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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.
Last month, Iraq became listed as a member state to the Cape Town Convention (the “Convention”) it ratified back in 2018 through completing the formalities and making the declarations under Articles 39(1)(a) and 54(2) of the Convention and Article XXX (1) and (2) of the Aircraft Protocol (the “Protocol”). The Convention and the Protocol, read as a single instrument, is a treaty that sets the international standards in protecting the financial interests of aircraft sellers, buyers, and creditors through an international electronic interest registration system (the “International Registry”).
As Iraq deposited its instruments of accession to the Convention and Protocol on 26 January 2023, it has since been listed as a member state to the Convention. Once the Convention and Protocol enters into force on 1 May 2023, interests in Iraqi aircrafts will be available for registration on the International Registry. Such registrable interests include new and prospective international interests and rights, and assignments of the same.
Al Tamimi & Company’s Aviation team has extensive experience in the Middle East and North Africa (MENA) region on leasing, financing and chartering of aircraft as well as a wide range of involvement in advising local and international airlines for cargo and personal injury claims. For further information on this sector or for any inquiries for assistance, please contact our team.
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