LexisNexis Middle East

UAE: Cabinet Decisions Redefining Administrative Fines for Tax Issued

21/01/202221/01/2022
by Benjamin Filaferro

Alroeya, 19 January 2022: The UAE’s Cabinet has issued two decisions redefining the administrative fines which will be imposed for Tax Law violations committed before 28 June 2021 in the State.

It will be 30% of the total unpaid fines by that date provided certain conditions are met.

Taxpayers will only have to pay 30% of the unpaid taxes if they paid the outstanding amount by 31 December 2021.

If the taxpayer didn’t pay the full tax owed or 30% of the total administrative fines by 31 December 2021, they can pay both by 31 December 2022.

The second decision will come into force at the start of March and gives the committee formed by a Decision by the Chairman of the Authority the right to approve the payment of the administrative fines in instalments. For full story, click here.

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News developments

Saudi Arabia: Requirements for Selling Vacant Lands Off Plan Amended

20/01/202220/01/2022
by Benjamin Filaferro

Al Riyadh, 18 January 2022: The Programme for Selling or Renting Land Off Plan or Wafi has announced it has amended the requirements for the licences related to selling vacant land off plan.

The amendments limit the requirements for signing, i.e., adding notes to the margin of the land deed instead of offering a financial guarantee or a ratified cheque.

The General Secretary of the Committee for selling or renting off plan said the decision limits the requirement to sign the margin of the deeds as one of the guarantees offered by the developer instead of the financial guarantee of 20% of the cost of the project to speed up the process of developing the land.

This aims to make the procedures to obtain a licence more easily and encourage the owners of these lands to develop their lands as part of the continuous efforts to support the real estate demand and offer residential solutions in a sustainable way by introducing and amending supporting legislation.

The aim is also to increase the level of property ownership by Saudi families to 70% by 2030 to achieve the objectives of the housing programme.

For full story, click here.

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News developments

Dubai: Drone-related Activity Permits Suspended

19/01/202219/01/2022
by Benjamin Filaferro

Khaleej Times (United Arab Emirates), 18 January 2022: Dubai’s Civil Aviation Authority has announced it has suspended the issuing of all no-objection certificates and permits for drone-related activities until further notice.

The notification has been sent to all of those who have received no-objection certificates.

No reason for the suspension was given.

Drone operators need a no-objection certificate from the Authority to fly Unmanned Aerial Vehicles in the Emirate and to fly drones during events, commercial purposes, aerial filming or advertising purposes or personal non-commercial use.

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News developments

Oman: Fast Track Initiative Launched to Attract Foreign Investment

17/01/202217/01/2022
by Benjamin Filaferro

Al Sharkalawsat, 16 January 2022: Oman’s Trade, Industry and Investment Promotion Ministry has launched a Fast Track initiative as part of the Invest in Oman programme.

It is aimed at speeding up the process of completing and finishing various investment projects.

It is also aimed at improving the business environment and attracting more foreign investment to the Sultanate.

The first phase of the initiative will focus on investment projects in the renewable energy sector, industry and mining, tourism, logistical services and food security.

Elsewhere, the Chairman of the Trade and Industry Chamber added the Chamber is working on establishing closed joint stock companies to develop and improve the promising economic sector across the Sultanate. For full story, click here.

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News developments

Qatar: Financial System Integrity Laws Being Considered

17/01/202217/01/2022
by Benjamin Filaferro

The Peninsula, 13 January 2022: The Director of Control and Development Department at the Administrative Control and Transparency Authority has announced laws to protect the integrity of the country’s financial system are being considered.

They aim to provide the right to access information and tackle conflicts of interest.

The aim is to keep up with relevant technological developments.

They made the announcement on the sidelines of the FinTech Summit Middle East.

The Summit was organised by the Qatar Association of Certified Public Accountants.

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News developments

UAE: Implementing Regulations to Labour Law Approved

17/01/202217/01/2022
by Benjamin Filaferro

The National, 14 January 2022: The UAE’s Cabinet has approved the Implementing Regulations to the Labour Law.

They guarantee employee rights and allow flexibility to use other kinds of working models.

The Cabinet also approved a new Sports Law to regulate sports activities in the country.

In addition, they approved new patent registration regulations for inventors and protect the right to research microorganisms.

