The Middle East is witnessing a significant shift in its investment landscape. Environmental, social, and governance (ESG) considerations are no longer on the fringes but are increasingly becoming central to investment...more
The Dubai Financial Services Authority (DFSA) has issued a consultation paper (CP 158) relating to proposed amendments to its Collective Investment Rules (CIR), which includes one proposed change in relation to credit funds,...more
With concerns about global economic stability, many sovereign wealth funds (SWFs) are evaluating current market conditions to determine the most effective investment strategies. Diversification is a common theme for many fund...more
As a continuation of our series of updates issued in collaboration with the United Arab Emirates (UAE) Securities and Commodities Authority (SCA), we set out below a summary of additional guidance on marketing of foreign...more
There has been a growing trend among traditional funds and asset managers to launch programs to tokenize alternative assets. The main benefits of tokenizing funds include increased liquidity and accessibility, heightened...more
The Abu Dhabi Global Market (ADGM) is fast becoming an international financial hub in the MENA region for global hedge fund managers that are drawn to the quality of the ADGM’s independent regulator, the Financial Services...more
The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) issued its Private Credit Fund Rules on 4 May 2023 (the Private Credit Fund Framework), enabling ADGM funds and their fund managers to...more
In collaboration with the United Arab Emirates (UAE) Securities and Commodities Authority (SCA), we set out below a summary of the forthcoming official guidance on marketing of foreign funds in the UAE mainland and outline...more
It is no secret that the Dubai International Financial Centre (DIFC) is having discussions with over 50 hedge funds regarding the establishment of asset management and fund operations in the DIFC. Considering the rapid and...more
The Emirates Securities and Commodities Authority (SCA) recently issued eight decisions which, among other things, reform the regulatory regime for investment funds domiciled in the onshore United Arab Emirates (UAE) and...more
The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) issued a consultation paper on December 12, 2022, in connection with its proposed introduction of a specific regulatory framework, the...more
The Dubai Financial Services Authority (DFSA) has implemented a new regime for credit funds, which comes into force on June 1, 2022. The new regulation primarily impacts the managers of credit funds domiciled in the DIFC, but...more
The United Arab Emirates (UAE) Cabinet of Ministers has recently issued updated Economic Substance Regulations which repeal and replace those previously announced. These are: the Ministry of Finance Resolution No. 57 of 2020,...more
The United Arab Emirates (UAE) Securities and Commodities Authority (SCA) has issued a decision (No. 37 (R.M) of 2019), effective December 1, 2019, amending the definition of Qualified Investor in all regulations issued by...more
Entities carrying on “Relevant Activities,” including banking, insurance, and investment fund management, among others, in the United Arab Emirates will need to meet an economic substance test from April 30, 2019, and from...more
In line with its position as the leading financial hub for the Middle East and North Africa region, the Dubai International Financial Centre (DIFC) has improved the flexibility of its funds regime, which should make it more...more
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
Exploring the rules governing marketing in the UAE of interests in foreign (non-UAE) funds, and in particular the various exemptions from the general requirement that such foreign funds be registered with the Securities and...more