Estate Planning 101: Securing Your Legacy and Protecting Your Loved Ones in the UAE
Introduction to Estate Planning: A Necessity for All Initially devised to organize the transfer of assets upon death, it has become a critical process for individuals worldwide to secure their financial legacy. Contrary to the common misconception that estate planning is exclusive to the wealthy, it is, in fact, a valuable tool accessible to everyone. […]
Evolution of UAE Insolvency Law: Addressing Economic Dynamics and Prioritizing Rehabilitation
Need for Insolvency Law: In response to the swift economic growth and increased global business presence, the UAE identified the necessity to confront challenges faced by individuals in financial distress. Preceding the enactment of this law, instances such as bounced cheques and unmet financial obligations often triggered criminal prosecutions, posing formidable barriers for individuals seeking […]
Federal Law No. 41 of 2022 – Civil Personal Status
The law is based on Sharia (Islamic law), which significantly influenced the legal framework regarding governing marriage, divorce, custody, and inheritance within the country. This legal approach is reflective of the country’s cultural and religious heritage, ensuring that family matters were adjudicated in accordance with Islamic traditions and values. And remains the guiding law for […]
Changes to the UAE Legislative Framework on the UBO Regulations – Addressing Complex Legal Structures and Regulations on Procedures
Legislative Framework i. The UAE Cabinet Resolution No. 58 of 2020 replaced by ii. The UAE Cabinet Resolution No. 109 of 2023, which became effective on 16 November 2023, and iii. The UAE Cabinet Decision No. 132 of 2023, issued on 15 December 2023 The UAE’s implementation of Cabinet Resolution No. 109 of 2023 and […]
New Competition Law – Federal Law No. 36 of 2023 to Address Jurisdiction and Scope of Application, Anti-competitive Conducts, Administrative and Financial Penalties
This new statute, which supersedes the former Federal Law No. 4 of 2012, is designed to eradicate various limitations and practices deemed detrimental to a fair and competitive marketplace. Taking the step to updating its Competition Law enables the UAE to foster a dynamic, competitive, and fair marketplace, which is essential for its long-term economic […]
The Grave Risks of Illegally Employing Domestic Workers in the UAE: A Stern Warning to Residents
Introduction – Addressing a common yet legally ambiguous phenomenon Having a full-time person at home allows new mothers to return faster to their professional lives, boosts the family income and allows for quality time to be spent away from time consuming chores. This practice, while immensely beneficial to many households, frequently leads to complex issues […]
RAK DAO and the DIFC Courts – MOU
This collaboration between RAK DAO and the DIFC Courts ensures that as the digital economy expands introducing new business models and innovative products based on digital technologies, the judicial framework evolves in tandem to support and reassure the international businesses about the region’s commitment to legal excellence in the new digital era. The following summaries […]
The Establishment of new FZ – RAK DAO
On October 19, 2023, a significant milestone was reached with the official launch of the Ras Al Khaimah Digital Assets Oasis (“RAK DAO“), established earlier in the year through RAK Law No. 2 of 2023, referred as “RAK Digital Assets Oasis” Law, under the supervision of RAK’s Department of the Future. The enactment of new […]
Urgent Advisory: Legal Compliance Deadline Looms for Virtual Asset Service Providers in Dubai under VARA Framework
In accordance with Law No. 4 of 2022 – Regulating Virtual Assets in the Emirate of Dubai, the Virtual Asset Regulatory Authority (VARA) the sole authority governing and regulating the virtual assets sector within the Emirate of Dubai, has enacted a comprehensive legal framework to be enacted in all free zones and mainland, except within […]
Dubai’s Commitment to Family Business Continuity: The Introduction of a Specialized Dispute Resolution Committee
The Federal Decree Law No. 37 of 2022 is a landmark piece of legislation forming part of the comprehensive Thabat (keep up) programme, a partnership between Dubai Chambers and the Ministry of Economy. Thabat reflects the commitment of both parties to support the growth of family businesses and prepare them for the opportunities and challenges […]
