Fujairah, UAE: New Real Estate Laws Approved

Arabian Business, 24 August 2023: Fujairah’s Ruler has approved two new real estate laws in the Emirate. They have issued Fujairah Law No. 3/2023. This regulates joint property ownership in the Emirate.

They have also issued Fujairah Law No. 4/2023. This regulates real estate development guarantee accounts in the Emirate.

The two laws state that developers, management companies, associations and owners’ unions have to comply with the law within six months of their issued date. The relevant authority’s director may extend the deadline for compliance by another six months when required.

In addition, the two laws do not affect contracts signed between developers and owners before they come into force. Fundamental association systems approved and deposited by a relevant authority are also not affected unless they relate to the formation of owners’ associations.

Also reported in Al Bayan on 24 August 2023. Read the full story here.

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UAE: Comprehensive Economic Partnership Agreement with Indonesia to be Implemented Next Month

Khaleej Times, 17 August 2023: Indonesia’s ambassador to the UAE has announced the country’s Comprehensive Economic Partnership Agreement with the UAE will be implemented next month.

He made the announcement to mark Indonesia’s 78th Independence Day.

The agreement was signed in July 2022 and is expected to increase annual bilateral trade to $10 billion within five years and could increase the total value of trade in services between the two countries to $630 million by 2030.

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UAE: New Regulations for Seventh Freedom of Air Transport Rights Issued

The UAE General Authority of Civil Aviation (GCAA) has announced new regulations on the exercise of the seventh freedom of air transport rights have been issued.

The seventh freedom of air transport rights is a privilege granted by one country to another to allow its airlines to operate air services between the granting country’s territory and any third country without the need for the flight to pass through the territory of the operating airline’s country.

This freedom gives airlines unprecedented flexibility.

It allows them to increase their connectivity between destinations and boost global connectivity. The new regulations will also provide this freedom to UAE airlines which want to take advantage of it in foreign countries with which the UAE has air services agreements that include the seventh freedom of air rights.

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UAE: Timeframe to Request Permission to Sell Mortgaged Property Explained

Alkhaleej, 6 August 2023: Federal Decree-Law No. 50/2022 (the new Commercial Transactions Law), which came into force at the beginning of 2023, provides detail on commercial mortgages.

The law explains that a commercial mortgage is one that is over a movable asset as security for a commercial debt.

The law clarifies that if a debtor does not pay the debt secured by the mortgage on the due date, the creditor may, after seven days from the date of warning the debtor to pay, request the court to authorise them to sell the mortgaged property. The request is considered urgently, and the court determines the method of sale.

For the full story, click here.

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UAE: Specialist Prosecution Service For Money Laundering Planned

Albayan, 30 July 2023: The Federal Judicial Council has approved a proposal submitted by the Attorney General on the establishment of federal prosecution services which will specialise in economic crimes and money laundering.

The specialist prosecution service will be responsible for investigating economic crimes and money laundering, including those that involve economic interests such as corporate crimes, bankruptcy, regulation of competition, financial markets, intellectual property and trademarks, or those that cover the financial rights of the state such as customs evasion.

For the full story, click here.

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UAE: Federal Tax Authority Signs Government Services Quality Accord

Albayan, 23 July 2023: The Federal Tax Authority has signed the Government Services Quality Charter, which was launched by the UAE government in order to improve customer service and levels of efficiency and effectiveness of government.

Through the charter, the Authority will work to develop three transformative paths for the development of services shortly, which include a smart application called “Maskan” for tax refund services for state citizens building new homes, through which the Authority will make relevant refunds of VAT incurred by these citizens.

For the full story, click here.

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