The regional real estate, construction and hospitality sectors have been turned upside down over the last two years, with Covid-19 bringing these sectors to a halt. The impact of the pandemic remains, however, the resurrection of these vital sectors across the region is a welcome relief because they support the development of modern cities, which in turn have attracted commerce and tourism to the Middle East and North Africa.
This latest edition of Law Update, provides vital insights, updates and commentary on the latest trends taking shape across the real estate, construction, hotels and leisure sectors. The articles within this edition cover a broad range of topics, from what’s next for real estate in Dubai, to commentary on Saudi real estate, a market that is set to become the main bedrock of the region for years ahead. You will find articles on reforming real estate laws in Qatar, foreign investment and ownership in Oman, and mitigating risks on hotel construction projects and the lessons learnt from Covid.Read the full report
The New Maritime Law is about to be endorsed. These are very exciting times for the Al Tamimi Maritime, Aviation & Insurance lawyers and indeed, many others, who have been involved with amendments to the law.
When this law is endorsed and published, the UAE shipping and associated industries will be sailing toward new, unlimited horizons.
The change starts with the name, where, as you will have noticed, I referred to the law as the “Maritime Law” instead of the original “Commercial Maritime Law”. There are a number of major amendments to the new law, which include, but are not limited to:
The proposed amendments to the law are all substantial and important, however, the amendment, which is of particular interest to me, relates to permitting full non-UAE vessel ownership and the authorization to establish an open vessel registry.
Although, we still believe the term “open registry” may not be the most suitable term to describe the UAE ambitions in this regard, we are sure that with the UAE distinguished shipping expertise and infrastructure, this will gradually establish the UAE as a recognized regional and international registry. Furthermore this amendment paves the way for large UAE fleets under other international registered flags to return to where they belong. Such registry procedures will become a beacon, signaling all vessel owners in the region to register their vessels in the first Class A registry in this part of the world.
We know and recognise there is a long road ahead, yet we remain optimistic. There is a need to amend some other associated laws and regulations. There is also a need for upgrade and standardization across many fields and areas within the shipping industry. There is an unresolved amount of determination and resolution necessary to ensure these requirements are met.
Nonetheless, the new Maritime Law is definitely a huge step in the right direction. In a country capable and used to reducing storms to wind in a teacup, we are all confident the UAE will eventually claim its rightful position as an international registry.