Newsletter Archives - Page 49 of 242 - LexisNexis Middle East

Abu Dhabi: To Update Rental Index Every Quarter

12/09/202413/09/2024
by Hannah Gutang

The National, 5 September 2024: Abu Dhabi is set to improve transparency and attract more investment in the real estate sector by updating the rental index every quarter and providing rental values of individual buildings.

The next step in the rental index is to zoom into specific residential buildings, providing accurate rental readings for stand-alone buildings rather than just sectors.

This move aims to offer more precise rental values for major landmark residential buildings in the capital.

Last month, Abu Dhabi launched the emirate’s first residential rental index, highlighting rental rates for apartments and villas in Abu Dhabi City, Al Dhafra, and Al Ain.

The index, available on the real estate centre’s website, provides indicative rental values based on transacted contracts.

Currently, Abu Dhabi law limits rent increases to 5% when a contract is renewed with the tenant annually.

However, residents can approach the real estate centre’s call center or office to resolve disputes with landlords.

The UAE’s property market continues to rebound strongly from the COVID-19 pandemic, driven by government initiatives and growth in the non-oil economy.

In the second quarter, Abu Dhabi’s average apartment prices increased by 6.2% year-on-year, while average villa prices grew by 3.9%, according to CBRE.

Approximately 1,800 new residential units are expected to enter the market until the first quarter of 2025 in Yas Island, Saadiyat, and Al Reem islands, amid continued demand for property.

The real estate centre carefully monitors the supply situation to maintain a healthy occupancy rate, currently between 85% and 90%.

Developers continue to launch new projects, with one developer unveiling a project on Yas Island, featuring 151 canal-front villas.

Another developer has also begun the handover process of units in the first phase of a project in Abu Dhabi.

Being an easy city to set up business and do business plays a key role in positioning Abu Dhabi on the global footprint for potential investment and increasing the demand projections into the real estate sector.

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UAE: Circular Warns Against Violations in Marketing Calls for Securities and Commodities

06/09/202406/09/2024
by Hannah Gutang

Al-Ethihad, 3 September 2024: The Securities and Commodities Authority has urged the public to report marketing calls related to securities and commodities that violate the provisions and regulations outlined in Cabinet Decision No. 56/2024 on the regulation of telephone calls.

The Authority has outlined violations and practices that fall under the purview of the aforementioned resolution, including marketing of products not under the Authority’s supervision through unofficial channels without approval.

Using unjustified marketing pressures to convince individuals to accept a product or service.

Using false and misleading information when marketing a product or service.

Making marketing calls outside the authorised time frame of 9:00 AM to 6:00 PM.

Persisting after an initial rejection of a product or service.

Calling more than once a day or twice a week after no answer or call termination.

Not asking for consent before starting marketing, advertising, or promotion.

Not using registered local numbers issued by authorised telecommunications companies.

Making marketing calls from unregistered or non-company-owned numbers.

Receiving marketing calls from a company registered in the Non-Disclosure Register (DNCR).

Disclosing and trading personal data to third parties for marketing purposes.

Failure to indicate that the call is being recorded. Failure to disclose the company’s identity and purpose of the call at the beginning.

Additionally, any other violations of controls issued by the Authority.

The Authority has confirmed that companies approved for marketing securities and commodities via telephone can be verified on its website.

For the full story, click here.

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Saudi Arabia: Second Issue of Open Banking Framework Issued

06/09/202406/09/2024
by Hannah Gutang

Mubasher, 3 September 2024: The Saudi Central Bank (SAMA) has announced the issuance of the second version of the Open Banking Framework, focusing on the payment creation service.

This initiative aims to improve the financial technology ecosystem in the Kingdom, improve customer experience, increase transaction efficiency, and provide new opportunities in the sector by offering expanded products and solutions to customers.

The Open Banking Framework includes a set of technical instructions and standards aligned with international best practices, enabling banks and fintech companies to provide open banking services in the Kingdom.

This version will allow these entities to offer the payment creation service in a reliable and secure manner, clarifying the responsibilities, obligations, and requirements related to providing the service.

