The first Law Update of 2024 is here, and our first focus of the year spotlights Healthcare and Lifesciences, a sector that is undergoing significant growth and development across the MENA region.
Our focus provides an insight into some of the most important regulatory updates across the region, such as the UAE’s groundbreaking law on the use of human genome, Kuwait’s resolution on nuclear and radioactive materials, the new regulations for healthcare services in Qatar, Egypt’s healthcare regulatory framework, and the impact of the Saudi Civil Transactions Law on the healthcare and life sciences sector … and there is so much more!
Beyond the healthcare pages our lawyers share with you multi-sector insights where you will discover articles on Dubai’s DIFC regulatory framework for startups, Bahrain’s commercial agencies law, and we also shed light on Kuwaiti civil code and the advantages of setting up a joint stock company in Saudi Arabia.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.