The 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 edition
The UAE Ministry of Cabinet Affairs issued the Cabinet Resolution No. 34 of 2020 on the regulation of the Procedures of the Real Beneficiary (“Resolution”), which came into effect on 28 August 2020 (“Commencement Date”). The Resolution introduces the concept of a “Real Beneficiary” into the onshore business environment.
The Resolution applies to all UAE entities, apart from those registered in the Abu Dhabi Global Market, Dubai International Financial Centre or those whose shares are listed on a stock exchange.
Under the Resolution, the Real Beneficiary is:
A natural person (“Owner/Controller”) who has the ultimate ownership/control/right to vote over a UAE business (“Company”), directly or indirectly (through a chain of ownership/control) concerning at least 25% of the Company; or
A natural person who has the right to appoint/dismiss the majority of the directors of the Company;
In absence of the above, a natural person who manages or administers the Company;
In absence of the above, a natural or a legal person who is the senior manager of the Company.
The member who acts in accordance with the guidelines, instructions or will of another person.
Under the Regulation, by 27 October 2020, the Company shall produce, update and keep at its office premises (and share with relevant authorities when required) the register (“Registers”) of:
Your business is required to:
If you require assistance with the preparation of these Registers or any other related matters, please let us know and we will be happy to provide our support.