JD Supra (Blogs)
- JD Supra United Arab Emirates JD Supra, 2019
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Middle East International Dispute Resolution Compendium
To mark Riyadh International Disputes Week we wanted to share our Middle East International Dispute Resolution Compendium, which discusses recent developments in the dispute resolution landscape across the region including specific coverage of the latest changes in Saudi Arabia.
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Understanding the Key Features of UAE's New Emirati Pension Law
Introduction The General Pension and Social Security Authority (GPSSA) recently introduced a significant change in the pension landscape through Federal Decree-Law No. 57 of 2023 on Pension and Social Security. This legal amendment marks the most significant update to pension regulations since the beginning of UAE Federal Law No. 7 of 1999. The new law aims to extend Emiratis' contribution to...
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Confidentiality Violations in the UAE: Legal Implications for Employees
Introduction: The protection of confidential information is an important aspect of employer-employee relationships, and the UAE has established comprehensive laws to address violations of confidentiality clauses. This article discusses the legal consequences an employee may face for disclosing confidential information to competing companies in the UAE, based on Federal Decree-Law No. 33/2021
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What Are the Legal Consequences of Defaulting on a Bank Loan in the UAE?
Introduction In the UAE, defaulting on a bank loan is regulated by two important laws: Federal Decree-Law No. 42/2022 on Civil Procedure Law and Federal Decree-Law No. 50/2022 on Commercial Transactions, specifically Bank Credits. This article explores the legal consequences and procedures following a debtor's default on a bank loan under these laws. Federal Decree-Law No. 50/2022 -...
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Thinking of Investing? What Are the Guidelines for Off-Plan Property Purchases in Dubai?
Investing in off-plan properties in Dubai is an exciting opportunity, offering advantages such as acquiring properties at the project's lowest cost, high return on investment (ROI), and a favourable payment plan. However, it is important to understand the specific rules set out in Dubai Law No. 13/2008 on the Interim Real Estate Register. In this article, we will outline the key requirements...
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Understanding UAE Regulations on Vaping and Tobacco
Introduction The UAE has implemented laws and regulations to control and regulate the consumption of tobacco and tobacco-related products, including vaping, which refers to the use of electronic nicotine products. This article aims to provide an in-depth understanding of the rules and regulations regarding vaping in the UAE, as outlined in Federal Law No. 15/2009 on Tobacco Control, Cabinet...
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UAE Insolvency Law - What You Should Know
Introduction: In any dynamic economy, financial challenges can arise, leading individuals and businesses to face insolvency. To address these situations and provide a structured outline for resolving them, the UAE enacted Federal Decree-Law No. 19/2019 on Insolvency. This comprehensive law outlines the rules and procedures governing insolvency, aiming to protect the interests of debtors and
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UAE's New IVF Regulations: A Comprehensive Overview
Introduction In a significant development for family matters in the UAE, particularly in the field of Medically Assisted Reproduction, recent amendments to Federal Law No. 7/2019 have introduced some essential provisions. This article provides a detailed examination of the key amendments and their implications for the regulation of assisted reproduction in the UAE.
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Eviction Before Your Lease Ends: Know Your Rights as a Tenant in Dubai
Introduction Renting a property is a common arrangement in Dubai, with many residents and businesses leasing real estate for various purposes. However, what happens when you receive an eviction notice before your lease term is up? Understanding your rights and responsibilities as a tenant is important to navigate such situations. Dubai Law No. 26/2007, as amended by Dubai Law No. 33/2008,...
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A Complete Guide for Corporate Taxation in UAE Free Zone Areas
The UAE has long been known as a tax-free Country, attracting investors and entrepreneurs from around the world. However, to ensure sustainable economic growth and contribute to the country's development, the UAE has shifted from a tax-free government to a Corporate Tax system. The Federal Decree-Law No. 47/2022 on the Taxation of Corporations and Businesses, effective on June 1, 2023, marks a
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Doing Business in the UAE: A Guide to the Financial, Business, and Legal Considerations for Navigating the UAE’s Dynamic Market - Fourth Edition
This guide provides an overview of the principal legal issues for foreign investors considering doing business in the United Arab Emirates (the UAE). Formed on December 2, 1971, the UAE is a federal state of seven emirates comprising Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al Khaimah, Sharjah, and Umm Al Quwain. Please see full Publication below for more information.
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The Dubai International Arbitration Centre: How Does It Compare?
With Dubai Arbitration Week approaching, the Dubai International Arbitration Centre (“DIAC”) will again return to the fore of discussion amongst the arbitration community. As a contribution to the debate around whether DIAC will become a leading international arbitral centre, this article sets out and compares the material provisions of the relatively new DIAC rules (“Rules”) against the rules of
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What You Need to Know About Virtual Asset Law in the UAE?
While it is true that the virtual asset industry is still in its nascent stage, United Arab Emirates has taken the pioneering steps to establish laws and regulations which will allow the industry to grow immensely within the regulatory framework.
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The UAE Introduces the First SPAC Framework in the GCC
The SPAC Framework, which became effective on 4 January 2022, allows for the formation and listing of SPACs in the UAE for the first time. Special purpose acquisition companies (SPACs) have emerged as an important means of capital raising and have become increasingly popular amongst private equity sponsors, global investors, and target businesses as an alternative to traditional initial...
