Insight Category: Regulatory & Legal Updates
Senior associate, Bassel Boutros, recently spoke to Arabian Business about the new UAE Bankruptcy Law, providing further details on the major changes set to take effect in May 2024. What were the key amendments made to the UAE’s bankruptcy law? Bankruptcy law was first introduced in 2016, during more than 7 years of practice said… Continue reading UAE Bankruptcy Law: New rules hold managers, directors more accountable...
The following chapter, written by Ahmed El Sayed for Global Legal Insights, delves into Litigation & Dispute Resolution Laws and Regulations for 2023 in the UAE. The chapter, which forms part of a global disputes guide, can be read in full below. 1. Introduction The UAE chapter in this edition describes the UAE legal system… Continue reading GLI: Litigation & Dispute Resolution Laws and Regulations 2023 I UAE...
The term energy transition originally referred to prospective solutions against the 1970s energy crisis. The 1973 Yom Kippur War and the 1979 Iranian Revolution led to several consecutive interruptions in exports from the Middle East to the Western world, causing oil shortages and soaring prices. In this report BSA have joined forces with the Legal… Continue reading THE ‘POWER’ GAME: Phasing out fossil fuels and developing renewable energies in the GCC...
TMT and Fintech partner, Nadim Bardawil, recently spoke to Arabian Business regarding the DIFC’s new Digital Assets Law, which came into effect on March 8, and defines the legal characteristics of digital assets as a form of property, outlining how they can be controlled, transferred, and dealt with by interested parties. What does this mean for Dubai’s… Continue reading Dubai’s DIFC launches ‘groundbreaking’ Digital Assets Law...
The Emirates News Agency recently announced the official establishment of the General Commercial Gaming Regulatory Authority (GCGRA) in the United Arab Emirates as a federal authority to introduce a world-leading regulatory framework for a national lottery and commercial gaming. The landscape of hospitality and gaming offerings will therefore soon see dramatic developments, which will be… Continue reading General Commercial Gaming Regulatory Authority (GCGRA) – New Era in Legal Gaming...
Recently, His Highness Sheikh Mohammed bin Zayed Al Nahyan, in his capacity as the President of the United Arab Emirates, issued Federal Decree-Law No. (20) of 2023 amending certain provisions of Federal Decree-Law No. (33) of 2021 regarding the regulation of the employment relationship. The decree will come into effect on January 1, 2024 and… Continue reading An overview of Federal Decree-Law No. (20) of 2023, concerning jurisdictional rules regarding labour disputes...
In this article we look at the most recent changes to Fertility Law in the UAE, moving the country closer than ever before to broader international principles, particularly for the non-Muslim community in the country, whether married or unmarried. These changes promise to benefit the UAE and all of its people for the reasons that… Continue reading Further liberalisation of UAE fertility law – surrogacy now an option for non-Muslim expats...
As Saudi Arabia continues to align its economic framework with Vision 2030, significant proposed changes to the Income Tax Law (ITL) and related regulations have been introduced for public consultation. This Q&A aims to shed light on these developments, emphasizing that these are proposed drafts and not yet enacted laws. Q1: What are the key… Continue reading Navigating the Proposed Changes in Saudi Arabia’s Tax Landscape...
A new Federal Decree-Law No. 51/2023 on issuing Financial Reorganization and Bankruptcy Law has been published in the official Gazette on 31st of October 2023 abrogating Federal Decree-Law No. 9/2016. The above-mentioned new Federal Decree-Law will enter into force on 1st of May 2024, while the Cabinet is expected to issue its implementing regulations, several… Continue reading The New UAE Bankruptcy Law: A Better Regime In The Making...
Designated Non-Financial Business or Profession In the context of the United Arab Emirates (UAE), the term “DNFBP” refers to Designated Non-Financial Business or Profession. DNFBPs are businesses or professions that are not traditional financial institutions but are still capable of being used for money laundering (ML) or terrorist financing (TF) due to the nature of… Continue reading Overview of the DNFBP AML Requirements in the UAE with a specific focus on real estate brokers...