The payment creation service empowers individual and institutional customers of fintech companies to create payment transactions directly from their bank accounts to the beneficiaries’ accounts securely.

This development is part of SAMA’s efforts to foster innovation and drive the growth of the financial technology sector in Saudi Arabia.

For the full story, click here.

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Qatar: Introduces New Qatarisation Law for Private Sector

06/09/202406/09/2024
by Hannah Gutang

In a move aimed at creating more job opportunities for Qatari nationals, a new law has been issued on the localisation of jobs in the private sector.

The law is expected to take effect six months after its publication in the Official Gazette.

The new legislation seeks to significantly boost the participation of the national workforce in private sector institutions and companies, providing new employment and career opportunities for Qataris.

It focuses on improving the labour market’s appeal to the national workforce, increasing companies’ ability to attract and integrate citizens, and ensuring job stability for Qatari nationals.

The Labour Ministry has clarified that the entities subject to Qatarisation under the law include employers who are individuals managing private establishments registered in the commercial register, commercial companies operating in the State, whether State-owned, State-participated or privately owned, as well as private non-profit institutions, sports organisations, associations, and similar entities.

Key provisions of the law include providing financial incentives to beneficiaries, offering various benefits, facilities, and privileges to entities covered by the Qatarisation scheme, and employing, training, and qualifying Qataris seeking employment in accordance with the Ministry’s policies, plans, and programs.

The new Qatarisation Law aligns with Qatar National Vision 2030, particularly the human development pillar, by promoting and encouraging employment and training opportunities for Qatari citizens.

Privately owned companies will need to comply with the Qatarisation policies once in effect and meet the requirements to comply with localisation requirements.

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Oman: Decision on List of Activities Prohibited from Foreign Investment Updated

06/09/202406/09/2024
by Hannah Gutang

Al-Watan, 2 September 2024: The Commerce, Industry and Investment Promotion Ministry has issued a decision to amend certain provisions of Oman Ministerial Decision No. 209/2020 on the specification of activities in which foreign investment is prohibited, limiting them to Omani investors only.

The aim is to stimulate local investment by allowing Omanis to establish projects in these activities and attract qualitative investments that enhance the business environment and competitiveness.

The decision, aligned with the Foreign Capital Investment Law, prioritises empowering small and medium enterprises that contribute to the Omani economy.

It serves as an incentive for Omanis to establish their own projects and create new job opportunities, as Omani investors can invest in all activities where foreign investment is prohibited.

This ensures that projects and activities related to national identity and Omani heritage remain unaffected.

Additionally, this decision regulates the foreign investment process by directing it towards activities that improve targeted sectors to achieve economic diversification.

It ensures that foreign investors benefit the national economy while achieving profitability during their operations.

For the full story, click here.

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Kuwait: Commercial Licence Linked to Disclosure of Real Beneficiary

05/09/202405/09/2024
by Hannah Gutang

Arab Times, 2 September 2024: The Commerce and Industry Ministry has announced a new legal requirement for companies to disclose their “actual beneficiary” through the commercial registry portal on the ministry’s website.

This measure aims to identify the natural person who holds actual and final control over the company, enhancing transparency and combating money laundering and terrorism financing.

The ministry’s spokesperson has explained that failure to comply with this requirement will result in financial penalties as outlined in Article 15 of Kuwait Law No. 106/2013 on Combating Money Laundering and Terrorism Financing.

All commercial companies registered in the country, except for state-owned and listed companies under the Capital Markets Authority’s supervision, must disclose the actual beneficiary.

The spokesperson has emphasised the importance of this disclosure in improving the country’s business environment, international ranking, and attractiveness for business and investment.

It ensures transparency in economic and financial transactions and provides necessary information to law enforcement, judicial authorities, and regulatory bodies.

To register the actual beneficiary, companies need to provide information such as the name, civil number, email, phone number, address, and passport number for non-Kuwaitis.

The registration process can be completed by visiting the ministry’s website, selecting “Corporate User,” authenticating through the “My Identity” application, and following the steps to finalise the process.

