Saudi Arabia has become a key investment hub over the years as it seeks to diversify its oil-dependent economy. Abdullah Alanezi, Partner and Lujain Al Yousef, Associate, consider key aspects involved in setting up a business in the Kingdom. Over the years the Kingdom of Saudi Arabia (KSA) has become a place of interest for…
An Overview In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued the Dubai International Financial Center (DIFC) Act No. 1 of 2019 on Insolvency (hereinafter referred to as the “New Law”). The New Law reaffirms the commitment of the…
There is a multitude of companies in the UAE that are owned by entities incorporated in “no or only nominal tax” jurisdictions (referred to herein as “noons”) such as the British Virgin Islands (BVI), Cayman Islands, Isle of Man, Jersey, Guernsey, Mauritius, Bahamas, Seychelles, Bermuda and the UAE (to name a few). Except for using…
Dubai Health Insurance – Violations & Fines Dubai Executive Council issued Executive Council Resolution No (7) of 2016 (Resolution) pertaining to fees and fines pursuant to Health Insurance Law (No 11 of 2013) of the Emirates of Dubai. As many of the readers are aware, The Dubai Health Authority promulgated Health Insurance Law (No 11…
1. What is the relevant legislative framework? The laws and regulations governing antitrust and competition (cartel) in the United Arab Emirates are as follows: (a) The Federal Law No. 4 of 2012 on the Regulation of Competition (“UAE Competition Law”), which has been in force since 23 February 2013 and which aims – according to Article…
The UAE Bankruptcy Law is viewed as an improvement over the prior insolvency laws (as outlined in the Commercial Transactions Law), insofar as the Bankruptcy Law: 1. allows companies in financial difficulty the opportunity to reorganize their affairs in order to remain viable; 2. or in the absence of the ability to remain viable, allows…
Introduction Insurance distribution in the Middle East has traditionally been procured through the insurance intermediary markets, such as brokers and insurance agents despite the fast-growing alternative distribution channels available to insurance providers. Bancassurance is one of the fastest growing distribution channels of insurance in the Gulf Cooperation Countries (GCC), in addition to the influence of…
Direct Distribution 1. May a foreign supplier establish its own entity to import and distribute its products in your jurisdiction? A foreign supplier seeking to import and distribute its products in the UAE may do so either by: • entering into a commercial agency agreement with a UAE national or a company wholly owned by UAE…
The growing awareness of socially responsible investments (SRI) in the energy sector by financial institutions and the majority of major contributors to the world economy is part of a number of factors increasing ethical and green projects and playing a key role in identifying the future potential role of this sector. Rima Mrad writes. As…
Insurance Financial Reporting Standards (IFRS) 17 represents a new and unprecedented international reporting and disclosure regime for the insurance industry [1]. IFRS 17 takes effect in January 2021 [2]. There have been many publications and a wealth of information on the reporting and disclosure standards in IFRS 17 offering guidance to the insurance industry, many…