Welcome to the Saudi Arabia focus edition of Law Update.
One of the key markets in the Middle East and North Africa (MENA) that continues to lead from the front is the Kingdom of Saudi Arabia (KSA). As the largest country in the Middle East and the 18th largest economy in the world, the progress KSA continues to make is underpinned by its Vision 2030 that envisions developing the country as an investment powerhouse and hub that ultimately connects Asia, Europe, and Africa. Given Saudi Arabia’s significance to the regional economy, our team of experts have prepared a range of pertinent articles that provide insights into new laws, regulations, and the legal landscape in the Kingdom.
This edition will provide you with an up-to-date guide on matters such as; the framework issued by the Saudi Central Bank on IT governance, the anti-corruption landscape under Vision 2030; we also provide practical tips for dispute avoidance. This is only a snapshot; there are many more articles within the KSA focus section for you to read, which we hope you will find valuable and enjoyable.Read the edition
We are pleased to announce that the DIFC Wills and Probate Registry has today released new Rules, which will come into effect as of 30th June 2019.
There are two major changes to the Rules. Firstly, the Rules will allow Non-Muslims to include all of their worldwide assets in the DIFC Will. Testators who wish to register DIFC Wills only for their Dubai and/or Ras Al Khaimah Estates may continue to do so. Guardianship Wills and guardianship provisions in the DIFC Will will continue to be valid only for minor children who are habitual residents of either Dubai or Ras Al Khaimah.
Secondly, the Authorised Officer/Probate Director will no longer be a second Witness to any of the Will signings as of 30th June 2019. It is imperative that Testators are aware that they now need to bring two (2) Witnesses to the Will signing. Witnesses must be at least 21 years old, with a valid photo ID. Witnesses cannot be a Beneficiary or a Guardian (or a spouse of a Beneficiary or a Guardian) mentioned in the Will.
Individuals who already have a registered DIFC Will, but would like to extend the jurisdiction to reflect assets in other Emirates or global assets, will have the opportunity to amend their Wills at no additional cost between 30th June and 29th August 2019. Please note, these appointments must be made by email (firstname.lastname@example.org) only. Any modifications after 29th August 2019 will result in a fee of AED 550 +VAT.