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
The enactment of the new Companies Law (DIFC Law No. 5 of 2018), Operating Law (DIFC Law No. 7 of 2018), Companies Regulations and Operating Regulations (“New DIFC Regime”) has imposed an obligation upon your DIFC business to comply with numerous requirements, one of which is the alignment of your DIFC company articles with the New DIFC Regime.
Based on our discussion with the DIFC, each DIFC company should revise its articles to align them with the New DIFC Regime.
Until such time the new articles are adopted, the existing articles of your company will continue to be valid to the extent that they do not conflict with the New DIFC Regime.
The following areas require particular attention when the articles re aligned with the New DIFC Regime:
Under the New DIFC Regime, your DIFC company can:
Although under the New DIFC Regime companies have until 12 November 2019 to revise the articles, the completion of the New Articles takes at least a month, on average.
In addition to Ramadan, summer time, the time required to prepare the documents and secure signatures, the DIFC have been busy accepting numerous submissions under the New DIFC Regime, which has caused some delays in their processing the New Articles submissions.
It is important to start the New Articles implementation process as soon as possible as failing to adopt the New Articles may result in the DIFC imposing a penalty of USD 15,000.
Our team of experts will be delighted to assist you by:
If you require any assistance in this regard, please let us know and we will be happy to provide our support.