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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
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:
To learn more about our services and get the latest legal insights from across the Middle East and North Africa region, click on the link below.