Alsuwaidi & Company

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Sharia’ Governance Framework for Islamic Financial Institutions in the UAE

1- The United Arab Emirates (the “UAE”) has a comprehensive Sharia’ governance framework for Islamic financial institutions issued by the Central Bank of the UAE (the “Central Bank”). The framework provides in detail for the Sharia’ governance bodies and requirements related to Islamic financial institutions and Islamic windows. Branches of foreign financial institutions that provide …

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UAE data protection law

UAE – New Law for Protection of Personal Data

In today’s day and age where the world is moving towards conducting trade through e-commerce and online transactions, foremost requirement for enabling such digitized transaction/s is to register subjects as users with one’s personal data. Resultantly, such personal data has become a valuable intangible asset for any commercial venture/s which has its online presence. It …

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Compliance and Sanctions of Anti-Money Laundering and Countering the Financing of Terrorism in the UAE

We are pleased to share our recent insight which feathered in In-House Community Magazine on Compliance and Sanctions of Anti-Money Laundering and Countering the Financing of Terrorism in the UAE. The article takes a look on how the United Arab Emirates (UAE) continues to improve its reputation as a premier global financial hub and battle perceptions …

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The UAE’s new Corporate Tax

The UAE recently updated it labour laws and such will come into effect on 2nd February 2022. Further to receiving queries from our clients about these updates, we have put together a short overview outlining some of the new laws and suggestions on what your company should do to stay compliant and avoid the hefty fines. Read …

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Assisting Foreign Investments in the UAE

The UAE has updated its labour laws. What are these updates and what should you do?

The UAE recently updated it labour laws and such will come into effect on 2nd February 2022. Further to receiving queries from our clients about these updates, we have put together a short overview outlining some of the new laws and suggestions on what your company should do to stay compliant and avoid the hefty fines. Read …

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Abu Dhabi to allow 100% foreign ownership of professional companies

Dubai International Financial Centre (DIFC) has enacted new Intellectual Property Regulations with effect from 5 July 2021 under DIFC Law No. 4 of 2019 (IP Law). The new regulations will enable DIFC to increase innovation by identifying and protecting IP rights, important to technology and start-up companies.  Moreover, these regulations allow Commissioner of Intellectual Property …

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DIFC Success in first cross-border merger

Dubai International Financial Centre (DIFC) has just announced its first successful cross-border merger under the DIFC’s Companies Law. The DIFC Companies Law allows mergers between both private and public companies established in the DIFC and companies established in jurisdictions outside of the DIFC.  This is a huge step forward that allows the DIFC to attract …

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UAE Companies Law to Allow 100% Foreign Ownership in UAE

Foreign nationals can now own 100% of companies within the onshore jurisdiction of the UAE, which previously required 51% Emirati ownership to do business outside of UAE free zones. This remarkable development is expected to further enhance the UAE’s position as the Gulf’s premier business hub and a stronger magnet for foreign capital and investment. …

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Arbitration and Mediation in Saudi Arabia & MENA Region Webinar – By ArbDB Chambers & SCCA

“On 17 September 2020 Robert Sliwinski of Alsuwaidi & Company joined distinguished speakers from the Saudi Centre for Commercial Arbitration and ArbDB Chambers discussing ADR in the GCC Region (and in particular KSA) as well as the importance of Arbitration and Mediation to Family-Owned Business, Energy and Infrastructure. The event has assisted in raising awareness …

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Have you filed your Economic Substance Regulation notification

Have you filed your Economic Substance Regulation notification? All Licensees in the UAE must “notify” by the 30th June deadline and certain businesses engaged in “relevant activities” must further report. PURPOSE The purpose of the Regulations is to ensure that UAE entities that undertake certain activities are not used to artificially attract profits that are …

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Business integrity in the time of pandemic: what can businesses in the UAE do to protect their people and business

Business integrity in the time of pandemic: what can businesses in the UAE do to protect their people and business? During these uniquely challenging times, businesses are poised to react to sudden changes in the market. As businesses navigate through new waters, it is best to seek guidance from the authorities and methodically deal with …

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The enforcement of arbitral awards and foreign provisions within three days in United Arab Emirates

Article 85 of the Regulations of the Civil Procedures Law issued by Cabinet Resolution No. 57 of 2018 (“Regulation”) regarding the regulations of Federal Law No. (11) of 1992 regarding civil procedures, enumerates the procedures that the applicant shall take to enforce foreign provisions, orders and bonds within the state. In addition, Article 86 of …

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Tourism Boost: The New Five-Year Multiple-Entry Tourist Visa

This month, the UAE Cabinet approved the issuance of a five-year, multiple entry tourist visa for all nationalities visiting the country. This move aims to enhance the UAE’s position as a top tourist destination and further strategically supports the Dubai Expo 2020 efforts. Holders of the five-year multiple entry tourist visa shall be allowed to …

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Spotlight on Recent Developments in UAE

Long-term Residence Visas The UAE has launched long-term residence visa programs that aim to attract international talent into the UAE, such as entrepreneurs, investors, scientists and special talents. Availing these long-term residence visas can be described below: 10-year UAE residence visa According to the General Directorate of Residency and Foreigners Affairs, foreign investors may obtain …

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Is job offer letter legally binding on the employee and the employer?

Our latest insight from Reda Hegazy. A Job Offer Letter: It is the intention of an employer to appoint a prospective employee under the conditions and features that are outlined in a job offer. This offer is generally prepared in writing in order to prove its content easily, and it may include terms of contract and …

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Dubai Judiciary’s approach to investors’ request to cancel sale and purchase agreements and compensation for delay in completion of real estate projects

The United Arab Emirates (UAE) is one of the fastest-growing countries in the field of construction and real estate development. Among the seven emirates in UAE, the Emirate of Dubai is one of the leading contributors in the speedy growth of construction and real estate development through the issuance of comprehensive real estate legislations as …

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Eligible Sectors for 100% Foreign Ownership in the UAE Now Defined

The United Arab Emirates Cabinet passed a landmark decision last year to allow 100% foreign ownership of companies onshore and have recently announced the industry sectors that are eligible. This marks a significant change from the prior law where foreigners must seek a local partner to set up business in the UAE, onshore and where …

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Legal Due Diligence: Understanding How a Company Fares

UAE has established itself as an economic hub in the MENA Region. Investors are presented with numerous options on how to enter the UAE market. Some establish their own companies while others opt to enjoy the market reputation, existing processes, and manpower of established companies in the UAE through mergers or acquisitions. Due diligence investigation …

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The Legitimacy of Arbitration as a Means of Dispute Resolution

Islam has legitimized the arbitration method in order to simplify the process of litigation. Islamic jurisprudence has given the subject of arbitration utmost attention and organized a well-established rules and regulations. The advantages of arbitration lie in streamlining its procedures, confidentiality of its hearings, and legal basis in particular if those in charge are recognized …

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