Law

White lands will be subject to a 5% tax
18 October 07:45 PM Saudi white lands, labour offices, phone bills to come under VAT
Riyadh – Mubasher: The sale and purchase of white lands will be taxable, under the value-added tax (VAT), if these lands will be used in carrying out any commercial or economic activity, said a spokesperson at The General Authority of Zakat and …
The business mogul is seeking compensation of $4 billion.
18 October 06:14 PM Sawiris files for annulment against ruling in favour of Algerian gov’t
Cairo – Mubasher: Egyptian businessman Naguib Sawiris is looking to annul the newest ruling by the International Centre for the Settlement of Investment Disputes (ICSID) in a dispute with the Algerian government, Developing Telecoms website …
El-Sisi declares 3-month state of emergency
12 October 01:56 PM El-Sisi declares 3-month state of emergency
Cairo – Mubasher: Egypt’s president Abdel Fattah El-Sisi has declared a state of emergency in the country for three months. The state of emergency is set to be implemented from 1:00 am on Friday, 13 October, according to a presidential statement …
Dana’s sukuk is set to mature in October
5 October 09:04 AM UAE court postpones verdict in Dana Gas’ sukuk hearing – Reuters
Abu Dhabi – Mubasher: A Sharjah court has postponed the ruling on whether or not Abu Dhabi-listed Dana Gas’ $700 million sukuk issue is valid, a source told Reuters late Wednesday. Dana Gas recently announced that its $700 million Islamic bond …
No financial impact will affect Al Mal’s position
3 October 03:30 PM Court defers Al Mal case against Saudi Economic Cities
Mubasher: Al Mal Investment announced the postponement of the lawsuit filed against the Saudi Economic Cities Authority until 17 October. This legal case includes a claim for compensation by Al Mal against Economic Cities, according to a bourse …
This execution is in return for a debts account worth KWD 34.55m
2 October 09:53 AM Ministry issues seizure against GIH for KWD 34.55m debts
Mubasher: The execution department of the justice ministry in Kuwait has placed an executive seizure against the Gulf Investment House (GIH) in favor of a lending bank. GIH clarified that the creditor is a local bank, according to a bourse …
general director of the Federal Tax Authority Khalid Al Bustani
27 September 06:02 PM VAT to be levied on excise goods – FTA official
By: Amr Adel Dubai – Mubasher: Goods subject to the excise tax will also be subject to the valued added tax (VAT), according to the general director of the Federal Tax Authority (FTA) Khalid Al Bustani. The excise tax will be imposed at 50% on …
The case involves four portfolios where suspects embezzled depositors’ money to buy cars, real estate, and shares, according Al Emarat Alyoum newspaper
27 September 01:29 PM Abu Dhabi court adjourns fake portfolios case
Abu Dhabi - Mubasher: The Abu Dhabi Misdemeanor Court has set 10 October 2017 for the hearing of the general prosecution pleading on the case of the fake portfolios launched for car trade. The case involves four portfolios where suspects embezzled …
Photo Archive
24 September 05:40 PM KSA to introduce new bankruptcy law early 2018
Riyadh - Mubasher: It was reported on Sunday that Saudi Arabia is set to begin implementing a new bankruptcy law early next year. The new law would be part of the Saudi government efforts to attract more foreign investment, as under the current …
Dana announced the cancellation of the settlement offer to its sukuk holders and decided to resort to litigation
19 September 07:19 PM Dana Gas ‘intentionally’ avoiding litigation – Sukuk holders
Abu Dhabi – Mubasher: Bondholders’ lawyers said that Dana Gas is intentionally trying to prevent the litigation proceedings in London. A UAE court issued an order that prevented Dana Gas from taking part in the London trial in the last minute, one …
Egypt’s minister of investment and international cooperation Sahar Nasr
19 September 11:40 AM Egypt's new investment law regulations to be issued in 2 weeks - Minister
Cairo – Mubasher: Egypt’s minister of investment and international cooperation Sahar Nasr said that the executive regulations of the new investment law will be issued within two weeks. This new investment law will solve the problem of bureaucracy, …
No bidders made any bids on Thursday, 14 September
17 September 04:55 PM GBK to sell Durrat Al Dar’s property at KWD 99m
Mubasher: Gulf Bank of Kuwait (GBK) announced on Sunday that the First Instance Court has decided to commence selling procedures of a property mortgaged to the bank and owned by Durrat Al Dar Real Estate. The sale of the 231.8 square-metre …