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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
Further to our previous update, the UAE Cabinet has announced the existence of an Emergency Financial Crisis through the Official Gazette dated 31 January 2021.
By way of reminder, Federal Law No 9 of 2016 (the Corporate Bankruptcy Law) was amended in 2020 to add a new chapter addressing provisions which would apply during a period of Emergency Financial Crisis. The amendment defined an Emergency Financial Crisis as “A general situation that affects trade or investment in the country, such as a pandemic, natural or environmental disaster, war, etc.”
The UAE Cabinet has now confirmed that an Emergency Financial Crisis shall be deemed to exist during the period from 1 April 2020 until 31 July 2021 due to COVID-19.
In summary, during the Emergency Financial Crisis period:
For more information please refer to our previous client alert here or contact the Turnaround, Restructuring and Insolvency team at Al Tamimi & Company.
Deputy Managing Partner, Head of Banking & Financej.email@example.com
Partner, Head of Corporate Commerciala.firstname.lastname@example.org
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