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 On 11 July 2023, the Saudi Authority for Data and Artificial Intelligence (SDAIA) published two drafts of regulations to the Personal Data Protection Law promulgated by Royal Decree No. M/19, dated 09/02/1443H, amended pursuant to Royal Decree No. M/148, dated 05/09/1444H (PDPL). The drafts were published for public consultation and will be open to public commentary until 31 July 2023. While the drafts are not binding, they do provide helpful insights with regards…
In brief With the pace of change in the UAE continuing to accelerate, the UAE authorities announced in July 2023, via Twitter, an expansion to the categories of companies that are subject to the Emiratisation quota requirements. This latest development further evidences the country’s commitment to increasing the numbers of UAE national employees employed in the private sector. The law supporting the announcement is not yet officially available so this article sets out what we…
In brief The subscription deadline for the UAE’s mandatory unemployment insurance scheme has been extended by three months from 30 June 2023 to 30 September 2023. All employees in the UAE (with a few exceptions) must register in the unemployment insurance scheme before 30 September 2023[1]. You can view a summary of the scheme in our previous client alert. What’s next? All employees in the UAE must enroll to the unemployment insurance scheme as follows: If…