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UAE Netting Law As announced by the Dubai International Financial Centre (“DIFC”) on 14 December 2014, His Highness Sheikh Mohammed bin Rashid Al Maktoum has enacted the DIFC Law Number 2 of 2014 (the "DIFC Law"), in his capacity as the Ruler of Dubai. This legislation came into power as…
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Force Majeure Clauses and the Limitation of Liability Introduction Force majeure is a Latin term, commonly used in the legal profession which translates to ‘superior force’ and is used when referring to unforeseeable events taking place. For the most part, unforeseeable events are not attractive prospects for any individual, especially…
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DFSA Regulations on Cross-Border Crowdfunding In the wake of the 2008 financial crisis, when access to capital became difficult, the concept of Crowdfunding emerged. Crowdfunding, an outcome of the modern sharing economy, is a loaded term where old and new meanings have come up to describe similarly or the same…
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A Guide to Non-compete Clauses in the Middle East Introduction Non-compete clauses are sometimes incorporated into the contracts of employees to ensure the security and protection of the employer if an employee decides to move to another company. When working for an entity, individuals will likely pick up on and…
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Employment Regime in the DIFC “A diploma is a piece of paper that is used to acquire another piece of paper: an employment contract.” Mokokoma Mokhonoana Time and again, our team of employment lawyers in Dubai have discussed the provisions of UAE Federal Law Number 8 of…
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DIFC: A Jurisdictional Overview The DIFC courts exist as a jurisdictional island within the Dubai panorama. The Dubai International Financial Centre (the DIFC) Courts were established back in 2004 by His Highness, Dubai's ruler at the time, Sheikh Maktoum bin Rashid Al Maktoum. Providing an independent administration of justice in…
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Maritime Arbitration- Legal Perspectives Courts can no longer individually address the issue of conflict resolution and as such the modern business world requires an alternative means of conflict resolution to meet its demands. A need arises for a legal mechanism through which parties can resolve their disputes quickly, fairly, efficiently,…
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Company Formation in Abu Dhabi Global Market The impact of globalization and elimination of trade barriers is considered to be an economic merit that consolidated the domestic markets of the world under one roof. However, there also exists an opposing view to this concept. Some financial pundits have argued that…
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Special Purpose Companies or Vehicles (the SPCs or SPVs) are temporary companies set up to achieve a precisely structured financial operation. SPCs provide an alternative mode of financing transactions. Put simply they are subsidiary companies of a parent company, whose assets are protected from the actions of the parent company.…
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Asset Securitization in the UAE (Part II of II) In part one of our series on Asset Securitization, we defined asset securitization, reinforced its importance and illustrated the ways in which it is used for financing purposes. In fact, asset securitization transactions had evolved centuries back and were also, incredibly pervasive…
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Clash of Jurisdictions Applicability of Islamic Finance Principles under English Law As in any religion, one may argue, there exists a spectrum of devout belief spanning from those who strictly follow the teachings of the Qur’an, to those that rarely feel the impact of their faith on a daily basis.…
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INTRODUCTION: The Insurance Third Party Administrators have become the vital section of the insurance industry and changing the facade of the insurance sector all around the world. Third party administrators are neither insurance providers nor insured. They are the service providers bridging the gap between the two and serves the…
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Dubai Data Law In October last year, Dubai introduced the new ‘data law’ which will allow the sharing of information between public sectors and for the benefit of the private sector. This Article aims to understand the concomitants of such a move. Remember that time when a dial-up icon popped…
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Federal Overview Within the United Arab Emirates, insurance is largely governed at a Federal level by the Insurance Authority (IA) which was established pursuant to Federal law Number 6 of 2007 (the Insurance Law). The law replaced the previous enactment being Federal Law No.9 of 1984 on Insurance Companies and…
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