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
The Prime Minister and Ruler of Dubai announced yesterday a new end-of-service benefits system for employees in the private sector and free zones. This voluntary initiative will include the establishment of savings and investment funds from the private sector, overseen by the Securities and Commodities Authority in partnership with the… Read more
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