LexisNexis Middle East

Saudi Arabia: Insurance Unveils Details of New Retirement System

18/10/202418/10/2024
by Hannah Gutang

Ean Libya, 14 October 2024: The Saudi General Organisation for Social Insurance announced the details of the new retirement system and the minimum age for early retirement.

The organisation has stated that the minimum age for early retirement for subscribers to the new system is 55 years old.

The organisation has announced that one of the conditions for obtaining a retirement pension is having 30 years of service for the retiree, with their cessation of work subject to the provisions of the system when they wish to receive the retirement pension.

It has been explained that the retirement age in the new system is 65 years old, but retirement can be taken ten years before this age.

It has been pointed out that the minimum retirement pension will be 4,000 riyals for those whose subscription period is 40 years.

If the subscription period is less than that, this minimum will be reduced for each 12 months of subscription and each month proportionately, provided that it does not fall below 2,000 riyals.

Regarding the mechanism for calculating the retirement pension, the Saudi General Organisation for Social Insurance has explained that the average wage or salary will be calculated based on the highest wages or salaries subject to subscription for 180 months of the subscription periods in the new system.

Then, the average wage is multiplied by 2.25%, and the result is multiplied by the number of subscription months, then divided by twelve.

In the case of early retirement, the subscriber will be deducted 3% for each year that their subscription period falls short of 40 years.

The Saudi General Organisation for Social Insurance has also pointed out an increase in the subscription deduction rate by 0.5% for each year during the next four years, raising the deduction rate from the employee’s salary from 9% to 11%, in addition to a ‘sand’ deduction of 0.75%, bringing the total deduction from the employee’s salary to 11.75% monthly.

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News developments

Qatar: New Incentives and Parental Support in Qatar’s Civil Service Law

18/10/202418/10/2024
by Hannah Gutang

Mubasher, 9 October 2024: Qatar’s Council of Ministers has approved a comprehensive Water Law and new regulations for the protection of industrial designs and models.

The Water Law aims to ensure water security, conserve water resources, protect them from depletion or pollution, enhance the efficiency of water services and their usage, maintain water quality standards, and ensure proper maintenance and operation of water facilities.

The law was drafted by the Qatar General Electricity and Water Corporation (Kahramaa) and will now be referred to the Shura Council for further deliberation.

Additionally, the Council approved the executive regulations for Qatar Law No. 10/2020; on the protection of designs and industrial models.

For the full story, click here.

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News developments

Oman: Ministry Issues Notice Regarding Lost Sea Passports

18/10/202418/10/2024
by Hannah Gutang

The Arabian Stories, 9 October 2024: The Transport, Communications and Information Technology Ministry in Oman has issued a crucial reminder for seafarers regarding the protocol for lost identity documents, specifically sea passports.

In the event of a lost sea passport, seafarers are urged to act swiftly.

The first step is to report the loss to the nearest Royal Oman Police station, providing full details of the missing document.

Following this, it is essential to notify the Transport, Communications, and Information Technology Ministry by visiting the General Directorate of Maritime Affairs at the Ministry’s General Diwan building.

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News developments

Kuwait: FATF Report Exposes Weaknesses in Money Laundering Efforts

18/10/202418/10/2024
by Hannah Gutang

Arab Times, 9 October 2024: The Financial Action Task Force (FATF) has highlighted significant gaps and weaknesses in Kuwait’s system for combating money laundering and terrorist financing.

While Kuwait possesses a sufficient legal and supervisory framework, it faces serious shortcomings in delivering effective outcomes, particularly in understanding, investigating, and prosecuting these types of crimes.

Kuwait demonstrates a basic understanding of money laundering risks at the national level but has a limited grasp of terrorist financing risks.

Authorities need to enhance their understanding by conducting comprehensive assessments of various sectors and the misuse of legal entities.

Although Kuwait has increased money laundering investigations, securing convictions without proving the underlying predicate offense remains challenging.

Most prosecuted cases involve straightforward instances of self-laundering.

Investigations and prosecutions related to terrorist financing appear limited, with many cases failing to result in convictions at trial.

While Kuwait has a legal framework for implementing targeted financial sanctions, the necessary actions to freeze assets linked to terrorism or proliferation are not adequately reflected in domestic law.

