The Abu Dhabi Global Market, Abu Dhabi’s financial centre, introduced a law of foundations on 17 August 2017, based on existing common law models. This is the second foundations law introduced in the region. Qatar’s Financial Centre introduced a similar law on 22 September 2016, whereas Dubai’s equivalent (the DIFC) published a consultation document on 6 October 2017, which was enacted as Law No. 3 of 14 March 2018.
“The introduction of a new foundations law in Abu Dhabi represents a welcome development on the international foundations scene.
For the reasons mentioned in this article, foundations have the potential of becoming an essential planning tool for local families faced with complex governance and succession issues, at least in relation to assets situated in the region.”
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Filippo Noseda is a Partner at Mishcon de Reya.