The Saudi General Investment Authority (SAGIA) and the Ministry of Commerce and Industry (MOCI) have recently announced that they were preparing joint studies to implement the directives of King Salman, following his latest visit to the US, aimed at allowing US and other foreign investors to fully own retail and wholesale businesses in the Kingdom.…
As the UAE continues its ascent towards fully digitising all government services, significant progress has been made in the healthcare sector. From a regulatory standpoint, it is interesting therefore to observe the development of the regulations surrounding medical data in the UAE. Federal Law It is well established that the UAE does not have dedicated…
The UAE is booming despite turmoil in the surrounding area and a depressed oil price, and firms expect a further boost when sanctions against Iran are lifted. Senior Associate, Barry Greenberg discusses this in a panel. What have been the highlights of 2015 so far for you and what sort of market trends do you…
The UAE Federal Insurance Authority (IA) has recently issued its new Resolution 7 of 2015, amending Resolution 9 of 2011 (issued by the Board of Directors of the Insurance Authority), concerning the instructions to license and regulate the control of the activities of the companies to manage medical insurance claims. This Resolution contains several important…
The job of an Insurance Regulator is not easy. The Regulator is called upon to make determinations that from time to time, will adversely affect the interests of a group or particular entity, and will thereafter face intense criticism from that group or entity. Meanwhile, the group or entity that benefits from that same determination…
In this article, Johnny El Hachem provides an overview of two significant projects in Lebanon: The Water Supply Augmentation Project and the Electronic Trading System. Water Supply Augmentation Project For years, Lebanon struggled with water shortages in the summer and fall. It only stores 6% of its water resources, compared to the regional average of…
The common practice is that the main contractor will contractually delegate various elements of its works to specialist subcontractors. Such subcontractors may be sourced and chosen by the main contractor or may be specifically nominated by the employer. The UAE Civil Code1 at Article 8902 expressly provides for the right of the main contractor to subcontract,…
The international Islamic economy continues to grow and Dubai made good progress towards its ambitious aspiration to become the leading Islamic business hub. This article is a summary of the progress and the major transactions made in the UAE lately. Dubai International Financial Center (DIFC) The Dubai International Financial Center has designed a 10-year strategy…
It is common practice for parties entering into contractual arrangements to insert restrictive provisions constraining or limiting either of the parties’ legal or contractual rights. Such provisions work to restrict a party from committing a certain act in the future, or oblige a party to perform a certain obligation at a predetermined time. The objectives…
Recent moves in the UAE and Oman mean an increasingly regulated Islamic Insurance sector throughout the GCC region. Barry Greenberg and Raghad Hammad of BSA examine these changes and their impact. What’s happening and why? The UAE has recently enacted new prudential Takaful regulations covering the Takaful insurance market and Oman is introducing similar regulations.…