Newsletter Archives - Page 124 of 244 - LexisNexis Middle East

Dubai: New Real Estate Law Approved

21/07/202221/07/2022
by Benjamin Filaferro

Arabian Business, 20 July 2022: A new Real Estate Law has been approved in Dubai.

Dubai Decree No. 22/2022 has been introduced to support the Emirate’s growth of real estate investment funds. It effectively creates a register for property investment funds.

The Decree specifies the terms, conditions, and procedures for listing in the Register. Relevant Government authorities should license funds looking to be recorded in the Register, including the Securities and Commodities Authority and the Dubai Financial Services Authority (DFSA).

Funds should not be suspended from trading in Dubai’s financial markets when making an application. Members will be given specific privileges to help their investment activities in the Emirate’s real estate market.

The new register includes real estate investment funds licensed and regulated by Government bodies and private and free zones, including the Dubai International Financial Centre (DIFC). It covers all real estate in Dubai as well.

Applicants should have real estate assets of AED 180 million or more.

A dedicated committee to identify areas and properties where funds are allowed to invest will also be established. They will identify areas and properties that funds are allowed to invest in through full ownership or lease for up to 99 years.

The Dubai Land Department will appoint a valuation specialist to determine the value of properties owned by the funds. They will have to be accredited by the Dubai Real Estate Regulatory Agency.

The value of properties in which funds invest should be AED 50 million or more. The properties should be listed as commercial properties and comply with Dubai Decree No. 4/2010. Funds are allowed to relinquish ownership of properties only with approval from the Committee.

Property investment funds listed in the Register are entitled to receive the incentives specified by the Decree.

Under the Decree, the Chairman of the Executive Council can amend the incentives specified by the Decree or add new ones. The Chairman of the DIFC is also authorised to amend incentives for property investment funds operating within the DIFC’s jurisdiction.

In addition to subsequent decisions issued in line with Dubai Decree No. 22/2022, the Director General of the Dubai Land Department will be able to make other appropriate Decisions to implement the Decree.

Any legislation which contradicts or contravenes the new Decree will be repealed.

The Decree will be published in the Official Gazette and come into force on its published date.

Also reported in Al Bayan on 19 July 2022. For the full story, click here.

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Abu Dhabi: Holiday Home Operators Must be Licenced

20/07/202220/07/2022
by Benjamin Filaferro

Abu Dhabi’s Culture and Tourism Department has reminded holiday home operators in the Emirate.

They must register their properties in the Department’s online system before the final deadline of 1 August.

They must comply with regulations established to manage holiday homes in the local community safely.

Individuals interested in renting a holiday home should follow a simple online application procedure.

This includes providing several documents, including a Licence application form, a photocopy of the passport or Emirates ID of the owner, the unit’s certificate of insurance, the unit’s deed, and any additional documentation requested by the Department.

The Emirate’s requirements for operating holiday home rentals came into force last year following an Executive Council Decision.

They aim to ensure private accommodation operators maintain a standard of excellence while providing a wide variety of safe and secure options. The system also aims to support the increased demand for alternatives to established hotels and hotel apartments.

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Saudi Arabia: Central Bank Issues Standard Insurance Policy of Professional Indemnity for Auditors of Entities Regulated by Capital Market Authority

19/07/202219/07/2022
by Benjamin Filaferro

Saudi Arabia’s Central Bank has announced it has issued a standard professional indemnity insurance policy for auditors of Capital Market Authority supervised entities.

The Standard Policy aims to set the minimum acceptable standard which must be met within the professional indemnity insurance policy, promote the concept of sustainability and reduce potential risks in the financial market.

It also aims to protect the parties’ rights to the contractual relationship and support opportunities for growth and development in the insurance sector.

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Saudi Arabia: Airspace Changes Announced

18/07/202218/07/2022
by Benjamin Filaferro

Arab News, 15 July 2022: Saudi Arabia’s General Civil Aviation Authority has announced airspace changes have been approved.

Under the changes, all carriers can use the Kingdom’s airspace so long as the Authority’s overflight requirements are met.

