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Find out moreThis comprehensive guide is designed to help you navigate the intricate landscape of family business and private wealth in the Middle East, where family businesses constitute approximately 60% of GDP and employ 80% of the workforce in the GCC, offering unparalleled opportunities for wealth creation and preservation.
Packed with insights, strategies, and expert advice from our talented lawyers, Legacy provides tailored solutions to the unique challenges of asset protection, succession planning, and dispute resolution in this dynamic region.Read the publication and equip yourself with the knowledge and tools necessary to thrive, whether you’re a seasoned investor, a family business owner, part of the next generation, or a newcomer exploring opportunities in the region.
Read NowThe race to Net Zero carbon emissions is globally underway, with sustainable finance being a strategic initiative towards reaching this goal. Following Abu Dhabi Global Market (“ADGM”) becoming the world’s first international financial centre to become-carbon neutral, it now seeks to foster an ecosystem where sustainable finance is prioritised and practicable. To aid this goal, it is proposing a regulatory framework which both informs companies how to practice green finance while also ensuring investor confidence that the risk of “greenwashing” has been properly mitigated. In publishing Consultation Paper No. 6 of 2022 (“Consultation Paper”), the ADGM aims to outline the minimum standards for many sustainability-orientated investment products and services.
The Consultation Paper proposes amendments to the Registration Authority’s Companies Regulations 2020 (“CR 2020”) as well as the Financial Services Regulatory Authority’s. Financial Services and Markets Regulation and the Conduct of Business, Funds, and Markets Rulebooks as well as the FSRA Glossary. Accordingly, it is of particular interest to all companies governed by the CR 2020 (in relation to ESG disclosures), fund managers, asset managers as well as entities considering issuing or offering green bonds or sukuks in ADGM.
The proposal encompasses regulatory frameworks for the following:
A further breakdown of what the proposed regulatory framework on sustainable finance will include can be seen here.
Companies governed by the CR 2020, asset and fund managers, among many others are invited to comment and provide feedback before the deadline of 23 January 2023.
At Al Tamimi & Company we have worked on many of the largest and most complicated energy and utilities transactions in the region and are aware of the changing landscape of climate change regulation. Coupled with our complete range of regulatory services we can advise businesses on matters of law, legal interpretation and the ‘approach’ taken by regulators in securing compliance at federal and local levels.
To learn more about our services and get the latest legal insights from across the Middle East and North Africa region, click on the link below.