Kuwait needs to adopt a more risk-based approach to protect its non-profit sector from potential terrorist financing abuse.

The financial intelligence unit generates information to initiate inquiries and investigations related to money laundering, but investigations into terrorist financing largely rely on foreign intelligence.

Kuwait has made confiscating proceeds of crime a policy objective, and law enforcement has successfully seized valuable assets, including properties and items located abroad.

Banks and larger financial institutions generally possess a solid understanding of their risks and obligations.

However, supervisors in both the financial and non-financial sectors need to concentrate more on beneficial ownership issues, as the lack of understanding in this area means that Kuwait lacks complete and reliable beneficial ownership information.

FATF has provided several recommendations for Kuwait to strengthen its anti-money laundering and terrorism financing framework.

These include updating the risk assessment to encompass a broader range of factors, conducting a comprehensive assessment of the risks of legal entity misuse, considering a wider array of money laundering and terrorist financing methods, investigating and prosecuting various types of terrorist financing activities, identifying potential terrorist financing activities associated with currency movements.

Additionally, ensuring the legal implementation of targeted financial sanctions without delay, proactively using financial sanctions to deprive terrorists of their assets, and publishing a complete list of individuals subject to financial sanctions.

Furthermore, conducting a thorough assessment of terrorist financing risks in non-profit organisations, reviewing and removing barriers that deter non-profit organisations, deepening the understanding of crimes that generate money laundering proceeds, and ensuring authorities have access to legal entity information.

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News developments

Dubai: Doctors To Get New AI Assistant

18/10/202418/10/2024
by Hannah Gutang

Khaleej Times, 15 October 2024: Dubai Health introduced the AI-powered Ambient Voice Solution (AVS), which is designed to record conversations during consultations, convert patient complaints into precise medical terminology, and generate comprehensive reports after each visit.

Physicians will still double-check all information provided by the AI before filing it, ensuring accuracy and maintaining the highest standards of care.

The AI assistant not only improves documentation efficiency but also enhances patient interaction.

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News developments

DIFC: Residents, Investors Can Now Register Wills for Digital Assets

18/10/202418/10/2024
by Hannah Gutang

Khaleej Times, 15 October 2024: The Dubai International Financial Centre (DIFC) Courts has launched ‘digital assets will’ which allows owners to distribute their digital assets using a non-custodial wallet.

This wallet enables individuals to reallocate assets to desired beneficiaries within their wallet and maintain full control over mobilising assets in and out during their lifetime, with assets ultimately distributed as ‘specific gifts’.

Investors and residents can access this service from anywhere globally and connect via video link to a compliance officer in Dubai.

This initiative was announced during the second day of the five-day Global Gitex 2024 edition at the Dubai World Trade Centre.

The digital assets industry has experienced exponential growth in the UAE and worldwide due to new technology and asset classes.

The new will template joins the DIFC Courts’ existing legacy will types, including full will, property will, financial assets will, business owners will, and guardianship will.

An online automated will be drafting service and a virtual registry provide a 360-degree digitally accessible service, allowing domestic and overseas individuals to create and register a DIFC Courts will.

The digital format assets recognised by the wallet include ETH, BTC, MATIC, USDC, USDT, and HBAR, with more to be included in the future.

The wills can also be added to the global digital vault, tejouri, functioning as a cloud vault and online safe for data, supported by a state-of-the-art DIFC data centre and a UAE-based backup data centre.

Access to all data is restricted to the ‘vault holder’ and the listed intended recipients.

Additionally, the DIFC Courts have launched a notary service, the first UAE service dedicated to notarising English documents, offering automated self-service, live virtual system, and in-person options.

Users can use an authentication service through primary source verification (PSV), with electronic or physical stamps and seals issued for each document.

Notarised documents will be verified using advanced cryptographic methods powered by Hedera Blockchain.

Additionally, a new alternative dispute resolution avenue, the Mediation Service Centre, will enable parties to negotiate dispute resolution with the help of DIFC Courts Part III registered mediators.

Parties can choose mediators, agree on fees and terms, and conduct mediation meetings online using the AI-enabled Court Management System (CMS) or in-person at the DIFC Courts premises.