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News developments

Dubai: New Procedures for Visiting Foreign Yachts

14/01/202214/01/2022
by Benjamin Filaferro

Albayan, 11 January 2022: The Dubai Maritime City Authority has adopted new measures to facilitate necessary procedures for the inspection of foreign yachts visiting the Emirate of Dubai in support of the “Dubai Winter Destination Yachting” initiative.

The Executive Director of the Dubai Maritime City Authority, stressed that the decision came in line with the authority’s aim of strengthening the distinguished position of the Emirate of Dubai as a leading global destination in the marine sector and the framework of supporting the “Dubai is a winter destination for yachts” initiative. The authority has begun coordination with Dubai Customs in implementing inspection procedures for visiting foreign yachts by Dubai Customs inspectors upon their arrival at the marina.

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News developments

Dubai: New Law on Rights of People With Disabilities

13/01/202213/01/2022
by Benjamin Filaferro

Alroeya, 10 January 2022: The Dubai Ruler, has issued Dubai Law No. 3/2022 on the rights of people with disability in the emirate of Dubai.

HRH Hamdan Bin Mohamed Bin Rashid Al Maktoum has also issued Dubai Decision 1/2022 of the Executive Council promulgating the executive regulation of this law.

The aim of the law is to make sure that practices in Dubai are aligned with the international best practices, especially in relation to rights provided for by the international agreement to those with a disability.

The law will seek to include the opinions of disabled people when policies and legislation that may affect their quality of life are being drafted.

Disabled people are entitled to inclusive education, and job opportunities in all sectors, as well as access to rehabilitation, health care and social services.

They are also entitled to all services such as worship, the police and legal services, and relevant entities should provide them with the ability to access data and information through various platforms and inform them about their legal rights.

The new law seeks to ensure disabled people have access to banking services and opportunities to participate in various sports and entertainments.

A new committee, called the Higher Committee to Protect the Rights of People of Determination, will be created and will include representatives from relevant bodies and those representing disabled people.

The committee will oversee all affairs concerning disabled people in Dubai, and implement policies, plans and initiatives to protect their rights.

It will also propose legislation which aims to protecting the rights of people with disabilities and integrating them into society.

The Community Development Authority in Dubai will issue ID cards for people with disabilities registered in the Emirate which will help them access facilities and services allocated to them.

The new law replaces Dubai Law No. 2/2012 on the Protection of the Rights of People with Disabilities in Dubai and will be effective from the date of its publication in the official gazette.

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News developments

Saudi Arabia: Expectations for Saudi Fintech Sector

12/01/202212/01/2022
by Benjamin Filaferro

Arab News, 9 January 2022: Saudi Arabia saw a significant jump in venture capital investments in the financial technology sector, with 16 deals in the first eight months of 2021 totaling $157.2 million.

This compared with seven deals worth $7.8 million in 2020. 2021 also saw backing spread across a range of early-stage projects, with 46% at series A and B stages, 38% at the seed stage, and 15% at pre-see levels (where funding often comes from the founders, their family and supporters).

The payments sector remains the most attractive fintech area in Saudi, so far accounting for around 93% of total venture capital investments.

However, the median deal size in Saudi Arabia is $2.7 million compared to a global median deal size of $7.3 million.

The launch of Open Banking in Saudi Arabia in 2022, which allows firms to share consumer current account data once permission has been given, is also expected to speed up the pace of fintech development.

Experts expect this move will provide existing fintech investors with more opportunities, and will attract funds to the sector.

The Financial Sector Development Programme, launched in 2017 should also assist.

The plan includes developing the digital economy, and allowing financial intermediaries to support private sector growth by opening up the financial services industry to new players. It is also encouraging building of an advanced capital market in the Kingdom.

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News developments

UAE: DAFZ launches ‘Talent Pass’ licence

11/01/202211/01/2022
by Benjamin Filaferro

Alroeya, 9 January 2022: The Dubai Crown Prince and Chairman of Dubai Executive Council has issued directives to launch a Talent Pass licence by Dubai Free Zone “DAFZ”.

The licence will be for economic activities related to freelancing and economic activities which are related to the media, education, technology, art, marketing, and consultancy operations operated by qualified individuals.

The licence will be available to all individuals from around the world who have specialised skills to help group the business environment in the free zone and strengthen the position of Dubai as hub for innovators and gifted individuals.

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