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...
The Ministry of Energy has launched the National Guide for Smart Construction during the Innovation Week Celebration. The guide contains key points that are beneficial for all parties to facilitate the construction process. The guide aims to bring forth basic driver of policies, variable elements, and targets that helps the development of the construction sector...
The estimate was revealed by a study conducted by Boston Consulting Group (BCG) and the Federation of Indian Chambers of Commerce & Industry (FICCI) to calculate the value-creation potential and identify imperatives for Indian FinTech growth. The FinTech sector valuation of about USD 150-160 billion by 2025 means an incremental value-creation potential of around USD...
India has begun the process of appealing against the Cairn Arbitration Award which needed India to return $1.4 billion to Cairn Energy Plc. India is ready to address any enforcement proceedings that are initiated and will defend its interests and sovereign rights. Cairn was awarded the international tax tribunal award over a retroactively applied capital...
Cyber Crimes in UAE UAE has stringent laws and regulations relating to social media usage and related cyber crimes. Specifically, the Federal Law No 5 for 2012 deals with activities that violates the privacy of individuals, disseminating hate speech and inciting violence, spreading fake information, and threatening the security of State. It covers messages or...
ADGM enacted the Electronic Transactions Regulations 2021 to provide greater certainty for electronic dealings. As a result, ADGM’s regulatory framework is in line with international standards on e-commerce and electronic dealing. The objective is to confirm that electronic signatures, contracts, records and documents are legally valid as the traditional non-electronic versions. Related Services: General Corporate...
UAE’s Ministry of Finance (MoF) issued the Federal Decree – Law No. 19 of 2020 regarding Trusts. The Common Law concept of Trust has been incorporated into the Civil Law regime of UAE for the first time. The Federal Decree Law has given recognition to the operation of various Trusts, including DIFC and ADGM Trusts....
The violation activities relating to anti-money laundering and prevention of terrorism financing pertain to 4 main categories: brokers and real estate agents, dealers of precious metals and gemstones, auditors, and corporate service providers. The first step is to register in two systems: Financial Intelligence Unit (goAML) and on the Committee for Commodities Subject to Import...
The Gazette dated 31st January 2021 announced the existence of an Emergency Financial Crisis. To address the changes during a period of Emergency Financial Crisis, the Corporate Bankruptcy Law was amended in 2020. The Emergency Financial Crisis is defined as “A general situation that affects trade or investment in the country, such as a pandemic,...
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