Mergers and joint ventures are strategic activities that significantly enhance business capabilities in terms of both expertise and resources, as well as market reach and competitiveness.
07 August 2024
Finance
Debt Recovery is a critical aspect of financial transactions, crucial for individuals and businesses alike; hence efficient recovery of unpaid debts is vital for maintaining financial security.
25 June 2024
Technology, Artificial Intelligence
I. Introduction: AI has been the subject of countless news articles, trending as a key topic on social media sites as well as government concern relating to its potential misuse.
25 April 2024
I. Introduction In accordance with the stipulations set forth in Article 42/1 of the UAE Federal Law No. 6/2018 on Arbitration (the "Law"),
27 March 2024
Insurance
Insurance disputes in the UAE are an increasingly common occurrence. As the number of insurance policies and claims has increased over the years, so too has the number of disputes. In this article, we will look at the causes of insurance disputes in the UAE, the legal framework governing such disputes, and the steps that can be taken to resolve them.
03 March 2023
Arbitration
Typically, Parties undergoing disputes submit Ex Parte applications if they anticipate that giving notice could defeat the purpose of the application (for example, freezing injunctions or search orders). While Ex Parte applications are accepted by most Courts, its still fairly untrod territory during Arbitration/s.
03 March 2023
Arbitration
Typically, Parties undergoing disputes submit Ex Parte applications if they anticipate that giving notice could defeat the purpose of the application (for example, freezing injunctions or search orders). While Ex Parte applications are accepted by most Courts, its still fairly untrod territory during Arbitration/s.
21 February 2023
Introduction - The concept of limitation periods has been principally adopted by the UAE legislator from the doctrine or the fiqh of two (2) Islamic scholars, namely “ Al Maliki “ and “ Al Hanafi “, considering that the UAE constitution provides in its Article seven that the Islamic Shari’ah is the principal source of legislation in the UAE.
07 November 2022
Employment
On 20th September 2021, the Federal Decree Law No. 33 of 2021 (the “Federal Labor Law”) was issued, which superseded the abrogated Federal Law No. 8 of 1980 on Labor Relations. The Federal Labor Law came into force on 2nd February 2022 and currently, governs the labor/ employment relations in the UAE.
03 October 2022
Capital Markets
Federal Law No. 32 of 2021 on Commercial Companies (“New CCL”) came into effect on 2nd of January 2022 to entirely replace Federal Law No. 2 of 2015 on Commercial Companies (“Old CCL”).
02 August 2022
Finance
Introduction: Back in 2021, at “Connect 2021” conference, the Facebook founder Mark Zuckerberg had announced a new era in social media history, via his new project, named, MetaVerse (“Meta” or “MetaVerse”) that is a wide-ranging and interoperable network of 3D virtual worlds, where these worlds are presented in real time, they can be tried simultaneously and continuously by an unlimited number of users.
24 June 2022
Litigation & Dispute Resolution
Introduction The seat of arbitration, not to be confused with the geographical location of arbitration hearings, is an important aspect in both international and domestic arbitrations, and one that is often overlooked or not given proper consideration.
05 May 2022
Crime
Introduction and Applicability of the Regulations Money laundry is a process by which the source of illegal funds is disguised to allow its unsuspicious expenditure by mitigating the risks associated with jeopardizing the source of such illicit funds. Often, terrorist and illegal organizations utilize laundered money to fund themselves and their operations. Hence, both activities are often associated with one another.
30 March 2022
TMT (Technology, Media & Telecoms)
The UAE Federal Law by Decree No. 34 of 2021 (the “New Law”) on Countering Rumors and Cybercrimes was introduced in the UAE amongst the new legislative introductions in light of UAE’s 50th anniversary which has now come into force on January 2nd, 2022. The New Law is a reform of the repealed Federal Law by Decree No. 5 of 2012 on Cybercrimes (“Repealed Law”).
