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Find out moreWe 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 editionWe 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 (appointments@difcwills.ae) only. Any modifications after 29th August 2019 will result in a fee of AED 550 +VAT.
To discuss your Will requirements further or the impact of the new DIFC Wills and Probate Registry Rules, please contact Dipali Maldonado or Ruksana Ellahi in our Private Client Services department.
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