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.Read the edition
His Highness Sheikh Mansour bin Zayed Al Nahyan, in his capacity as the Chairman of the Judicial Department of Abu Dhabi, has issued Resolution No. 13 for 2018 introducing fees for auction service of movable and immovable properties sold in enforcement of judicial judgments and orders in the Emirate of Abu Dhabi (the “Resolution”).
The Resolution introduces new service fee for marketing and organising auction for sale of immovable, movable and vehicles following a final judgment or order from the Courts (“Service Fee”). The Resolution introduces a fee of 5% and 4% as service fee for the sale of movable and immovable properties, respectively without a cap on the fee.
The Resolution does not specify who will pay the Service Fee and when it will be paid. However, it indicates that the payment will be made from the proceeds of the sale and shall be borne by the Judgment Debtor.
It is to be noted that the prior to this, a judge usually requests the Judgment Creditor to deposit an amount to be determined by him against the cost and expenses of the auction including lawyer’s fees. These fees were set at 2% of the sale proceeds up to a maximum of AED 30,000, which is considerably less than the new fee.
The Resolution has come into effect upon its issuance on 24 April 2018 and will be published in the Official Gazette.
The Resolution is issued based on the powers vested on the Chairman of the Judicial Department of Abu Dhabi under Article (65) of Law No. 13 of 2017 concerning the Judicial Fees payable in the Emirate.
Of particular interest:
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