The new suite of services was launched with support from The Hashgraph Association, Deca4 Advisory, and DataFlow Group, utilising Hedera technology and Primary Source Verification (PSV) solutions.

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News developments

Bahrain: Tamkeen Recovers Support Amounts From a Number of Violating Institutions

17/10/202417/10/2024
by Hannah Gutang

Mubasher, 14 October 2024: The Labour Fund Tamkeen in Bahrain has recovered support amounts from a number of companies that were proven to have violated the terms, conditions, and contracts stated in the support programs.

This came after the issuance of rulings regarding a number of cases that were referred by “Tamkeen” to the competent authorities regarding a number of institutions that benefited from the support funds provided through employment support and wage support programs, as they involved criminal suspicion.

The support amounts provided in a number of these cases have been recovered, as this measure affirms Tamkeen’s commitment to the principles of transparency and accountability, and the application of necessary penalties on all violators without exception.

Violations that are detected are dealt with according to their nature. Administrative violations, such as violating support requirements, regulations, and policies in force at “Tamkeen,” are decided upon in accordance with the Regulatory Bylaw for Violations by Suppliers and Beneficiaries of Labour Fund Projects.

This is done through a number of penalties that include recovering funds, deprivation from obtaining Tamkeen support for a specific period, or both.

On the other hand, violations that involve criminal suspicions, such as illegal employment, wage manipulation, and the like, are referred to the competent security authorities for adjudication and taking necessary measures, while Tamkeen maintains the right to impose the aforementioned administrative penalties on them upon the issuance of a decision by the competent authorities.

It is worth noting that Tamkeen’s Control Team had previously announced the introduction of a control plan aimed at detecting any cases of illegal employment or wage manipulation.

A number of the Fund’s employees have also been granted the status of judicial control officers to enhance the legal frameworks followed in control and follow-up procedures and develop working mechanisms between “Tamkeen” and the concerned authorities to take necessary measures regarding the detected cases.

The number of visits carried out since the launch of the new package of programs in November of last year exceeded 4,300 inspection visits to beneficiaries of employment and wage support programs.

Tamkeen has also recently launched a page on its website to report violations as part of a comprehensive plan to improve control procedures and emphasise the activation of transparency principles and improve control.

This aims to consolidate cooperation frameworks and mutual trust between Tamkeen and all members of society, whether beneficiaries or non-beneficiaries of the provided support programs.

It also ensures that support is directed to those who deserve it and the application of the highest adopted standards for institutional control.

Tamkeen renews its call to everyone, whether beneficiaries or non-beneficiaries of support programs, to cooperate and report any violations or excesses through the designated channels, which include the dedicated page on the website www.tamkeen.bh/whistleblowing-form/, in addition to the hotline 17383383, and the email report@tamkeen.bh.

For the full story, click here.

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News developments

Abu Dhabi: Bolstering Real Estate Regulations and Launching Digital Platform

17/10/202417/10/2024
by Hannah Gutang

The Abu Dhabi Global Market (ADGM) has announced significant enhancements to its Real Property Regulations, introduced new off-plan development regulations, and launched a unified digital platform, AccessRP.

Analysis

Key enhancements of the revamped regulatory framework aligned with English Common Law and best onshore practices in the region:

– regulatory legislation for short-term residential leases;

– enhanced legislation for off-plan development;

– off-plan sales;

– escrow arrangements; and

– a new registration framework for real property and professionals such as brokers, valuers, and property managers.

The AccessRP digital platform will provide a comprehensive range of real estate services, including transaction services for buying, selling, leasing, and mortgages, as well as new developer services for off-plan development, project registration, and account management. Additionally, the platform will offer owner services such as certificate issuance and Power of Attorney registrations, enhancing the customer experience and easing real estate procedures within ADGM’s jurisdiction.

In this regard, the ADGM has issued the Real Estate Regulations 2024 and Off-Plan Development Regulations 2024.

Real Estate Regulations 2024

ADGM’s Real Property Regulations provide a comprehensive framework for the administration and management of real property interests and transactions within its jurisdiction. The regulations cover various aspects, including types of real property interests and conveyances, registration processes, the establishment and maintenance of a real property register, provisions for joint holders, transfers, eminent domain, leases, mortgages, statutory charges, easements, covenants, deceased estates, writs, caveats, and instruments.

