The final Law Update of 2022 is here, and it’s packed full of articles. The double edition features two focus areas, first is a spotlight on Energy and Resources and second we feature a collection of articles on Transport and Logistics. The developments occurring in these sectors in the MENA region are unprecedented and our lawyers cover vast themes for you.
The Energy and Resources focus features topics such as diversifying energy resources, solar PV, mining in the Middle East, renewable energy and green hydrogen. From a transport perspective, we draw attention to the Bahrain metro project, discuss the challenges and remedies associated with the repossession of an aircraft, and there is advice on what to consider should a party vary the terms of a shipping contract.
This edition navigates you through updates from across jurisdictions such as, Oman, Jordan, Saudi Arabia, Egypt, Iraq, Qatar, and the UAE. Each article is timely and provides insights into legal issues and cases that are affecting these sectors across the region.Read the full edition
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.