Insight Category: News
On Wednesday, 20 July 2016 saw the Sulafa Tower in the Dubai Marina, a 78-storey high-rise residential building, suffer extensive fire damage as a result of the spread of a fire on the exterior of the building. This building is recorded as having 702 apartments with the construction having been completed in 2010. It is… Continue reading New Measures Seek To Address Fire Safety Risks At Dubai’s High-Rise Towers...
New UAE Funds Regulation and its Effect on Insurers In June 2016, the UAE Securities and Commodities Authority (the “Authority”) issued Authority Chairman Resolution No. (9/R.M) of 2016 Concerning the Regulation of Mutual Funds (the “Regulation”), which will become effective upon publication in the Official Gazette. Authority Chairman Resolution No. (10/R.M) of 2016 has also… Continue reading New UAE Funds Regulation and its Effect on Insurers...
Update on Bankruptcy Law Project in the United Arab Emirates As attractive and financially lucrative operating a business in Dubai may seem, uncertainty still plagues the business environment which is so heavily reliant on global trade and commerce. Today, Small and medium-sized enterprises (SMEs) are under pressure amid weak oil prices and slowing global economic… Continue reading Update on Bankruptcy Law Project in the United Arab Emirates...
A Tenant’s legal remedy when an apartment goes up in smoke After the recent spate of fires in Dubai, questions arose regarding tenant rights when an apartment suffers damage. It is difficult times when tenants have to find alternate accommodation after a fire, while advance rent has been paid and the landlord holds postdated
rent cheques… Continue reading Measuring the Damage...
A Rundown of the most important things to know about home financing in the UAE With property prices easing and an abundance of new properties available, more people are choosing to purchase property either as an investment or to reside in. It is true that it is often cheaper to purchase property than to rent,… Continue reading Mortgage Basics When Building a Home...
During the last couple of years, several towers in Dubai have burst into flames. Tamweel Tower in Jumeirah Lakes Towers in November 2012, The Torch in Marina in February 2015, Address Hotel in Downtown on New Year’s Eve 2015, Sulafa Tower in July 2016: just to name a few, big enough to make the news.… Continue reading Tenants Rights In The Event Of Fire...
The UAE is moving ahead with its planswith respect to the development of theIslamic economy. 2016 started with theannouncement of a number of Islamiccompliant transactions that furtherfoster Dubai’s objective to become aglobal Islamic capital. Islamic products are getting morepopular and in a recent study byBloomberg, it has been noted that UAEresidents are inclined to choose… Continue reading The UAE Islamic Finance Industry Hits The Ground Running In 2016...
The lifting of sanctions in Iran could give a major boost to what is already Mena’s dominant Takaful market – but a lack of transparency and fragmentation in the global Takaful industry is clouding the true extent of its potential. Iran The easternmost country of the Middle East with a population of almost 80 million… Continue reading Takaful in Iran: New Frontier or False Dawn?...