With VAT still being a fairly new concept in the UAE, the following article delves into the general principles contained within the VAT Laws and goes into detail on what the law says about the Export of Services from the UAE. The general principles contained in the VAT Laws state that the Export of Services…
The insurance brokerage in the UAE, like the rest of the insurance sector, is regulated by the UAE Insurance Authority. This has merged with the UAE Central Bank, which is now the unified regulator for the banking and the insurance sector. The regulation currently providing statutory guidance on licensing and functioning of insurance brokers in…
The judicial system in the United Arab Emirates (“UAE”) is one of the most dynamic systems in the world, in terms of adapting to both social and business needs. Being among the major business hubs and home to multiple small to medium-sized emerging businesses, UAE is constantly required to update its judicial practice to cover…
This is the first of two articles discussing the challenges that Dubai can overcome to become a global leader in the creative arts. It is now incontrovertible that Dubai ranks near the top of those metropolises fortunate enough to carry the label of “Global City”, with its ascent being almost meteoric. Whatever the…
Speedier commercial cases, reshaped economic rights for women and local HQ requirements all prove good news for cohesion in the region. International businesses that contract with the Kingdom of Saudi Arabia have only three years to set up regional headquarters in the country, it was recently decreed. The decision that KSA will not contract…
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…
Small investors: imagine owning a property by browsing a website and buying a piece of property that appeals to you – just as you buy a piece of clothing you find appealing online from one of your favourite brands. Prospective entrepreneurs: imagine pitching a project or business through an online platform and raising funds from…
Earlier in September 2020, the UAE Cabinet issued decree number 15 of 2020, “The Decree”, and introduced several progressive amendments to Federal Law No 3 of 1987 of the Penal Code “The Amendment”, which will have a significant impact on the personal and family lives of expats and UAE residents. One of the biggest changes…
The Saudi Central Bank (SAMA) is launching a new initiative – Open Banking – that promises to stimulate growth and innovation in the Kingdom’s financial services industry. Already an established protocol in the UK and Europe, Open Banking allows consenting customers to securely share their data with third parties. Once deployed in KSA in the…
For those busy insurance/reinsurance professionals out there, BSA have provided a snap-shot of last year’s UAE insurance laws and what to watch out for in 2021. The formal declaration of the outbreak of Coronavirus as a pandemic (Covid-19) on 11 March 2020 sent shockwaves around the world and the insurance industry has been hit hard.…
