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Find out moreWe 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 editionIn its continuous efforts to encourage investment and support the economy in the Emirate, the Government of Abu Dhabi have launched a total of 16 initiatives under “Ghadan 21” which may substantially benefit SMEs, current investors and startups. Although these initiatives have been published by way of announcement rather than law or decree, the announcement stated that these initiatives will be enforced with immediate effect.
Also included are water and electricity subsidies for citizens, and commercial and industrial activities, as well as all exemption of vehicles from road tolls until the end of 2020.
According to the announcement, these initiatives are as follows:
These exemptions are valid until the end of 2020.
Given that the announcement was published on 16 March 2020, the mechanism through which these initiatives will be implemented is still unclear. Furthermore, it is also unclear whether or not a law or decree will follow to provide further details on the implementation requirements of these initiatives.
Hassan Al Jarrah
Head of Corporate Structuring – Abu Dhabi
h.aljarrah@tamimi.com
Khaled Aloklah
Associate, Corporate Structuring
k.aloklah@tamimi.com
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