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Tala Shomar

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Tala is a a senior associate in Baker McKenzie based in Dubai. Tala works with international and local clients on a variety of corporate transactions. Her experience covers advising on mergers and acquisitions, joint ventures and corporate restructuring. She also focuses on general corporate governance and regulatory matters both in the UAE and the Middle East region.

Prior to joining Baker McKenzie, Tala worked as an associate in the UAE and Qatar offices of the largest regional law firm in the Middle East.

Over the last few months, the United Arab Emirates (UAE) have made a few legislative changes in relation to the Ultimate Beneficial Ownership (UBO) regulations as well as the associated administrative penalties, with the issuance of:

  1. Cabinet Resolution No. 109 of 2023 on the Regulation of the Real Beneficiary Procedures (the “New Resolution”), which came into effect on 16 November 2023 and superseded Cabinet Resolution No. 58 of 2020. The New Resolution applies to all corporate entities incorporated in the UAE mainland and in the non-financial free zones;
  2. Cabinet Decision No. 132 of 2023 relating to the administrative fines for violations of the New Resolution, which was issued on 15 December 2023 and superseded Cabinet Decision No. 53 of 2021.

The UAE has introduced a number of new welcome legislative changes to mark the UAE’s 50th anniversary, with the aim of solidifying the country’s position as a global trade and commercial hub. Among these changes is the issuance of Federal Law by Decree No. 32 of 2021 on Commercial Companies (“New Law”), which has now come into force last 2 January 2022.

In September 2018, the UAE issued the Foreign Direct Investment Law (FDI Law) to open up the UAE mainland market to foreign investors in certain sectors of the economy. This was followed by the announcement on July 2019 of the relaxation of foreign ownership restrictions for 122 business activities, specifically in the…