The first Law Update of 2024 is here, and our first focus of the year spotlights Healthcare and Lifesciences, a sector that is undergoing significant growth and development across the MENA region.
Our focus provides an insight into some of the most important regulatory updates across the region, such as the UAE’s groundbreaking law on the use of human genome, Kuwait’s resolution on nuclear and radioactive materials, the new regulations for healthcare services in Qatar, Egypt’s healthcare regulatory framework, and the impact of the Saudi Civil Transactions Law on the healthcare and life sciences sector … and there is so much more!
Beyond the healthcare pages our lawyers share with you multi-sector insights where you will discover articles on Dubai’s DIFC regulatory framework for startups, Bahrain’s commercial agencies law, and we also shed light on Kuwaiti civil code and the advantages of setting up a joint stock company in Saudi Arabia.Read the full edition
Abu Dhabi Global Market (“ADGM“) is an international financial centre in the Emirate of Abu Dhabi. As a Financial Free Zone formed under a federal decree, it is allowed to enact its own legislation. The original jurisdiction and territory of the ADGM was restricted to Al Maryah Island, Abu Dhabi. This is no longer the case.
The UAE Cabinet Resolution No. 41 of 2023 was enacted on 24 April 2023 and expands the jurisdiction and territory of the ADGM to Al Reem Island, Abu Dhabi.
Previously governed by UAE federal and Abu Dhabi local laws, Al Reem Island now forms part of the ADGM and falls under its legal system.
Al Maryah Island:
This development does not affect existing ADGM establishments.
Al Reem Island:
Please note that branches (as opposed to limited liability companies) existing in Al Reem Island and registered with the DED may not initiate a continuation application with the ADGM Registration Authority. They must register a new branch in ADGM under the same premise in Al Reem Island and proceed with cancellation of their branch license registered with the DED.
In order to address concerns of conducting business in the Abu Dhabi mainland while holding an ADGM license, ADGM and the DED have in place an agreement to facilitate a dual licensing regime for entities registered with ADGM. Under this agreement, certain ADGM entities are eligible for mutual license recognition with the DED, provided they satisfy the respective licensing and regulatory requirements of each jurisdiction. This means that eligible ADGM entities may be permitted to service businesses in onshore Abu Dhabi without having an office presence on the mainland.
At Al Tamimi & Company, we regularly advise local, regional, and global financial institutions on matters concerning the ADGM. We would be delighted to assist you in better understanding this new development, as well as in relation to our services, which include assisting with the establishment within the ADGM, continuance into the ADGM, establishment in the Abu Dhabi mainland, business relocation from Al Reem Island, general advice on the implications of this resolution for your legal entity, and drafting ADGM employment contracts. We are fully committed to providing comprehensive support to HR/legal during the transition.