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Oman: Amphibious Aircraft Approved News developments

Oman: Central Bank Issues Prizes on Deposit Accounts Circular

  • 14/12/202114/12/2021
  • by Benjamin Filaferro

Atheer, 10 December 2021: Oman’s Central Bank has issued a Circular to banks authorised to operate in the Sultanate on awarding prizes to deposit accounts.

A similar Circular was issued in March 2009.

The Central Bank has decided to withdraw the prize scheme linked to deposit savings from 1 January next year.

Banks should develop appropriate plans for savings deposits and refine their money management strategies to ensure reasonable interest rates and profits are paid to depositors, without raising the interest rate on loans. For full story, click here.

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Bahrain: Decision on Reporting Information and Measures Against Frozen Funds Issued News developments

Bahrain: Proposal to Double VAT Approved

  • 12/12/202112/12/2021
  • by Benjamin Filaferro

Gulf Daily News, 8 December 2021: Bahraini MPs have approved a proposal to double VAT in the Kingdom.

It will be increased from 5% to 10%.

It will amend Bahrain Decree-Law No. 48/2018.

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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Saudi Arabia: Landmark Insurance Product for Self-driving Vehicles Launched News developments

Saudi Arabia: Anti-bribery Law Amended

  • 12/12/202112/12/2021
  • by Benjamin Filaferro

Saudi Gazette, 7 December 2021: The Saudi Arabian authorities have approved amendments to the Kingdom’s Anti-bribery Law.

The first amendment sees the phrase every public employee replaced with every person.

Article 8(7) has been amended to read ‘Foreign public officials and employees of international institutions and organisations in connection with the conduct of international business’.

Finally, Article 15 has been amended to read ‘Judgment shall be issued in the case of a person, who has been proven guilty of the crime of bribery, to confiscate the money, advantage or benefit that involved in the crime whenever possible, or confiscate its value, as the case may be, and confiscate any proceeds from the money or advantage or benefit’.

The amendments were approved following a letter from the Oversight and Anti-Corruption Authority or Nazaha on proposed amendments to the Law. Also reported in Okaz on 7 December 2021. For 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

UAE: Working Week Changes Announced

  • 07/12/202107/12/2021
  • by Benjamin Filaferro

Gulf News (United Arab Emirates), 7 December 2021: The UAE authorities have announced working week changes.

The working week will be reduced to four and a half days in a first in the world.

The weekend will now run from Friday afternoon to Sunday.

The new working week will apply in Federal Government departments from 1 January next year.

They will work eight and a half hours a day Monday to Thursday and four and a half on Fridays. Employees will also be allowed to choose flexible work or work-from-home options on Friday.

The move is aimed at improving productivity and creating a more positive work-life balance.

In addition, Friday sermons and prayers will be held after 1.15pm around the country throughout the year.

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.

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

Bahrain: Decision on Reporting Information and Measures Against Frozen Funds Issued News developments

Bahrain: New Plants Varieties Protection Law Approved

  • 07/12/202107/12/2021
  • by Benjamin Filaferro

Al Watan, 5 December 2021: Bahrain’s King has approved Bahrain Law No. 31/2021 on the protection of new varieties of plants.

It sets out the relevant definitions and its scope of implementation.

It also covers all the types, kinds and groups of plants which have been subject to a patent.

In addition, it sets out the conditions for a variety of plants to be considered worthy of protection. These include that the plant is new, unique, homogeneous, consistent and is given an acceptable name in line with Article 28 of Bahrain Law No. 31/2021 and Article 29 of Bahrain Law No. 31/2021.

For full story, click here.

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News developments

UAE: Online Security Law Approved

  • 05/12/202107/12/2021
  • by Benjamin Filaferro

The UAE’s President has approved a new Online Security Law. It will cover the tackling of online harassment, bullying and fake news.

It is one of the first types of law in this area in the region and will come into force on 2 January 2022.

