Insight Category: News
The Saudi Central Bank (SAMA) is launching a new initiative – Open Banking – that promises to stimulate growth and innovation in the Kingdom’s financial services industry. Already an established protocol in the UK and Europe, Open Banking allows consenting customers to securely share their data with third parties. Once deployed in KSA in the… Continue reading Saudi Central Bank Launches Open Banking Initiative...
This is the first of two articles discussing the challenges that Dubai can overcome to become a global leader in the creative arts. It is now incontrovertible that Dubai ranks near the top of those metropolises fortunate enough to carry the label of “Global City”, with its ascent being almost meteoric. Whatever the measure of… Continue reading Dubai Art Scene – How to Improve the Picture...
The judicial system in the United Arab Emirates (“UAE”) is one of the most dynamic systems in the world, in terms of adapting to both social and business needs. Being among the major business hubs and home to multiple small to medium-sized emerging businesses, UAE is constantly required to update its judicial practice to cover… Continue reading Nuts and Bolts of Decision No. 26 of 2020 Covering Small Claims Tribunals...
The insurance brokerage in the UAE, like the rest of the insurance sector, is regulated by the UAE Insurance Authority. This has merged with the UAE Central Bank, which is now the unified regulator for the banking and the insurance sector. The regulation currently providing statutory guidance on licensing and functioning of insurance brokers in… Continue reading Draft Insurance Broker Regulations: What could change?...
With VAT still being a fairly new concept in the UAE, the following article delves into the general principles contained within the VAT Laws and goes into detail on what the law says about the Export of Services from the UAE. The general principles contained in the VAT Laws state that the Export of Services… Continue reading UAE VAT Laws and Export of Services...
The Dubai Land Department (DLD) has stated that a new draft law is set to keep rents in Dubai unchanged for a three-year period. This follows a prediction by the DLD’s Director General in early January this year, after the DLD’s recommended clauses for the new law were accepted. No date has been set for… Continue reading Dubai Rent Freeze...
In late January 2021, the Small to Medium-Sized Enterprises (SME) Market Conduct Regulation (“Regulation”) was circulated to all banks and finance companies licensed by the Central Bank in the UAE (“Financial Institutions”). It comes as the UAE seeks to improve and enhance the financial services received by small and medium-sized enterprises (“SMEs”) in the UAE,… Continue reading New SME Market Conduct Regulation...
Update to the Saudi Companies Law,Reporting of losses in Saudi Companies, Appointment of auditors, and Remote Board of Directors Meetings As a result of the COVID-19 pandemic, some Saudi Arabian companies have been struggling economically and facing difficulties implementing some requirements under the Saudi Companies LawNo. (M/3) dated 10/11/2015G. As such, on 02/11/2020G, the Saudi… Continue reading Update Saudi Companies Law...
Background The Federal Cabinet has recently issued Cabinet Decision No. 29/2021 regarding the Executive Regulations (the “New Executive Regulations”) for the Federal Law No. 4/2020 (the “New Movables Pledge Law”). The New Movables Pledge Law, which was promulgated last year, stated that until the issuance of New Executive Regulations, the old executive regulations (the “Old… Continue reading Movables Pledge Law: New Executive Regulations...
What & Why? Foundations are a form of hybrid entity similar to both a private company and a trust structure. Combining the mechanisms of both a Foundation is established for beneficial purpose determined by the ‘Founder’ yet retains a corporate level of independent legal personality. With the benefit of the independent legal personality Foundations are… Continue reading UAE Foundations in ADGM, DIFC & RAK ICC...