Book an appointment with us, or search the directory to find the right lawyer for you directly through the app.
Find out moreWe are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.
Read the full editionOmar N. Omar - Partner, Head of Transport & Insurance - Insurance
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.
To learn more about our services and get the latest legal insights from across the Middle East and North Africa region, click on the link below.