The emirate of Ras Al Khaimah (RAK) has now allowed 100% foreign ownership to companies in the mainland in order to attract more foreign direct investment (FDI) into the emirate. The RAK Economic Zone (RAKEZ), the free zone, home to 15,000 companies, announced the new company formation structure under the emirate’s programME to attract more…
Potential Compensation Sources The tragic and catastrophic explosion that occurred in Beirut, beyond the immediate health and safety concerns, raises important and potentially time-sensitive considerations involving obtaining compensation for property damage sustained due to the blast. While all are most appropriately concerned with the loss of life and serious injuries inflicted upon the population, the…
Following a review conducted by the European Union on countries with low or nominal corporate tax, the committee prescribed the ‘Economic Substance Regulations’ and requested that the low tax jurisdictions review their own regulations and make efforts to ensure their compliance with best practices. The purpose of the regulations is to impede potentially harmful tax…
As a result of the current COVID-19 pandemic, challenges are being presented to the plant industry as the biggest flows of wildlife in terms of trade involves plants and not animals. Therefore, it is necessary to keep a close eye on the plant sector as well as supporting businesses involved in the trade of plants…
BSA Ahmad Bin Hezeem & Associates LLP (“BSA”) are pleased to support the recent exciting merger of the United Arab Emirates Insurance Authority & Securities & Commodities Authority into one financial regulatory body overseeing the authorisation and regulation of insurance and investment as one regulatory body. The UAE Federal Government formally announced the merger of…
Insurance distribution in the Middle East has taken traditional form over the years, either through insurance brokerages or on a direct basis and to a limited extent through banks and agents. While the age of insurtech is upon us, the Middle East markets have not taken up or embraced the concept as much as other…
Technology has been quick to address the need for a remote conduct of arbitration hearings, from the very early stages of the current pandemic. Efficient, affordable, and generally reliable tools have been developed to ensure that all parties in attendance have audio-visual access to each other, as well as to digitised hearing bundles and live…
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…
