Sovereign reshapes Middle East management in advance of Saudi expansion
Sovereign Middle East has announced changes to the boards of its Dubai, Bahrain and Saudi Arabia offices that are designed to deliver a focus on growth in the region and to meet the high level of business generation that this entails.
Nicholas Cully, who also sits on the Group Board of the Sovereign Group as Sales Director, will be stepping down as Managing Director of Sovereign’s Dubai office on the 1 December 2020 after five years in the role and over a decade in the Emirate.
UAE announces reform of foreign ownership and investment laws
One of the biggest trending topics across media in the United Arab Emirates for the past few days has been the announcement of the reform of the current foreign ownership restrictions and the proposal to permit foreign investors to have 100% ownership when establishing ‘onshore’ companies in the UAE Mainland (outside the free zones in which 100% foreign ownership is already permitted).
UAE and Israel deal opens doors to business
The postponement of Expo 2020 Dubai by a year to October 2021 due to the coronavirus outbreak was hugely disappointing. After all, the six-month, multibillion-dollar global innovation fair was expected to attract some 24 million visitors and be the largest such event ever staged in the Arab world. But despite this setback, the second half of 2020 has proved to be a positive and exciting time for the Gulf region.
Bahrain amends the Commercial Companies Law
His Majesty King Hamad issued Decree 28 of 2020, on 28 September, to amend certain provisions of the Bahrain Commercial Companies Law (BCCL) to bring it into line with international best practice, to promote enterprise in Bahrain and to encourage investors to choose Bahrain as the destination of choice for doing business in the Middle East region.
Saudi Arabia to abolish ‘kafala’ sponsorship system in March 2021
Saudi Arabia is to abolish the foreign worker sponsorship system, also known as ‘kafala’, next year and replace it with a new contract between employers and employees, according to an announcement made by the Ministry of Human Resources and Social Development (HRSD) on 4 November.
Abu Dhabi Global Market (ADGM) partners with Companies House Gibraltar (CHG)
Abu Dhabi Global Market (ADGM), the leading international financial centre in the MENA region, signed a Statement of Co-operation (SoC) with Companies House Gibraltar (CHG), Gibraltar’s registration authority, on 19 October 2020. It is intended to enhance collaboration through the exchange of knowledge and ultimately to augment their respective registration functions.
UAE amends laws on public notaries and inheritance
The UAE Cabinet approved, on 9 November, a raft of amendments to laws governing evidence in civil and commercial transactions in order to enable public notaries to do their job remotely and to enhance the digital transformation of government services. The move followed the announcement of sweeping changes to the UAE’s legal system in respect of family law and other areas affecting people’s daily lives.