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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
Following our previous alerts on the issuance of the Unified Economic Register Law No. (1) of 2020 and its Executive Regulations No. (12) of 2020, the Minister of Commerce and Industry has decided to establish the Unified Economic Register Unit under the Registration and Licencing Department. The decision was issued on 12 June 2022 and has been published in the Official Gazette on 19 June 2022 (the “Decision”).
The Decision listed the responsibilities of the Unified Economic Register Unit. These responsibilities and functions included the following:
It is noted that the Ministry of Commerce and Industry has been recently increasing its efforts to control and encourage all entities to submit or update their Ultimate Beneficial Ownership declarations. The issuance of the Decision and the establishment of the Unified Economic Register Unit emphasises the Ministry’s keenness to implement the provisions of the Unified Economic Register Law and the importance for all addressed entities to move forward and register or update their filings.
Al Tamimi & Company continues to work very closely with regulatory authorities and ministries in Qatar and is pleased to assist clients by supporting their registration under the Unified Economic Register.
If you require further information, please feel free to contact us.
Partner, Head of Corporate Structuring - Qatara.email@example.com
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