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
Abu Dhabi will soon publish a new law aimed at better regulating the real estate sector in Abu Dhabi, which has been through more than seven years of consultation, review and drafting. This will be a positive step towards attracting increased real estate investment in Abu Dhabi, and across the UAE more broadly, as the new law tackles many concerns raised by investors in the past. It also draws on the real estate investment experience in the remainder of the UAE, and especially in Dubai, over the last 10 years.
There are many encouraging provisions in the law including provisions for licensing, registering off-plan developments, restrictions on developers collecting registration fees, setting up owners’ associations for jointly owned property, mortgages and dealing with delays in construction.
We will provide a summary of this new law as soon as it is published.