The UAE has a full-fledged law system in place, consisting of both conventional and Shariah rules, which puts it on track to fast development and advancements. This is why the federal supreme council in UAE comes up with amendments to the laws that cater to the changes evolving and new requirements. It is mandatory for all the Emiratis and the expatriates to be aware of these laws and all updates since ignorance of the law is no excuse. In recent times, the country has come up with decrees’ new implementation, while some laws have also been amended.
New Law Regarding Family-Owned Business
As per a new law issued on the 19th of August 2020, the families owned business in Dubai has been regulated. The new law No (9) of 2020 was issued by His Highness Sheikh Mohammed bin Rashid Al Makroum, the ruler of Dubai and the Vice President and Prime Minister of Dubai. This new law allows family members to enter into a legal contract that will entitle partial ownership of family property. The family members who happen to be a part of the contract have the right to set up appropriate terms. The law is meant to offer families a chance to promote their wealth and increase families’ contributions to economic and social development. It is also meant to enhance the growth of the family business.
A New Retirement Visa Has Been Put Up In Place
The new retirement visa is intended for those people who are of the age of 55 or above ad are in a position to support themselves financially. The new visa will be renewable every five years and must fulfill one of the following conditions:
– The person must have a monthly income of Dhs 20,000
– A saving that amounts to Dhs 1 million
– Must own property in Dubai that amounts to Dhs 2 million
As per the new law, it would be possible to sponsor a spouse while a valid UAE health insurance must be available.
As per an amendment to the UAE labor law, employees working in the private sector in the UAE will now be entitled to a leave period of five days that will be available till the first six months of the baby’s birth. This law has been put in place following The approval was given by His Highness Sheikh Khalifa bin Zayed Al Nahyan in August 2020.
Federal Law No 28 of 2005 Amended
The provisions of the Personal Status law have been amended by implementing Federal law No (5) of 20202. The new law approved by His Highness Sheikh Khalifa bin Zayed Al Nahyan has amended Articles 56, 71, 72, 100, and 120 of the federal law (28) of 2005.
New Fractional Title Deed
This new deed initiative has been put in place by the Dubai Land Department (DLD) that allows for a single deed to be divided into two or four parts, which means that now investors may purchase up to a quarter or half the property. This will enable investors to invest a small amount and will allow them to be co-owners of a property.