Insight Category: Regulatory & Legal Updates
On June 14, 2023, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the ruler of Dubai, issued Decree No. 25 of 2023 regarding the establishment of the Probate Court in the Emirate of Dubai, whereby the previous decree no. 6 of 2022 was repealed and replaced with this new decree. With the aim of refining… Continue reading Key legislative amendments regarding the Probate Court in Dubai...
Writing and reinsuring business from and within the Kingdom of Saudi Arabia has always presented challenges to the (re)insurance markets, particularly the London markets, where it is common to use London Market Wordings for ceded risk. Historically, Saudi Arabia, unlike the United Arab Emirates have not had the benefit of a codified civil law and… Continue reading (Re) Insurance Legal Update – Saudi Arabia: The New Saudi Civil Code– Coverage Issues and Wider Implications for the (Re)insurance markets...
After much anticipation, the new Labour Law was issued on July 25th, 2023, through Royal Decree 53/2003 (“New Law”). This comprehensive legislation introduces a myriad of enhanced benefits and novel entitlements for employees in Oman. Striking a balance between employer and employee interests, the New Law is a testament to precision and meticulousness, setting the… Continue reading Oman welcomes the new Labour Law...
The Ministry of Finance recently announced Cabinet Decision No 74 of 2023 (the Cabinet Decision) on the Executive Procedure of Federal Law no 28 of 2022 on Tax Procedures (New Tax Procedure Law). The Cabinet Decision repeals the and replaces the previous Executive Regulations on Tax Procedures and includes updated definitions, processes and procedures which… Continue reading UAE Corporate Tax: New Tax Procedure Law...
As the DIFC issues adequacy decision on CCPA, BSA TMT associate Hala Harb gives her comments to SME10X. The decision facilitates personal data transfers between DIFC and California-based entities in accordance with the DP Law 2020, without having to apply additional contractual measures. It also sees DIFC setting a first-time precedent for building similar relationships with… Continue reading DIFC Issues First-of-its-Kind Adequacy Decision on The California Consumer Privacy Act...
Introduction The UAE chapter in this edition describes the UAE legal system from various perspectives, including the judiciary system, its formation, the primary steps of the legal proceedings, and other essential information with respect to the litigation process in the UAE. It is worth noting that this chapter mainly addresses the litigation proceedings before the… Continue reading Global Legal Insights: UAE Litigation & Dispute Resolution Chapter 2023...
Regulatory Alert: Escrow Accounts Mandated for Insurance Agents & Brokers, & TPAs, UAE The United Arab Emirates Central Bank (CBUAE) have issued Notice No. CBUAE/BSD/2022/4708, dated 22 November 2022 in respect of “Activating the Requirements of Escrow Account for Funds & Premiums of Insurance Companies” (the “Notice”). What does this mean in real terms for the industry.… Continue reading Regulatory Alert: Escrow Accounts Mandated...
IntroductionThe UAE has long positioned itself at the forefront of innovation in the region and is now strengthening its status by becoming the hub for crypto investors in the Middle East. Following the footsteps of the regulators in the ADGM, DMCC and mainland, the DFSA has published its Regulation of Crypto Tokens (the “Crypto Token… Continue reading Regulation of Crypto Tokens...
As per our Article published regarding Corporate Tax in the UAE and our Interview on Corporate tax which is available at the following: What will Corporate Tax look like for companies, we stated corporate tax was coming and can now confirm with absolute certainty, will be effective from 1 June 2023. Federal Decree-Law No.47 of… Continue reading UAE Corporate Tax: What you need to know...
Background In a significant recent award, a Tribunal appointed by the LCIA held that the doctrine of estoppel by convention forms part of DIFC law. The underlying dispute concerned amounts claimed under unpaid invoices issued pursuant to contract for the provision of entertainment content to a broadcasting entity, spanning over seven years and governed by… Continue reading Arbitral Tribunal Recognises Estoppel by Convention as Forming Part of DIFC Law...