Recently, Kuwait has initiated some significant economic liberalization initiatives. Kuwait’s National Assembly enacted major reforms to the Commercial Law and Public Tenders Law, effectively removing the longstanding requirement for foreign companies to operate through local agents within the country. On July 16, 2023, the Financial and Economic Affairs Committee of… Read more
On 5 December 2023, the Ministry of Investment of Saudi Arabia (“MISA”), in collaboration with the Ministry of Finance and the Zakat, Tax and Customs Authority (“ZATCA”), officially announced a 30-year tax relief program as an incentive to attract foreign global companies to establish their regional headquarters (“RHQ”) in the… Read more
The Executive Regulations of Federal Law No. 15 of 2020 on Consumer Protection have recently been enacted through Federal Cabinet Resolution No. 66 of 2023 in the United Arab Emirates. These regulations, which took effect on 14 October 2023, offer crucial insights into the Consumer Protection Law (Federal Law No.… Read more
Earlier this month, Fawry, Egypt’s leading e-payments solutions provider found itself under heavy fire for being the subject of a cyberattack. On 8 November, Fawry denied the claims of a cyberattack and issued a statement refuting the allegations. Fawry stated that it “categorically denies all reports on social media platforms… Read more
The Ministry of Human Resources and Emiratization announced yesterday that the Government’s Emiratization drive now includes private companies with 20 to 49 employees. This expansion applies to companies across 14 economic sectors, including, inter alia, real estate, education, construction, and healthcare. Previously, only companies with 50 or more employees were… Read more
Earlier this year, the Ministry of Commerce and Industry (“MOCI”) in Kuwait issued Ministerial Resolution No.4 of 2023 (“the Resolution”) setting out an obligation for the identification of ultimate beneficial owners (“UBO”). The Resolution applies to all entities registered in the State of Kuwait, unless specifically exempted. Immediately after the… Read more
The UAE has amended its federal arbitration law to introduce more flexibility to arbitration proceedings and lift certain restrictions on the parties’ freedom to nominate arbitrators. While most of the amendments are cosmetic and reiterate established principles of UAE law (e.g., the tribunal’s freedom to assess the evidence and the… Read more
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