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 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 United Arab Emirates’ (“UAE”) federal-level financial services regulator relevant to securities, commodities and now Virtual Assets Service Providers (“VASPs”), the UAE Securities and Commodities Authority (“SCA”), has just issued two new regulations relevant to Virtual Assets (“VAs”): SCA Chairman of the Board of Director’s Decision No. (26/RM) of 2023 in relation to Virtual Assets Platform Operators (the “SCA VA Exchange Regulations”); and SCA Chairman of the Board of Director’s Decision No. (27/RM)…
Onshore healthcare legislation also applies to ADGM entities In brief On 11 January 2023, the Abu Dhabi Global Market (ADGM) published on its website the news about the issuance of the ADGM Healthcare Regulations 2022 (“Healthcare Regulations”). The Healthcare Regulations adopt the Abu Dhabi onshore healthcare legislation – including the regulations and circulars issued by the Department of Health Abu Dhabi (DoH) – into ADGM’s legislative framework. Key takeaways The Healthcare Regulations extend the scope…
In brief On 30 June 2022, the Government of Abu Dhabi Department of Health (DoH) issued Circular No. 147 of 2022 (“Circular”) requiring health and pharmaceutical facilities licensed by the DoH (“Licensed Entities”) to obtain a “secure” or “safe” certificate that certifies they operate in full compliance with the requirements of the Abu Dhabi Standard for Health Information Security and Cyber Security Standards (“Standards”). Licensed Entities have until the end of this year (i.e., by…