LexisNexis Middle East

Abu Dhabi: New Family Business Ownership Governance Law Approved

26/01/202226/01/2022
by Benjamin Filaferro

Abu Dhabi’s Ruler has approved a new family business ownership governance law.

It is aimed at strengthening the sector’s contribution to the economy and facilitating the transition to successive generations.

It also aims to improve the legislation in this area by adopting a more flexible and sustainable economic model, in line with best governance practices internationally.

In addition, it aims to boost family businesses’ contribution to the diversification and growth of the economy.

It will empower owners of family business to prevent the selling of shares or dividends to individuals or companies outside the family and to get approval from the family partners first before a shareholder sells their respective equity stake to a non-family member.

Owners of family businesses can also issue family-owned shares with weighted voting rights and prevent the pledging of family-owned businesses as encumbered assets, to avoid expropriation.

The current law does not apply to family-owned businesses where non-family members own more than 40% of shares.

The new law are applied to family-owned businesses on an opt-in basis for owners or co-founders by submitting a request to the Economic Development Department.

The Department will issue the Implementing and administrative regulations to the new law from March 2022.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

News developments

Meet the Sponsors of the LexisNexis Women in Law Awards!

26/01/202209/02/2022
by Benjamin Filaferro

LexisNexis Middle East is pleased to announce the sponsors of the first LexisNexis Women in Law Awards being held on 23 February 2022.

We are proud to have Yungo Legal Consultants as Bronze Sponsor, and New York University (NYU) Abu Dhabi, Al Tamimi & Company, HFW Middle East and DLA Piper as Award Sponsors of this event.

The Women in Law Awards aim to celebrate women’s accomplishments and innovation in the legal field in the Middle East region. The Awards also set out to recognise the organisations that promote women and gender equality in their teams.

With percentages of women in partner’s position in international firms in the Middle East being as low as 0% in some instances, equity and equality are far from being achieved in the region. It takes great strength, resilience and sacrifice for women to become leaders in the international law arena. We should take every opportunity to celebrate women’s achievements in the industry. Yungo Legal is proud to sponsor Women in Law Awards and celebrate every one of you.
Clotilde Iaia Polak (LLM Law), Managing Partner, Yungo Legal Consultants (Bronze Sponsor)

We hope you will join us for this amazing event on 23 February 2022 at the Westin Dubai Mina Seyahi Beach Resort & Marina, UAE. For more information, visit: https://www.lexisnexis-womeninlaw.com/.

News developments

HFW Middle East participates as a sponsor at the LexisNexis Women in Law Awards

26/01/202226/01/2022
by Benjamin Filaferro

LexisNexis Middle East are pleased to announce that HFW Middle East will be participating as an Awards Sponsor at the first LexisNexis Women in Law Awards being held on 23 February 2022.

We hope you will join us for this amazing event on 23 February 2022 at the Westin Dubai Mina Seyahi Beach Resort & Marina, UAE. For more information, visit: https://www.lexisnexis-womeninlaw.com/.

News developments

Al Tamimi & Company participates as a sponsor at the LexisNexis Women in Law Awards

26/01/202226/01/2022
by Benjamin Filaferro

LexisNexis Middle East are pleased to announce that Al Tamimi & Company will be participating as an Awards Sponsor at the first LexisNexis Women in Law Awards being held on 23 February 2022.

We hope you will join us for this amazing event on 23 February 2022 at the Westin Dubai Mina Seyahi Beach Resort & Marina, UAE. For more information, visit: https://www.lexisnexis-womeninlaw.com/.

News developments

New York University (NYU) Abu Dhabi participates as a sponsor at the LexisNexis Women in Law Awards

26/01/202226/01/2022
by Benjamin Filaferro

LexisNexis Middle East are pleased to announce that New York University (NYU) Abu Dhabi will be participating as an Awards Sponsor at the first LexisNexis Women in Law Awards being held on 23 February 2022.

We hope you will join us for this amazing event on 23 February 2022 at the Westin Dubai Mina Seyahi Beach Resort & Marina, UAE. For more information, visit: https://www.lexisnexis-womeninlaw.com/.

News developments

Saudi Arabia: Details of Implementing Regulations to Privatisation Law Announced

25/01/202225/01/2022
by Benjamin Filaferro

Saudi Gazette, 24 January 2022: Well-placed sources have given details of the Implementing Regulations to the Privatisation Law to local media.

Among other provisions, the minimum value of Public and Private Partnership or PPP projects is 200 million Riyals.

The minimum value for the PPP project will be calculated by the executive authority on the basis of the total expected nominal value during the project once the capital and operating expenditures have been estimated as well as the potential financial obligations on the Treasury and the financial revenues expected to be obtained by the Government.

The Regulations are aimed at organising the work of privatisation projects and clarifying the procedures and mechanism of the relevant workflows.

They include detailed provisions necessary to implement the Privatisation Law and the detailed governance framework regulating projects and tasks and responsibilities of various parties involved in privatisation projects as well.

