As a firm we have a strong commitment to our corporate sustainability principles, and this year we joined the United Nations Global Compact, an initiative dedicated to promoting responsible business practices and advancing the United Nations Sustainable Development Goals (SDGs). Our goals include Education, gender equality, climate action, justice for all, and sustainable partnerships. You can learn about our actions plans and targets, here.
In this edition, we feature an entire section dedicated to COP28 where we share insights and intelligence through conversations we have had with leading experts from across the region. This includes articles and podcasts that delve into the most pertinent topics, such as COP28’s call to action for corporates, ESG reporting, and the UAE’s Net Zero vision.
Beyond the focus on Energy and Climate we feature articles covering important updates that look into a variety of areas, such as UAE consumer protection law, an overview of the Federal Civil Family Law for Non-Muslim Foreigners in the UAE, and from Kuwait we discuss the management of companies. As always, in our final section we continue to share with you real life judgements that provide context to the legal landscape in the region.Read the full edition
The Prime Ministers’ Cabinet proposed a decision lifting current controls introduced by Law no. 230 of 1996 regarding foreign ownership of real estate (the “Foreign Ownership of Real Estate Law”). Pursuant to the provisions of the Foreign Ownership of Real Estate Law, foreigners are allowed to purchase a maximum of two properties provided the intended purpose of said properties is residential purpose. In addition to the aforementioned, the Foreign Ownership of Real Estate Law sets out that the area of each property shall not exceed four thousand meter square.
It is also important to highlight that said property should not be considered an antiquity in accordance to the provisions of Law no.117 of 1983 (the “Antiquities Protection Law”).
The proposed amendment allows foreigners to own properties in Egypt without any limitation – lifting the ban of owning two properties with a maximum area of four thousand meter square for each property – provided the price of the said properties is paid in foreign currency via a bank transfer to a wholly owned state bank.