Foreign ownership of freehold property provides further boost to Abu Dhabi market
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Without a recognised will a non-Muslim's assets can be divided according to Sharia law
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Ignorance is not an excuse to break the law, so be extra careful with these simple ones
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Insurance system to replace bank guarantee for employment, 48 hours free visa for transit travellers.
The Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, adopted a number of strategic decisions with regards to foreign workers' insurance in the private sector, as well as a legislative package of visa facilitations.
A new insurance scheme for workers' guarantees has been introduced. The previous mandatory deposit of Dh3,000 per worker is now replaced by a new insurance that cost only Dh60 annually per worker.
The newly created scheme secures workers' rights in the private sector and reduces the burdens on employers. It allows businesses to recover approximately Dh14 billion, representing the value of current guarantees paid by employers, which will enable them to further invest in the development of their business. The system also enhances the ease of doing business in the UAE, which effectively contributes to market prosperity and growth.
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Long-term residents will wish to protect and preserve their good fortune for the next generation.
The UAE has always been an engine for change in the Middle East and the next big transformation is just around the corner.
Changes in business and residency law are planned which will have sweeping effects on the lives of non-Emirati residents. They will affect how we do business, where we live, how we invest and, ultimately, how we plan our future and those of our families.
A new standard tenancy contract has been introduced in Dubai to address inconsistencies in the variety of contract formats being used for local rentals.
Launched by the Dubai Land Department (DLD) in 2017, the use of the standard tenancy contract is mandatory for all short-term tenancies in Dubai, with the exception of those in the Dubai International Financial Centre (DIFC).
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Any expatriates living in the UAE are unaware that in the absence of a formal Will recognised under the UAE legal system, the process of transferring ownership of their local real estate assets after death can prove time consuming, costly and fraught with legal complexity for their family members left behind.
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Economists expect annual surge of up to 15-20% in FDI flow once law comes into effect.
The UAE's game-changing investment law, which will allow up to 100 per cent ownership to foreign investors in some specific onshore business sectors, is expected to prop up private and foreign direct investments when it will be finally introduced in the last quarter of this year, economists and analysts said.
The law, eagerly awaited by the business community, was widely expected to be introduced in the first quarter of 2018, and is expected to change not only the investment landscape of the UAE, but also create significant growth opportunities by attracting more foreign direct investments, especially into the non-oil sectors.
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Relaxing loan to value ratios will make property ownership within the reach of many.
For the UAE’s real estate sector, any change to the current status quo on mortgages will be welcome … more so if the proposed law makes it easier for potential end users to come in.
In particular, they are hopeful that new rules will raise the mortgage limit available on off-plan and ready properties. Currently, they are capped at 50- and 70 per cent respectively.
As per the directive, the Dubai Land Department has been tasked with framing the new law on home financing.
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