LexisNexis Middle East

UAE: Bankruptcy Law Amendments Approved

25/10/202025/10/2020
by Benjamin Filaferro

The UAE’s Cabinet has approved amendments to the country’s Bankruptcy Law.
The amendments to Federal Decree-Law No. 9/2016 add new provisions in terms of ’emergency situations’ which interrupt trade or investment. The aim is to enable individuals and businesses to overcome credit challenges in times of extreme events like pandemics, natural and environmental disasters and wars.
They are also aimed at ensuring obligations are met and losses are mitigated against in cases of default without prejudice to the Law and enable creditors to secure their rights.
The new amendments also state the debtor will be exempt from starting procedures to declare bankruptcy. If the debtor files an application which would be approved by the relevant court, they may reach a settlement with creditors. They may request a grace period, or negotiate a debt settlement period of up to 12 months.
In addition, the relevant court, where a bankruptcy application is approved, will not take any proceedings involving the debtors’ funds which are needed to keep businesses running during the set period in case they default on debt because of an emergency.
Finally, the amendments offer the possibility of getting new financing in line with specific terms and conditions to secure the liquidity needed to recover businesses and enable them to survive challenges in time of emergencies.
The amendments are part of the Government’s moves to develop the legal and legislative frameworks in various sectors, particularly the economic sector.

News developments

Saudi Arabia: Article 14 of Anti-Bribery Law Amended

17/10/202017/10/2020
by Benjamin Filaferro

Saudi Arabia’s Council of Ministers has approved an amendment to Article 14 of the Kingdom’s Anti-Bribery Law. Under the amendment, the Interior Minister, following a recommendation from the committee consisting of the Interior Ministry, the Human Resources and Social Development Ministry and the Supervision and Anti-Corruption Authority to issue a decision to reconsider the ancillary penalties after five years have passed from the date of the end of the implementation of the original punishment. The Interior Minister will approve the remit of the committee’s work.

News developments

Oman: EU Removes Oman From Non-cooperating Jurisdictions for Tax Purposes List

17/10/202017/10/2020
by Benjamin Filaferro

The EU has announced it has decided to remove Oman from their List of non-cooperative jurisdictions for tax purposes. Their removal follows the reforms by the Sultanate to improve their tax policy framework.

News developments

Kuwait: Non-Kuwaiti Education Ministry Employees Cannot Transfer Residency Permit to Civil Sector

17/10/202017/10/2020
by Benjamin Filaferro

Kuwait’s Education Ministry has announced non-Kuwaiti employees cannot transfer their residency permit to the civil sector. There are four exemptions to this. The list of exemptions has been sent by the Ministry to the country’s Manpower Authority. Husbands and children of female Kuwaiti nationals, individuals born in Kuwait, Palestinians who have documents or technical professionals working in the health sector in establishments licensed to operate health services are exempted.

News developments

Dubai: International Financial Centre Becomes Region’s First Fully Accredited Member of Global Privacy Assembly

17/10/202017/10/2020
by Benjamin Filaferro

The Dubai International Financial Centre has announced the Centre has become the region’s first fully accredited member of Global Privacy Assembly. The Centre will work with Global Privacy Assembly Members to implement global best practice in data protection and privacy to support sustainable business growth and shape the future of finance, whilst effectively fulfilling privacy mandates. It follows the enactment of the Centre’s Data Protection Law (DIFC Law No. 5/2020). It also reinforces key privacy principles including accountability, safeguards for international transfers and support of data subjects’ rights especially in terms of emerging technology issues.

News developments

Bahrain: Real Estate Regulatory Authority and E-government Launch Real Estate Licenses

17/10/202017/10/2020
by Benjamin Filaferro

Bahrain’s Real Estate Regulatory Authority together with the Information and e-Government Authority has launched a licensing services system. The system includes a number of services which can be used through the national Bahrain.bh portal. It includes a group of important electronic services for real estate professionals, including brokers and sales agents. It also includes facilities to issue licenses and pay fees, enquiring about the status of applications, renewing expired licenses, displaying all licenses approved by the institution and presenting the documents required for issuing or renewal.

News developments

UAE: Guidelines for Payment Orders in Commercial Matters Approved

17/10/202017/10/2020
by Benjamin Filaferro

The Head of Abu Dhabi’s Judicial Department has issued a Decision approving the guidelines for performance orders in commercial matters. The aim is to enhance the business environment in the Emirate and boost the Emirate’s position as an attractive environment for foreign investment and capital. This will also be achieved by activating fair and simplified litigation systems and provide fast and effective mechanisms for dispute resolution. The guidelines address all questions and inquiries, so court officers can familiarise themselves with these provisions in a way which guarantees the issuing of the payment order and the access by interested parties to their rights without delay.

Weekly Spotlight

Oman:Decree No. 121/2020 on the VAT law approved by the Oman’s Sultan

17/10/202017/10/2020
by Benjamin Filaferro

Oman’s Sultan has approved Oman Sultani Decree No. 121/2020 issuing the Sultanate’s VAT Law. Under the Law, the tax will be imposed on most goods and services with specific exceptions detailed in the Law and subsequent regulations. It will be applied at every stage of the supply chain and on the import of goods into the Sultanate with specific exceptions specified in the Law and subsequent regulations. It will be levied at 5% and the Sultani Decree has been issued in line with a VAT Agreement signed by the GCC countries in November 2016.
Under Article 2 of Oman Sultani Decree No. 121/2020 the Chairman of the Tax Authority will issue the Implementing Regulations to the Law within six months of the Law being enforced. They will also issue the necessary decision to implement it. Anything which contravenes or contradicts it will be repealed.
The relevant Sultani Decree will be published in the Official Gazette and it will come into force 180 days after it is published in the Gazette.

News developments

Saudi Arabia: Wiretapping Law Clarification Issued

09/10/202009/10/2020
by Benjamin Filaferro

Saudi Arabia’s Public Prosecution has issued a clarification on the Kingdom’s Wiretapping Law. Under the clarification, correspondence, letters, publications, parcels or phone conversations cannot be intercepted or monitored unless it is authorised by the Law and the Public Prosecution have given a warrant or permission in line with Article 57 of Saudi Arabia Cabinet Decision No. 200/1422 (the Criminal Procedure Law). Even in these circumstances, monitoring should only be carried out for up to ten days initially although this can be renewed and in connection with a crime which has actually occurred.

News developments

Oman: EU Removes Oman From Non-cooperating Jurisdictions for Tax Purposes List

09/10/202009/10/2020
by Benjamin Filaferro