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Find out moreThe final Law Update of 2022 is here, and it’s packed full of articles. The double edition features two focus areas, first is a spotlight on Energy and Resources and second we feature a collection of articles on Transport and Logistics. The developments occurring in these sectors in the MENA region are unprecedented and our lawyers cover vast themes for you.
The Energy and Resources focus features topics such as diversifying energy resources, solar PV, mining in the Middle East, renewable energy and green hydrogen. From a transport perspective, we draw attention to the Bahrain metro project, discuss the challenges and remedies associated with the repossession of an aircraft, and there is advice on what to consider should a party vary the terms of a shipping contract.
This edition navigates you through updates from across jurisdictions such as, Oman, Jordan, Saudi Arabia, Egypt, Iraq, Qatar, and the UAE. Each article is timely and provides insights into legal issues and cases that are affecting these sectors across the region.
Read the full editionThe UAE’s real estate market is one of the most dynamic (and challenging) in the world at the moment. Over the past twenty years it has experienced the highest of highs and the toughest challenges, most recently in the form of the global pandemic that took its toll on all sectors. All that being said this journey has made the sector more mature and made it more robust. This transition has been underpinned by a consistently evolving regulatory environment that can be benchmarked against the most established and sophisticated property markets across the world.
We believe that the real estate sector in the UAE as a whole (and Dubai in particular) has risen admirably to the challenges of global political instability and COVID 19 and emerged as a highly attractive place to both live and invest.
In the UAE we see now in 2022 an investment environment transformed. Surveying the trajectory of the real estate sector from the second quarter of 2021, where events such as the Dubai Expo 2020 put a global spotlight on Dubai to the present we have seen a market improving in leaps and bounds.
The governments of the individual Emirates (and the Federal Government) have introduced multiple policy measures such as visa reforms helping develop consumer confidence among investors and end users. Other factors have had a positive impact on consumer confidence in the real estate market, including:
Whilst the macroeconomic climate and investment environment are now favorable to investors coming into the UAE real estate market there are still challenges.
By comparison with other similar markets it is still traditionally relatively rare to see the involvement in properly qualified legal professionals in transactions. Further, levels of investor due diligence still lag behind those generally accepted as standard in other markets. For most people the purchase or sale of a house is likely to be one of the most significant financial events in their entire lives.
As lawyers we are most often as not sought out to pick up the pieces of a deal gone wrong. Risks we regularly see are:
As we come to the end of quarter one 2022 we are pleased to see that the local real estate sector has continued to mature, gain international credibility and attract end-users that see longevity in their UAE based investment. As the market continues on this positive trajectory investors should keep in mind the risks outlined above and ideally align themselves with the best conveyancing service firms to ensure a smooth transaction from selecting the property to receiving keys in hand.
If you are in the process of purchasing a property and need expert advice and assistance please contact the us at wakeel@tamimi.com
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