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…
The first half of 2016 has justified what many analysts have forecasted in regards to the shipping insurance sector in the Gulf Region – that it will maintain the trends witnessed in 2015, with one salient exception – Iran. Regional developments have not necessarily spiraled, but economic conditions have not improved significantly either. Thus, the…
This month witnessed the much-awaited announcement regarding the establishment of a national regulatory authority for Shariah in the UAE which is expected to further promote the overall local Islamic economy. Earlier in May, the UAE cabinet approved the launch of a national regulatory Shariah authority which will be in charge of supervising the Shariah boards of individual banks and…
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…
Après plusieurs années de négociation entre l’Iran et les membres permanents du Conseil de Sécurité de l’ONU plus l’Allemagne (P5+1), la levée des sanctions contre l’Iran est désormais acquise avec quelques limitations de personnes listées sur une liste dite « SDN » et contrôle par l’Agence Internationale de l’Energie Atomique (AIEA). Cet accord a été défini dans…
Meritas Law Firms Worldwide is proud to present its European and Middle East Guide to Litigation, Arbitration and ADR. If you are facing a dispute in Europe or the Middle East, this guide will help you navigate some of the key issues and jurisdictional differences that you may encounter. For further information, or country specific…
The lifting of sanctions in Iran could give a major boost to what is already Mena’s dominant Takaful market – but a lack of transparency and fragmentation in the global Takaful industry is clouding the true extent of its potential. Iran The easternmost country of the Middle East with a population of almost 80 million…
The Dubai Financial Services Authority (DFSA), which regulates all Financial Services within the Dubai International Financial Center (DIFC), in November, 2015, issued its Consultation Paper No. 103 (CP103), proposing changes in how entities engaged in providing insurance related products and services will be regulated. This is of keen interest to all entities that provide such…
The UAE is moving ahead with its plans with respect to the development of the Islamic economy. 2016 started with the announcement of a number of Islamic compliant transactions that further foster Dubai’s objective to become a global Islamic capital. Islamic products are getting more popular and in a recent study by Bloomberg, it has been noted that UAE residents are inclined to choose…
One of the most attractive benefits in resorting to arbitration is a tribunal’s power to award costs. These would normally include the tribunal’s fees and expenses as well as those of any arbitral institution involved. However, as is now widely known in UAE legal circles, the parties must specifically empower the tribunal to award legal…