The final Law Update of 2022 is here, and it’s packed full of articles. The double edition features two focus areas, first is a spotlight on Energy and Resources and second we feature a collection of articles on Transport and Logistics. The developments occurring in these sectors in the MENA region are unprecedented and our lawyers cover vast themes for you.
The Energy and Resources focus features topics such as diversifying energy resources, solar PV, mining in the Middle East, renewable energy and green hydrogen. From a transport perspective, we draw attention to the Bahrain metro project, discuss the challenges and remedies associated with the repossession of an aircraft, and there is advice on what to consider should a party vary the terms of a shipping contract.
This edition navigates you through updates from across jurisdictions such as, Oman, Jordan, Saudi Arabia, Egypt, Iraq, Qatar, and the UAE. Each article is timely and provides insights into legal issues and cases that are affecting these sectors across the region.Read the full edition
The race to Net Zero carbon emissions is globally underway, with sustainable finance being a strategic initiative towards reaching this goal. Following Abu Dhabi Global Market (“ADGM”) becoming the world’s first international financial centre to become-carbon neutral, it now seeks to foster an ecosystem where sustainable finance is prioritised and practicable. To aid this goal, it is proposing a regulatory framework which both informs companies how to practice green finance while also ensuring investor confidence that the risk of “greenwashing” has been properly mitigated. In publishing Consultation Paper No. 6 of 2022 (“Consultation Paper”), the ADGM aims to outline the minimum standards for many sustainability-orientated investment products and services.
The Consultation Paper proposes amendments to the Registration Authority’s Companies Regulations 2020 (“CR 2020”) as well as the Financial Services Regulatory Authority’s. Financial Services and Markets Regulation and the Conduct of Business, Funds, and Markets Rulebooks as well as the FSRA Glossary. Accordingly, it is of particular interest to all companies governed by the CR 2020 (in relation to ESG disclosures), fund managers, asset managers as well as entities considering issuing or offering green bonds or sukuks in ADGM.
The proposal encompasses regulatory frameworks for the following:
A further breakdown of what the proposed regulatory framework on sustainable finance will include can be seen here.
Companies governed by the CR 2020, asset and fund managers, among many others are invited to comment and provide feedback before the deadline of 23 January 2023.
At Al Tamimi & Company we have worked on many of the largest and most complicated energy and utilities transactions in the region and are aware of the changing landscape of climate change regulation. Coupled with our complete range of regulatory services we can advise businesses on matters of law, legal interpretation and the ‘approach’ taken by regulators in securing compliance at federal and local levels.