

Al Yaum, 29 September 2024: The Human Resources and Social Development Ministry has amended the regulatory framework governing social and professional programmes for persons with disabilities.

The new regulations standardise terminology and align the definition of a person with a disability with Saudi Arabia Administrative Decision No. 26/1445 of Rights of Persons with Disabilities.

The legislation mandates the Ministry’s oversight of services provided to persons with disabilities by private and non-profit entities.

It also establishes eligibility criteria for financial assistance, capped at 20,000 riyals annually, based on the assessment and severity of the disability.

Additionally, it introduces initiatives aimed at enhancing the skills of persons with disabilities.

For the full story, click here.

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Qatar: Electronic Payment Compliance Enforcement by Commerce Ministry

03/10/202403/10/2024
by Hannah Gutang

Al-Sharq, 29 September 2024: The Commerce and Industry Ministry is carrying out an organised campaign in markets across the country to monitor and control violating stores that do not provide electronic payment methods as a service to customers.

The concerned ministry has detected numerous violations and will close stores that have not met the conditions within the previously granted deadline.

It is also notifying other violating stores for the first time and giving them a specific deadline to rectify their situation.

After that, stricter measures will be taken, including closure, violations, and financial fines for violators.

The new requirements are verified through field tours conducted by ministry inspectors to monitor various markets across the country.

During inspection tours, compliance with relevant instructions is monitored.

Additionally, there is a dedicated hotline for receiving public complaints, through which the relevant authorities receive various complaints, including stores’ non-compliance with providing electronic payment services, which is a violation punishable by law.

It is worth noting that the Commerce and Industry Ministry has issued a decision, in addition to instructions from the Qatar Central Bank, requiring commercial establishments operating in the country at all levels to provide one of the electronic payment services.

This aims to facilitate daily banking transactions for the public and beneficiaries and enable consumers to benefit from this service, which is their right to pay for purchases or service fees using credit cards, cash, or ATM cards, without imposing any additional fees or commissions on the prices of goods or services.

Equal treatment must be ensured between those who pay in cash and those who pay through electronic payment cards, without any additional charges, regardless of the method chosen by the consumer.

For the full story, click here.

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Oman: MOCIIP Issues Decision on Commercial Loans

03/10/202403/10/2024
by Hannah Gutang

Oman Observer, 29 September 2024: The Ministry of Commerce, Industry and Investment Promotion has issued a Ministerial Decision setting the return due for obtaining a commercial loan or debt at 6% unless a lower percentage is agreed upon.

The decision was made based on the Commercial Law and a letter from the Oman Chamber of Commerce and Industry, in response to public interest requirements.

The decision states that this percentage may be exceeded in exceptional cases, such as long-term loans, loans directed to projects contributing to economic development, or loans associated with a high degree of risk, in coordination with the Oman Chamber of Commerce and Industry.

However, this return does not apply to loans provided by banks, finance companies, and asset leasing companies licensed by Oman’s Central Bank.

The decision will be published in the Official Gazette and will be effective for one year from the date of its publication.

It comes within the framework of the government’s efforts to ensure the flexibility of finance for businesses while enhancing governance principles and regulating the investment environment in Oman.

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Kuwait: Issues Regulations for The Exchange of Information for Tax Purposes

03/10/202403/10/2024
by Hannah Gutang

Al-Jarida, 28 September 2024: The Finance Ministry has issued executive regulations for the decree-law on the exchange of information for tax purposes, in accordance with Kuwait Decree No. 75/2024 and Kuwait Decree-Law No. 6/2024.

The regulations outline the procedures and requirements for implementing agreements on the exchange of tax information between Kuwait and other countries.

Such as the agreement with the United States to implement the Foreign Account Tax Compliance Act (FATCA), the Convention on Mutual Administrative Assistance in Tax Matters, and the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information.

The competent authority is empowered to determine reporting requirements, request additional information from financial institutions, and ensure compliance with the agreed standards for exchanging tax-related data.

This legal measure aims to improve transparency and facilitate the exchange of relevant financial information for tax purposes between Kuwait and its partner nations.

For the full story, click here.

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