Introducing Sanadak: UAE’s first Ombudsman Unit for Financial and Insurance Consumer Disputes
The UAE has taken a significant step towards enhancing consumer trust and protecting consumer rights with the introduction of the new ombudsman unit, "Sanadak". This move follows the merger of the UAE Insurance Authority with…
New Emiratisation Laws – 2% Emiratisation Law and Classification Law
What is Emiratisation? The initiative by the Government of the UAE to increase the number of UAE nationals employed in the private and public sectors is called Emiratisation. The Emiratisation program is an…
Ship Finance in the UAE
As a Civil law jurisdiction, UAE maritime law is derived from the UAE's Maritime Code (or specifically Federal Law No. 26/1981). Still, the Commercial and Civil Codes govern all maritime financial transactions. The Federal Maritime Authority (FMA) is the…
Dubai’s Virtual Assets Regulatory Authority – the world’s first regulatory authority to enter the metaverse
The recent announcement that Dubai's Virtual Assets Regulatory Authority (DVARA) has entered into the metaverse with the establishment of its Metaverse HQ made it the first regulator to have a presence in the emerging digital…
The Virtual Horizon
Dubai surprised many businesses earlier this year when it issued a new Virtual Assets Law. Dr Laura Voda, Of Counsel at Fichte Legal, examines this law’s most significant provisions and what could be next in…
Registration of Security Interests over Movable Property in the UAE
Historically, the practice of creating security in the UAE could be distinguished from common law jurisdictions, with no recognition of floating charges or future assets. There was no comprehensive legislation which mandated the registration of…
ChequeScore – Know the probability of a cheque to bounce
When and Where? Launched earlier this year, the ChequeScore is an innovative tool of Al Etihad Credit Bureau (AECB), aimed at complementing the initiatives of the UAE Government to decriminalize bounced cheques. As of April…
Dubai’s New Law on Virtual Assets: The Digital Way Ahead
Most jurisdictions are yet to enact laws or regulations governing cryptocurrencies and non-fungible tokens, leaving much uncertainty in the field. At a time when virtual assets are increasingly becoming a part of business transactions, and…
Businesses in UAE to gear up for Corporate Tax from 2023
Next in a series of reforms in the UAE is the announcement of 'corporate tax', a form of a direct tax on corporations' net income or profit. In its most recent taxation plan encompassing business…