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Welcome to the latest edition of Law Update titled “Rise of Generative AI.”
In this edition, we dive into the dynamic world of Technology, Media, and Telecommunications (TMT) across the Middle East and North Africa (MENA) region. TMT continues to play a vital role in positioning the region as an international business and social hub, driving significant growth and innovation.
Our focus in this Law Update is on the sector’s ongoing potential to advance and propel the region toward a more digital economy. We explore the benefits of embracing a digital transformation and how local authorities have responded by enhancing regulations to accommodate the evolving TMT landscape.
This edition covers a range of topics, including – the new Telecommunications & Information Technology Law in Saudi Arabia, the intricacies of trademarks in the Metaverse, and the legal challenges faced by the video game industry. Additionally, we take a regional perspective, discussing jurisdictions such as Kuwait, Saudi Arabia, UAE, Oman, and Bahrain to provide a comprehensive understanding of the TMT landscape.
We hope you thoroughly enjoy this packed issue of Law Update, filled with captivating articles that address key legal issues within a vital sector for the region.Read the full edition
There has been some confusion in the market in relation to what completion percentage developers must reach before the Real Estate Regulatory Authority (“RERA”) will permit them to commence off-plan unit sales.
Several reports in the media have stated that for developers to commence off-plan sales, they will be required to:
We have sought clarification on this from RERA, and are pleased to confirm that a deposit of 50% of the construction value, or equivalent bank guarantee, is no longer required. RERA will apply the previous requirement of 20% of the construction value, i.e. developers will be required to complete construction of 20% of the project or deposit funds for the value of 20% of the construction value into an escrow account or via a bank guarantee.
There are other separate requirements of RERA in relation to licensing off-plan sales, which developers will need to consider when registering projects in order to obtain the required licenses for selling off plan and opening escrow account.
Our Real Estate team would be happy to discuss the above in more detail with you. Please do not hesitate to contact us.
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