UAE: Gold Import Rules Tightened

Gulf News (United Arab Emirates), 21 July 2022: The UAE’s Economy Ministry has announced gold import rules have been tightened.

The Due Diligence Regulations have been introduced to ensure the responsible importing of gold into the country.

They specify the quantity of supply of gold for regulated establishments. These include companies operating refineries and recycling gold products inside and outside the country.

These come under the precious metals and gemstones trade sector, which is classified as a Designated Non-Financial Business and Professions.

Regulated business establishments must comply with the Regulations and implement them in their policies and procedures.

They also have to de-risk the possibility of financial crime in their relations with their suppliers and communicate with the supervisory authority to determine what measures are being taken concerning the responsible supply of gold from conflict-affected and high-risk areas.

In addition, affected entities should create an effective governance system, monitor risk assessment in the supply chain, mitigate identified risks, ensure independent third-party reviews, and provide periodic reports.

They have been drafted in line with guidance from the Organisation for Economic Co-operation and Development and its corresponding protocol for gold.

They will come into force in January next year.

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Dubai: New Real Estate Law Approved

Arabian Business, 20 July 2022: A new Real Estate Law has been approved in Dubai.

Dubai Decree No. 22/2022 has been introduced to support the Emirate’s growth of real estate investment funds. It effectively creates a register for property investment funds.

The Decree specifies the terms, conditions, and procedures for listing in the Register. Relevant Government authorities should license funds looking to be recorded in the Register, including the Securities and Commodities Authority and the Dubai Financial Services Authority (DFSA).

Funds should not be suspended from trading in Dubai’s financial markets when making an application. Members will be given specific privileges to help their investment activities in the Emirate’s real estate market.

The new register includes real estate investment funds licensed and regulated by Government bodies and private and free zones, including the Dubai International Financial Centre (DIFC). It covers all real estate in Dubai as well.

Applicants should have real estate assets of AED 180 million or more.

A dedicated committee to identify areas and properties where funds are allowed to invest will also be established. They will identify areas and properties that funds are allowed to invest in through full ownership or lease for up to 99 years.

The Dubai Land Department will appoint a valuation specialist to determine the value of properties owned by the funds. They will have to be accredited by the Dubai Real Estate Regulatory Agency.

The value of properties in which funds invest should be AED 50 million or more. The properties should be listed as commercial properties and comply with Dubai Decree No. 4/2010. Funds are allowed to relinquish ownership of properties only with approval from the Committee.

Property investment funds listed in the Register are entitled to receive the incentives specified by the Decree.

Under the Decree, the Chairman of the Executive Council can amend the incentives specified by the Decree or add new ones. The Chairman of the DIFC is also authorised to amend incentives for property investment funds operating within the DIFC’s jurisdiction.

In addition to subsequent decisions issued in line with Dubai Decree No. 22/2022, the Director General of the Dubai Land Department will be able to make other appropriate Decisions to implement the Decree.

Any legislation which contradicts or contravenes the new Decree will be repealed.

The Decree will be published in the Official Gazette and come into force on its published date.

Also reported in Al Bayan on 19 July 2022. For the full story, click here.

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Abu Dhabi: Holiday Home Operators Must be Licenced

Abu Dhabi’s Culture and Tourism Department has reminded holiday home operators in the Emirate.

They must register their properties in the Department’s online system before the final deadline of 1 August.

They must comply with regulations established to manage holiday homes in the local community safely.

Individuals interested in renting a holiday home should follow a simple online application procedure.

This includes providing several documents, including a Licence application form, a photocopy of the passport or Emirates ID of the owner, the unit’s certificate of insurance, the unit’s deed, and any additional documentation requested by the Department.

The Emirate’s requirements for operating holiday home rentals came into force last year following an Executive Council Decision.

They aim to ensure private accommodation operators maintain a standard of excellence while providing a wide variety of safe and secure options. The system also aims to support the increased demand for alternatives to established hotels and hotel apartments.

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UAE: Regulations to Federal Decree-Law on Commercial Register Approved

Al Bayan, 7 July 2022: The UAE’s Cabinet has approved the Implementing Regulations to the Federal Decree-Law on the Commercial Register (Federal Decree-Law No. 37/2021).

The regulations will ensure the provision of a comprehensive national economic database on economic activities and links with all licensing authorities in the country, including free zones.

It will also ensure the commercial registry is linked with the economic registry in the Ministry of Economy.

The Cabinet also approved a new Financial Leasing Law.

The aim is to expand the base of financing and lending in the country through financial leasing operations.

The Law states the Central Bank will be responsible for regulating, licensing and supervising the financial leasing activity practiced by banks and companies subject to regulation by it in line with the legislation in force in the country.

In addition, the Cabinet has approved a Decision linking UAE commercial banks with the Afaq payment system. For full story, click here.

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UAE: Amendments to Tax Regulations Approved

The UAE’s Cabinet has approved various amendments to tax regulations.

They are aimed at improving the business and investment environment.

They approved an amendment to the Federal Tax Procedures Law (Federal Law No. 7/2017). The amendment will allow an approximation to be created and align with the corporate tax law.

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