December 2017 - Page 2 of 2 - LexisNexis Middle East

Qatar: Amendments to the country’s foreign ownership rules regarding property are being considered

10/12/201711/12/2019
by Benjamin Filaferro

The Qatari authorities are understood to be considering amendments to the country’s foreign ownership rules regarding property in the country according to a monthly real estate report by SAK Holding Group. The new legislation is expected to involve amending the current law on ownership by non-Qataris. This law has been enforced for the last three years in 18 regions. The amendments are expected to be implemented in 2018.

News developments

UAE: Work permit fees to work in the country have been amended

10/12/201711/12/2019
by Benjamin Filaferro

The UAE’s Human Resources and Emiratisation Ministry has announced work permit fees to work in the country have been amended. The fee levied will now depend on a worker’s skill level, whether they will work in the country or outside of it as well as the establishment category in the classification system. Establishments employing GCC nationals and fishing boat businesses will be exempt from the fees. The Ministry has also started classifying businesses differently. The classification will now be done according to skill levels, particularly whether skilled workers or limited skill workers are employed.

Weekly Spotlight

Weekly Spotlight: Cabinet has approved the Implementing Regulations to the Federal VAT Law

03/12/201711/12/2019
by Benjamin Filaferro

This week the spotlight is on VAT developments in the UAE, where the country’s Cabinet has approved the Implementing Regulations to the Federal VAT Law, Federal Decree-Law No. 8/2017. Cabinet Decision No. 52/2017 is yet to be Gazetted but its priority translation has been requested from our Publishing Partners, SADER Legal Publishing.

In a separate but related development, the Director General of the UAE’s Federal Tax Authority, Khaled Al Bustani has said the introduction of VAT in the country will not be delayed, despite calls from prominent organisations like the UAE Banks Federation for it to be to allow them more time to prepare. VAT will be introduced in the UAE on 1 January 2018. Al Bustani added the Authority is seeing a surge in registrations as the registration deadline looms.

News developments

KSA: Shoura Council is considering giving legal protection to whistle blowers

02/12/201711/12/2019
by Benjamin Filaferro

According to local newspaper reports, Saudi Arabia’s Shoura Council is understood to be considering giving legal protection to whistle blowers in certain circumstances. It comes as the authorities have launched an extensive crackdown on corruption in the Kingdom in recent weeks. The Council is understood to have approved a draft proposal to grant whistle blower protection for financial and administrative corruption.

News developments

Bahrain: Central Bank has released directives on the Bahrain Domiciled Real Estate Investment Trusts

02/12/201711/12/2019
by Benjamin Filaferro

Bahrain’s Central Bank has released directives on the Bahrain Domiciled Real Estate Investment Trusts. The aim is to enhance their Real Estate Investment Trusts framework. Real Estate Investment Trusts are Collective Investment Undertakings which acquire and operate income generating local and foreign real estate properties, directly or indirectly and allow all types of investors to obtain real estate market exposure. The new directives will allow retail investors to invest in Bahrain Domiciled Real Estate Investment Trusts. As Real Estate Investment Trusts are tradeable instruments, the changes will also allow Bahrain Domiciled Real Estate Investment Trusts to be listed on the Bahrain Bourse and other licensed exchanges.