Welcome to the Saudi Arabia focus edition of Law Update.
One of the key markets in the Middle East and North Africa (MENA) that continues to lead from the front is the Kingdom of Saudi Arabia (KSA). As the largest country in the Middle East and the 18th largest economy in the world, the progress KSA continues to make is underpinned by its Vision 2030 that envisions developing the country as an investment powerhouse and hub that ultimately connects Asia, Europe, and Africa. Given Saudi Arabia’s significance to the regional economy, our team of experts have prepared a range of pertinent articles that provide insights into new laws, regulations, and the legal landscape in the Kingdom.
This edition will provide you with an up-to-date guide on matters such as; the framework issued by the Saudi Central Bank on IT governance, the anti-corruption landscape under Vision 2030; we also provide practical tips for dispute avoidance. This is only a snapshot; there are many more articles within the KSA focus section for you to read, which we hope you will find valuable and enjoyable.Read the edition
The 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 firstname.lastname@example.org