Insight Category: Regulatory & Legal Updates
Michael Kortbawi, Partner and Maamoon Ashraf, Associate at BSA Ahmad Bin Hezeem & Associates LLP (former Bin Shabib & Associates LLP) discuss Qatar’s new Central Bank Law and elaborate on some of the changes that have paved way for the Qatar Central Bank to act as as single financial regulator for Qatar’s insurance sector. A… Continue reading New Qatar Banking Law Paves Way For A Single Financial Regulator...
UAE has in the past seen a financial crisis which exposed some of the inherent weaknesses of conventional systems of financing. With the slower economic growth and unsteady market conditions, investors are opting for stable, well-governed, financial options which dole out high yielding returns. Maymoona Talib looks at some of the most innovative solutions being… Continue reading Country Feature – UAE: Exciting Growth Opportunities...
Antonios Dimitracopoulos, Partner and Head of Arbitration, explains how local jurisprudence is likely to deal with ambiguous and contradictory dispute resolution clauses. Back in the days of frenetic financial growth, the last things on people’s minds were all the nuances of dispute resolution clauses. However, in the UAE a high level of importance on procedure… Continue reading A Matter Of Interpretation … Decisions On Arbitration Clauses In the UAE...
The global economy has experienced much uncertainty in recent years, however 2014 is predicted to be muchhealthier. Both Michael and Nadim have witnessed thisup-tick. “We have definitely experienced an increase in activity through the first quarter of 2014,” says Michael. “Dubai has especially felt this surge in activity with the announcement in late 2013 of… Continue reading 2014 Q1 Review – Sector Spotlight On The Current Climate In Dubai...
Rima Mrad and Nadim Bardawil of BSA discuss the main factors contributing to the growth of the Middle Eastern (re)insurance market. The insurance and reinsurance industry in the Middle East region is witnessing growth at a noticeable rate. The insurance legislations in many Middle Eastern countries are being reviewed or have recently been reviewed with… Continue reading A Lucrative Market – Growth of the Middle East Reinsurance Market...
With Dubai’s recovery from the last property bubble burst being now tangibly felt, are there any lessons to be learnt from the events that lead to an unprecedented increase in construction disputes? Antonios Dimitracopoulos, Partnerand Head of Construction with Bin Shabib & Associates, examines how lack of trust is essentially the cause of damaged relationships… Continue reading Rebuilding Trust Between The Contractors and Developers In The UAE...
The practice of retaining a percentage of the risk and local or legal cession is done in order to develop the local market to become fair and competitive. In contrast to retention requirements, which impose a percentage of risk insurers need to retain themselves, local cession is usually imposed by regulators as a way to… Continue reading Compulsory Retention Rates Across The MENA Region...
Mamoon Ashraf of BSA Ahmad Bin Hezeem & Associates LLP examines a growing trend towards greater consumer protection in the Gulf Cooperation Council countries and wider region. Overview ’75 Million’. This figure represents the total number of visitors to one of the many shopping malls in Dubai last year (you can hazard a guess as… Continue reading Sound Consumer Protection – A Serious Issue In The UAE and GCC...
The DIFC, Dubai’s, Common Law jurisdiction has recently amended its arbitration law in order to expand the jurisdiction of its Courtswith regard to staying proceedings in favour of arbitration. Antonios Dimitracopoulos, Partner and Head of Arbitration at BSA Ahmad Bin Hezeem & Associates LLP, DIFC, looks at the long term repercussions of this recent development,… Continue reading The Dubai International Financial Centre Arbitration Law...
UAE amends criminal sanctions involving bounced cheques TheOn 26 October 2020, the UAE Cabinet approved a cabinet resolution amending certain provisions of the Federal Law No. 18/1993 promulgating the UAE Commercial Code, (“the Resolution”). The amendments made by the Resolution, which will come into force by the end of 2022, include modification of rules dealing… Continue reading Legal Brief...