In brief Investment funds, including Real Estate Investment Trusts (REIT), have been provided with additional clarity through the issuance of Cabinet Decision No. 81 of 2023 on Conditions for Qualifying Investment Funds for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (“Decision”) for clarification as to whether they can apply to be exempted from UAE corporate tax (at the discretion of the UAE tax authority). This Decision…
In brief The Emirate of Dubai continues to strengthen its leading position as a top global business and tourist destination. As the development of visionary architecture and futuristic landscapes are aligned with ambitious sustainability targets, a new real estate law has been introduced to further support sustainable development and urban growth in Dubai. With the issuance of Law No. 16 of 2023 on Urban Planning in the Emirate of Dubai (“Urban Planning Law”), new regulations…
In brief As the Dubai real estate market continues to break pre-pandemic transaction records, a new real estate law has been introduced to further support the growth of property investment funds in Dubai. With the issuance of Decree No. 22 of 2022 (the Property Investment Funds Law), a new register (the Register of Property Investment Funds) has been established at the Dubai Land Department (the DLD) which entitles registered funds certain rights to facilitate their…
A recent judgment by the Dubai Courts in favor of a major real estate developer has shed light on how the courts interpret the termination of a sale and purchase agreement (SPA) entered into by an investor for a hotel apartment specifically for investment purposes. The Court of Cassation recently handed down a distinct judgment: the purpose behind the purchase of a hotel flat or hotel unit is critical for determining the right to terminate…