Insight Category: News
This article was originally published on the Finance Middle East. In the UAE, borrowers who obtain financing from banks or licensed financial institutions or guarantors in rem may grant the lender security over their real estate as collateral for the financing provided. This creates a mortgage contract between the lender (mortgagee) and borrower or the… Continue reading The Process of Selling a Mortgaged Property through a Court-Supervised Auction in Dubai...
[Guidelines on calculating interest in banking and finance disputes and requirements of ‘adequate securities’ under amendments of Banking Law] This article was originally published by the Finance Middle East. On 26 September 2022, the UAE legislator issued Federal Decree-Law No. 23 of 2022, amending certain provisions of Federal Decree-Law No. 14 of 2018 concerning the Central… Continue reading UAE Banking Law amendments strengthen consumer protection, collateral requirements...
Introduction Until recently, the United Arab Emirates’ (UAE) bankruptcy regime was controlled by limited provisions in the now abrogated Federal Law No. 18/1993 Issuing the Commercial Transactions Law. In 2016, the bankruptcy regime was subsequently reformed through the introduction of more comprehensive legislation pursuant to Federal Decree-Law No. 9/2016 On Bankruptcy, however, as the UAE… Continue reading Navigating the New UAE Bankruptcy Law: Key Insights and Implications for Businesses...
The Dubai Court of Cassation No 120 of 2024 (Commercial) has shed light on the applicable limitation period for contractual breaches, following the introduction of the new UAE Commercial Transactions Law No 50 of 2022 (the “22 CTL”)which came into effect in January 2023 and introduced shorter limitation periods compared to the previous UAE Commercial… Continue reading Limitation period to be applied will be the shorter of the periods prescribed between the old Commercial Transactions law and the new Commercial Transactions law...
In a recent judgment, the Dubai Court of Cassation sheds some light on the intersection between time bars for civil and criminal claims. In this case, the Claimant, a major construction Public Joint Stock Company, issued proceedings against the First Defendant, who was the Claimant’s Chief Executive Officer between 2008 and 2016 and another party.… Continue reading Time bar for an action arising from a harmful act is suspended for as long as the time bar for criminal case arising from such act has not lapsed...
BSA Ahmad Bin Hezeem & Associates LLP is thrilled to announce it has rebranded as BSA LAW effective immediately. This strategic change marks a significant milestone in the firm’s journey, reflecting its commitment to evolving with the dynamic legal landscape and reinforcing its position as a leading legal service provider. The rebrand encompasses a comprehensive… Continue reading BSA LAW has Launched...
Saudi Arabia is rapidly emerging as a key player in Artificial Intelligence (AI), with regional and international collaborations marking a significant step toward transforming its economic landscape in alignment with Vision 2030. This vision’s blueprint focuses on reducing Saudi Arabia’s reliance on oil and diversifying its economy. AI is playing a crucial role in this… Continue reading The Rise of AI in Saudi Arabia: Importance and Regulatory Framework...
The UAE has made significant improvements in combating financial crimes with the introduction of a new Federal Decree-Law, bringing vital updates to its Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and illegal organization financing frameworks. These changes underscore the UAE’s ongoing commitment to strengthening its legal and regulatory systems as global threats evolve.… Continue reading Explained: UAE introduces new Federal Decree-Law to combat financial crimes...
This article was originally published on the Finance Middle East. Saudi Arabia’s recent amendments to its Labor Law signify a substantial shift in the regulatory landscape, presenting both challenges and opportunities for businesses operating in the Kingdom. As the Ministry of Human Resources and Social Development (MHRSD) continues its modernization efforts, these changes are designed… Continue reading How will Saudi Arabia’s Labour Law amendments reshape business operations?...
Real estate broker’s register in the Emirate of Dubai is regulated by regulation No. 85/2006. Article 26 of said regulation stipulates that the brokerage agreement shall be registered in the real estate register, which created a controversy on the legal effect of non-registration of the agreement with the Dubai Land Department. The broker’s commission is… Continue reading Brokers Commission and the Registration of the Agreement with Dubai Land Department...