News & Analysis as of

United Arab Emirates

Blockchain Week in Review – October #8

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Abu Dhabi Financial Services Regulatory Authority Issues Guidance on Initial Coin Offerings

by Reed Smith on

Earlier this month, the Financial Services Regulation Authority of the Abu Dhabi Global Market joined the ranks of various regulatory agencies from countries, including Australia, Canada, and the United States that have...more

Fintech Week in Review – October 2017

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

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

VAT In the UAE - What Your Business Needs to Do

by Bracewell LLP on

The UAE will introduce value added tax (“VAT”) at the rate of 5% from 1 January 2018. The basic principle underpinning the introduction of VAT is to further improve the economic base of the UAE. This is a significant...more

New UAE VAT and Tax Procedures Laws

by K&L Gates LLP on

As of 1 January 2018, value added tax (“VAT”) at the rate of 5% will be applied on a wide range of goods and services in the United Arab Emirates (“UAE”). This follows from the Gulf Cooperation Council’s (“GCC”) entry into a...more

Dana Gas Sukuk: A red herring or cause for concern?

by White & Case LLP on

The recent move by Dana Gas PJSC ("Dana Gas") to declare its approximately US$700 million of outstanding trust certificates unlawful and, accordingly, unenforceable on grounds that, in the company's view and that of its...more

The widely anticipated UAE law on arbitration – an end in sight?

by White & Case LLP on

By the end of Q4 2017, the United Arab Emirates is expected to enact a new federal arbitration law based on the UNCITRAL Model Law and associated international standards....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

Qatar – Sanctions and Restrictions: Key Developments

by Reed Smith on

Readers may be aware that a number of countries, including Saudi Arabia, Egypt and Bahrain, have recently severed diplomatic and economic ties with Qatar. Saudi Arabia has now, via Kuwait which is acting as a mediator,...more

Qatar – Sanctions and Restrictions: What Has Happened, and What It Might Mean for You

by Reed Smith on

On 5 June 2017, Saudi Arabia, the United Arab Emirates, Egypt and Bahrain (the Blockading Countries) severed diplomatic and economic relations with Qatar. Since then, a number of other countries, including the Maldives and...more

Court Opinion on Liability for Re-Exports to Iran Spurs Practical Guidance for U.S. Exporters

by Perkins Coie on

A recent federal appeals court decision addresses a familiar issue for many companies: When can a U.S. exporter be liable for a product that is re-exported to a sanctioned country, such as Iran? This update summarizes the...more

MENA Countries Sever Ties with Qatar

by Jones Day on

On Monday, June 5, 2017, Bahrain, Egypt, Libya's eastern region-based government, the Maldives, Saudi Arabia, United Arab Emirates ("UAE"), and the internationally recognized government of Yemen severed ties with Qatar,...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

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

Why should Qatari, Saudi and UAE organizations care about the European Union’s new General Data Protection Regulation?

by Latham & Watkins LLP on

The compliance world will change dramatically for a number of GCC organizations on 25 May 2018. In just over one year’s time GCC organizations that...more

Global Employee Equity at a glance: United Arab Emirates

by White & Case LLP on

Stock Option Plans: Employment - Labor Concerns - There is a risk of employees claiming that they are entitled to compensation for loss of rights under the Plan where the Plan is amended or discontinued or where...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

Regime for Marketing Foreign Funds in the UAE

by Morgan Lewis on

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

Saudi Arabia Sets Up New Secondary Listing Market (the Parallel Market)

by Dechert LLP on

The Capital Market Authority (CMA) of the Kingdom of Saudi Arabia (KSA) has approved new regulations for Saudi and for Gulf Cooperative Council (GCC) incorporated joint stock companies (JSC) to list on the Kingdom’s new...more

Loss of Foreign Fund Private Placement Exemptions in the UAE

by King & Spalding on

In August 2016, the Emirates Securities and Commodities Authority (SCA), the federal securities regulator of the United Arab Emirates (UAE), adopted new investment funds regulations (the 2016 Fund Regulations), which repealed...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

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

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