They outline the appointment and duties of the Registrar, the contents of the register, and the requirements for initial registration of real property and titles. They also address specific matters such as joint ownership, severing joint tenancy, lease obligations, permitted uses, variations, terminations, and renewals, as well as mortgage requirements, variations, discharges, and foreclosure procedures.

Covering the registration and management of statutory charges, easements, covenants, and deceased estates, they provide guidelines for writs of execution, caveats, and the execution and lodgement of instruments and outline the powers and proceedings against the Registrar, search procedures, existing rights, contraventions, and miscellaneous provisions.

Furthermore, the regulations include transitional provisions specific to Al Reem Island, addressing existing musataha, usufruct, ownership, granted land, and lease interests, as well as corrections to the register, priority of registered instruments, and the application of these regulations to real property located on Al Reem Island and Al Maryah Island.

Off-Plan Development Regulations 2024

It provides a comprehensive framework for the regulation of off-plan real estate development and sales within the Abu Dhabi Global Market (ADGM) jurisdiction. It covers the establishment and contents of registers, publication of information and search procedures, registration requirements for off-plan developers, and the process for registering off-plan projects.

The regulations outline restrictions on off-plan sales, application procedures for developer registration, building permits, and approvals. They also address the relationship between developers and the Registrar, notification requirements, and administrative services.

Furthermore, they detail the registration process for off-plan projects, including project name registration, application requirements, utility contracts, mortgage restrictions, and registration on the Real Property Register. Provisions related to project accounts are also included.

The regulations specify the form and disclosure requirements for off-plan sales agreements, as well as procedures for handling major changes and failure to pay the purchase price.

The outline also covers the powers of the Registrar, including the authority to request information, waive requirements, state cases, correct registers, and collect fees.

Transitional provisions are outlined for ongoing off-plan developments on Al Reem Island, including provisions for further extensions of time.

Finally, the regulations address contraventions, sanctions, warning and decision notices, the Registrar’s procedures, the right to refer decisions to courts, access to materials, protected items, publication, censure statements, suspension, cancellation, and fines.

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News developments

Ajman: Issues Decree Establishes Higher Committee of Energy in Emirate

17/10/202417/10/2024
by Hannah Gutang

Khaleej Times, 14 October 2024: A decree has been issued by the Ajman Ruler, applying to all entities currently involved in or seeking to engage in petroleum product trading within Ajman and its free zones.

The establishment of the Ajman Higher Committee of Energy comes under the Ajman Emiri Decree No. 8/2024, issued by the Ruler of Ajman.

The newly formed committee will possess legal personality and the capacity to fulfill its designated functions.

It will operate under the oversight of the Chairman of the Ajman Executive Council.

According to the decree, the Chairman of the Ajman Executive Council shall appoint the members of the Higher Committee of Energy based on their demonstrated expertise and experience in relevant fields.

The committee members shall serve a three-year term.

The Higher Committee of Energy shall be responsible for regulating the trading of petroleum products within the emirate in accordance with international best practices; optimising the level of services related to the energy sector, aligning the emirate’s energy sector with global trends and developments; enhancing safety and security measures within the Emirate.

Additionally, ensuring that operating establishments and related entities comply with all applicable federal and local regulations.

The decree supersedes any conflicting provisions in other legislations.

It shall enter into force upon the date of its issuance and be published in the Official Gazette.

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News developments

Bahrain: Legal Consultancy Offices Accredited

11/10/202411/10/2024
by Tanya Jain

Al Biladpress, 9 October 2024: The Justice, Islamic Affairs and Endowments Ministry in Bahrain has accredited eight legal consultancy offices to provide foreign legal consultations.
These accredited offices are now authorised to operate in the country, offering legal advisory services.

To obtain the licence, the firms had to submit authorisation letters, experience certificates, and details of their responsible managers and qualifications.

The registration fee for each office is 6000 Bahraini Dinars, payable through a designated payment process.
The accreditation process takes five days to complete.

For the full story, click here.

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