Insight Category: News
All UAE business owners and managers should be aware of the very recent decision of the Dubai Court of First Instance in the matter of the Bankruptcy of Marka Holdings PJSC, which is indicative of the risk that a company’s Managers and Directors may face in an underfunded bankruptcy under the provisions of the UAE… Continue reading Marka Group Bankruptcy Update...
As blockchain and cryptocurrency regulations in the region begin to grow, numerous start-ups are showing interest, along with major financial institutions seeking to develop this innovation across the region.The concept of tokenisation of real estate assets involves creating a virtual token that represents ownership of a particular type of asset. Similar to the recent digital… Continue reading Tokenization of real estate assets: explained...
Earlier in September 2020, the UAE Cabinet issued decree number 15 of 2020, “The Decree”, and introduced several progressive amendments to Federal Law No 3 of 1987 of the Penal Code “The Amendment”, which will have a significant impact on the personal and family lives of expats and UAE residents. One of the biggest changes… Continue reading Alcohol and Trademarks Practice in UAE...
The Saudi Central Bank (SAMA) is launching a new initiative – Open Banking – that promises to stimulate growth and innovation in the Kingdom’s financial services industry. Already an established protocol in the UK and Europe, Open Banking allows consenting customers to securely share their data with third parties. Once deployed in KSA in the… Continue reading Saudi Central Bank Launches Open Banking Initiative...
This is the first of two articles discussing the challenges that Dubai can overcome to become a global leader in the creative arts. It is now incontrovertible that Dubai ranks near the top of those metropolises fortunate enough to carry the label of “Global City”, with its ascent being almost meteoric. Whatever the measure of… Continue reading Dubai Art Scene – How to Improve the Picture...
The judicial system in the United Arab Emirates (“UAE”) is one of the most dynamic systems in the world, in terms of adapting to both social and business needs. Being among the major business hubs and home to multiple small to medium-sized emerging businesses, UAE is constantly required to update its judicial practice to cover… Continue reading Nuts and Bolts of Decision No. 26 of 2020 Covering Small Claims Tribunals...
The insurance brokerage in the UAE, like the rest of the insurance sector, is regulated by the UAE Insurance Authority. This has merged with the UAE Central Bank, which is now the unified regulator for the banking and the insurance sector. The regulation currently providing statutory guidance on licensing and functioning of insurance brokers in… Continue reading Draft Insurance Broker Regulations: What could change?...
With VAT still being a fairly new concept in the UAE, the following article delves into the general principles contained within the VAT Laws and goes into detail on what the law says about the Export of Services from the UAE. The general principles contained in the VAT Laws state that the Export of Services… Continue reading UAE VAT Laws and Export of Services...
The Dubai Land Department (DLD) has stated that a new draft law is set to keep rents in Dubai unchanged for a three-year period. This follows a prediction by the DLD’s Director General in early January this year, after the DLD’s recommended clauses for the new law were accepted. No date has been set for… Continue reading Dubai Rent Freeze...
In late January 2021, the Small to Medium-Sized Enterprises (SME) Market Conduct Regulation (“Regulation”) was circulated to all banks and finance companies licensed by the Central Bank in the UAE (“Financial Institutions”). It comes as the UAE seeks to improve and enhance the financial services received by small and medium-sized enterprises (“SMEs”) in the UAE,… Continue reading New SME Market Conduct Regulation...