LexisNexis Middle East

Dubai International Financial Centre Amends Real Property Regulations

15/05/202014/05/2020
by Benjamin Filaferro

The Dubai International Financial Centre Authority has enacted amendments to the 2018 Real Property Regulations which came into force on 12 November 2018. This was when the Real Property Law, DIFC Law No. 10/2018 was enacted. The amendments come into force today and mean the enforcement and compliance regimes under DIFC Law No. 10/2018 and the Real Property Regulations are brought into line with the DIFC Operating Regulations which came into force on 12 November 2018. This has been done by explicitly categorising all Real Property Law contraventions as offences, providing a mechanism for fines to be enforced and the Decision Making Procedures applied. The Regulations also now identify a separate form of notification for Indirect Interest transfers and provide the Registrar with the power to make default assessments of the Transfer Fee with the onus of evidence reversed.

News developments

Qatar: Wireless Home Area Network Class License Issued

14/05/202014/05/2020
by Benjamin Filaferro

Qatar’s Communications Regulatory Authority has announced it has issued a Class License for Wireless Home Area Networks. The license was issued in line with Chapter 3 of Qatar Decree-Law No. 34/2006 (the Telecommunications Law as amended). It covers anyone in this category and they do not have to request this license. This Class License relates to wireless networks which facilitate communication between groups of devices and equipment in or near homes. Among other things, the class license covers clock devices, speakers and home theatre systems. It also covers lighting control systems, doorbell control systems, security cameras and monitoring systems. In addition, it covers window and window blinds systems, cooling, air conditioning and water heating systems in homes, kitchen appliances, metre reading systems.

News developments

UAE: Foreign Ownership of Maritime Businesses Allowed

09/05/202007/05/2020
by Benjamin Filaferro

The UAE Government has announced foreign ownership of maritime businesses in the country are now allowed. It follows the issuing of the positive list which is the official list of the commercial activities in which 100% foreign ownership is allowed. The Maritime Standard Company said all shipping companies and maritime activities operating in the country previously had to have a local partner. However, this requirement is no longer required under the new rules.

News developments

Oman: Implementing Regulations to Public Private Partnership Law Approved

09/05/202007/05/2020
by Benjamin Filaferro

Oman’s Public Authority for Privatisation and Partnership has approved the Implementing Regulations to the Sultanate’s Public Private Partnership Law. Among other things, the Implementing Regulation specifies how these projects should be carried out. The Authority was established under Oman Sultani Decree No. 54/2019.

News developments

Bahrain: All Sharia Lawsuits to be Filed Online

08/05/202007/05/2020
by Benjamin Filaferro

The President of Bahrain’s Court of Cassation and Deputy President of the Supreme Judicial Council has announced all Sharia lawsuits will now be able to be filed online, including the issuing of judgments in these cases. It is part of the digitisation of justice in the Kingdom. The country’s Information and e-Government Authority is supporting the programme.

News developments

Abu Dhabi: Global Market Amends Commercial Legislation

07/05/202007/05/2020
by Benjamin Filaferro

The Abu Dhabi Global Market has announced it has amended its commercial legislation. They have issued new Companies Regulations. The 2020 Regulations repeal the Companies Regulations 2015 (as amended). They have also amended the 2017 Foundations Regulations and 2015 Limited Liability Partnership Regulations. In addition, they have issued amendments to the 2018 Beneficial Ownership and Control Regulations and 2015 Real Property Regulations. Finally, they have issued new Limited Liability Partnership Rules. Among other changes, the requirement to issue paper certificates and licenses electronically has been abolished and the definition of ‘members of the same family’ in the Companies Regulations have been amended. The term Annual Returns has also been amended to Confirmation Statements and the current ban on foreigners owning freehold land in Al Maryah Island has been lifted.

News developments

Qatar: Real Estate Development Committee Established

02/05/202030/04/2020
by Benjamin Filaferro

Qatar’s Emir has approved a Cabinet Decision establishing a real estate development committee. Under Qatar Cabinet Decision No. 10/2020, the committee will be chaired by the Municipality and Environment Minister. A representative from the Interior, Finance, Justice, Municipality and Environment, Commerce & Industry, Administrative Development, Labour and Social Affairs Ministries, Qatar Central Bank, Qatar Financial Markets Authority and Qatar Chamber of Commerce & Industry will be members. It comes into force on its issued date and will be published in the Official Gazette.

News developments

UAE: Draft Consumer Protection Law Discussed

02/05/202030/04/2020
by Benjamin Filaferro

The Financial, Economic and Industrial Affairs Committee of the UAE’s Federal National Council has discussed a draft consumer protection law. The aim of the new law is to benefit consumers and protect them from being exploited by suppliers. Consumers will be able to contact the relevant authorities at the Economy Ministry to submit fraud and exploitation complaints. The relevant authorities will obtain the correct information on goods purchased by consumers and raise consumer awareness about their rights and obligations.

News developments

Saudi Arabia: Guidelines for the Unified Financial Policies and Procedures Introduced

02/05/202030/04/2020
by Benjamin Filaferro

Saudi Arabia’s Finance Ministry has unified the work laws for financial and procurement affairs by introducing the Guidelines for the Unified Financial Policies and Procedures. The aim of the guidelines is to specify and regulate the operational procedures to be used by Government bodies to manage and regulate the activities and transactions related to their financial and procurement affairs. They include templates and reports which can be used along with other detailed procedures.

News developments

Qatar: Islamic Banks to Activate E-cheque Feature Soon

25/04/202023/04/2020
by Benjamin Filaferro

Islamic Banks are expected to activate a service for electronic cheques in the near future in Qatar. The service is a smart banking service which would contribute to reducing and facilitating financial transactions. The service would also reduce the time needed to execute and clear cheques which have been traded in the market especially rent cheques and some of the other trade transactions where the value is high which renders using cheques necessary. The electronic cheque would be the equivalent of paper cheques.