It addresses online false advertising or promotions, including unlicensed trading in crypto-currencies and medical products and supplements.

It also contains provisions on fake news and misleading information, using online tools, networks and platforms to broadcast, publish, republish, circulate or recirculate fake news. This includes false and misleading information, false reports purporting to originate from official sources or which falsely misrepresent official announcements.

It also gives courts powers to confiscate devices, software, content or other means used in the carrying out of a crime and allow this information to be deleted.

It aims to improve community protections from online crimes committed through networks and information technology platforms. It also aims to protect public sector websites and databases and tackle the spread of rumours and fake news.

In addition it aims to protect against electronic fraud and preserve individual privacy and rights.

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.

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

News developments

UAE: Trademarks Law Amended

  • 05/12/202105/12/2021
  • by Benjamin Filaferro

The UAE’s President has approved amendments to the country’s Trademarks Law.

The amendments include providing protection to three-dimensional trademarks, holograms, sound trademarks like musical tones associated with a company and which distinguish its products and smell trademarks like creating a distinctive scent for a company or brand. The amendments mean more trademarks will be able to be protected.

The amendments also include registering geographical names of trademarks or products whose name is associated with the names of specific geographic regions, countries or cities and are famous for producing this product. These amendments are aimed at improving the UAE’s position in promoting its famous products like dates.

In addition, a requirement to have a trade license to allow a trademark to be registered has been abolished.

SME owners will also be granted temporary protection to protect the trademark of their products during their participation in exhibitions.

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.

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

News developments

UAE: Amendments to Copyrights and Neighbouring Rights Law Approved

  • 05/12/202105/12/2021
  • by Benjamin Filaferro

The UAE’s President has approved amendments to the Federal Copyrights and Neighbouring Rights Law.

The amendments offer special benefits for disabled people to improve their participation in this vital sector.

It covers all substantive issues relating to author’s rights and neighbouring rights, including the right to determine first publication of the work, the right of writing the work in their name and the right to protest against alteration of the work if the alteration leads to the author’s intent being distorted.

The amendments are aimed at maximising the creative industries’ contribution to the UAE economy.

They are also aimed providing authors of the works and the holders of the neighbouring rights with more rights where their rights are violated.

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.

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

News developments

UAE: Amendments to Electronic Transactions Law Approved

  • 05/12/202105/12/2021
  • by Benjamin Filaferro

The UAE’s President has approved amendments to the Electronic Transactions and Trust Services Law.

They are aimed at ensuring they keep up to date with technological developments and improve ongoing digital transformation.

They give e-signatures the same weight as handwritten signatures.

This means parties who are required to sign something will not have to be physically present to sign.

This will extend to Government transactions like contracts and agreements which use these types of signatures providing the country where the transaction occurred has adopted sophisticated authentication mechanism and trust services similar to the UAE standards.

They will be able to be used in various civil and commercial transactions, including marriage, personal status, notary and real estate services like renting, buying, selling and amending contracts as well.

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.

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

News developments

UAE: Amendments to Commercial Companies Law Approved

  • 05/12/202105/12/2021
  • by Benjamin Filaferro

The UAE’s President has approved a Law amending the country’s Commercial Companies Law.

Under the amendments, investors and entrepreneurs will be able to establish and own all of onshore companies across all sectors, except in a small number of reserved strategic activities.

The amendments also specify the companies which will be exempt from the Law’s remit.

There are also amendments to corporate governance and strategic activities provisions.

In addition, the amendments clarify the responsibilities of boards of directors, executive management and general assembly authorities.

They also specify the requirements for bonds and instruments to be issued, acquisitions and the administrative penalties to be imposed on violators.

Finally, the amendments detail the approvals and licenses required by companies to be able to carry out commercial activities in the UAE as well as the company’s name, contract, incorporation procedures and conditions for increasing and decreasing capital.

The aim is to boost the country’s competitive advantage and is part of a wider Federal Government economic diversification strategy. They want to create an innovation-led and knowledge-based economy.

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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