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We are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.Read the full edition
The DIFC has announced the establishment of a Family Business and Private Wealth Centre to act as a hub for global and regional family-owned businesses, UHNWIs and private wealth. To be officially launched on 1 September 2022 the centre’s offering will provide a range of services to family owned businesses to assist them in all aspects of their legacy and succession planning; from advisory and education services to networking events, the centre will capitalise upon and further develop the DIFC’s position as the region’s leading centre for private wealth.
The initiative aligns with the UAE Government’s commitment to support UAE family business and to provide the legislative and regulatory tools necessary to ensure the continued success of the private sector, as it is integral to the health of the wider UAE economy.
Owners of the family business in the UAE and the wider region face a unique set of challenges in ensuring that the concentration of private wealth is stewarded successfully and the additional support that the Family Business and Private Wealth Centre will provide to owners and their families will greatly enhance the ability for owners to overcome such challenges.
Commenting on the new initiative, Essam Al Tamimi, Chairman of Al Tamimi & Company, said:
Al Tamimi & Company’s Family Business practice works regularly with the DIFC in ensuring that the legal tools and legislative flexibility that it provides are employed by families in the region to the optimal extent. For over a decade our market leading team have advised families on the best means on ensuring business continuity and succession planning, increasingly through the utilisation of trusts, foundations and corporate structures in the DIFC; the flexibility of such arrangements being key in providing the bespoke solutions that our clients require. At any stage in a family owner’s thought process we provide sensitive and practical advice in ensuring that an owner’s future legacy is secured.
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