• Property

    Davidson & Co’s Real Estate team continue to feature heavily in high-end Dubai property transactions

    davidson- realestate

    Recently the press has reported on several high-value residential property transactions which have taken place across Dubai, including the sale of properties on the Palm and in the exclusive Emirates Hills community. One of the biggest residential property deals this year was featured in Gulf News involving the sale of an AED 90m villa in Emirates Hills, taking top spot as the highest value deal in Q3 2018.

    The firm’s Real Estate team continues to act in respect of many of these high-end residential property transactions for which Dubai has become famous. Founder and Managing Partner, Jonathon Davidson comments: “Our team has done many of these deals in which the property transaction is only part of it. Often accompanying the transaction is negotiating and dealing with the sale of high-end fixtures and fittings, fine art and decorative pieces which require specialist experience and expertise to navigate.

    Our specialist property lawyers act for a number of high net worth and ultra-high net worth individuals buying and selling property in Dubai. Our team has specialist expertise in this area and in-depth knowledge of the local laws and regulations around all types of real estate transactions in the region. We can advise and guide you through the entire process of buying and selling property in Dubai and help with protecting your interests.

    Davidson & Co is one of the region’s foremost boutique commercial and private client law firms. Contact us today for a confidential discussion on any real estate matter and to find out how we can help.

    Our team would be delighted to hear from you.

    Yousif Ahmed

    yahmed@davidsoncolaw.com

  • Visa

    UAE visa program further expanded

    UAE visa program further expanded

    Divorcees, widows, tourists, and children without a sponsor are amongst those who will benefit from the new visa reforms.

    What is changing?

    • Widows and divorcees will now be granted an automatic one-year residency visa valid from the date of death or divorce. This visa will also cover any children living in the UAE below the age of 18. The charge for cancelling a previous visa stands at AED 100 and the new visa will cost AED 100.
    • Tourists who wish to extend their stay in the UAE will no longer be required to leave the country once their 30-day visit visa expires, and instead will now be able to apply for up to two further visa extensions of 30 days each, allowing visitors to extend their holidays by up to 60 days at a time. The cost of each extension application will be AED 600.
    • Recent high school graduates will have the chance to apply for a one-year residency visa costing AED 100. This visa is renewable for an additional year upon expiry at a further cost of AED 100.

    When can I apply?

    The new visa changes take effect from 21 October 2018.

  • Employment/ Legal Update

    New labour insurance initiative to enhance rights of employees and free up cash liquidity for UAE companies

    New labour insurance initiative

    From 15 October 2018, the UAE Cabinet has announced a new labour deposit scheme initiative which will enhance the rights of employees and free up cash liquidity for UAE companies.

    Currently, for each new employee hired, a company is obliged to pay an AED 3,000 deposit to the Ministry of Labour as a way of securing that employees receive all or part of their entitlements due and payable at the end of their termination of employment, such as end of service gratuity, holiday pay and payment in lieu of notice, if a company is unable to pay,

    Typically however, the structure of the current deposit scheme is limited to the value of the deposit and as a result, those employees who are owed significantly more than AED 3000 on the termination of their employment, are left with a substantial shortfall in the event that their employer is unable to meet the applicable payments.

    From 15 October 2018, the proposed new deposit scheme will drastically reduce the deposit payable by employers to just AED 60 for each new employee, thereby significantly reducing the upfront costs of recruiting staff, together with releasing liquidity which is currently tied up in the Ministry of Labour.

    Furthermore, the new system entitles employees to payouts of up to AED 20,000 by raising the insurance coverage, a marked increase on the current deposit amount, and fantastic news for all workers in the region, particularly vulnerable blue-collar workers.

    As with any insurance policy, successful claims may lead to increased premiums however for now, both businesses and employees alike will benefit from the new deposit scheme.

    For more information on company set up in the UAE or any other legal requirements please contact:

    Finlay Donaldson on +971 4 343 8897