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Find out moreThe 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 editionFollowing our previous alert on the issuance of the Qatar Foreign Capital Investment Law No. 1 of 2019 (the “Foreign Investment Law”), a resolution by the Minister of Commerce and Industry was issued on 8 June 2020 under No (44) of 2020 issuing the executive regulations (the “Executive Regulations”) of the Qatar Foreign Capital Investment Law No. 1 of 2019 (the “Foreign Investment Law”). The Executive Regulations were published under the official gazette on 11 June 2020 and shall come into force on 11 July 2020.
The restriction that had been imposed on foreigners not being able to hold more than 49% of private Qatari companies (except in limited circumstances) has been removed by the Foreign Investment Law, provided that consent for ownership above the level of 49% is approved by the competent department of the Ministry of Commerce and Industry. The Minister shall issue a list of activities in which foreign ownership above the level of 49% will be permitted.
The Executive Regulations provide for certain requirements that must be met by foreign investors wishing to establish a legal presence under the umbrella of the Ministry of Commerce and Industry with ownership above the level of 49%.
Al Tamimi & Company has been very successful in supporting foreign investors wishing to benefit from the rules under the Foreign Investment Law and continue to work very closely with regulatory authorities and ministries in Qatar including the Ministry of Commerce and Industry. We have been able to maintain this support for our clients even during the COVID-19 Pandemic, obtaining approvals under the Foreign Investment Law.
Matthew Heaton
Head of Office – Qatar
Banking & Finance
m.heaton@tamimi.com
Ahmed Jaafir
Partner, Head of Corporate Structuring – Qatar
a.jaafir@tamimi.com
Ayman Raad
Associate, Corporate Structuring
a.raad@tamimi.com
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