In addition, they clarify the Law and list the principles of privatisation and project plan implementation priorities as well as public-private partnership methods.

The National Centre for Privatisation will be responsible for implementing privatisation initiatives and opportunities in 16 sectors. The aim is to provide the best services in line with the objectives of the Kingdom’s Vision 2030.

The executive authority can include more than one project of a similar nature to achieve the minimum stipulated project value in the Law. If the minimum is not achieved and the relevant body considers it is better to continue offering the project related to the infrastructure or public service, the rules and regulations will then apply to it.

Under the regulations, 10 working days will be given to complete the procedures from the date of announcing the list of persons who expressed their desire to compete in the privatisation project. The regulations are aimed at encouraging investors to increase their participation in the national economy.

The regulations go on to define the principles which should be observed when implementing projects. These are fairness, transparency, contract enforcement, planning and feasibility. There are also special controls for studying privatisation projects and preparing the project document in the relevant form to enable the Government to consider it.

There are controls and requirements associated with the offering as well, which ensure real competition and protect the public interest and integrity and fairness in the procedures for offering and awarding projects. There should be impartiality for all participants and no conflicts of interests.

There are provisions on procedures for transferring the ownership of assets, the mechanisms for offering, implementing and contracting them and the conditions and controls necessary to achieve this. Finally, there are provisions on governance. They cover the contract management phase, monitoring of project implementation and commitments by the private sector party in the contract. Public-private partnership contracts will last for 30 years or more.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

News developments

Yungo Legal Consultants participates as a sponsor at the LexisNexis Women in Law Awards

25/01/202226/01/2022
by Benjamin Filaferro

LexisNexis Middle East are pleased to announce that Yungo Legal Consultants will be participating as a Bronze Sponsor at the first LexisNexis Women in Law Awards being held on 23 February 2022.

With percentages of women in partner’s position in international firms in the Middle East being as low as 0% in some instances, equity and equality are far from being achieved in the region. It takes great strength, resilience and sacrifice for women to become leaders in the international law arena. We should take every opportunity to celebrate women’s achievements in the industry. Yungo Legal is proud to sponsor Women in Law Awards and celebrate every one of you.
Clotilde Iaia Polak (LLM Law), Managing Partner, Yungo Legal Consultants

We hope you will join us for this amazing event on 23 February 2022 at the Westin Dubai Mina Seyahi Beach Resort & Marina, UAE. For more information, visit: https://www.lexisnexis-womeninlaw.com/.

News developments

UAE: Drone Flying Operations Suspended for Owners, Practitioners and Enthusiasts

25/01/202225/01/2022
by Benjamin Filaferro

The UAE’s Interior Ministry has announced it is stopping all flying operations for owners, practitioners and enthusiasts of drones from 22 January 2022.

This will include drones and light sports aircrafts.

It will apply to air and sail spots as well.

They introduced the suspension together with the General Authority for Civil Aviation and in line with the relative guidelines.

They issued the Decision following reports of recent misuse.

Entities which have work contracts or commercial or advertising projects which rely on filming using drones must communicate with the permit authorities to take the necessary exceptions and permits to carry out their work and projects during this period to avoid any consequences which affect the timing of these projects.

Anyone performing these activities during the suspension period or disregarding guidelines will be penalised.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

News developments

Qatar: Subsidised Commodities and Prices Decision Issued

24/01/202224/01/2022
by Benjamin Filaferro

Al-Sharq, 19 January 2022: Qatar’s Cabinet has decided to approve the draft law on determining the subsidised commodities and the maximum bracket for their prices and the groups of beneficiaries.

The aim is to continue Government support in terms of commodities and animal feed as a strategic option and implement Qatar Law No. 5/2017 on regulating the trading of subsidised commodities.

The Cabinet also approved a draft decision to amend amending Qatar Decision No. 32/2013 on naming the chairman and the members of the Grievances Committee in the Qatar Financial Markets Authority. For full story, click here.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

News developments

UAE: First Space Economic Zone to be Established

24/01/202224/01/2022
by Benjamin Filaferro

The UAE Space Agency and Masdar have announced they have agreed to establish the country’s first Space Economic Zone in Masdar City to create an integrated business ecosystem to propel start-ups and SMEs.

It will be one of many space-tech hubs which the UAE Space Agency will launch to create a competitive private sector, build national capabilities and contribute to the UAE’s economic growth for the next 50 years.

The Zone will offer world-class infrastructure and an environment which encourages the development of the national space industry. Businesses will be offered an integrated package of benefits including incubation, office space, mentorship, networking, investment opportunities, priority access to Government contracts and closer cooperation with leading global research centres.

The cooperation agreement was signed on the sidelines of the Abu Dhabi Sustainability Week 2022.

It was signed for the Space Agency by its Director General, His Excellency Salem Butti Salem Al Qubaisi and for Masdar by its CEO, Mohamed Al Ramahi.

Under the agreement, the Masdar City Free Zone will offer tailor-made business licenses for space-related companies across the launch sector, satellite communication, logistics, data analysis, science, technology, engineering, among other things.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.