Business
New rules for UAE real estate industry for property bought with cryptocurrency
Published
2 years agoon
The Ministry of Economy (MoE) and the Ministry of Justice (MoJ), in partnership with the UAE Financial Intelligence Unit (FIU), have announced the introduction of new reporting requirements aimed at certain real estate transactions.
The UAE is one of the first countries to implement such a mechanism for real estate transactions involving virtual assets, marking the latest example of the UAE’s global fight against money laundering and terrorist financing.
All real estate agents, brokers, and law firms are obliged to file reports to the FIU for purchase and sale transactions of freehold real estate properties in the UAE that include any of the below three methods of payment, whether for a portion or the entirety of the property value:
- Single or multiple cash payment(s) equal to or above AED 55,000
- Payments that include the use of a virtual assets
- Payments where the fund(s) used in the transaction were derived from a virtual asset.
The reporting mechanism requires real estate agents, brokers, and law firms to obtain and record the identification documents of the parties to the applicable transaction, among other relevant documents related to the transaction.
The rules apply to both individuals and corporate entities that are parties to the above real estate transactions.
The relevant private sector entities have been informed about the specific requirements in regulatory circulators issued by the MoE and MoJ.
Additionally, to ensure preparedness, UAE authorities have collaborated to host three separate workshops with real estate agents and brokers, as well as law firms, helping to guide them through the new reporting requirements and enhance their familiarisation with the FIU’s anti-money laundering system. The MoE and MoJ apply a proactive, risk-based supervisory approach in line with UAE legislation and the international standards set by the Financial Action Task Force (FATF).
Cryptocurrency terms in the UAE
According to real estate agency OPR, though you can buy real estate with cryptocurrency, it is impossible to pay with it directly. According to the requirements of the UAE Central Bank, all transactions outside the territory of the state must be carried out using the national currency – the dirham (AED).
In this case, it is necessary to transfer the digital currency to the account of the trading company and then get a cheque for the agreed amount of money. Only then can you pay for the purchase.
How to buy and from whom to buy with your virtual assets
FAM Properties has tied up with Singapore exchange company Huobi to facilitate such transactions while Binance and other cryptoexchanges have set up bases in the UAE.
The most well-known Dubai developers are ready to offer real estate to cryptocurrency holders. Among them are Emaar Properties, DAMAC Properties, Select Group, Dubai Properties, Meraas, Fam Properties and MAG Lifestyle Development. But an important condition is the co-operation with only licensed real estate agencies, brokers and trading companies with an impeccable reputation.
The following projects have been listed as of December 2021 that can be bought with cryptocurrency, although the list has widened much more since:
- Emaar Beachfront by Emaar Properties, located between the Palm Jumeirah and Mina Seyahi
- Bulgari Residencies, located on Jumeirah Bay Island, is a complex by Meraas
- Port De La Mer, also by Meraas, in Jumeirah 1 area
- Cavalli Tower, a project by Damac Properties, on Dubai Marina
Journalist for 25 years with leading publications in India and UAE such as The National, Mumbai Mirror, DNA, Indian Express and former Sports Editor of eIndia.com. Now managing editor of Headline.ae, part of MEMc (https://www.memc.co)
Announcements
What’s this WhatsApp feature everyone is talking about? Find out now
Published
2 days agoon
November 22, 2024WhatsApp has introduced an innovative new feature: voice message transcripts. This addition allows users to convert voice messages into text, making it easier to keep up with conversations no matter where you are or what you’re doing.
The feature is rolling out globally over the next few weeks, initially supporting a few select languages, with plans to expand language options in the coming months. In a blog post, WhatsApp highlighted the personal touch of voice messages, stating, “There’s something special about hearing your loved one’s voice even when you’re far away.” However, the company acknowledged that there are times when listening isn’t feasible, such as being in a noisy environment or receiving a lengthy message that’s difficult to hear.For those moments, WhatsApp now offers voice message transcripts.
These transcripts are generated directly on your device, ensuring that no one else — not even WhatsApp — can access your messages.To activate this feature, go to Settings > Chats > Voice Message Transcripts, where you can toggle transcriptions on or off and select your preferred language. Transcribing a message is simple: long-press the voice message and tap “Transcribe.”WhatsApp expressed enthusiasm about enhancing this experience further, promising to make it even more intuitive and user-friendly.
This update follows the introduction of the Message Drafts feature, which addresses a common issue: forgetting to send unfinished messages. WhatsApp now marks incomplete messages with a clear “Draft” label and moves the chat to the top of your list, ensuring you can quickly find and complete them without searching through multiple conversations.With these updates, WhatsApp continues to innovate and make communication more seamless and efficient for its users worldwide.
Announcements
Zimbabwe Partners with T Ten Global to Boost Business Opportunities
Published
4 days agoon
November 21, 2024The Government of Zimbabwe has entered into a strategic partnership with T Ten Global Sports to enhance the nation’s global profile and attract significant foreign investment. This initiative aligns with President Emmerson Mnangagwa’s vision of showcasing Zimbabwe as ‘Open for Business’ and leverages international platforms to highlight the country’s substantial economic potential.
