Insight Category: News
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...
The Capital Markets Authority (CMA) in Oman, the financial regulator, has released the new mandated medical insurance Law, Unified Health Insurance Policy and the Health Insurance Rules under Decision No.78/2019 through Resolution No 34/2019 – For the Issue of Unified Healthcare Insurance Policy Form. The Health insurance market embraces itself for another mandated health insurance… Continue reading New Mandated Health Insurance Law in Oman...
Introduction In April 2019, the new Commercial Companies Law (the “New CCL”) entered into force and repealed the previous Commercial Companies Law (Law No. 4/1974) in its entirety. Although the New CCL will not have a significant bearing on the corporate sector, we do believe that the changes brought forward will bring Omani corporate legislation… Continue reading New Commercial Companies Law: Modernising Corporate Legalisation in Oman...
Developers will be responsible for fixing faults in individual units for a year, and for building structures for a decade A law governing jointly owned properties was passed in Dubai with the aim to “boost competitiveness and enhance investment in the real estate sector”. A Dubai government statement issued on Tuesday evening stated Law No… Continue reading Dubai Issues New Law Covering Jointly Owned Properties...
Dubai issued in September a new pertaining to the joint ownership of real estate in the emirate. Law No. (6) of 2019 outlines the procedures concerning the maintenance of buildings and common areas in addition to what share of costs each owner should pay. One of the key changes under the new law is the… Continue reading Interpreting Dubai’s New Law Governing Jointly Owned Properties...
It is a quarter past nine on a Tuesday morning and while motion in the lobby of the decades-old Dubai Land Department building is still slowly coming to life, two floors up, the offices of Dubai’s Real Estate and Regulatory Authority (RERA) is already a whirlwind of activity, the atmosphere abuzz with ringing phones and… Continue reading Tech Used to Entice Global Investors to Dubai’s Property Market...