Corporate & Commercial Archives - Fichte & Co

Salient Q&A on the impact of COVID-19 on the labor market in the UAE

Note: THIS IS APPLICABLE FOR UAE COMPANIES THAT FALL UNDER THE APPLICATION OF THE FEDERAL LAW 8 0f 1980 AS AMENDED. GOVERNMENT ENTITIES ARE THEREFORE EXCLUDED. Can the employer oblige the employees to come to work during the COVID 19 pandemic? Whereas it is difficult to issue a clear answer to the question due to...

New horizons in cross-border enforcement? English Courts enforce a Dubai Courts judgment.

In 2020, the English High Court recognized and therefore ordered summary judgment for the enforcement of a Dubai Courts judgment. The English Courts’ approach in Lenkor Energy Trading DMCC v Puri [2020] EWHC 75 (QB) may mark a new era in enforcement of foreign judgments. Primarily, the general principle regarding recognition and enforcement of a...

February 26, 2020

Few Key Changes of the New Dubai Multi Commodities Centre Authority(DMCCA) Companies Regulations 2020

Dubai Multi Commodities Centre (DMCC) recently announced new DMCCA Company Regulations 2020, which came into effect from 2 January 2020 to further enhance the ease of registration and operation of businesses. The new Regulations have brought in some changes in the existing company law framework, increasing by this the remit of the activities undertaken by...

Force Majeure and the Coronavirus

1.Introduction As at the time of writing this article, the confirmed coronavirus cases now exceed 76,262 and caused more than 2,100 deaths (26 February 2020) (CNN). In the UAE, so far there has been a record of 13 people infected with the virus, however, three of the patients successfully recovered from the virus during the...

February 24, 2020

New “Dubai Future District” for Future Economy

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai has announced the launch of a new district combining the key commercial and financial hubs in Dubai and is dedicated to the development of the future economy under the name of 'Dubai Future District'. The Dubai...

February 18, 2020

News Alert: Economic Substance Requirements Guidance Issued

Introduction On 11 September 2019, the UAE issued Ministerial Decision No. 215 of 2019 on the Directives for the implementation of the Economic Substance Regulations (ESR). The ESR was earlier published in April 2019 as the Cabinet of Ministers Resolution No. 31 of 2019. The Ministerial Decision of September 2019 (the “Guidance”) is served as...

Everything You Need to Know about the New Joint Property Law

Background and introduction Just recently, His Highness Sheikh Mohammed bin Rashid Al Maktoum Vice President and Prime Minister of the UAE issued Law No. (6) of 2019 pertaining to the Joint Ownership of Properties (Joint Ownership Law) in Dubai. This newly enacted law repeals Law No. (27) of 2007 concerning Jointly Owned Property in the...

January 27, 2020

10 Things to Know about the New Incoterms 2020

Published since 1936, the International Chamber of Commerce (ICC) has published a set of three letter trading terms for the use in sale and purchase contracts. These ‘Incoterms’ deal with the obligations of the buyer and seller and consistent of 11 three- letter trading terms grouped as follows: C rules: governs where the seller arranges...

Everything You Need to Know about Limitation Period of Labour Cases in the UAE

Overview: To start with, the UAE labour law defines the employment contract as "any agreement for a definite or indefinite term, concluded between an employer and an employee, whereby the latter undertakes to work in the employer's service and under his/her management and control, in return of a certain wage that the employer undertakes to...

January 14, 2020

Will insurance cover damages by rain? UAE law firm clarifies

Residents have questions whether these damages are covered under the insurance as rains are caused by "intentional act" of cloud seeding. Damages to vehicles and properties caused by the ongoing record-breaking rain spell are generally covered under the UAE insurance policies unless it has been explicitly excluded in the agreement, legal experts have said. Sridhar...