This article explores the UAE’s pioneering steps into the digital finance era with the upcoming launch of the Digital Dirham and the dirham-backed stablecoin AE Coin. As Central Bank Digital Currencies (CBDCs) gain momentum globally, the UAE’s initiatives highlight a strong commitment to innovation, transparency, and financial inclusion. The Digital Dirham, issued by the Central...
Cheque execution or enforcement is a swift legal process in the UAE that allows recovery of funds from bounced cheques without pursuing criminal charges. With the enactment of Federal Decree-Law No. 50/2022 (Commercial Transactions Law), cheque bounce is now generally treated as a civil matter, but criminal charges may still apply in cases involving fraud, account...
The ADGM Real Property Regulations 2024 introduces significant changes for property owners, apartment owners, banks, and financial institutions on Al Reem Island, impacting the registration of properties, leases, and ownership rights. A key milestone in this process was the transfer of the real estate register from the Abu Dhabi Municipality (ADM) to the ADGM Registration...
UAE Bankruptcy Court according to the Federal Decree-Law No. 51/2023 comes into effect on May 1 Eliminates the need for distinct enforcement proceedings initiated by creditors Preventive Settlement mechanism replaces the Bankruptcy Preventive Composition In a significant stride towards enhancing the legal framework for financial restructuring and insolvency in the United Arab Emirates (UAE), the...
The UAE Central Bank, the Ministry of Economy, and the Ministry of Justice announced a new Federal Decree No. 14/2020 (“Decree”) on September 27th, 2020[1], which in effect amends the Commercial Transaction Law No. 18 of 1993 (“C T Law”) by partially decriminalizing on cheque bounce due to insufficient funds. The majority of the amendments...
Arabtec Holding, a renowned Dubai contractor, has acknowledged the submission of the bankruptcy petition to the Dubai Court. The subsidiaries included in the petition are (1) Arabtec Construction LLC (2) Austrian Arabian Readymix Concrete Co. LLC (3) Arabtec Precast LLC and (4) Emirates Falcon Electromechanical Co. Related Services: Banking Legal Services In the February hearing,...
The UAE Central Bank (CBUAE) launched two new regulations concerning Large Value and Retail payment. The regulation applies to payments done in UAE or for those settlements with Dirhams outside UAE. It’s announced that system operators and settlement institutions of Large Payments must comply with this regulation by February 2022. The Regulations were launched to...
Recent UAE Court judgements and stringent measures taken by UAE authorities point to an approach of zero tolerance towards money laundering activities. In most of the cases, the officials were accused of money laundering, misappropriation of public funds, forgery and use of forged documents. Related Services: UAE Mainland Litigation, Banking Legal Services A former Chairman and...
