While the overall economic slowdown and disruption in the market has had some impact on the insurance sector as well, the UAE insurance market still seems to be going strong. Market reports state that Loss Ratios continue to present a positive outlook and the total written premium of the Industry for the half-year ended 2019…
Context One of the key strategic aims of Saudi Arabia’s Vision 2030 is to shift its oil-dependent economy to a knowledge-based economy. This multifaceted endeavor involves an extensive web of interweaving projects, initiatives and funds geared towards achieving this ambitious and important aim. Vision 2030 has identified the proliferation and success of small and medium…
The creation of a strong legal framework for commercial companies will positively impact the growth of FDI in the UAE Dubai is in the final countdown for the preparation of the long-awaited Expo 2020, which is set to open a year from now, in October. This is a key event set to take place in…
There is now a cap on all fees and payments paid by insurers to advisers for pure insurance or investment policies. The mis-selling of financial services products has affected many economies around the world where disposable income is relatively higher. In the UAE, to safeguard existing and potential customers, regulators have taken active steps to…
UAE expat residents who find themselves in financial difficulties, indebted to the point where their options are limited, fleeing to the airport with hastily packed overstuffed cases and a one-way ticket out of town, should breathe a sign of relief. The UAE Cabinet has recently issued its long-awaited personal Insolvency Law, meaning the number of…
Munir Suboh discusses Competition Law and how it has evolved in the region from the Practitioners Perspective. Munir Suboh, Partner and Head of Intellectual Property Practice at BSA Ahmad Bin Hezeem & Associates LLP examines the implementation of the UAE’s Competition Law. Federal Law No. 4/2012 on the Regulation of Competition has been in force…
The United Arab Emirates’ life insurance market is set for radical change in 2020 with the implementation of the “New Life Insurance and Family Takaful Regulations” [1]. The United Arab Emirates Insurance Authority (“IA”) promulgated Decision No. (49) of 2019 Concerning Instructions for Life Insurance and Family Takaful Insurance (the “Regulations”), which has wide…
Prior to the recent passing of the Omani Royal Decree No 53/2019 (the “Bankruptcy Law”), Oman law contained limited legislation governing the area of bankruptcy. The Commercial Law issued by the Royal Decree No 55/1990 and the Commercial Companies Law issued by the Royal Decree No 4/1974 and their related amendments continued to provide the…
Rima Mrad of BSA Ahmad Bin Hezeem & Associates LLP looks at the potential impact of the new Foreign Direct Investment law on existing shareholding arrangements in companies. The enactment of the ground-breaking Federal Decree Law No. 19/2018 on foreign direct investments towards the end of 2018 was a clear indication of the UAE’s continuing…
“Long and healthy lives” – This is the United Arab Emirates (‘UAE’) Government’s strategy set up by the Ministry of Health and Prevention (the ‘MoHAP’) to reinforce the country’s health system and the efficiency of medical services. The Government intends, through its UAE Vision 2021, to provide equitable access to world-class medical care whilst actively…