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.…
A number of delegations visited the UAE in the past period with the aim of focusing on the terms of cooperation between the UAE and various European governments with respect to the promotion of the Islamic finance sector. This definitely is helping in shaping the progressive role the UAE is playing in the development of…
We contributed the UAE chapter in this guide by Meritas as part of the global alliance of business law firms in the network. The purpose of this guide is to give HR managers, in-house legal counsel and commercial managers an overview of employee rights and employer obligations when businesses are transferred, so they can better…
For the past three months, the UAE government and the emirate of Dubai have announced a number of legal and regulatory changes which are expected to have a direct impact on the development and growth of a sustainable Islamic economy based on international standards. Rima Mrad and Aqsa Khan Sadiq provide an overview of recent developments…
Following the developments in the Islamic finance sector in the UAE in the last quarter of 2014, a number of major announcements have been issued in the beginning of 2015 confirming the UAE’s commitment to foster the expansion of this sector and the increasing confidence by international investors in the future of this industry. Dubai…