LexisNexis Middle East

Kuwait: New Housing Law Approved

20/07/202320/07/2023
by Tanya Jain

Kuwait Times, 13 July 2023: The Kuwait National Assembly has unanimously approved a new housing law which aims to accelerate housing building for Kuwaitis by allowing strategic foreign investors to participate in the sector without needing for a local agent.

The government accepted the legislation and vowed it would take all necessary steps to implement it. There has been a long standing issue in Kuwait on housing supply and cost. The average price of real estate in Kuwait is 13 times higher than the average income of Kuwaiti families and three times higher than in Saudi Arabia. Currently there are 92,000 housing applications from Kuwaiti families waiting to get a house or a piece of land. The law will allow foreign investors to enter the sector more easily.

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News developments

Dubai: Guide on Family Business Governance Issued

20/07/202320/07/2023
by Tanya Jain

Albayan, 11 July 2023: In line with the directives of the Dubai Ruler to develop a comprehensive system which aids family businesses, the Dubai Centre for Family Businesses has released a guide to assist these businesses in creating and implementing the necessary governance frameworks.

The objective is to ensure a smooth transition of leadership and the continuity of operations. This guide draws upon the best international practices while considering the local context of the Emirate.

It emphasises the importance and role of the Family Constitution, also referred to as the Family Accord or Family Protocol. Moreover, it offers practical advice and tools to support families in establishing effective governance practices within their businesses.

For the full story, click here.

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News developments

UAE: Fiscal Year for Education Organisations Determined

12/07/202312/07/2023
by Tanya Jain

Alkhaleej, 6 July 2023: For the majority of companies in the UAE, the fiscal year for the application of Company Tax commences on 1 January each year. However, in the education sector, the fiscal year begins in September, aligning with the start of the new academic year.

According to this legislation, a 9 per cent tax is imposed on any income exceeding 375 AED, while income below this threshold is taxed at 0 per cent.

The law came into effect on 1 June 2023 and will be implemented at the start of each new fiscal year across various sectors.

For the full story, click here.

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News developments

Saudi Arabia: To Protect Intellectual Property Rights

12/07/202312/07/2023
by Tanya Jain

Arab News, 7 July 2023: During a meeting in Geneva, the CEO of the Saudi Authority for Intellectual Property has advocated for the inclusion of Arabic as one of the languages used by The Hague and Madrid systems, which protect intellectual property rights.

He has emphasised the country’s commitment to safeguarding and enforcing intellectual property rights, as well as enhancing the enforcement system. He has also expressed Saudi Arabia’s anticipation of joining the International Searching and Preliminary Examining Authority under the Patent Cooperation Treaty.

Additionally, he highlighted the nation’s focus on developing intellectual property through a national strategy which fosters innovation and creativity.

Saudi Arabia has also become a member of the Convention for the Protection of Producers of Phonograms Against Unauthorised Duplication of Their Phonograms and has made efforts to update relevant intellectual property legislation.

For the full story, click her e.

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News developments

Qatar: One Window Committee for Capital Market Formed

12/07/202312/07/2023
by Tanya Jain

Alwatan, 6 July 2023: The Qatar Financial Markets Authority has made a decision to establish a committee called the “one window for the capital market.”

The primary objective of this committee is to streamline and simplify procedures for companies involved in financial markets within the country, resulting in reduced time and effort.

The committee aims to achieve this by consolidating the process to a single point of contact, instead of having multiple entities involved. This collaborative effort involves the Ministry of Commerce and Industry, the Qatar Financial Markets Authority, the Qatar Stock Exchange, and a deposit company.

For the full story, click here.

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News developments

Oman: Platform for Companies Information Launched

12/07/202312/07/2023
by Tanya Jain

Alroya, 5 July 2023: Oman’s Small and Medium Enterprises Development Authority has partnered with the Royal Oman Police to introduce the “Information Plus” electronic information system on the authority’s website.

This digital platform serves as a comprehensive resource, offering details on companies, establishments, their locations, activities, population information, and economic activities.

The primary objective of this new system is to promote the use of open data and make it accessible to small and medium enterprise owners who are interested in launching their own ventures. The system aims to support these entrepreneurs in finding relevant information and making informed decisions to drive their business success.

For the full story, click here.

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News developments

Kuwait: Draft Law on Repealing General Authority for Roads and Land Transport Referred

12/07/202312/07/2023
by Tanya Jain

Alqabas, 5 July 2023: The government has referred to the National Assembly a draft law to repeal Kuwait Law No. 115/2014 on the Public Authority for Roads and Land Transport.

The draft specifies the departments previously transferred to the Authority will be returned to their original authorities, and all rights and responsibilities of the Authority will be transferred to the Ministry of Public Works.

The explanatory memorandum clarifies the abolishment of the Roads Authority is part of a broader effort to merge and eliminate certain government bodies, institutions, and agencies in order to enhance government services and promote reform.

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News developments

Dubai: Controls for Refunding VAT to Tourists Announced

12/07/202312/07/2023
by Tanya Jain

Alkhaleej, 5 July 2023: The digital government of the UAE has set certain conditions and mechanisms that qualify tourists visiting the UAE to recover the value-added tax on their purchases upon leaving the country.

Tourists can get 85 per cent of the total amount of value-added tax that they paid, from which 4.80 dirhams are deducted as a fee for each “Tax Free” mark.

The conditions that qualify tourists to recover the value-added tax and the mechanism for claiming its refund include that the value cannot be refunded on any goods that are consumed in whole or in part in the country, and goods that the tourist does not take with him when leaving the country, and that the age of the tourist must not be less than 18 years.

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News developments

Abu Dhabi: Regulatory Framework for Sustainable Financing Implemented

12/07/202312/07/2023
by Tanya Jain

Albayan, 5 July 2023: The Abu Dhabi Global Market Authority has announced the implementation of a regulatory framework for sustainable financing. The aim is to establish the market as a leading center for sustainable financing and create a conducive local environment for such activities.

The new framework covers investment funds which focus on sustainability, managed portfolios, and bonds. It also outlines disclosure requirements for environmental and social practices, as well as governance for companies registered in the market.

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News developments

UAE: Investment Ministry to be Established

05/07/202305/07/2023
by Tanya Jain

A new ministry is to be established in the UAE to develop the country’s investment vision, stimulate the investment environment internally, and enhance competitiveness

The new investment ministry will be headed by Mohamed Hassan Alsuwaidi. It will develop the country’s investment vision, boost prospects and enhance procedures and legislation in this area.

For the full story, click here.

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