Insight Category: News
Regulatory Changes for Insurance Disputes in the United Arab Emirates and the existing Insurance Dispute Committee in the Kingdom of Saudi Arabia BSA are often instructed by the London market for coverage advice pending disputes between cedant and reinsurers. Many of those treaty terms will be governed by the laws of various Middle East jurisdictions… Continue reading Insurance Claims Management: Using the Most Appropriate Governing Law & Jurisdiction Clause in Reinsurance Contracts...
The long-awaited revamp of the data protection regime has finally arrived in the DIFC. As one of the first jurisdictions in the Middle East to draft a stand-alone data protection law, the DIFC has always stood on the forefront of ensuring that the best standards of privacy and data protection would be a key building… Continue reading DIFC Data Protection Law 2020...
The United Arab Emirates (UAE) Insurance Authority (IA) has confirmed that capitation schemes related to the health insurance business in the UAE are unlawful and all IA, authorized and licensed entities must immediately cease the operation of such schemes. Circular No (17) of 2020 for the Cessation of Violating Practices dated 2 June 2020 (the… Continue reading Health Insurance in the UAE – Capitation Schemes Confirmed Unlawful by the Insurance Authority...
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai issued Law No. (4) of 2020 (the “Law”) on Saturday, 3 July 2020, regulating drone activity in Dubai. Aside from military-purpose drones, which are exempt, this law applies to the activity of all types of… Continue reading Dubai Drone Law announced to provide new opportunities and boost Dubai’s aviation sector...
How does a fractional title deed work? With the aim of attracting investors to the Emirate, the Dubai Land Department (DLD) announced a ‘fractional title deed’ initiative. A fractional title deed effectively divides what would normally be one unit (held via a single deed) into two or four parts. The investor may buy up to… Continue reading Dubai Land Department (DLD) Announces the Fractional Title Deed initiative...
The Ministry of Commerce and Industry (“MOCI”), has recently brought into force a new Foreign Capital Investment Law (“FCIL”) promogulated by Royal Decree No: 50/2019, effective as of 2 January 2020. The law has revitalized the regulations and administrative processes applicable to foreign investment in Oman. The new procedures improve the speed and efficiency of… Continue reading New Foreign Capital Investment Law (“FCIL”) in Oman...
The new UAE Bankruptcy Law was widely discussed and debated upon its introduction in 2016. Brought in to encourage a ‘rescue culture’, the regulations were hailed as a significant move in the right direction for the UAE as an international business hub. The new law has now had several years to embed, and the legislature… Continue reading Professional Fees Now Priority Debts Under Revised UAE Bankruptcy Law...
The Indian Government has on 17 January 2020 issued a gazette notification that foreign civil judgments passed by courts in the United Arab Emirates (UAE) can now be executed in Indian courts since the UAE has been declared as a “reciprocating territory” as per Section 44A of the Indian Code of Civil Procedure (CPC) 1908.… Continue reading UAE Civil Court Judgments Now Enforceable in India...
Prologue In the last decade, the Gulf Cooperation Council (GCC) has witnessed some legislative developments signalling efforts to reduce barriers to foreign investment in most of its member countries. The move has come due to a sharp decline in crude oil prices since 2015 resulting in significantly lower state revenues and partly due to the… Continue reading The New Foreign Capital Investment Law in Oman...
Context Misconceptions persist among business owners and directors as to the purpose of the UAE Bankruptcy Law and its comparative likeness to international counterparts, notably the US Bankruptcy Code. All too often they mistakenly regard the regulations as a magic bullet which can make their financial problems disappear. They fail to appreciate the myriad drawbacks… Continue reading UAE Bankruptcy Law Updates...