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Real Estate

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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…

Global deal values up 31% from H2 2019 whereas total values for 2020 is down 6% from 2019Middle East deal volumes decreased by approximately 2% in comparison to H2 2019 whereas total volumes for 2020 decreased by 13% from 2019Deal values in the region were slightly up by 3% from H2 2019 whereas total values for 2020 were down by 51% from 2019US dominates inbound and outbound cross-border M&A as top acquirer and target country…

In brief A recent judgment by the Dubai Courts in favor of a major real estate company in Dubai had set a precedent on how the courts interpret sale and purchase agreements in relation to private islands registered for development. The defense strategy (which was proposed by Baker McKenzie Habib Al Mulla) carried out by the Dubai real estate company (acting as the Seller) and accepted by the courts involved: Registering the sale and purchase…

In brief Our Middle East Tax Newsletter aims to provide you with regular updates, insights and practical guidance on the tax implications of doing business in the region. In this issue, we provide a roundup of the current status of Value Added Tax (VAT) and the most recent tax related developments across the Gulf Cooperation Council (GCC), as well as their implications on the financial position of businesses. Oman VAT On 12 October 2020, it…