08 April 2022
Litigation & Dispute Resolution
Overview: Generally, filing a case is deemed to be the right to resort to litigation and/or courts to seek and to protect a legal position claimed by the claimant(s) against the defendant(s), conditional to the satisfaction of the capacity of the parties of the said proceedings (the “Case”).
02 March 2022
Employment
Background The UAE’s labor laws and regulations have undergone immense changes in the past few years that cater to the ever-growing market demands and its accompanying legal framework. Federal Decree by Law. (33) of 2021 (“2021 law”) which repeals Federal Law No. 8/1980 Concerning the Regulation of Labor Relations has introduced significant changes entering into force on the 2nd of February 2022. One of such changes introduced under 2021 Law is regarding the notice periods which is the period that both parties to the contract shall abide by in the event that either of them wishes to terminate the employment contract.
19 January 2022
Employment
Background: The Covid-19 pandemic and its global implications and fluctuations (the “Covid-19 Implications”) have negatively affected the global economy; however, the said pandemic highlighted several positive points that could not have been raised without the pandemic and the virus exposure all over the world. One of the most important positive points resulted from the Covid-19 Implications is the flexibility in working patterns around the world, particularly, the feasibility of working from home in different sectors and professions.
07 December 2021
Litigation & Dispute Resolution
Introduction: The Benefit of Justice Principle is deemed a well-established fundamental principle that is frequently applied by courts in different legal systems either common law or civil law courts (the “Benefit of Justice Principle”).
07 December 2021
Real Estate & Property
INTRODUCTION “Conditional Payment Clauses” also generally known as “back to back provisions” commonly form part of the construction contracts[1] in the UAE and are frequently incorporated therein. Generally speaking, such provisions are a common feature of the sub-contractor’s / sub-consultant’s payment terms[2], and subject the payment of the sub-contractor/ sub-consultant to a suspensive condition, e.g. the receipt of the payment by the main contractor from the employer.
07 December 2021
Litigation & Dispute Resolution
The UAE regime governing arbitration was fundamentally altered in 2018. Prior to that date, arbitration was governed under Articles 203 to 218 of the UAE Civil Procedures Law (Book 2).
07 December 2021
Litigation & Dispute Resolution
Introduction Many dispute resolution clauses, in which arbitration is the agreed mode of dispute resolution, often require that parties – before initiating any arbitration proceedings – either (i) follow a structured mechanism to settle disputes and/or (ii) engage in good faith settlement negotiations with the ultimate aim of resolving their disputes or differences amicably. With the considerable costs associated with the initial stages of arbitration proceedings (especially in large value claims), it is hardly surprising that parties choose to incorporate such pre-conditions into their contractual agreements.
01 June 2021
Corporate and Commercial
A Manager or a member of board of managers of the Limited Liability Company is considered to be a pillar of the company and its most important employee, thus Federal Law No. 2 of 2015 on Commercial Companies in the United Arab Emirates regulated clearly and in detail a chapter of legal articles regarding the management of the company, specifying the method of the manager appointment, removal and resignation, as well as his powers and responsibilities.
06 April 2021
Employment
Work and business concerns in the UAE are getting back to an ever-evolving new normal. The population continues to social distance, wear masks, and the government is now vaccinating to control the spread of the virus.
16 February 2021
Press Releases
The return to a state of lockdown has hit many businesses and entrepreneurs hard. Meanwhile, the courts are arriving at different conclusions regarding whether government-mandated business closures justify rent reductions.
11 January 2021
Corporate and Commercial
Background: There is no doubt that the United Arab Emirates (“UAE”) has been one (1) of the most important investment centers and a venue for all the investors around the world. In 2018, the UAE was ranked the 1st Arabian country with respect to the ability of Foreign Direct Investments (“FDI”), and acquired 33.3% of the total attributed to the Arabian countries. Moreover, the UAE was ranked the 27th worldwide in this regard.
