There are a number of precautions that ought to be taken into consideration prior to investing in a UAE business. With Expo 2020 Dubai fast approaching, many businesses are looking to enter the UAE market and existing businesses are looking to expand their presence. With that said, there are a number of precautions that ought…
Six years ago, the United Nations put together a universal call to action to end poverty and protect the planet. This was in the form of the Sustainable Development Goals (SDGs), also known as the Global Goals. Access to affordable, reliable and modern energy was demarcated as one of these SDGs, with renewable energy noted…
In association with Premium Insurance Magazine, BSA will be hosting a webinar discussing ‘Anti-money laundering (AML) regulations and the impact on the insurance industry’. This comes as the UAE Central Bank has issued new guidelines as part of a joint effort between the Supervisory Authorities of the UAE, regarding factors that must be taken into consideration by…
The following article was originally published for BSA in Premium Insurance Magazine: The Concept of Healthcare/Medical Trust Can Medical Insurers offer new product structures to gain market share? Health Insurance is by far the largest line of risk, alongside motor insurance in the Middle East. Both lines of insurance tend to be mandatory in several…
This article explains the recent developments relating to UAE’s new ‘Data Law’, introduced as part of the country’s ‘Projects of the 50’ initiatives. The UAE is celebrating its golden jubilee (50 years as a unified nation), and the ‘Projects of the 50’ initiative is a series of social and economic development projects that the…
In the following article, originally published in The Oath Magazine, Rima Mrad and Bradley Moran offer a comparison of the Foundations in the ADGM, DIFC & RAK ICC – the formation, key features and differences. Foundations are a form of hybrid entity similar to both a private company and a trust structure. Combining the mechanisms…
What & Why? Foundations are a form of hybrid entity similar to both a private company and a trust structure. Combining the mechanisms of both a Foundation is established for beneficial purpose determined by the ‘Founder’ yet retains a corporate level of independent legal personality. With the benefit of the independent legal personality Foundations are…
The English High Court has recently handed down a judgement in a test case related to “Business Interruption” insurance in the context of the COVID19 pandemic, which provides an interesting angle in respect of coverage issues and general English law [insurance] contract interpretation. The Financial Conduct Authority v Arch and Others[1] essentially addressed the legal…
UAE Cabinet Decision No. 58 / 2020 is to be implemented to regulate the minimum obligations of the corporate entities incorporated in the UAE mainland and in the non-financial free zones (each an “Entity”) by requiring disclosure at the initial incorporation/registration stage, and maintenance thereafter, of a “Register of Real Beneficiaries” and “Register of Partners or…
What kind of legal protection against salary cuts and redundancy is afforded to employees in the UAE? The Ministry of Human Resources and Emiratisation (‘MOHRE’) has issued, on 26 March 2020, Ministerial Resolution no. 279 of 2020 (the ‘Resolution’) to help employers cope with the hardships arising from the COVID-19 outbreak. The Resolution enables private…
BSA has recently made a partner-level personnel move for its Muscat office. Arsalan Tariq was hired two years ago by BSA’s, DIFC office and promoted to Partner at BSA’s Muscat office in January 2020. Now, Arsalan physically moves to BSA’s Muscat office as a Partner and Head of the Corporate Department. In his new role, Arsalan…
The emirate of Ras Al Khaimah (RAK) has now allowed 100% foreign ownership to companies in the mainland in order to attract more foreign direct investment (FDI) into the emirate. The RAK Economic Zone (RAKEZ), the free zone, home to 15,000 companies, announced the new company formation structure under the emirate’s programME to attract more…
