Brexit was a decision that shook the financial world. On June 23rd 2016, a sliver of a majority voted for the United Kingdom to exit the European Union (EU). The schism caused consternation, and the possible impacts of such a move saw the GBP plummet 10% the day the news came to light. Clarity has…
Nadim Bardawil, Senior Associate of DIFC-headquartered BSA Ahmad Bin Hezeem & Associates weighs up incubator programmes and legislative pressures chasing fintech development. The United Arab Emirates (UAE) continues to position itself as a base for businesses involved in cutting-edge technology, ranging from artificial intelligence and robotics, to blockchain integration and driver-less vehicles. The UAE does…
Federal Law No. 20/2016; Cabinet Decision No. 5/2018; Cabinet Decision No. 6/2018; Federal Law No. 5/1985; Federal Law No. 11/1992; Federal Law No. 18/1993 Since the introduction of UAE Federal Law No 20/2016, the legal regime applicable to the mortgage of movable property in the UAE, its creation, perfection, priority and enforcement, has substantially changed.…
BSA’s Rima Mrad and Nadim Bardawil contribute to the UAE Chapter of the ICLG Guide to Data Protection 2018. The Guide covers relevant legislation and competent authorities, definitions, territorial scope, key principles, individual rights, registration formalities and prior approval, appointment of a data protection officer and appointment of processors. Read the full chapter here.
1. Is a local partner required in any part of the construction process? A local partner is not required in any part of the construction process. As a matter of fact, article 8 of the Saudi Foreign Investment Law (SFIL) provides that a foreign firm (wholly owned by foreign investor(s)) licensed under the SFIL may…
Although there is no separate bankruptcy law in Oman, both the Commercial Code of 1990 and the Commercial Companies Law of 1974 provide a framework for the bankruptcy of traders and liquidation of insolvent companies. Under the laws of Oman, bankruptcy of a person must be declared by the Court. Article 579 promulgates that, “Every…
With the Sharia Law, Federal Law, the law of individual Emirates and freezones all coming into play, UAE Inheritance Law can be complicated. Edouard Salwan, Senior Associate contributes to Emirates Law expert panel, and explains its impact on Emiratis, Muslim and non-Muslim expatriates with property and joint ventures in the Emirates. “To understand how succession and inheritance…
The main goal of any wealth management and succession planning is to preserve the family legacy and family owned and operated businesses. The regulatory framework of succession planning in the UAE includes both civil and Islamic law principles. However, as the DIFC has its own independent jurisdiction within the UAE, it is also empowered to…
Abdullah Ishnaneh, Partner in our Litigation department contributes to The Legal 500 & The In-House Lawyer comparative legal guide , which is country specific Q&A, providing an overview of litigation in UAE. The guide covers methods of resolving disputes, details of the process and the proceedings, the court and their jurisdiction, costs and appeals and…
In 2014 Oman promulgated, by Royal Decree No. 66/2014, the new Consumer Protection Law setting out the general requirements for consumer protection and aiming to combat monopolistic behavior towards consumers. Furthermore, in March 2017 the Public Authority for Consumer Protection (hereinafter, the “PACP”) issued Decision No. 77/2017 (hereinafter, the “Regulation”) aimed to supplement the above…