GCC-based family businesses are increasingly looking towards the US commercial real estate market for potential investments. Latham & Watkins recently hosted a seminar in our Abu Dhabi, Dubai, Doha and Riyadh offices to discuss how GCC investors typically structure US commercial real estate investments and what US tax considerations businesses should keep in mind. A panel of four-US based real estate specialists (Richard Kleinman, Associate Director, LaSalle Investment Management, and Latham partners Michelle Kelban, Nathaniel Marrs and Alan Van
UAE’s New Investment Funds Regulation Adopted
The final text of the UAE’s long-awaited new Investment Funds Regulation (the Regulation) has been approved by the Board of the UAE Securities and Commodities Authority (the SCA). The Regulation will take effect as SCA Board Resolution No. 37 of 2012 on the Regulation of Investment Funds following publication in the Official Gazette in late August or early September. The Regulation, substantially revised since a first draft was issued for public comment in January 2011 (the Draft Regulation), retains several
New Markets Law Regime Takes Effect in the DIFC
A number of significant changes to the securities and capital markets regime in the Dubai International Financial Centre (DIFC) came into force on 5 July 2012. The changes represent the policy of the DIFC’s regulator, the Dubai Financial Services Authority (DFSA) to more closely align the DIFC with leading benchmark jurisdictions and the requirements of the EU Prospectus Directive (the PD).
The changes include a new DIFC Markets Law (DIFC Law No. 1 of 2012) and an all-new Markets Rules
Current Challenges for GCC Family-Owned Businesses
Family-owned businesses continue to drive commercial activities in the economies of the Middle East. According to recent statistics, in the Gulf Cooperation Council (GCC) region alone, family businesses control over 90% of commercial activity.
Today, family businesses are confronted with numerous challenges in the changing economic environment, including governance, globalisation, technology, generational change and innovation.
As family-owned businesses in this region continue to play a major role in the economy, their success going forward depends on their ability to tackle
The DIFC Special Purpose Company: An Increasingly Popular Vehicle for Structured Finance Transactions
Over the last 12 months, structured finance transactions in the Middle East (both Islamic and conventional) have seen increased use of a comparatively new and previously underutilized type of special purpose vehicle (SPV) – the DIFC special purpose company (SPC).
An SPC is a private company limited by shares incorporated under the laws of the Dubai International Financial Centre (the DIFC), a financial free zone located in the Emirate of Dubai with its own body of law and regulations and