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
With Dubai International Financial Centre (DIFC) celebrating its tenth year as a financial services hubin the region, Al Tamimi & Company has published the latest edition of its expert handbook, ‘Settingup in the DIFC’.
Released at an important growth phase for both DIFC and the UAE’s wider economy, the bookprovides clear and comprehensive legal guidelines and information to assist local, regional and globalcompanies to either launch or expand their operations within the financial free zone.
DIFC has quickly established itself as the premier financial centre in the region, able to compete on aglobal scale, and offering a range of licensing options, including an Islamic Finance category. Astestament to its popularity, DIFC saw the number of active registered companies operating withinDIFC increase to 1,039 last year, a rise of 14 per cent. High occupancy rates have also driven itsexpansion plans, with new buildings in the pipeline worth AED 15 billion ($4.1 billion).
As leading local firm in the region, Al Tamimi has been a key growth partner for DIFC. Over the lastdecade, the law firm has assisted over 100 organisations to set-up in the free zone, includinginternational banks, local banks, investment firms, advisory firms, and other financial servicesproviders.
Husam Hourani, Managing Partner at Al Tamimi, said, “DIFC has firmly established itself as theleading financial centre in the region, with ambitions to ascend further on the global scale. It offerscritical advantages, such as putting both foreign and local investors on equal terms by allowing 100per cent foreign ownership and through a zero tax regime.
“In the last 10 years, Al Tamimi has been a key player in aiding DIFC’s growth, supporting companiesfrom around the world as they navigate how to set-up and grow their operations. With Dubai and theUAE expected to witness considerable economic momentum in the years ahead, and renewed interestin the Emirates following the Expo 2020 win, now is the right time to launch this book. Tapping intoour unparalleled experience in business set-up, its purpose is to help companies make decisions thatenable long-term, sustainable growth and success within DIFC.”
Jeff Singer, CEO of the DIFC Authority, added: “DIFC is one of the world’s pre-eminent financial hubs.Since 2004, we have successfully developed an ecosystem that provides a full range of professionalservices to the financial industry, as well as one of the best working environments in the world.
“As one of the region’s most highly rated law firms, Al Tamimi has played an important role insupporting growth both in DIFC and through the development of business in the wider Middle East.Their ability to combine best practice with local and international expertise has proved crucial forcompanies operating within the financial arena. This latest edition of the Al Tamimi ‘Setting up in theDIFC’ handbook is further testament to its considerable understanding of local laws and regulatoryprocesses, and it will be of a great help to businesses considering their operations in the DIFC.”