No date for the change coming into force was given.

The change has been approved as part of the Kingdom’s efforts to meet its obligations under the Chicago Convention of 1944.

This states non-discrimination between civil aircrafts used in international air navigation.

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Saudi Arabia: Construction Sites Must be Fenced Off

18/07/202218/07/2022
by Benjamin Filaferro

Saudi Gazette, 15 July 2022: Saudi Arabia’s Municipal and Rural Affairs and Housing Ministry has announced construction sites must be fenced off.

They must be fenced off from 30 July.

The rule will apply to construction sites for residential buildings.

The barrier should be temporary and be constructed in line with the specifications and standards set by the Ministry.

Those who want to fence off their construction sites can check the guide launched by the Ministry for this purpose. The guide is available on the Baladi website.

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Qatar: Cloud Computing Handbook for SMEs Issued

12/07/202212/07/2022
by Benjamin Filaferro

Al-Sharq, 6 July 2022: Qatar’s Communications Regulatory Authority has announced it has issued a Cloud Computing Handbook for SMEs.

The handbook provides a simplified explanation for SMEs about what cloud computing is, the meaning of typical cloud contractual provisions, the categories of cloud services and the main points which these entities must pay close attention to before subscribing to these services.

It also includes an annex on the principles of data classification which will help organisations classify their data when moving to cloud computing.

The aim is to facilitate the adoption of cloud computing by these entities on a large scale based on their requirements and objectives and in line with digital development in Qatar. For full story, click here.

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UAE: Regulations to Federal Decree-Law on Commercial Register Approved

12/07/202212/07/2022
by Benjamin Filaferro

Al Bayan, 7 July 2022: The UAE’s Cabinet has approved the Implementing Regulations to the Federal Decree-Law on the Commercial Register (Federal Decree-Law No. 37/2021).

The regulations will ensure the provision of a comprehensive national economic database on economic activities and links with all licensing authorities in the country, including free zones.

It will also ensure the commercial registry is linked with the economic registry in the Ministry of Economy.

The Cabinet also approved a new Financial Leasing Law.

The aim is to expand the base of financing and lending in the country through financial leasing operations.

The Law states the Central Bank will be responsible for regulating, licensing and supervising the financial leasing activity practiced by banks and companies subject to regulation by it in line with the legislation in force in the country.

In addition, the Cabinet has approved a Decision linking UAE commercial banks with the Afaq payment system. For full story, click here.

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UAE: Amendments to Tax Regulations Approved

12/07/202212/07/2022
by Benjamin Filaferro

The UAE’s Cabinet has approved various amendments to tax regulations.

They are aimed at improving the business and investment environment.

They approved an amendment to the Federal Tax Procedures Law (Federal Law No. 7/2017). The amendment will allow an approximation to be created and align with the corporate tax law.

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Qatar: Tourism Legislation Amendments Approved

12/07/202212/07/2022
by Benjamin Filaferro

The Peninsula, 6 July 2022: Qatar’s Cabinet has approved amendments to Qatari tourism legislation.

They have approved amendments to Qatar Law No. 20/2018 on tourism, Qatar Law No. 21/2018 on business events and Qatar Emiri Decision No. 15/2021 on the establishment of Qatar Tourism.

In addition, they approved a draft agreement on the mutual exemption from entry visa requirements for holders of diplomatic, special, official and ordinary passports between Qatar and Mongolia.

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Kuwait: Law on Appointments in Oil Sector Amended

07/07/202207/07/2022
by Benjamin Filaferro

Alanba, 4 July 2022: Kuwait’s Human Resources Development Committee has approved a proposal from a Kuwaiti MP to amend the law of appointment of graduates in the Oil Sector by dividing the employment process into two parts.

The first part will be an accumulative process where candidates are accepted by adding up the highest mark from the personal interview, the language exam, the university average and the intelligence test.

The second part will involve a two month training session with weekly tests and the candidate must pass the exam with at least 70%.

The aim of the proposal is to achieve fairness, equal opportunities and save time in qualifying competent engineers.

For full story, click here.

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