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Saudi Arabia: Transformation of the Kingdom
Welcome to the Saudi Arabia focus edition of Law Update.
One of the key markets in the Middle East and North Africa (MENA) that continues to lead from the front is the Kingdom of Saudi Arabia (KSA). As the largest country in the Middle East and the 18th largest economy in the world, the progress KSA continues to make is underpinned by its Vision 2030 that envisions developing the country as an investment powerhouse and hub that ultimately connects Asia, Europe, and Africa. Given Saudi Arabia’s significance to the regional economy, our team of experts have prepared a range of pertinent articles that provide insights into new laws, regulations, and the legal landscape in the Kingdom.
This edition will provide you with an up-to-date guide on matters such as; the framework issued by the Saudi Central Bank on IT governance, the anti-corruption landscape under Vision 2030; we also provide practical tips for dispute avoidance. This is only a snapshot; there are many more articles within the KSA focus section for you to read, which we hope you will find valuable and enjoyable.
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Abu Dhabi Property Law
Department of Municipal Affairs and Transport (“DMAT”) introduces caps on Developer Fees and Broker Fees and the Standard Form of Brokerage and Sub-Brokerage Agreements.
The Department of Urban Planning and Municipalities (“DPM”), previously known as DMAT, has set a cap of AED 5,000 on administrative fees which developers may charge on disposals. This cap, introduced in Decision No. 183 of 2017 of the Chairman of DMAT, was effective from 15 November 2017.
Decision No. 183 of 2017 also sets caps on broker commission fees, as follows:
- for sales, a cap of 2% of the purchase price (subject to a maximum fee of AED 500,000); and
- for leases, in the absence of an agreement on the brokerage fees, a cap of 5% of the total rent of the entire lease term.
DPM also published standard forms of brokerage agreements and sub-brokerage agreements. Use of these standard agreements is now compulsory, however, it is possible to include additional provisions.
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