11 January 2021
Corporate and Commercial
Background: There is no doubt that the United Arab Emirates (“UAE”) has been one (1) of the most important investment centers and a venue for all the investors around the world. In 2018, the UAE was ranked the 1st Arabian country with respect to the ability of Foreign Direct Investments (“FDI”), and acquired 33.3% of the total attributed to the Arabian countries. Moreover, the UAE was ranked the 27th worldwide in this regard.
11 January 2021
Corporate and Commercial
A. INTRODUCTION The protection provided by a limited liability company is an important aspect of the business structure as it allows shareholders of a company to not be personally liable for the debts of the company.
10 June 2020
Employment
It is the moment of truth when our morals and business opportunities are evaluated by ethics, humanity and wellbeing of our businesses. This moment is examined and evaluated by internal and external factor but nonetheless based on and are connected with timely and effectiveness of such decision. In today’s world the real threat to our business continuity and the ability to absorb the business and financial damages caused by COVID 19 is both real life test and real tool of our audit towards the performance of our risk management and the cultural segments embedded in our organization objectives.
28 April 2020
Corporate and Commercial
The word “Restructuring” is the most spoken phrase in the corporate lifetimes and arguably the least understood by the company’s management. As restructuring in many of these entities is not connected with the future planning of the organization but it is in many cases has been associated with the action to be taken after the fall. Simply the “Restructuring” for many of us is the action taken after the collapse of the wall!!!
27 April 2020
Corporate and Commercial
Once again, the United Arab Emirates proves itself as the Middle East friendliest investments market. The pass of the investments Positive List by the Federal Ministerial Cabinet is a clear indication that UAE economy planners do understand that in this new world order, open market strategy is the only way to go to achieve a stable economy outcome while we evidence some international market drivers create more monopolistic approach and more protection towards their local businesses. This approach is both harmful and creates more international conflicts as we now face between the superpowers.
27 April 2020
Corporate and Commercial
As discussed in our previous article[1], the effects of COVID-19 have gone beyond what we consider to be a health hazard. With the world coming to a sudden halt, there are claims being made that the stock markets have suffered the worst quarter since the year 1987[2] and we are yet to see the ultimate impact of this pandemic. This economic disruption means that there is likely to be an increase in claims, resulting in implications for the insurance industry as that is where the burden of loss is likely to be shared. As a result of the same, the UAE Insurance Authority has issued Circular No. 3 of 2020 requiring insurance companies to take adequate measures during this time so that they continue to operate and serve their customers – the contents of which have been discussed in our previous article[3].
27 April 2020
Crime
A- Introduction and history of the Law No. 14 for the year 2014 Following the Emirates Union on 2 December 1971 and the formal declaration of the establishment of the United Arab Emirates, notable plans and strategies have taken place to encourage investments and economic growth. The positive outcome of the said economic growth strategies turned the UAE to be a very attractive environment for foreign investment. Large global economic entities and companies started to pump their investments in the UAE and the country became one of the largest destinations in the region and the world for foreign employment.
23 April 2020
Corporate and Commercial
The outbreak of Covid-19 has been classified as a pandemic by the World Health Organization. Affecting approximately over 100 countries and territories, not only has it become a public health emergency, but with its growing effect and the precautionary measures being undertaken globally, it has also shaken the world economy; the effects of which are unlikely to wither away quickly.
11 March 2021
Corporate & Commercial
Force Majeure comes from a French term that literally translates to “greater force” and are commonly included within commercial contracts. The term Force Majeure in a legal context excuses a party from not performing its contractual obligations that have become impossible or impracticable because of an event that the parties have not foreseen. Force Majeure clauses may set out various events such as wars, riots, “acts of God” and or natural disasters. In the instance that one of these events occurs, the clause will usually prescribe what the parties must do next. For example, a party claiming Force Majeure will have to notify its counterparty and take reasonable steps to ease the damage that has occurred to the contractual performance.
27 March 2020
Corporate and Commercial
I. A deep-dive into UAE laws for business partners and shareholders.
23 March 2020
TMT ( Technology, Media & Telecoms)
According to Oxford dictionary, discrimination is “The unjust or prejudicial treatment of different categories of people, especially on the grounds of race, age, or sex.”
