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We are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.Read the full edition
Despite no legal restriction on the ownership of real estate assets in mainland Dubai by Dubai International Financial Centre (“DIFC”) entities, in practice DIFC entities could only obtain title at the Dubai Land Department (“DLD”) by obtaining approval on a case by case basis.
To facilitate the requirements of DIFC entities, the DIFC and DLD have now signed a memorandum of understanding (“MOU”) allowing DIFC entities licensed by DIFC to take title to real estate in mainland Dubai.
The MOU prescribes the process the DIFC applicant must follow in order to complete the real estate title registration as well as the documents required and the fee that shall be paid to DLD in this regard.
Key MOU Provisions
How Can We Help?
Our team of experts would be delighted to assist you particularly in relation to the following:
Should you wish to learn more about the MOU, please contact Jeremy Scott, Partner, Real Estate and Izabella Szadkowska, Partner, Corporate Structuring.
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