Search for:
Category

Middle East

Category
In ESG

Egypt: Unlocking opportunities – Navigating Egypt’s new carbon trading regulations

by and 4 Mins Read

Since the landmark Climate Change Conference (COP 27) in Sharm El-Sheikh, Egypt has been on a mission to revolutionize its carbon trading market. This journey began with Prime Ministerial Decree No. 4664 of 2022, which set the stage for a voluntary carbon market platform within the Egyptian Stock Exchange. Recently, the Egyptian Financial Regulatory Authority introduced a series of groundbreaking regulations to create a robust framework for the accreditation, issuance, listing, delisting, and trading of carbon emissions reduction certificates.

Read More
In Antitrust / Competition

Egypt: The Egyptian Competition Authority issues three price fixing cartel decisions in the eggs market

by , and 4 Mins Read

This week, the Egyptian Competition Authority (ECA) issued three price-fixing cartel cases against 21 of the major producers of table eggs, including board members of the Table Eggs Chamber, which is part of the General Union of Chicken Producers. In those cases, the Cartel Members agreed on the selling price of white and red table eggs, violating Article 6 of the Egyptian Competition Law No. 3 of 2005. The ECA initiated criminal proceedings before the public prosecution office for the Cartel Members and did not settle the case.

In Antitrust / Competition

Key Antitrust Developments and Competition Trends in Saudi Arabia, the UAE and Egypt 2024

by , , , , and 2 Mins Read

Over the past year, antitrust regulators in the Middle East have implemented significant changes to the local competition law regimes, with a new competition law coming into effect in the United Arab Emirates and substantial changes being made to the applicable merger control regimes in the Kingdom of Saudi Arabia (KSA) and Egypt. Competition law enforcement has also continued to intensify in the KSA and Egypt, as well as in other key emerging markets in the GCC. During this 2-hour seminar, we will provide an update on the latest key competition law developments and what to expect on the horizon as well as compliance tips and pointers.

In ESG

Egypt: Unlocking opportunities – Navigating Egypt’s new carbon trading regulations

by and 4 Mins Read

Recently, the Egyptian Financial Regulatory Authority has introduced a series of groundbreaking regulations to create a robust framework for the accreditation, issuance, listing, delisting, and trading of carbon emissions reduction certificates. On 13 August 2024, the FRA officially launched the first regulated voluntary carbon market. These steps underscore Egypt’s dedication to sustainable development and its ambition to lead the carbon trading market in the Middle East and Africa.

Read More
In Antitrust / Competition

Saudi Arabia: New guidelines to promote competition in the supply and sale of school uniforms and related items

by , and 5 Mins Read

The General Authority for Competition in Saudi Arabia has recently issued new guidelines aimed at promoting competition in the supply and sale of school uniforms and related items. The guidelines cover all relevant equipment, including school uniforms, desks, and chairs, among other necessary supplies. These guidelines are part of the Authority’s continued effort to enhance consumer protection in the Saudi market and Competition Law in Saudi Arabia.

In Employment

Saudi Arabia: Amendments to the Saudi Labor Law

by and 1 Min Read

On 6 August 2024, the Council of Ministers approved amendments to the Saudi Labor Law (the “Amendments”) which will come into force 180 days from publication of the Royal Decree in Umm Al Qura (the Official Gazette) which we expect within a fortnight.
The Ministry of Human Resources and Social Development circulated proposed amendments to these provisions for public consultation in 2020, and again in 2021. With wide labor market input, and extensive benchmarking studies of other countries’ labor laws and global practices, the Amendments aim to further align with Saudi Arabia’s Vision 2030 by creating a more attractive work environment for employees; enhancing job security; protecting both parties’ rights; developing human capital; and promoting training opportunities, among others.

In AML & Financial Services Regulatory

Egypt: the Central Bank of Egypt permits the opening of non-resident bank accounts to foreigners

by and 2 Mins Read

In a recent circular issued on 7 August 2024, the Central Bank of Egypt (CBE) mandated Egyptian banks to open non-resident bank accounts for foreign customers not residing in Egypt. This directive aims to expand the access by foreigners to a range of banking services allowing them to benefit from the same while ensuring compliance with account opening regulations, KYC requirements and anti-money laundering laws and regulations.
The CBE emphasized the need for such a decision and noted that denying non-residents the opportunity to open accounts could heighten the risks associated with financial transactions conducted outside the regulated market and have adverse effects on the reputation of banks operating within the Egyptian banking sector.

Read More
In Corporate Compliance

South Africa: Companies Amendment Bills signed into law

by and 2 Mins Read

President Cyril Ramaphosa signed the Companies Amendment Bill and the Second Amendment Bill (collectively, “Bills”) into law on 26 July 2024. As of 29 July 2024, the Bills have yet to be gazetted and there is no clarity yet as to their anticipated effective date. Once effective, the Bills are expected to have an immediate impact on doing business in South Africa.

In Antitrust / Competition

Saudi Arabia: An insight into the activities of Saudi Arabia’s General Authority for Competition – highlights of its 2023 annual report

by , , and 6 Mins Read

The General Authority for Competition (“Authority”) recently published its annual report for 2023. This latest annual report indicates an unprecedented level of activity by the Authority and confirms the magnitude of the enforcement actions taken by the Authority to ensure compliance of the Competition Law in Saudi Arabia.

Read More
Load More