Radical Change for the Life Insurance Market

  The United Arab Emirates’ life insurance market is set for radical change in 2020 with the implementation of the “New Life Insurance and Family Takaful Regulations” [1]. The United Arab Emirates Insurance Authority (“IA”) promulgated Decision No. (49) of 2019 Concerning Instructions for Life Insurance and Family Takaful Insurance (the “Regulations”), which has wide…

Share and Share Alike

Rima Mrad of BSA Ahmad Bin Hezeem & Associates LLP looks at the potential impact of the new Foreign Direct Investment law on existing shareholding arrangements in companies. The enactment of the ground-breaking Federal Decree Law No. 19/2018 on foreign direct investments towards the end of 2018 was a clear indication of the UAE’s continuing…

The UAE’s New Regulation on Medical Liability and Its Impact on the Health System

“Long and healthy lives” – This is the United Arab Emirates (‘UAE’) Government’s strategy set up by the Ministry of Health and Prevention (the ‘MoHAP’) to reinforce the country’s health system and the efficiency of medical services. The Government intends, through its UAE Vision 2021, to provide equitable access to world-class medical care whilst actively…

UAE Anti-corruption & Bribery 2019

Anti-corruption Q&A 1. Legal and enforcement framework 1.1 Which legislative and regulatory provisions govern anti-corruption in your jurisdiction, from a regulatory (preventive) and enforcement (criminal) perspective? 1.1.1 The United Arab Emirates (UAE) has been fighting bribery and corruption since the 1980s with the enactment of Federal law 3/1987 otherwise known as the UAE Federal Penal…

UAE: Fintech (2nd Edition)

1. What are the sources of payments law in your jurisdiction? The United Arab Emirates (“UAE”) consists of “onshore” (“UAE Onshore”) and financial free zone jurisdictions, to which different sources of payments law apply. There are currently two financial free zones in the UAE: the Dubai International Financial Centre (the “DIFC”) and the Abu Dhabi…

Intellectual Property Right Assignments

Intellectual Property Right Assignments Q&A: United Arab Emirates Key aspects of intellectual property right assignments Definition of IP rights 1. Does the definition of “Intellectual Property Rights” in Standard document, Assignment of intellectual property rights: Cross-border: clause 1.1 include any rights that are not recognised in your jurisdiction? If yes, what are those rights? The…

UAE Chapter on Sanctions

Overview 1.1 Describe your jurisdiction’s sanctions regime The United Arab Emirates (“UAE”) has a complex sanctions regime based on a variety of sources. Sanctions are based on diverse interests, including political, economic and national security interests. Due to the rapidly changing nature of such interests, sanctions are susceptible to significant and constant changes. Sanctions in…