The maritime sector has always been significant to the growth of the UAE economy over the decades. This has been most apparent in Dubai where the creation of Jebel Ali Port and the Dubai Dry Docks in the 1970’s laid the foundation for Dubai to become the maritime hub for the Middle East, in much…
The UAE Insurance Authority issued Board of Directors’ Resolution No. (14) of 2020 on the Amendment of Some Provisions of the Insurance Authority Board of Directors’ Resolution No. (15) of 2013 Concerning Insurance Brokerage Regulations dated 30 March 2020 (“the Resolution”). The Resolution allows, subject to a submitted application and consent of the Insurance Authority…
In contracts where payment is intended to be made upon the occurrence of specific events or the satisfaction of certain conditions it is paramount, for any payment claim to be successful, that such events and conditions be clearly defined, as well as convincingly proven to have occurred. In a recent arbitration concerning a claim by…
In Oman, the registration, use and enforcement of trademarks is regulated by the Law of Industrial Property Rights, promulgated under Royal Decree No. 67/2008, the (“IP Law”). The Ministry of Commerce and Industry (“MOCI”) issued the Executive Regulations of the IP law, which govern the application of the law and its provision, under Ministerial Decision…
Risks and Trends for 2020 – Authored by Martin Kreuzer, Risk Manager Cyber Risks, Munich Re A Legal & Regulatory Perspective from the Middle East – Authored by Simon Isgar, Partner and Head of Insurance/Reinsurance, BSA As global insurer and reinsurer of cyber risks, Munich Re is closely watching developments of cyberattacks to provide suitable insurance…
In line with other economic relief measures implemented by the UAE Government, the UAE Cabinet issued the Ministerial Decree number 20-2020, “the Decree” on 31 March 2020 which applies further reductions on official fees for 104 different services provided by the UAE Ministry of Economy. Trademark services in particular benefit from this decree as it…
An employer is currently legally entitled to have their employees work from the office. While a complete lockdown due to the COVID-19 outbreak is yet to be announced in the UAE, the government on Monday called upon the public to stay at home except in cases of necessity, including getting essential supplies, such as food…
UAE Compliance Update Over the past year, several key compliance regulations have been introduced across the UAE. See below a brief summary of these changes and how they may affect your business. Our expert team of corporate lawyers are ready to assist you in ensuring full compliance with these important changes as well as in…
The Foreign Direct Investment Law (Decree No 19 of 2018) established a framework enabling up to 100% foreign ownership of UAE businesses, outside of the designated freezones. Previously, foreign ownership was restricted to 49%, and ownership of at least 51% by a UAE national or company was mandatory. The several possibilities put forward by this…
Insurance Financial Reporting Standards (IFRS) 17 represent a new and unprecedented international reporting and disclosure regime for the insurance industry [1]. IFRS 17 takes effect in January 2021 [2]. There have been many publications and a wealth of information on the reporting and disclosure standards in IFRS 17 offering guidance to the insurance industry, many…