Central Bank Digital Currencies (“CBDC“) are a new form of digital currencies, sharing similar functions and the basic value as traditional banknotes and coins in general, such as being a source of value, an accounting unit, and a tool for exchange and currency exchange operations. As the history of money tells the story of struggles…
Changes to the DIFC Employment Law serve to clarify ambiguities regarding the existing law and will increase the financial centre’s attractiveness. Bradley Moran, elaborates on the latest amendments to Dubai International Financial Centre’s Employment Law and what they mean for the hub’s employees and employers. Notable changes for all DIFC employers and employees include: Seconded…
One of the recent popular discussion topics across all social platforms in the UAE has been about the rights of landlords and tenants in regard to rent increases and eviction notices. There is a lack of clarity around: When can a landlord increase rent? Can a landlord increase rent arbitrarily? When does a landlord have…
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…
The following article was originally published for BSA in Arabian Business and discusses the implications of the Dubai Courts’ specialised money laundering court. In August, Dubai Courts announced the establishment of a specialised court, focused on combating money laundering, within the Court of First Instance and Court of Appeal. The move, which seeks to strengthen…
In an announcement made on Saturday 18 September 2021 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Emirates Maritime Arbitration Centre and the Dubai International Financial Centre Arbitration Institute are to be dissolved and their operations and assets merged into the Dubai International Arbitration Centre (‘DIAC’). Decree No. (34) of 2021 replaces Decree…
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…
The following article was originally published for BSA by Arabian Business. The expatriate population of the UAE stands at 8.8 million, making up approximately 89 per cent of the total population. Previously, all residents who are not UAE or GCC nationals needed to have a sponsor for their residency, subject to renewal after a…
In the following series of articles, Barry Greenberg provides the reader with a comprehensive look at bankruptcy proceedings in the UAE, from beginning to end. The series consists of: Part 1: Procedures before filing bankruptcy Part 2: Suspension of the Debtors’ obligations in Bankruptcy Part 3: Bankruptcy: Settlement with creditors Procedures before filing bankruptcy…
The rise in the number of companies facing severe financial distress is an unavoidable fact of today’s economic market. The underlying causes of this distress are several and include the unresolved debt overhang from the last debt crisis, the slash in petroleum prices that began in 2015, and of course, the devastating effects of the…
