The UAE Bankruptcy Law is viewed as an improvement over the prior insolvency laws (as outlined in the Commercial Transactions Law), insofar as the Bankruptcy Law: 1. allows companies in financial difficulty the opportunity to reorganize their affairs in order to remain viable; 2. or in the absence of the ability to remain viable, allows…
UAE-based law firm BSA Ahmad Bin Hezeem & Associates LLP (BSA) was awarded Regional Law Firm of the Year 2019 at the prestigious ACC Middle East Legal Awards. The elite of the Middle East’s legal community gathered in Dubai to celebrate the Middle East Legal Awards. Having achieved a number of key milestones over the…
Introduction Insurance distribution in the Middle East has traditionally been procured through the insurance intermediary markets, such as brokers and insurance agents despite the fast-growing alternative distribution channels available to insurance providers. Bancassurance is one of the fastest growing distribution channels of insurance in the Gulf Cooperation Countries (GCC), in addition to the influence of…
The Saudi Arabian General Investment Authority (SAGIA), the authority for attracting, developing and enhancing international investment in Saudi Arabia, accompanied UAE-based law firm BSA Ahmad Bin Hezeem & Associates LLP (BSA) in hosting a series of business seminars in the United Kingdom and Ireland, to highlight key investment opportunities in Saudi Arabia. Titled ‘Doing Business…
Direct Distribution 1. May a foreign supplier establish its own entity to import and distribute its products in your jurisdiction? A foreign supplier seeking to import and distribute its products in the UAE may do so either by: • entering into a commercial agency agreement with a UAE national or a company wholly owned by UAE…
Resolution No 34/2019 – For the Issue of Unified Healthcare Insurance Policy Form Introduction The Health insurance market embraces itself for another mandated health insurance law in the Sultanate of Oman. Residents in Oman will be required to have in place a minimum level of medical insurance coverage with minimum benefits pursuant to the prescribed…
The growing awareness of socially responsible investments (SRI) in the energy sector by financial institutions and the majority of major contributors to the world economy is part of a number of factors increasing ethical and green projects and playing a key role in identifying the future potential role of this sector. Rima Mrad writes. As…
Law requires secure storage of healthcare data in UAE for 25 years Healthcare providers, insurers, brokers, IT providers must audit their compliance The United Arab Emirates is preparing to roll out a new law that will regulate the use, storage and privacy of healthcare data in the country. The law, which broadly mirrors the U.S.…
With a population that grew by 8% between 2014 and 2015, demand for financial, tourism, hospitality and manufacturing services is rapidly growing as Oman’s government moves towards its Vision for Oman’s Economy (Oman 2020), including the national programme for enhancing economic diversification. Attracting foreign investment is a major part of Oman’s drive to achieve this…
The Emirate of Abu Dhabi, under the guidance of its leadership, aims to adopt a series of care programs and initiatives to improve the quality of life of its citizens by providing adequate housing, free health care, food support, and many other subsidised services that will enhance the life of citizens. In line with Abu…
Insurance Financial Reporting Standards (IFRS) 17 represents a new and unprecedented international reporting and disclosure regime for the insurance industry [1]. IFRS 17 takes effect in January 2021 [2]. There have been many publications and a wealth of information on the reporting and disclosure standards in IFRS 17 offering guidance to the insurance industry, many…
Federal Law No.2 of 2019 – Using IT and Telecommunications in the Healthcare Sector Further to our recent Regulatory Alert “UAE Legal Update – Regulatory Alert Healthcare Federal Law No.2 of 2019 – Using IT and Telecommunications in the Healthcare Sector” We now set out further details of the Law in this Regulatory Alert (2).…