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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Allotted industrial & commercial land rules in Dubai amended

FOR REPRESENTATION PURPOSE ONLY
  • Sheikh Mohammed bin Rashid issued Decree No. (25) of 2022 amending some of the articles of Decree No. (4) of 2010
  • Article (1) outlines the definitions in the decree, while Article (2) covers the ownership of granted land

In his capacity as the Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister has issued a decree regulating the grant of title to allotted industrial and commercial land in the emirate.

Sheikh Mohammed bin Rashid issued Decree No. (25) of 2022 amending some of the articles of Decree No. (4) of 2010 regulating the grant of title to allotted industrial and commercial land in the emirate of Dubai.

The Decree amends Articles (1) and (2) of the original decree.

Article (1) outlines the definitions in the decree, while Article (2) covers the ownership of granted land. Decree No. (25) of 2022 is effective from the date of its publication in the Official Gazette.

In accordance with the new text of Article (1) of the Decree, ‘allotted land’ is defined as land plots allocated for industrial or commercial use whose usufruct right is awarded to UAE nationals, including land subject to an order of disposition and allotted land transferred to third parties by way of succession, assignment, donation or in return for consideration.

‘Beneficiary’ is defined as a UAE national to whom land is allotted.

The new text of Article (2) of the Decree permits granting the allotted land to the beneficiary at his request on a freehold basis and without any restriction on its use, exploitation, or disposition, provided the allotted land includes the real estate project – either completed or under construction – in accordance with the rules and regulations of the Dubai Land Department.