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Sustainable Horizons: The Saudi Arabian Vision

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

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Today's news and tomorrow's trends from around the region.

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Published: Feb 3, 2019

Your DIFC Business Has UBOs

Further to the numerous changes adopted by the authorities in relation to DIFC businesses, and some enquiries we’ve been getting in respect of the UBO regime, please keep in mind every DIFC business:

  1. has ultimate beneficial owners (“UBOs”);
  2. is required to prepare and maintain a UBO register; and
  3. must file UBO details with the Registrar of Companies via the DIFC portal.

You must comply with the above requirements by 10th of February 2019.

Failure to do so may result in the imposition of a fine on your company in the sum of USD 25,000.

 

How Can We Assist You?

Our team of experts will be delighted to assist you in:

  1. assessing who the UBOs of your business are;
  2. drafting the UBO register; and
  3. submitting the UBO details via the DIFC Portal; of your entity.

If you require any assistance in this regard, please let us know and we will be happy to provide our support.

 

Key Contacts:

Izabella Szadkowska
Partner, Corporate Structuring
i.szadkowska@tamimi.com