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Dubai: Family Business Guiding Model Issued

05/09/202405/09/2024
by Hannah Gutang

The Dubai Family Business Centre, operating under Dubai Chambers, has issued a guiding model for family businesses.

This model aims to review administrative structures, define specialisations and regulatory frameworks, and outline tasks and services for these businesses.

The centre has highlighted Dubai’s attractiveness to family businesses seeking to establish a regional headquarters.

This includes an advanced financial system providing access to diverse investment opportunities like hedge funds and real estate, a strategic location with advanced infrastructure enabling extensive global connectivity, and a high quality of life, creating an ideal environment for wealthy families.

The Family Office Guidance Model has confirmed Dubai’s position as a tax-efficient wealth management hub and a global destination for high-net-worth individuals to establish family offices.

This is due to the absence of personal income taxes, capital taxes, and inheritance taxes.

For the full story, click here.

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Bahrain: Introduces New Tax for Multinational Enterprises

05/09/202405/09/2024
by Hannah Gutang

Zawya, 3 September 2024: Bahrain has announced the introduction of a Domestic Minimum Top-up Tax (DMTT) for Multinational Enterprises (MNEs) as outlined in Bahrain Decree-Law No. 11/2024.

The new framework for MNEs is fully aligned with the Organisation for Economic Co-operation and Development (OECD) guidelines, and will be effective from 1 January 2025, highlighting Bahrain’s commitment to promoting global economic fairness and transparency.

This strategic move builds on Bahrain’s proactive engagement with the OECD, dating back to 2018 when it joined the Inclusive Framework and endorsed the groundbreaking two-pillar reform.

To date, more than 140 jurisdictions have signed up for this international tax reform.

As part of this two-pillar reform, the OECD established a Global

Minimum Corporate Tax to ensure large MNEs pay a minimum tax of 15% on profits in each country where they operate.

With the introduction of the DMTT, the kingdom demonstrates its international commitment to global co-operation and its dedication to fostering a fair and level playing field in international taxation, the National Bureau for Revenue (NBR).

Implementing this initiative aims to ensure that MNEs pay the minimum 15pc tax on the profits generated in the kingdom.

This decree law will apply exclusively to large MNEs operating in the kingdom, with global revenues surpassing the Pillar Two threshold of 750 million euros (BD312m).

Eligible businesses are urged to register with the NBR before the deadline specified in the relevant legislation.

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Abu Dhabi: Residency Violators Seeking Visa Amnesty Exempted From Insurance Fines

05/09/202405/09/2024
by Hannah Gutang

Khaleej Times, 31 August 2024: Abu Dhabi’s Health Department has announced Health insurance fines will be waived for violators of entry and residence rules who have applied to regularise their status during the UAE visa amnesty program.

The two-month amnesty program, set to start on 1 September, allows those staying illegally in the UAE to either regularise their residency status and remain in the country or leave without paying fines or facing entry bans.

The Federal Authority For Identity, Citizenship, Customs & Port Security (ICP) has clarified that the amnesty covers all types of visas, including tourist and expired residency visas.

Those born without documents can also avail of the amnesty and rectify their status.

The ICP has stated that there will be no overstay fines or exit fees collected, and those who opt to leave can return to the UAE anytime with the proper visa.

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Qatar: CRA Issues Mobile Telecommunication Decision

04/09/202404/09/2024
by Tanya Jain

Al-Arab, 2 September 2024: The Communications Regulatory Authority (CRA) has issued a decision to mobile telecom service providers, Ooredoo Qatar and Vodafone Qatar to transition to high-speed Time Division Duplex (TDD) network technology in the 2.6 GHz frequency band by 31 March 2025.

This move aims to enhance the performance of public mobile networks in Qatar, optimise the use of this vital spectrum, ensure consistent usage in the Arabian Gulf region, and improve the telecom consumer experience through the latest 4G and 5G network technology.

Mobile service providers are required to cease all operations using the current Frequency Division Duplex (FDD) technology and ensure their networks are ready for this transition to provide a distinctive high-speed data service experience in Qatar.

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