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UAE and Israel Sign Tax Treaty
On Monday, 31 May 2021, the UAE and Israel signed a tax treaty in order to boost economic cooperation. It is expected that, following ratification later this year, the treaty will come into effect on 1 January 2022. The move comes following: (i) the peace deal between Israel and the UAE in August 2020, normalising diplomatic relations for the first time since the creation of Israel; and (ii) the...
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New Amendments to the UAE Commercial Companies Law of 2015 – 100% Foreign Ownership and Other Changes
In November 2020, we released a client alert (available here) outlining significant amendments to the U.A.E.’s Companies Law that were yet to take effect at the time of writing. Most importantly, these amendments were to eliminate a section of the Companies Law that required minimum Emirati ownership of 51% in the capital of any onshore company. These new and important amendments have come into...
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Service of DIFC Court Documents Becomes Easier in the Arab World
The 1983 Riyadh Arab Agreement for Judicial Cooperation (Riyadh Convention) is intended to facilitate judicial cooperation between the signatory countries. It is an important tool for the enforcement of arbitral awards in the Arab world, particularly in countries, such as Libya, Sudan, Somalia, and Yemen, which are not signatories to the 1958 Convention on the Recognition and Enforcement of...
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Getting Paid: Mitigating Non-Payment Risks And Deploying “Self-Help” Remedies Under UAE Law
One of the biggest risks on any construction project is non-payment. This article sets out contractual measures to mitigate non-payment risks and describes “self-help” remedies to obtain payment under United Arab Emirates (“UAE”) law...
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UAE: Q&A - Employer COVID-19 Vaccination Policies
We asked our member firms around the globe to provide some insight on employer and employee rights when it comes to requiring the COVID-19 vaccine to return to work. Responses from the UAE.
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Rise of green hydrogen in the Gulf Cooperation Council (GCC)
As decarbonisation becomes increasingly urgent globally, GCC countries are looking to diversify their economies away from hydrocarbons while maintaining a central role in the global energy system. Given plentiful natural gas, the region is sure to be a prime location for blue hydrogen development with carbon capture and storage but it is the prospect of large-scale green hydrogen production that
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Criteria published for registering as a bankruptcy expert in UAE
In a development which will be of interest to those in the restructuring community, the UAE’s Financial Reorganization Committee (the FRC) has codified, via an Approved Guide1, the steps that insolvency practitioners will need to take to register as bankruptcy experts for the purposes of assisting with formal bankruptcy proceedings in the UAE. Please see full Publication below for more...
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Global Legal Insights: Cartels 2021, 9th Edition - United Arab Emirates
Overview of the law and enforcement regime relating to cartels - The United Arab Emirates (“UAE”) competition law and enforcement regime is relatively young with just over eight years since Federal Law Number 4 of 2012 (“Competition Law”) was enacted on October 23, 2012 and took effect on February 23, 2013. The Competition Law regulates “restrictive agreements” such as price-fixing, collusion
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Murabaha financings post-AAOIFI Standard 59 – a couple of alternative approaches while the dust settles
The adoption of Shari'a Standard Number 59 regarding the Sale of Debt (Standard 59) by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and, in turn, in the United Arab Emirates (UAE) by the UAE Central Bank is causing some consternation for those involved in Islamic finance transactions structured as commodity murabahas (Murabahas) with variable profit rates (t
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LIBOR Transition: Challenges for Islamic Finance Transactions
On 5 March 2021, the UK’s Financial Conduct Authority (the FCA) announced that all LIBOR settings will either cease to be provided by any administrator or will no longer be representative by 31 December 2021 or, for some LIBOR settings, by 30 June 2023. This client alert examines the implications of the cessation of LIBOR in the context of Islamic finance transactions and suggests potential...
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Dentons COVID-19 Retail Tracker - United Arab Emirates
Status – Has any special status been introduced? Restrictions on travel into Abu Dhabi Emirate from other Emirates, unless proof is provided of a negative COVID-19 test.
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2021 Venture Capital Guide - UAE
World Law Group member firms recently collaborated on a Global Venture Capital Guide that covers more than 30 jurisdictions on investment approval processes, typical investment sectors and investment structures on Venture Capital deals (and more!).
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Force Majeure In Emerging Markets: Mitigating Risk For Construction And Energy Investors
Although emerging markets offer a wealth of investment opportunities, political instability and government responses to adverse events present risks for foreign investors. This article considers key dispute risks related to “force majeure” events in emerging markets, using Mozambique and Bangladesh as examples, and suggests mitigation measures for those risks...
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UAE’s New Consumer Protection Law: An End to Direct Marketing?
The new legislation extends both the protections available to consumers, as well as the obligations applicable to e-commerce retailers. With its recent implementation of a new consumer protection law, the United Arab Emirates has taken a significant step forward in protecting the rights of consumers.
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Dubai Financial Services Authority Business Plan 2021/22: key messages for litigators and contentious regulatory lawyers
The Dubai Financial Services Authority (DFSA) has published its Business Plan for 2021/22 (the Business Plan) setting out its areas of focus for the upcoming financial year.
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New updates to the Abu Dhabi Investment Office’s musataha
The Abu Dhabi Investment Office (ADIO) was mandated by the Government of Abu Dhabi to prepare an “enhanced” form of musataha to be used in the Emirate of Abu Dhabi. Please see full Publication below for more information.