With a viewership exceeding 500 million on television and OTT platforms, and a social media reach of 2.5 billion across 100 countries, T Ten’s cricket leagues offer Zimbabwe an unparalleled opportunity to promote its investment prospects. The partnership will officially be launched at the 2024 Abu Dhabi T10 in Abu Dhabi, positioning Zimbabwe as a premier destination for international business.
Speaking on the partnership, Zimbabwe President Emmerson Mnangagwa said, “Zimbabwe is open for business, and this partnership with T Ten Global Sports is a testament to our commitment to engaging with the world. Through T Ten’s extensive reach, we will showcase Zimbabwe as a thriving hub for investment and innovation. This collaboration marks a significant step forward in building our nation’s global reputation and economic future.”
Under President Mnangagwa’s leadership, Zimbabwe has experienced notable economic growth. In 2023, Zimbabwe’s GDP was valued at $26.54 billion, reflecting a 4.5% growth rate from the previous year. The nation has also attracted significant investments across various sectors including the beverage industry, mining sector, real estate and infrastructure, renewable energy and agriculture modernization.
Varun Beverages, the bottling partner of PepsiCo, has invested over $40 million, creating employment opportunities and bolstering the manufacturing sector. Zimbabwe is endowed with vast mineral resources, including lithium, platinum, gold, and diamonds. Investments from companies such as Zhejiang Huayou Cobalt and Prospect Resources are positioning Zimbabwe as a key player in the global green energy revolution.
UAE-based conglomerate Mulk International is developing the $500 million Zim Cyber City in Mount Hampden, Harare. This state-of-the-art mixed-use development is set to transform Zimbabwe’s real estate landscape, offering high-end residential and commercial spaces. Collaborations with international firms are underway to harness Zimbabwe’s abundant solar and hydropower resources, supporting sustainable energy solutions and reducing reliance on non-renewable sources. Partnerships with global agribusinesses have enhanced Zimbabwe’s agricultural output, ensuring food security and creating export opportunities.
Shaji Ul Mulk, Chairman of T Ten Global Sports further said, “We are honored to partner with Zimbabwe to deliver this transformative vision. Through T Ten’s five global leagues, we will ensure that Zimbabwe’s message reaches key markets, connecting the nation with influential investors and creating new opportunities for growth and collaboration.”
There are numerous unparalleled opportunities for global investors in Zimbabwe across various sectors. The country is home to vast reserves of lithium, platinum, gold, nickel, and rare earth minerals, essential for the global renewable energy and technology industries. With a growing industrial base and favorable policies, Zimbabwe provides opportunities in food processing, automotive assembly, and consumer goods production.
Abundant sunshine and river systems make Zimbabwe ideal for large-scale solar and hydropower projects, attracting renewable energy investors globally. Rapid urbanization and modernization efforts create lucrative opportunities in construction, transport, and logistics.
Paul Tungwarara, Special Presidential Investment Advisor, UAE further said, “This partnership reflects Zimbabwe’s forward-looking strategy for international outreach. By leveraging T Ten’s global media presence, we will amplify the message that Zimbabwe is ready for business and global partnerships. It has been a privilege to contribute to this historic initiative.”
Through its collaboration with T Ten Global, Zimbabwe will gain exposure across the five cricket leagues’ (Abu Dhabi T10, US Masters T10, Lanka T10 Super League, African T10, Sri Lanka T10) influential markets. It allows the nation to engage audiences in the Middle East and Asia, and also target North America’s business leaders. The partnership further helps Zimbabwe in strengthening their presence in South Asia’s thriving markets and highlighting Zimbabwe’s leadership in Africa.
This partnership represents a bold step toward economic reform, global engagement, and solidifying Zimbabwe’s position as a premier investment destination.
Jaffna Titans and Hambantota Bangla Tigers will lock horns with each other in the first match of the Lanka T10 Super League 2024.
11th November, 2024: The inaugural edition of the Lanka T10 Super League 2024 is all set to begin on 11th December, 2024 in Kandy and the cricket carnival will kickstart with the opening ceremony ahead of the first game between Jaffna Titans and Hambantota Bangla Tigers.
The competition will see six franchises, Jaffna Titans, Hambantota Banga Tigers, Colombo Jaguars, Nuwara Eliya Kings, Kandy Bolts and Team Galle Marvels up against each other in a round-robin format.
The Qualifiers and the Eliminator matches are scheduled to be played on 18th December, 2024. Team 1 will lock horns with Team 2 in Qualifier 1, Team 3 will face Team 4 in the Eliminator match while the Qualifier 2 will see the runner up of the Qualifier 1 play the Winner of Eliminator.
The title clash will be played between the Winner of Qualifier 1 and Winner of Qualifier 2 on 19th December, 2024 and will be followed by the closing ceremony.
Note to Editor:
The Lanka T10 Super League is an exhilarating 10-over cricket format, proudly organized and endorsed by Sri Lanka Cricket in collaboration with a consortium of industry leaders: T Ten Sports Management FZC (TSM), T Ten Global Sports FZE (TGS), and Innovative Production Group (IPG). Together, they are shaping the future of T10 cricket in Sri Lanka.
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What’s this WhatsApp feature everyone is talking about? Find out now
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