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
On Wednesday the 2nd of December 2020 the Ministry of Commerce (“MOC”) announced the issuance of a ministerial resolution (no. 348) and two circulars to suspend some of the provisions of the Companies Law , pursuant to an earlier a royal decree .
This royal decree was among several initiatives designed to ease economic difficulties facing companies, as a result of the COVID-19 pandemic, by giving authority to the Minister of Commerce to suspend Companies Law provisions that had become difficult to comply with.
The suspended provisions affect limited liability companies and closed joint stock companies, as they are the most regulated entity types and those most adopted by both local and foreign investors.
The provisions above will last until 31 December 2020.
However, the director(s) or the board of directors of the limited liability company must comply with the following:
Al Tamimi & Company’s specialist Corporate Structuring and Corporate Commercial teams are experienced in providing bespoke, creative solutions and strategies for our clients on all aspects related to corporate law and in particular, advising on business structures available to foreign companies in the Kingdom of Saudi Arabia.
 Royal Decree (M/3) Dated 28/01/1437 (corresponding to 12/11/2015G)
 Royal Decree no. 15016 dated 2 November 2020