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Find out moreThe first Law Update of 2024 is here, and our first focus of the year spotlights Healthcare and Lifesciences, a sector that is undergoing significant growth and development across the MENA region.
Our focus provides an insight into some of the most important regulatory updates across the region, such as the UAE’s groundbreaking law on the use of human genome, Kuwait’s resolution on nuclear and radioactive materials, the new regulations for healthcare services in Qatar, Egypt’s healthcare regulatory framework, and the impact of the Saudi Civil Transactions Law on the healthcare and life sciences sector … and there is so much more!
Beyond the healthcare pages our lawyers share with you multi-sector insights where you will discover articles on Dubai’s DIFC regulatory framework for startups, Bahrain’s commercial agencies law, and we also shed light on Kuwaiti civil code and the advantages of setting up a joint stock company in Saudi Arabia.
Read the full editionThe media has been buzzing with speculation and predictions this week following the UAE Cabinet’s decision to (i) allow 100% foreign ownership by global investors in the UAE mainland; and (ii) grant 10 year residence visas for investors in the fields of medicine and engineering, as well as university students who have excelled in their area of study.
The news was communicated in a series of Twitter posts by His Highness Sheikh Mohammed bin Rashid Al Maktoum who had chaired the Cabinet meeting.
The decision has been hailed as a reinforcement of the UAE Government’s stance, and desire, to remain a hub for international investors and talent, offering ‘excellent infrastructure and flexible legislation’.
Further, the decision appears to culminate previous discussions on relaxing foreign investment rules and assists in steering the UAE further towards becoming an open market. This trend began with Federal Decree Law No. (18) of 2017 amending Article 10 of the Federal Law No. (2) of 2015 on Commercial Companies by allowing the Cabinet to decide on sectors in which 100% foreign ownership would be permissible. Further, the draft proposed investment law gave investors the signal that the UAE was ready to relax its foreign investment rules in certain sectors.
While the decision is a much awaited positive step for the UAE, information regarding the implementation and impact of the cabinet decision remains scarce. We predict the following considerations will be taken into account when implementing the decision with respect to permitting 100% foreign ownership:
As always, the devil is in the detail. While the decision represents a significant step forward in opening the UAE market, the details of its scope and implementation technicalities remain unclear. What is clear, however, is that the UAE is ready to relax its foreign investment rules in certain sectors and for certain categories of global investors particularly now in the period leading up to Expo 2020.
Key Contacts:
Partner, Head of Corporate Structuring
s.qudah@tamimi.com
Associate, Corporate Structuring
t.shomar@tamimi.com
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