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Managing partner, AL Tamimi & co Husam Hourani, fast facts


– established in 1989, al tamimi & company is the largest law firm in the middle east region today.


– al tamimi employs more than 360 staff, with offices throughout the uae in dubai, abu dhabi and sharjah as well as in iraq, Jordan, Kuwait, saudi arabia and Qatar.


– the team regularly represents clients such as dubai World and landmark properties


the emirate of Dubai. It will mark the implementation of a major change to Dubai law that came into effect on 31 October 2011, which is the opening up, to all local, regional and foreign companies, of the jurisdiction of the DIFC Courts, an independent English


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n my opinion, 2012 will be an extremely important year for lawyers and law firms in the GCC, UAE and specifically in


“The Commercial Companies law will have a major impact on the capital markets and the conversion of businesses into public joint stock companies, as well as on share option schemes, family businesses and the setting up of investment funds. ”


language common law court. In addition, from November 2011, banks and financial institutions will be able to utilise foreign law contracts (or DIFC law) with greater certainty that this choice will be recognised in the UAE through the DIFC Courts. I expect many international law firms will start to encourage their clients to choose the DIFC Courts. We will also see several new laws


and regulations that have been in the drafting or consultation stage come into effect in 2012 which will have a major impact on the Dubai Financial Market, Abu Dhabi Stock Exchange and NASDAQ Dubai. SCA has issued


64 / DECEMBER 2011


consultation papers on short-selling, liquidity provisions, securities lending and borrowing, market-making, investment fund incorporation and marketing of foreign funds in the UAE. I do believe this will generate substantial activities in both local and regional markets. We also expect the long awaited Commercial Companies Law to be amended and enacted in the first quarter of 2012. This has been under review since 2006 and will have a major impact on the capital markets and the conversion of businesses into public joint stock companies, as well as on share option schemes, family businesses and the


setting up of investment funds. In addition, we expect new laws that will have a significant impact on business in the UAE to include the regulation of the management of investment activity; an additional protocol for IAEA agreement; new guidelines for coastal development; a new energy law; rules regarding cash declarations; new child protection legislation and changes to industrial ownership and consumer protection law. We also expect the DIFC to enact new legislation covering labour, employment, data protection, real property and non- profit incorporation.


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