The UAE Cabinet has approved amendments to the Federal Law No. 18 of 1993, commonly known as Commercial Transactions Law. The approved Decree-Law shall come into force in the year 2022 and the provisions shall apply when the Decree-Law is published in the Official Gazette. The new provisions aim to discourage criminal proceedings against people...
On 01/06/2020, Federal Law No. 4 of 2020 on Guaranteeing Rights Related to Movables (New law) repealed Federal Law No. 20 of 2016 on mortgaging of movable property as security for debts (Old law). The Old law, had put in place a regime for registering security interests over movable assets in UAE and bridged various...
Foreign Ownership of Maritime Businesses The UAE Government has announced foreign ownership of maritime businesses in the country are now allowed. It follows the issuing of the positive list which is the official list of the commercial activities in which 100% foreign ownership is allowed. It will allow people to register vessels under the Emirati...
International Exports and Imports International sale of goods involve multiple parties and jurisdictions. Each transaction is a complex one. International Commercial terms, commonly referred to as Incoterms, aims to smoothen the complicated international trade process. It is a set of pre-defined and universally accepted commercial / contractual terms for international sale of goods. Incoterms clearly...
