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  • 06 Dec 2018United Arab Emirates

    On 23 September 2018, one of the most anticipated legal developments in the UAE was brought to life. The UAE issued Federal Decree-Law No 19/2018 on Foreign Direct Investment (the FDI Law). Subsequently, the FDI Law was published in the Federal Gazette on 30 September 2018 and came into force on 1 October 2018. The FDI Law establishes a framework and pathway towards enabling 100% foreign ownership of UAE Limited Liability Companies (LLC) outside of the various UAE designated freezones. Up until the promulgation of the FDI, all onshore LLCs in the UAE were subject to foreign ownership restrictions meaning a foreign investor could only hold a maximum of 49% of the share capital with a UAE national or company holding as a minimum 51% of the LLC’s shares. As explained below, the FDI Law has removed the foreign ownership ceiling in certain sectors. However, as with most new legislation, further guidance and clarity is expected as to how the FDI Law will be interpreted and implemented in practice.

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  • 28 Nov 2018Abu Dhabi

    Abu Dhabi’s Crown Prince and Executive Council Chairman has approved a Decision exempting all new economic licenses issued in the Emirate from all local fees for two years. It comes into effect on its issued date and applies to all commercial activities in Abu Dhabi and the Emirate's free zones.

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  • 26 Nov 2018Egypt

    On 30 September 2018, the Board of Directors (BoD) of the Financial Regulatory Authority (the FRA) issued two decisions amending the cumulative voting and proportional representation provisions for the appointment of the members of the board of directors of companies with listed securities on the Egyptian Stock Exchange (the Listed Companies) and non-banking financial companies (NBFC).

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  • 16 Nov 2018Saudi Arabia

    Amendments to Saudi Arabia’s Companies Law, which came into effect in April 2018, seemingly return a rudimentary concept of standing for shareholder derivative claims to the statute, while introducing a new concept of cost-shifting for such claims. This may have the effect of incentivising shareholder litigation practice in Saudi Arabia. Joint stock companies incorporated in Saudi Arabia should ensure that adequate internal policies are in place, in order to confront a potential increase in such claims.

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  • 15 Nov 2018Dubai International Financial Centre - Dubai

    The Dubai International Financial Centre (DIFC) has introduced a new companies regime under its new Companies Law (DIFC Law No 5/2018), Operating Law (DIFC Law No 7/2018), Companies Regulations and Operating Regulations (New Legislation) all of which came into effect on 12 November  2018.

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  • 15 Nov 2018United Arab Emirates

    Limited liability companies are managed by one or more director as determined by the partners in a company’s articles of association. The director(s) could be partners or third parties. If a particular director is not appointed/stated in a company’s articles of association, they could be appointed during a General Assembly. A director generally has all powers required to manage and bind the respective company, unless otherwise restricted by the company’s constitutional document.

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