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,...
Dubai International Financial Centre (DIFC) has proposed amendments for providing an appropriate regulatory environment for businesses to operate in or from the Centre. Various legislative proposals seek public comments, such as Amendments to the Employment Law Amendments to provide clarity on Qualifying Scheme regime; Amendments to the basic workplace health and safety requirements to include...
The Abu Dhabi Global Market (ADGM) launched new Data Protection Regulations (“the Regulations”) on 14th February 2020, replacing the 2015 version. The new regulations broadly align itself with the European Union’s General Data Protection Regulation (GDPR), which is considered to be the gold standard for data protection legislation. Key Features of The Regulations The new...
Disputes concerning personal affairs such as alimony, custody of children, dowry, complaints on visiting by non-custodial parents etc. will now be settled in a single session. The issuance of this rule is under the ‘Regulatory Procedures Guide on Personal Affairs’. The new regulatory guide will cut time and effort and will help the stability of...
The owners of the construction buildings are now required to obtain environment licenses in three instances as proclaimed by the Abu Dhabi Environment Authority. The idea is to assess the environmental hazards and to stop or curb their impact by these licenses. They are: Start of a new project or a new building. Existing project...
Dubai International Financial Centre (DIFC) Courts and the Dubai Future Foundation (DFF) have launched Courts of Space on 01.02.2021 to judge global space disputes. Trainings will be provided to Judges to qualify as experts in space legal disputes. The launch signifies UAE’s intent to pioneer in the cases related to space disputes. Related Services: DIFC...
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...
Contrary to previous budgets, this year NRIs have received their fair share of incentives. The foremost is the relaxation announced on Double Taxation. Finance Minister Smt. Nirmala Sitharaman pointed out that NRIs faced issues related to their accrued incomes in their foreign retirement accounts mainly due to a mismatch in the taxation periods. The new...
UAE plans to offer citizenship to gifted expatriates and thereby give them a bigger stake in the economy. The new amendment states that UAE nationality may be obtained by law, citizenship or naturalization. The policy aims to acknowledge the exceptional foreign talents in UAE and to attract new talents resulting in the development and prosperity...
