Earlier this year, the Ministry of Commerce and Industry (MOCI) issued a resolution amending the Companies Law thereby compelling Kuwait Shareholding Companies (KSC) to include in their budgets a clause that supports Kuwait Foundation for Advancement of Sciences (KFAS) with 1 percent of their annual net profits. On 17 August… Read more
As part of the series of new Ministerial Decisions under Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses, the UAE Ministry of Finance introduced, on 28 July 2023, the following three new Cabinet Decisions: 1- Cabinet Decision No. 74 of 2023 outlining the Executive Regulation… Read more
The Saudi Arabian Civil Transactions Law (the “Law”) was enacted by Royal Decree no. M/191 on 19 June 2023 and is expected to become effective on the 16th of December 2023. The Law is the first civil code for the Kingdom. Prior to its enactment, civil transactions were governed by… 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
On 30 May 2023, the CPA announced that it has fined a company a total amounting to 5% of its total revenues. The company, who runs a booking application platform, had failed to secure CPA’s consent prior to completing the economic concentration process. Based on CPA Law no. 72 of… Read more
National Consumer Holding company (NCHC), a leading industrial investment company based out of Kuwait, has entered into a binding agreement to acquire Cozmo Entertainment General Trading (Cozmo). Meysan Partners, a leading corporate law firm in Kuwait, played a major role in helping NCHC sign binding documentation for the acquisition of… Read more
I. General Authority for Competition (GAC) decision dated 28 March 2023 On March 28, 2023, the Saudi General Authority for Competition (GAC) approved a decision to raise the minimum turnover threshold for merger control filings from SAR 100 million to SAR 200 million. In a press release dated 29 March… Read more
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