The most important legal news in local newspapers
We in Ben Arafa Law Group Consulting & Legal Legitimacy L.L.C likes to provide you of the most important legal news in the local newspapers for this week, which related to your business and commercial, labor and procedural activities, and accordingly we provide you with the most important news as follows:
Non- Saudis Ownership of Properties Law in the KSA
The cabinet approves the law for non-Saudis ownership of properties, as a critical step that reflects the kingdom concern for reinforcing economic openness and attracting foreign investments. That law represents one of the initiatives for the kingdom vision 2030. It aims at reinforcing properties sector and variation of the national income sources. The law allows non-Saudis to own properties or to acquire material rights in the KSA, according to clear criteria, while it asserts undertaking with the following:
Real estate ownership rights which are related to a regular capacity for non-Saudis or legal identities before the law enforceability.
Regulations which prevent ownership of properties at defined sites or locations.
The termination of the royal bylaw number (44) dated to 29-11-1377H.
Notwithstanding the laws and the regulations for distinguished residence and the regulations for GCC nationals ownership, they should undertake with the special regulations which are limited to the natural Muslim person property in Mecca and Al Madinah Al Munawwarah. Also, the regular resident can own only one housing property outside those two cities.
It is expected that the law contributes in attracting international investors to the real estate market and achieving long term economic revenues, while preserving the balance between development objectives and the requirements of regulatory authority.
Amending article (5/17) of the executive bylaw for enforcement law at the Board of Grievance in its new form:
“The court decides the travel prevention or the treatment prevention and the end of the prevention, and upon the term completion it may issue a new prevention order- according to the law and the bylaw.
Capital Market Authority approves new regulations for reinforcing the capacity of investment funds
Capital market authority approves a group of new regulations to the investment funds bylaw, the real estate investment funds bylaw, and the list of idioms used in the authority regulations and rules, that is in the efforts that aim at developing regulatory environment and reinforcing assets management sector development in the KSA.
The authority asserts that those amendments which are approved by a decree from the Capital Market Authority Board, aim at reinforcing the management of investment funds, reinforcing market competition through adopting the best international practices and updating the frameworks for disclosure and governance, that ensures protecting the rights of the owners of units and reinforcing the levels of transparency.
The amendments include:
Extending distributors extent: electronic distribution websites and electronic capital companies which are licenses by the Central Saudi Bank are permitted to distribute units of investment funds.
Developing the procedures of funds termination: regulating the withdrawal of fund directors in a condition of the authority approval, and ensuring the duties transfer to a substitute director in 60 days for protecting the interests of investors.
Legal Information:
staff quittance during contract enforceability
Obliging staff to sign a quittance during the contract enforceability is a null practice according to article (8) of the labor law that states:
“Each condition contradicts the articles of this law shall be null, and each quittance or reconciliation for the rights of the staff according this law during the employment contract enforceability shall be null, unless it is for the labor interests.
Accordingly, each a quittance that is made with a labor while his contract is still enforceable, shall be null according to the regulations, unless it includes additional benefits for the labor than the ones provides by the law.
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