A Tenant’s legal remedy when an apartment goes up in smoke After the recent spate of fires in Dubai, questions arose regarding tenant rights when an apartment suffers damage. It is difficult times when tenants have to find alternate accommodation after a fire, while advance rent has been paid and the landlord holds postdated rent cheques…
Update on Bankruptcy Law Project in the United Arab Emirates As attractive and financially lucrative operating a business in Dubai may seem, uncertainty still plagues the business environment which is so heavily reliant on global trade and commerce. Today, Small and medium-sized enterprises (SMEs) are under pressure amid weak oil prices and slowing global economic…
New UAE Funds Regulation and its Effect on Insurers In June 2016, the UAE Securities and Commodities Authority (the “Authority”) issued Authority Chairman Resolution No. (9/R.M) of 2016 Concerning the Regulation of Mutual Funds (the “Regulation”), which will become effective upon publication in the Official Gazette. Authority Chairman Resolution No. (10/R.M) of 2016 has also…
On Wednesday, 20 July 2016 saw the Sulafa Tower in the Dubai Marina, a 78-storey high-rise residential building, suffer extensive fire damage as a result of the spread of a fire on the exterior of the building. This building is recorded as having 702 apartments with the construction having been completed in 2010. It is…
For some while, the Dubai Department of Economic Development (DED) has had a Commercial Control and Consumer Protection Department (CCCPD), dealing with consumer disputes. However, it has recently set up a new sub-department, called the Business Protection Department (BPD) which will function as a local commercial dispute-resolution and settlement body. In the past, there were numerous disputes among businesses and professionals in Dubai but although…
Introduction In February 2016, the Ministry of Finance announced the introduction of Value Added Tax (“VAT”) in the UAE, and has ended a long period of speculation and discussion of “when” and “if” VAT would be introduced. According to the announcement, the UAE will impose VAT at a rate of five percent on the sale…
Bertrand Dumon, Partner at BSA has recently advised French entrepreneurs, the founders and owners of premium, innovative sushi restaurant chain SushiArt in its acquisition by Eathos, the Dubai DIFC based regional restaurant operating company. Eathos was advised by Gibson Dunn in the buyout. This deal sees co-founder Cedric Cerf remain on the management team to…
Speaker at business forum organised by Turkish Ministry of Economy and Turkish Exporters Assembly (TIM) as TIMAKADEMI. Held in Adana, Turkey on 1 June 2016. Topic: Doing business in Saudi Arabia Speaker: Cyrille Naffah, Senior Associate The topics of discussion were: Current economic relationships between Turkey and Saudi Arabia Incentives offered by Saudi Arabia to…
Speaker at Business Breakfast organised by SABCO. Held at Warwick Hotel, Dubai on 1 June 2016. Topic: The future of VAT Speaker: John Peacock, Senior Associate and others The topics of discussion were: VAT in the UAE and GCC Getting prepared for VAT VAT tips, tricks and traps If you have queries related to VAT,…
Mergers and acquisitions, whether from the perspective of the Seller or the Buyer entail considerable preparation, research, adjustment, and due diligence. In most jurisdictions, including the UAE, in spite of the market’s relatively small size, only a minority of mergers and acquisitions successfully conclude without snags. While the legal considerations are varied, there are many…