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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
In connection with the set up of the Global Family Business and Private Wealth Centre, the DIFC has implemented the new “Family Arrangements Regulations 2023”. Effective on the 31st of January 2023, the DIFC issued the New Regulations to provide a framework for the Centre initiative. The regulations provide substance to the Centre and the way in which families can interact with it, enabling them to take full advantage of the DIFC offering when structuring their family business ownership and private wealth.
The Family Arrangement Regulation establishes a new extensive family offices regime that facilitates and supports, in accordance with the relevant DIFC Laws, the maintenance of family arrangements, enabling families to enhance their operations within the DIFC, ensuring the preservation of wealth, and facilitating succession and legacy planning.
The New Regulations repeal and replace the Single Family Office Regulation (SFO). The Regulations provide an automatic status change from the previous Single Family Office that was established under the previous regulations, to become a Family Office under the new provisions. The new regime provides more flexibility, allowing services to be provided to one or more than one family. In addition, the Regulations have repealed the requirements for a family business to have a designated non-financial business or profession register (DNFBP).
The provisions of the new Regulations set out requirements for the creation of a Private Register to disclose information such as shareholders, interest holders, directors and officers of a Family Office to be maintained by a designated registrar. The New Regulations set out the manner in which services are provided to family businesses in the DIFC by accredited advisors, corporate services providers and registered persons in the DIFC.
The New Regulations also set out the mechanisms therein which Family Entities or trusts within a Family Structure may incorporate binding arbitration procedures in the event of dispute.
Finally, the New Regulations provide terms under which the Registrar may enter into arrangements with a Corporate Services Provider, enabling administrative access to the Corporate Services Provider to streamline onboarding and compliance.
The DIFC continues to take an innovative approach to enhance the offering that the DIFC provides to family businesses wishing to operate by. The New Regulations have been designed to further enhance the position of the DIFC as one of the world’s prominent locations for private wealth structuring.
Al Tamimi and Company’s leading Family Business Practice have lawyers dedicated to the provision of tailored and sensitive legal advice to the leading families in the UAE and the wider gulf region. We will be happy to discuss any questions you may have arising from the issue of the new Family Arrangement Regulations.
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.