Welcome to the Saudi Arabia focus edition of Law Update.
One of the key markets in the Middle East and North Africa (MENA) that continues to lead from the front is the Kingdom of Saudi Arabia (KSA). As the largest country in the Middle East and the 18th largest economy in the world, the progress KSA continues to make is underpinned by its Vision 2030 that envisions developing the country as an investment powerhouse and hub that ultimately connects Asia, Europe, and Africa. Given Saudi Arabia’s significance to the regional economy, our team of experts have prepared a range of pertinent articles that provide insights into new laws, regulations, and the legal landscape in the Kingdom.
This edition will provide you with an up-to-date guide on matters such as; the framework issued by the Saudi Central Bank on IT governance, the anti-corruption landscape under Vision 2030; we also provide practical tips for dispute avoidance. This is only a snapshot; there are many more articles within the KSA focus section for you to read, which we hope you will find valuable and enjoyable.Read the edition
Al Tamimi & Company, the largest law firm in the Middle East, has launched their latest investment handbook “Setting up in Abu Dhabi – a comprehensive handbook on the legal aspects of setting up a business in Abu Dhabi”, written by the firm’s founder and senior partner Essam Al Tamimi. The handbook was officially launched today (Tuesday May 24th) at an evening reception at Cipriani on Yas Island, Abu Dhabi.
The handbook is a detailed guide for companies and individuals wishing to set up in business or invest in Abu Dhabi and provides a complete analysis of the business environment in the UAE capital. It provides an overall insight into the Emirate’s political, social and economic structure, laws, rules, registration and licensing of companies and employment regulations.
The handbook outlines the Emirate’s structure at country, federal, regional and international level. The accession of the UAE to the World Trade Organisation in 1996 highlighted its commitment to a regulatory environment and business practices designed to provide international best practices in efficiency and security for investors and lenders to the country. This commercial and industrial environment, the dynamic and stable nature of the local economy and fiscal regime, as well as a policy of ongoing deregulation in high value sectors such as telecommunications, creates significant new investment opportunities.
In addition, there is dedicated information on housing, accommodation, health and education, transport, leisure activities and local customs and traditions that impact the business and recruitment environment.
Commenting at the launch of the handbook, author Essam Al Tamimi said: “As the capital of the UAE, investing in Abu Dhabi is both challenging and exciting. The local economy is booming due to high oil prices, however, the Abu Dhabi Economic Vision 2030 outlines the Government’s programme to reduce its reliance on the oil sector and diversify into knowledge based sectors. The new handbook offers a guide for investors, entrepreneurs and international corporates on how to access these opportunities in Abu Dhabi.”
Stephen Forster, head of Al Tamimi’s Abu Dhabi office added: “The planned US$40bn development of a new capital, Khalifa City is at the heart of the Government’s vision for the future together with a number of other major transformational infrastructure projects. This new handbook provides an overview and an invaluable first step for those planning to invest in this fast growing economy.”
This is the fifth in a series of inward investment handbooks by Essam Al Tamimi which now cover setting up in Dubai, Qatar, Sharjah and the Dubai International Financial Centre.