Last updated on November 13th, 2020 at 04:22 pm
UAE boasts a well-defined system of law which combines conventional and shariah laws. UAE is fast-paced when it comes to developments and advancements. Therefore, the federal supreme council bring amendments to the laws to cope up with the changes and it’s imperative for everyone including the Emiratis and expatriates to be aware of the updation in law since ‘unawareness of law’ is not an acceptable justification in the court of law. Lately, the UAE has implemented new decrees and amended some existing laws.
1. New law for family-owned businesses
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai, Vice President and Prime Minister of the UAE on 19 August 2020 issued Law No. (9) of 2020 regulating family owned businesses in Dubai. According to this law, family members can get into a legal contract which provides them with the entitlement of the partial ownership of family property. This law also allows the family members who are part of the family contract to set appropriate terms by themselves. The intention of this law is to promote families’ wealth, enhance the contribution of family businesses to economic and social development and foster the growth of family businesses.
2. New retirement Visa
The new retirement visa is aimed at people aged 55 and above, who can support themselves financially. The visa is renewable every five years, and applicants must meet one of the following financial requirements:
- A monthly income of Dhs20,000
- Savings of Dhs1 million
- Owning a property in Dubai worth Dhs2 million
The programme is open to people around the world, but to begin with, it will focus on long-term residents who are working in the UAE and approaching retirement age. Under the global retirement visa, you may sponsor your spouse, and you must have valid UAE health insurance.
3. New Decree for parental leaves for male employees
As per this decree, employees in the UAE’s private sector are entitled to five days’ of paid parental leave which should be taken within the first six months of his baby’s birth. This was introduced after an amendment to the UAE Labour Law was approved by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, in August 2020.
4. New Fractional Title Deed
Dubai Land Department (DLD) has recently announced ‘Fractional Title Deed’ initiative which allows partitioning a property that has a single deed into two or four parts. This allows investors to purchase a quarter of half of a property. Moreover, each part of the unit will have separate deeds. This initiative ultimately allows people to invest a small amount and thus enabling them to be co-owner of a property.
5. 100% foreign ownership
The mainland Ras Al Khaimah has announced that it will allow 100% foreign investment with an objective of attracting more foreign direct investments (FDI). UAE cabinet has issued a list of sectors under which a company should fall in order to set up the FDI structure. The verification of the eligibility of the companies and the issuance of the foreign ownership license will be carried out by the RAK’s Department of Economic Development. This initiative altogether is accompanied by other economic-liberalising policies, which altogether diversify the economy and potentially contribute to the economy of the UAE.
6. Amendment of the Federal Law No. 28 of 2005
His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE has implemented Federal law No (5) of 2020 which amends some of the provisions regarding Personal Status law. Amends Articles 56, 71, 72, 100, 120 of Federal Law (28) of 2005 on Personal Status.