Qatar’s Emir has issued a Decree-Law amending the country’s 2005 Investment Free Zones Law. Qatar Decree-Law No. 21/2017 amends Qatar Law No. 34/2005. It will come into effect on its issued date and will be published in the Official Gazette.
This week the spotlight is on legal and regulatory developments in Dubai, where the Chairman of Dubai’s Airport Freezone Authority (Dafza) has announced it is going to launch the region’s first e-commerce free zone. Dubai CommerCity will be a 2.7-billion AED, 2.1-million square feet joint venture between Dafza and Wasl Asset Management Group. It will be located in the Umm Ramool area and will be strategically placed to be near Dubai’s International Airport. This will provide direct access to e-commerce stakeholders in the MENA region and South Asia. The free zone project will be implemented in two phases. 50% of the project will be completed in both phases. The aim is to accelerate the growth of the e-commerce market in the region, which is expected to reach $20 billion in 2020 in the GCC countries. Over the next five years, e-commerce sector is expected to account for 10% of Dubai’s retail sales. These sales are expected to reach 200 billion AED by the end of this year.
Elsewhere the UAE’s Vice President, Prime Minister and Dubai Ruler has issued a Law regulating inheritance, wills and probate for non-Muslims. It comes into force on its issued date and will be published in the Official Gazette. Dubai Law No. 15/2017 will apply to the wills and assets of non-Muslims based in the Emirate including the DIFC. It creates a clear legal framework for non-Muslims to create wills in line with their wishes. It also outlines clear legal procedures to encourage residents to register their wills and manage their assets in Dubai. It will establish a Non-Muslim Wills and Probate Registry in both the DIFC and Dubai Courts. The heads of these Courts will develop its regulations, policies and procedures. It will specify the legal requirements for wills and probate for non-Muslims as well as the liabilities and obligations of the beneficiaries of wills. In addition it will specify the responsibilities and limitations of will executors as well the regulations governing inheritance and the distribution and management of the estate as well as appeal procedures. Disputes will be adjudicated by the Dubai Courts or DIFC Courts, depending on where the wills are registered. Any non-Muslim will registered at the DIFC or Dubai Courts before this Law will remain valid.
According to local newspaper reports, Saudi Arabia’s Government has approved new tourism visa plans. To begin with visas will only be issued to tourists using authorised tour operators. The announcement comes as the Kingdom looks to encourage more tourism.
According to senior International Monetary Fund officials, VAT is likely to be introduced at different times across the GCC region. They had intended to introduce VAT simultaneously in January but so far only Saudi Arabia and the UAE look like they will do so. When it is introduced VAT will be introduced at 5%. It will require significant administrative and technical changes including detailed regulations and making sure all affected companies are registered. However all six GCC states remain committed to introducing it.
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