News & Analysis as of

DIFC

A new division within the DIFC Courts, the Technology and Construction Division

by Hogan Lovells on

The DIFC Courts, last week, published Part 56 (Technology and Construction Division) of the Court Rules ("Part 56") marking the launch of the Court's new division - the Technology and Construction Division ("TCD"). This...more

DIFC Amends Laws to Comply with OECD Transparency & Exchange of Information Forum and Expands and Increases Fines for...

by K&L Gates LLP on

On 28 May 2017, the Dubai International Financial Centre Authority announced that the DIFC Laws Amendment Law, DIFC Law No. 1 of 2017 (the “New Law”) was enacted. The New Law amends certain provisions of the Companies Law of...more

Update: Dubai International Financial Centre (“DIFC”) Based Entities Allowed to Own Properties Registered with the Dubai Land...

by K&L Gates LLP on

The DLD and the Dubai International Financial Centre Authority (“DIFCA”) entered into a Memorandum of Understanding (“MoU”) on 4 May 2017 which allows DIFC entities to purchase property and register real estate title with the...more

Dubai International Financial Centre Based Entities Allowed to Own Properties Registered with the Dubai Land Department

by K&L Gates LLP on

On 6 May 2017 the Dubai Land Department (DLD) and the Dubai International Financial Centre (DIFC) announced that they had entered into a Memorandum of Understanding (MoU) which allows DIFC entities to purchase property and...more

Dubai: Memoranda of Understanding to Foster Institutional Real Estate Investment

by Morgan Lewis on

Memoranda of understanding recently entered into by the Dubai Land Department with the Dubai International Finance Centre Authority and Nasdaq Dubai, respectively, aim to facilitate institutional real estate investment in...more

Settlement (Civil Litigation) Q&A: United Arab Emirates

by K&L Gates LLP on

United Arab Emirates – specific information on all aspects of settling a dispute by negotiation, mediation and other alternative dispute resolution mechanisms, including the statutory obligations to attempt settlement, form...more

DIFC employers - do not delay in making termination payments

by DLA Piper on

On 20 March 2017, the Dubai International Finance Centre (DIFC) Court of Appeal (Court of Appeal) handed down its decision in Frontline Development Partners Limited v Asif Hakim Adil [2016] DIFC CA 006 (Appeal Decision). This...more

DIFC Courts propose specialist Technology and Construction Division

by White & Case LLP on

DIFC Courts seek public consultation for proposed specialist Technology and Construction Division. The DIFC Courts are an important forum for dispute resolution in the Gulf and wider Middle East region. However,...more

Is the Oasis now a Mirage? Dwindling scope of the DIFC Courts' 'conduit jurisdiction'

by White & Case LLP on

Recent decisions of the Judicial Tribunal and the Dubai Court of First Instance limit the scope of the DIFC Courts' 'conduit jurisdiction'.   ...more

Financial Services Quarterly Report - First Quarter 2017: DIFC Lowers Cost of Entry for Fund Managers

by Dechert LLP on

The Dubai International Financial Centre (DIFC) is one of the leading financial hubs in the Middle East. Its funds regime – administered and regulated by the Dubai Financial Services Authority (DFSA) – has been updated a...more

The Dubai Judicial Tribunal – The Beginning of the End for the DIFC as a ‘Conduit’ Jurisdiction?

by Reed Smith on

Last year we reported that the DIFC had successfully established itself as a so called ‘conduit’ jurisdiction for the enforcement of foreign and domestic arbitral awards as well as foreign money judgements. This status...more

Update: Dubai Judicial Committee hands down further decisions

by DLA Piper on

Following on from its first decision in the case of Daman Real Capital Partners Company LLC v. Oger Dubai LLC, Cassation No. 1/2016 (read our previous article), the recently- formed judicial committee (the Committee)...more

The DIFC Court as a "conduit jurisdiction" - new development

by DLA Piper on

The power of the Dubai International Financial Centre (DIFC) Court to act as a so-called "conduit" jurisdiction for the enforcement of arbitral awards rendered in mainland Dubai (Onshore Dubai) has been severely restricted by...more

MEasure - Winter 2017

by King & Spalding on

Amendments to Foreign Fund Private Placement Exemptions in the UAE - In August 2016, the Emirates Securities and Commodities Authority (SCA), the federal securities regulator of the United Arab Emirates (UAE), adopted...more

DIFC Courts: Still a conduit jurisdiction?

by Dentons on

A recent decision by the Judicial Tribunal casts doubt on the DIFC Courts' ability to act as a conduit jurisdiction. A summary of that decision is set out in this article....more

The DIFC Courts - a conduit jurisdiction no more

by Hogan Lovells on

As we predicted in our Annual Seminar on Recent Developments in the UAE Dispute Resolution Landscape, back in November 2016, the use of the DIFC Courts as a "conduit jurisdiction" has been called into question....more

DIFC to Launch FinTech Hive

by Morgan Lewis on

The Dubai International Financial Center (DIFC) is set to launch the FinTech Hive—an accelerator program for developing financial technology (fintech) start-ups and entrepreneurs—in the first quarter of 2017. The FinTech Hive...more

Financial Services Quarterly Report - Fourth Quarter 2016: UAE and Saudi Arabia Overhaul Fund Distribution Rules

by Dechert LLP on

Financial services regulators in the United Arab Emirates (UAE) and the Kingdom of Saudi Arabia (KSA) have recently made – independently of each other – extensive changes to the rules governing the regulation and distribution...more

New DIFC-LCIA Arbitration Rules 2016: An Overview

On 1 October 2016, the DIFC-LCIA Arbitration Centre (DIFC-LCIA), a joint venture between the Dubai International Financial Centre (DIFC) and the London Court of International Arbitration (LCIA), adopted new DIFC-LCIA...more

The DIFC-LCIA Releases New Arbitration Rules

by Morgan Lewis on

The new rules are designed to expedite proceedings and arbitral tribunal formations. The DIFC-LCIA Arbitration Centre (DIFC-LCIA) recently released new arbitration rules (2016 Rules) deigned to mirror the London Court of...more

Financial Services Quarterly Report - Third Quarter 2016: DIFC Funds: 2016 and Beyond

by Dechert LLP on

The Dubai International Financial Centre (DIFC) is a financial free-zone located in Dubai with its own established set of laws and regulations as well as a financial regulator and court system. Established in 2004, the DIFC...more

DIFC Intermediate SPV Regime: a Welcome Business-Friendly Evolution

by Dechert LLP on

The introduction of a new regime for the establishment of so called ‘intermediate special purpose vehicles’ (“Intermediate SPVs”) in the DIFC was approved by the Dubai International Financial Centre (“DIFC”) Authority on 19...more

DIFC: Intermediate SPV Regime

by White & Case LLP on

On 19 September 2016, the DIFC Authority Board of Directors ("Board") approved, with immediate effect, a regime to allow for the establishment of intermediate special purpose vehicles in the DIFC ("Intermediate SPVs") for...more

Opportunities in challenging markets: Sale-and-Leaseback, Build-to-Suit and other new Real Estate deal structures in the UAE

by White & Case LLP on

Against a backdrop of lower oil prices and reduced government spending, real estate markets across the UAE have softened in recent times, resulting in tightened liquidity and contracted asset values. However, challenging...more

Focus on Middle East dispute resolution

by Dentons on

The Dubai International Financial Centre as a conduit jurisdiction - In DNB Bank ASA v. Gulf Eyadah Corporation and Gulf Navigation Holdings PJSC CA 007/2015, the DIFC Court of Appeal has delivered a landmark judgment...more

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