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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 roughly 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 in the case of business agreements. While contracts generally do…
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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…
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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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Регистрация Компании в Свободной Экономической Зоне Абу Даби Глобал Маркет Влияние глобализации и устранение торговых барьеров считается экономическим преимуществом, объединяющим внутренние рынки мира под одной крышей. Однако, существует и противоположное мнение на эту тему. Некоторые финансовые эксперты утверждают, что это глобальное явление послужило источником нестабильности и конкуренции на внутренних рынках.…
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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 useful for financing purposes. In fact, asset securitization transactions had evolved centuries back and were also, incredibly pervasive…
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Столкновение Юрисдикций Применение исламских принципов финансирования в соответствии с Английским правом. Как и в любой религии, можно утверждать, что в исламе существует спектр религиозной набожности, начиная от тех, кто строго следует учению Корана, до тех, кто редко ощущает на себе воздействие веры каждый день. В странах, где присутствуют как обычные,…
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INTRODUCTION: The Insurance Third Party Administrators have become vital section of insurance industry and changing the facade of 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 insurer and…
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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 up on…
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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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