Insight Category: Regulatory & Legal Updates
Dubai Free Zones Council announced late yesterday a business stimulus package that complimented the previous packages announced by the UAE Government and the Emirate of Dubai. The package included deferral of rent payments for up to six months, reimbursement of guarantees and security deposits, facilitating financial payments through easy installments on a monthly basis, cancellation… Continue reading Dubai Free Zones Council Announces a New Business Stimulus Package...
During these trying times of Covid-19 and its impact on the financial affairs and revenue of numerous companies, an interesting method of recovering a little bit of extra cash is by applying the provisions of Article 64 of the Federal Law No (8) of 2017 on Value Added Tax (the “VAT Law”). Article 64 of… Continue reading Do you have Debtors that have not paid you? Do you need extra cash in your Business?...
World Health Organisation (WHO) have officially declared COVID-19 as a pandemic. BSA have already received several instructions regarding coverage advice related to matters arising from the coronavirus. While all efforts are being made by the WHO and Governments around the world to contain the coronavirus and look to develop a vaccine, world business and trade… Continue reading Coronavirus Outbreak – Impact on Regional (Re)insurance & Coverage Issues...
The UAE Attorney General has issued resolution No. (38) of 2020 following Cabinet Decision No. 17 of 2020 regarding the implementation of regulations for spreading communicable diseases. The resolution covers 15 penalties, ranging from AED 500 to AED 50,000, which aim to curb the spread of the novel coronavirus in the UAE. The Attorney General… Continue reading Attorney General Announces Fines to Prevent Spread of COVID-19...
Saudi authorities imposed a 24-hour curfew in most Saudi cities, the capital Riyadh as well as in Jeddah, Dammam, Al-Khobar, Tabuk, Dhahran, Al-Hofuf, Ta’if, Al-Qatif. Residents can only leave their homes to get essential needs within their neighborhoods between 6am and 3pm. Only two passengers, including the driver, may be allowed inside vehicles. Travel between… Continue reading 24-hour Curfew in Major Saudi Cities Announced...
The regulation has not been published yet, and not much is known about its effect. However, here are 5 things we already know: 1- The Regulation is a positive step forward The Regulation complements the regulatory approach of the UAE towards cryptocurrency and continues to place the UAE as a jurisdiction that is on the… Continue reading The new Virtual Asset Regulation: What you need to know...
What’s happened and why? Oman has recently promulgated the Personal Data Protection Law by Royal Decree No. 6 of 2022 (“the Law”). The Law shall be supplemented by the implementing (executive) regulations and the decisions necessary to enforce the provisions of the Law, which shall soon be issued by the Ministry of Transport, Communications and… Continue reading Mind the Data Protection Gap: Oman’s new Data Protection Law...
Dubai’s new virtual assets regulatory law – and the corresponding new virtual assets regulatory authority (VARA) that has been launched to regulate, supervise, and control virtual asset services – is likely to lead to an increase in investments by companies already in the crypto industry, from an institutional perspective. In his capacity as the Ruler… Continue reading Dubai’s new virtual assets law will lead to increased investments by firms already in the crypto industry...
With a population that grew by 8% between 2014 and 2015, demand for financial, tourism, hospitality and manufacturing services is rapidly growing as Oman’s government moves towards its Vision for Oman’s Economy (Oman 2020), including the national programme for enhancing economic diversification. Attracting foreign investment is a major part of Oman’s drive to achieve this… Continue reading Potential 100% Ownership for Business Investors in Oman...
The growing awareness of socially responsible investments (SRI) in the energy sector by financial institutions and the majority of major contributors to the world economy is part of a number of factors increasing ethical and green projects and playing a key role in identifying the future potential role of this sector. Rima Mrad writes. As… Continue reading Challenges Facing Green and Socially Responsible Investments...