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Find out moreWelcome to this edition of Law Update, where we focus on the ever-evolving landscape of financial services regulation across the region. As the financial markets in the region continue to grow and diversify, this issue provides timely insights into the key regulatory developments shaping banking, investment, insolvency, and emerging technologies.
2025 is set to be a game-changer for the MENA region, with legal and regulatory shifts from 2024 continuing to reshape its economic landscape. Saudi Arabia, the UAE, Egypt, Iraq, Qatar, and Bahrain are all implementing groundbreaking reforms in sustainable financing, investment laws, labor regulations, and dispute resolution. As the region positions itself for deeper global integration, businesses must adapt to a rapidly evolving legal environment.
Our Eyes on 2025 publication provides essential insights and practical guidance on the key legal updates shaping the year ahead—equipping you with the knowledge to stay ahead in this dynamic market.
On July 15, 2024, the Dubai International Financial Centre (DIFC) enacted amendments to the Prescribed Company (“PC”) regime under the amended Prescribed Companies Regulations 2024 (“PC Regulations”).
This new regime expands and simplifies the criteria for establishing a PC. According to the PC Regulations, a PC can be formed by any party intending to hold title to or control one or more GCC registrable assets. These assets include properties or property interests that require registration with a GCC authority to establish legal ownership, secure rights, or claims, thereby providing public notice of such interest.
To facilitate this transition, the DIFC has granted a six-month grace period for forming a PC before acquiring real estate. The period commences upon PC formation and extends until the shareholder(s) of the PC present documentation to the DIFC indicating acquisition of the asset. This streamlined process enables efficient PC formation with a registered address in the DIFC provided by a licensed Corporate Service Provider (CSP).
While Foundations and trusts exist within the United Arab Emirates as vehicles for holding real property, the new PC regime offers a more convenient and flexible option for holding real estate assets in the GCC. PCs can benefit from the DIFC’s common law framework, low fees, and streamlined process, as well as the option to use a licensed CSP as their registered office in the DIFC.
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If you are interested in exploring this option or have any questions about the proposed changes to the Regulations, please do not hesitate to contact us.
For further inquiries, please contact Izabella Szadkowska or Nima Michael Moshggoo.
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