UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued the Federal Law on ‘Netting’, its provisions shall apply to all qualified financial contracts and netting agreements specified under this law which are entered into by any person in the state. The law seeks to strengthen the legislative framework for the settlement of…
The recruitment of expats in Oman is regulated by Oman Sultani Decree No. 35/2003 (the “Labour Law”). The provisions of the Labour Law governing the recruitment of expatriates are summarised below. Article 18 of the Labour Law stipulates that an employer is prohibited from hiring non-Omani workers unless the employee has obtained a permit from…
Effective as at 1st October 2018, the Insurance Distribution Directive ((EU) 2016/97) (IDD) [1], (Insurance Distribution Directive (IDD)) and its statutory provisions will apply to all EU distributors of insurance products and replaces the Insurance Mediation Directive (2002/91/EC) (IMD) [2]. The IDD provides wider application in terms of extending compliance of the rules to insurance…
BSA Bin Shabib, Al Rashdi & Al Barwani (BSA), on Wednesday, October 17, signed a Memorandum of Understanding (MoU) with Zubair Small Enterprises Centre (Zubair SEC) to jointly host a workshop and legal clinic in Oman, which will offer free consultations for small and medium-sized enterprises (SMEs) operating in the Sultanate. The MoU was signed…
Law firm, BSA, in partnership with Dubai DED, will offer free legal advice to the public for one day only, in fields including litigation, real estate, employment and corporate matters. The Department of Economic Development (DED) in Dubai and BSA Ahmad Bin Hezeem & Associates LLP, one of the region’s leading legal service providers, will…
The Abu Dhabi Department of Economic Development (ADED) announced on Saturday 15th September 2018 the launch of the first phase of its Dual Licenses Initiative (DLI). The initiative enables companies operating offshore in the Emirate’s free zones to carry out their commercial activities onshore in Abu Dhabi, Al Ain and Al Dhafra regions. WHAT ARE…
The President of UAE passed a law amendment number 2 of 2018 on UAE Cybercrime law to amend the sanctions under articles 26, 28 and 42 of the said law (“Cybercrime New Amendment”). The Cybercrime New Amendment was published on August 13, 2018 and increases the range of imposed sanctions against violators. It also introduces…
A new chapter for thousands of visa violators in the UAE The UAE government introduced the amnesty program which allows illegal residents in the United Arab Emirates (“UAE”) to regularize their status or leave the country without facing fines or legal ramifications. This program’s moto is “Protect Yourself by Modifying Your Status” and will run…
The UAE Trademark Department has issued an administrative decision to restrict the amending of trademark applications at the prosecution stage. In addition, the Dubai Economic Development Department has released a seasonal report to demonstrate their proactive approach to online enforcement, the removal of violating social media accounts and the advanced protection of trademark rights. Trademark…
Saudi Arabia will introduce its first comprehensive bankruptcy law on 18 Aug. 2018 in a move designed to encourage foreign and domestic investment in private business. The move is also seen as providing a boost for competitiveness and jobs, and to help pave the way for the transfer of knowledge and skills as part of…