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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
Are you an expatriate residing in the UAE?
Would you like to protect the well-being of those you care for most?
You may be pleased to learn the distribution of an individual’s estate will now take place according to the laws of the country of which the individual is a citizen, instead of the application of UAE law (which codifies Islamic Sharia principles on inheritance). An exception to this however would still remain with respect to UAE real estate, which shall continue to be subject to UAE laws, unless a Will has been registered in the UAE.
Lately, the Personal Status Law has undergone revisions, by way of Federal Decree number 29 of 2020.
Also, the Civil Code has been revised, by way of Federal Decree number 30 of 2020.
These changes to the local regime allow the application of the local law of the home countries of UAE resident expatriates to inheritance of their UAE estate, in absence of a registered will in the UAE.
The following movable property is subject to the new laws, in particular:
If you hold real estate assets in the UAE, then it is imperative that you register a UAE Will.
The options that are available to you are as follows:
If you are non-Muslim, having a locally registered will would create legal certainty for the inheritance of your assets after death and the appointment of guardians for the minor children, if any.
What can be more important than having a testamentary freedom to dispose of your assets as you wish, and having a peace of mind that an individual’s estate will be distributed according to their wishes?
Although the recent changes in local law are helpful, in order to truly protect your interests it is crucial that you:
Our specialist team at Al Tamimi & Company Corporate Services will be delighted to assist you in this regard.
To learn more about our services and get the latest legal insights from across the Middle East and North Africa region, click on the link below.