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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
On 2 February 2022, Federal Decree Law No. 33 of 2021 as amended (the “New Labour Law”) came into force which required all employees to be transitioned across from unlimited term contracts to fixed term contracts by 1 February 2023.
However, on 25 January 2023, the UAE government issued Ministerial Resolution No. 27 of 2023 (the “Resolution”), which extends the deadline from 1 February 2023 to 31 December 2023. This will be a welcome relief for many employers who are working around the clock to meet the original February deadline.
The Resolution will come into effect from the date of publication in the official gazette, which is yet to be confirmed.
Any employers who have not yet completed the migration to fixed term contracts should ensure they do so in good time before the end of the year.
We look forward to working with you to ensure that you are fully compliant with the New Labour Law. Please let us know whether you wish to arrange a meeting or call to discuss further.
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