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
As part of its Free Zone Rules and Company Regulations, the Dubai World Trade Centre (“DWTC”) has introduced Single Family Office (“DWTC SFO”) and Multi Family Office (“DWTC MFO”) Regulations and Licensing Schemes (“Regime”), designed for families to manage their global private wealth portfolios.
The Regime came into effect under Circular No. (12), pursuant to Rule 4.6 of the DWTCA Free Zone Rules and Regulations as well as clause 134 of the DWTCA Company Regulations.
Under the Regime, some new solutions have become available that will allow family businesses to secure, consolidate and manage their wealth, business interests and investment assets, ranging from real estate to different kinds of companies and businesses, under the DWTC vehicle(s).
An SFO can be established in the DWTC by members of a single family. This vehicle can be utilised to own and manage the affairs of that single family, under a dedicated license. Under the DWTC SFO, the family can benefit from professional and administrational services such as, but not limited to, wealth, assets, investment, succession, governance, financial and/or legal affairs, compliance, secretarial and/or concierge services, that would be provided to the single family, its members, businesses, entities, trusts or foundations.
As family businesses expand their operations geographically and venture into multiple sectors of operation, they often seek support of a professional firm who specialise in looking after family businesses.
The second vehicle the DWTC have introduced, namely the DWTC MFO, is dedicated to those professional service providers, consultants or advisory firms, specifically.
Firms who would like to advise families on their wealth-related matters, and assist with certain administrative matters in this regard, would be now able to apply for a DWTC MFO license and assist multiple families as their clients, with family wealth administration.
The DWTC MFO has the following advantages:
As the family businesses expand, and the need for specialist family office assistance increases, the introduction of the Regime by the DWTC seems to be an excellent step towards boosting family business activity in Dubai, and the UAE overall.
Families that have onshore Dubai operations can locate them in DWTC, alongside the DWTC SFO. Professionals who used to provide global support to multiple families under their European or Asian operations can now establish presence in the DWTC.
It seems, with the introduction of the DWTC SFO and the DWTC MFO, the DWTC is ideally-placed to become home for high net worth families, exploring secure and flexible platforms for the management of their family wealth, assets, businesses and interests, as well as professionals who wish to provide their assistance to those families.
Our team will be delighted to assist you in registering and securing ongoing compliance of a DWTC SFO/ MFO by: