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
Al Tamimi & Company continues to expand its network of operations in the GCC with a new office opening in Muscat, Oman. The company now offers clients 13 offices spanning the GCC and Iraq.
Oman is seen as a key market for Al Tamimi. Since the country’s membership of the World Trade Organisation in 2000, which led to the internationalization of its financial and commercial practices, Oman has witnessed a foreign direct investment boom.
This has fuelled expansion in towns such as Sohar, which has developed an integrated port, freezone, industrial zone and airport project called Gateway Sohar. This enormous project has benefited from billions in investment supporting the economic development of Oman’s northern region.
The Sohar expansion is driven by the Government’s desire to shift capacity pressures away from Muscat’s main port and airport, transforming the capital into an even more attractive tourist destination, and moving heavy industry out of the city.
Commenting, Husam Hourani, Managing Partner of Al Tamimi, said: “We recognize the impressive and fast-paced development taking place in Oman and will now look forward to taking a strong part in this. We have always strived to support our GCC neighbours and we believe that through this new office opening we will offer both our Omani and international clients a foundation for growth in the country.”
“Al Tamimi provides clients with a combination of international knowledge and experience from across the full sweep of industry sectors and legal disciplines. We also have an unrivalled regional presence and Arabic capability. These are strong credentials that we are delighted to be bringing to the Omani market.”
The new office will be located in the capital city of Muscat, and it will be headed by Mr. Ahmed Saleh, a well respected lawyer, with over eight years experience who has had tremendous success in Oman. Ahmed is a qualified court of appeal Omani lawyer and has worked in various jurisdictions including the UK, Dubai and Oman. His experience includes inward investment, joint ventures, corporate governance, corporate finance, capital and private equity, mergers and acquisition and corporate structuring. Ahmed is regularly involved in drafting Oman laws that includes, by way of recent examples, Sukuk Issuance Regulations and Anti-Trust Law, and representing Oman government in negotiating and reviewing commercial and international agreements including Free Trade Agreement that had been concluded between Oman and United States of America.
Al Tamimi believes that it’s long-established and expert legal services, unrivalled regional footprint, and its deep knowledge of the Middle East region will help underpin the further economic growth and diversification of Oman.