The Saudi Data and AI Authority (SDAIA) has announced the much-anticipated amended Regulation for Personal Data Transfer outside the Kingdom (ARPDT), published in Umm Al Qura on 1 September 2024. Issued pursuant to the Personal Data Protection Law (PDPL), It came into effect on the same date, but controllers are still under the grace period…
A common misconception about the UAE tax landscape is that individuals in the UAE are in all instances not subject to any taxes. However, the Federal Decree Law No. 47 of 2022 on Taxation of Corporations and Businesses (the Corporate Tax Law) is in fact a tax on business or business activities, and thus also…
As part of its Vision 2030 reform agenda, Saudi Arabia has introduced a new Investment Law, aimed at enhancing its attractiveness to international investors. The updated investment law (the New Investment Law) and its implementing regulations, which will come into effect in early 2025, will repeal the current Foreign Investment Law issued by Royal Decree…
On 1 May 2024, Federal Law Decree No. 51 of 2023 concerning Financial Restructuring and Bankruptcy (the “New Law”) came into effect in the UAE. The New Law repeals Federal Decree-Law No. 9 of 2016 on Bankruptcy (the “Old Law”). The New Law introduces significant changes for creditors and debtors by providing a framework where…
Hourani & Partners have received recognition across multiple key practice areas in the IFLR1000 Middle East Rankings for 2024. As a leading commercial law firm in the Middle East, Hourani & Partners has once again been ranked for its M&A practice in both the UAE and KSA. Additionally, this year the firm has been…