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Find out moreWelcome to this edition of Law Update, where we focus on the ever-evolving landscape of financial services regulation across the region. As the financial markets in the region continue to grow and diversify, this issue provides timely insights into the key regulatory developments shaping banking, investment, insolvency, and emerging technologies.
2025 is set to be a game-changer for the MENA region, with legal and regulatory shifts from 2024 continuing to reshape its economic landscape. Saudi Arabia, the UAE, Egypt, Iraq, Qatar, and Bahrain are all implementing groundbreaking reforms in sustainable financing, investment laws, labor regulations, and dispute resolution. As the region positions itself for deeper global integration, businesses must adapt to a rapidly evolving legal environment.
Our Eyes on 2025 publication provides essential insights and practical guidance on the key legal updates shaping the year ahead—equipping you with the knowledge to stay ahead in this dynamic market.
Watch Noff Al Khafaji’s video here.
On 31 October 2019, the Dubai International Financial Centre (“DIFC”) introduced Prescribed Company Regulations 2019 (“New Regulations”) that replace the Special Purpose Company regulations (“Old Regulations”).
The main objective of the New Regulations is to consolidate, replace and expand on the existing Special Purpose Company (“SPC”) and Intermediate Special Purpose Vehicle (“ISPV”) regimes.
The New Regulations provide a flexible, business friendly regime allowing a cost and time efficient way of doing business to Prescribed Companies in the DIFC aligned with international best practices.
A Prescribed company is a private company limited by shares that falls under the regime of Small Private Company as per Companies Law DIFC Law No 5 of 2018 (“Companies Law”).
A Small Private Company will be considered a Prescribed Company if:
Scenario 1 – Qualifying Applicant – It has been formed by:
Scenario 2 – Qualified Purpose – It forms part of:
It is subject to the New Regulations as well as Operating Law DIFC Law No. 7 of 2018, Operating Regulations, the Ultimate Beneficial Ownership Regulations and the Companies Law.
All existing SPCs and ISPVs shall automatically become a Prescribed Company upon the enactment of the New Regulations, and shall:
Our team will be delighted to assist you by:
Izabella Szadkowska
Partner, Corporate Structuring
i.szadkowska@tamimi.com
Noff Al Khafaji
Senior Associate, Corporate Structuring
n.alkhafaji@tamimi.com
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