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, the largest law firm in the Middle East, has officially opened its latest office in Bahrain, providing the firm with a permanent operational presence in all six GCC countries. The firm now has 14 offices, located in eight countries in the region.
Al Tamimi’s new Bahrain office will be led by Foutoun Hajjar, an English-qualified Solicitor and Barrister with 22 years of professional experience. She has spent the last nine years working in Bahrain in both private practice and in-house positions.
Bahrain’s economic outlook is encouraging, and in the non-oil sector in particular. According to the Bahrain Economic Development Board (EDB), the non-oil sector is expected to grow by more than 4% this year, driven by increased confidence, improving bank credit conditions, and several billion in new infrastructure projects. The EDB also forecasts that the country’s overall GDP to increase by approximately 3.7% in 2014.
Commenting, Husam Hourani, Managing Partner at Al Tamimi, said: “As a GCC firm, we are licensed to practice local law in Bahrain. Our opening in the country is particularly important as it marks our physical presence across the entire GCC.
“With global businesses choosing cities like Dubai, Abu Dhabi, Manama and Doha as their regional headquarters, we are supporting those decisions by providing the full range of contentious and non-contentious corporate legal services on the ground across all the major markets. Our lawyers know these local markets very well, and they have the specialist skills and experience needed to support our clients’ needs.
“We are delighted to be opening a permanent presence in Bahrain and look forward to supporting even more businesses and individuals in a market that is growing and offering exciting investment opportunities.”
H.E. Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive, Bahrain EDB, added: “We are delighted that Al Tamimi has decided to complete its presence across the GCC by opening in Bahrain. Our economy is growing, and in any growing market business activity needs to be supported by quality legal services that truly understand the region.
“Last year, the EDB alone attracted $114 million of foreign investment into the country from North America, Europe and Asia, and played a role in the establishment of 35 foreign firms in Bahrain, which highlights the robust investment opportunities available in the country. This positive momentum has continued in 2014, and I am pleased to now welcome Al Tamimi. We wish the firm all the very best of success in the future.”
Al Tamimi’s new office will be located in the prestigious Bahrain Financial Harbour.