Tuesday, January 26, 2021
In our previous client alert (which can be viewed here), we reported that certain key changes were introduced to the United Arab Emirates (UAE) Commercial Companies Law No. 2 of 2015 (Companies Law). The text of the Federal-Decree Law No. 26 of 2020 amending certain provisions of the Companies Law (the Federal Decree) has now been published in the Official Gazette on 27 September 2020.
This client alert provides a high-level summary of some of the key changes affecting foreign direct ownership and investment in the UAE, particularly in relation to onshore limited liability companies (LLCs) as well as onshore branches and representative offices of foreign companies.
Shura Council discusses draft law on mortgaging movable funds
18 Jan 2021 - 12:31
QNA
Doha: The Shura Council held its regular weekly meeting on Monday under the chairmanship of HE the Speaker Ahmed bin Abdullah bin Zaid Al Mahmoud.
At the beginning of the meeting, the Council discussed a draft law on mortgaging movable funds.
The draft law includes 9 chapters and 49 articles, which aims to give companies and individuals the opportunity to acquire bank loans guaranteed by mortgaged movables and contribute to lowering the cost of loans by finding guarantees for banks that reduce the risk of default. The move will benefit small and medium-sized enterprises in playing a major role in enhancing the local economy.
HM issues Royal decree converting MSM into joint stock company
By: Times News Service
Muscat: His Majesty Sultan Haitham Bin Tarik on Wednesday issued a Royal decree reading as follows: Royal Decree No. 5/2021 on converting Muscat Securities Market (MSM) into a closed joint stock company under the name “Muscat Bourse Company SAOG”.
Article (1) states that, by virtue of provisions of this decree, an Omani closed joint stock company shall be founded under the name “Muscat Bourse Company SAOG” and that its ownership shall be transferred to Oman Investment Authority.
Article (2) states that all the allocations, origins, rights, obligations, assets and registers of Muscat Securities Market (MSM) shall be transferred to Muscat Bourse Company SAOG.
Dubai: In the UAE, several changes to the country’s laws were announced this year. Several decree laws were also announced in 2020, altering the regulations related to personal status, social life and personal freedoms. Here is a roundup of the biggest changes that will affect you and your life in the UAE.
1. Changes to marriage laws
In November 2020, President His Highness Sheikh Khalifa Bin Zayed Al Nahyan issued a number of presidential decrees amending some articles in the Personal Status Law, the Federal Penal Code, and the Federal Penal Procedural Law.
One of the changes to the Personal Status Code stipulated that the laws of the country in which a marriage took place would be applied with regards to the marriage’s terms. The earlier provisions applied the laws of each spouse’s country of nationality.
The Daily Tribune – www.newsofbahrain.com
MP Dr Sawsan Kamal said Bahrain has to put its eyes on achieving multiple objectives to maintain its competitiveness, and enhance its international rating, including obtaining credit, easing completion of contracts, protecting minority investors, facilitating the start of businesses, and settling insolvency cases.
This came in a statement she delivered yesterday during the weekly session of the House of Representatives, during which she shared her stance on the proposed Decree-Law No. 28 for the year 2020 with regards to amending several provisions of the Commercial Companies Law promulgated by Decree-Law No. 21 of 2001.
“In this regard, it becomes clear that the decree-law is the outcome of a long experience in the work of commercial companies in the Kingdom of Bahrain to contribute to strengthening the national economy by reducing the burdens of commercial cases referred to judicial arbitration, and enhancing the flexibility o