10 February 2020
Litigation & Dispute Resolution
Simplifying and contributing to the judicial nexus worldwide: In a globalised era, where business operations transcend geographical boundaries, countries and governments enter into bilateral/multilateral conventions or treaties to aid reciprocal recognition and enforcement of foreign judgments. With people and assets easily operating across borders, there are a multitude of disputes affecting corporates and PSUs that span multifarious jurisdictions. In this regard, another astounding foresightedness championed with prodigious effort, has orchestrated the United Arab Emirates as an integral part of the international comity.
07 January 2020
Finance
Fintech, in general terms, means the usage of technology for the provision of financial services. In recent years, UAE has seen a vast and rapid growth in the companies and institutions that are working towards developing and using technology, products, services etc. for the purposes of providing financial services in and outside of UAE. Considering the financial nature of the services that are envisaged to be provided by such entities, such services are regulated by the competent authorities in the respective jurisdiction in the UAE. Further, generally, financial activities attract the implications of relevant financial services regulation(s) in the UAE, which are discussed herein below.
17 December 2019
Intellectual Property
1- Introduction : The trademark is like the identity card of products, goods and services that form the backbone of the state economy and the activity practiced by persons - individuals or groups - that was industrial, commercial or service.
25 November 2019
Litigation & Dispute Resolution
In a 2018 judgment the DIFC, discussed and decided upon the concept of set-off under the UAE Civil Transaction Law No. 5 of 1985 (the “Civil Code”).
28 October 2019
Litigation & Dispute Resolution
Developing transparent and sustainable regulatory structures that conform to global measures: International sporting events have undergone tremendous metamorphosis over the past few decades, and today they generate large amounts of revenue throughout the world. Europe, Africa and Middle East account for the second largest sports market in the world whilst sponsorship being one of the fastest growing segments. With advocacy of the assiduous sovereign counsel and an exemplary think tank, the UAE, in particular, has earned prominence as a hosting destination for world sporting events.
28 October 2019
Finance
The bank guarantee is a very important tool in the business process it ensures that the liabilities of the debtor will be met in the event that the debtor fails to fulfill the contractual obligations; Pursuant to Article 411(1) of Federal Law No 18 of 1993 – Commercial Transactions Law (“CTL”), a bank guarantee is an undertaking issued by a bank (the “Guarantor”) to settle the debt of a client (the “Principal Debtor”) owed to a third party (the “Beneficiary”), in accordance with the conditions agreed and included in the guarantee deed, which may be for a definite or indefinite period of time”.
28 October 2019
Litigation & Dispute Resolution
Abstract: Recently, the UAE has promulgated Federal Law Number 6 for 2018 (UFAL 2018) at the time when procedures for ratifying of arbitral awards have been changed substantively. The new UAE federal law (hereafter referred to as UFAL 2018) has replaced the enforceability of Articles 203-218 of the Civil transaction code promulgated by law number 11 of 1992 (hereafter referred to as CPC). These provisions were mainly linked to the definition of the Arbitration clause, types of disputes that could be resolved by arbitration and that show how to ratify such awards by Dubai courts in order to execute reliefs awarded thereof . The UFAL 2018 stipulated that the provisions of the said law shall be only applicable to all ongoing arbitration proceedings from the time the law came into force.
28 October 2019
Employment
I. Introduction UAE Federal Law No. 8/1980 as amended (the "Labor Law") governs all employment matters apart from government employees, agricultural and domestic employees, and employees working in the Dubai International Financial Centre ("DIFC") and the Abu Dhabi Global Market ("ADGM"). Both the DIFC and ADGM are economic free zones that are separate jurisdictions and have their own employment laws to which the Labor Law does not apply. All other free zones located within the UAE have their respective employment rules and regulations that are in accordance with the Labor Law.
28 October 2019