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…
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…
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…
UAE Ministry on New Specific Legislation of Insolvency of Natural Persons
This Decree-Law on the Insolvency of Natural Persons which has been issued on 29 August 2019 and supposed to come into effect in the beginning of 2020, aims at enhancing the competitiveness of the UAE…
DSI Vows Justice on Dh3B Fraud
Corporate governance to play key role in sustaining investor trust Drake & Scull International (DSI), a Dubai-based contractor, on Wednesday said it will take the ongoing investigation into the company's financial irregularities to a logical…
Funding Your Start-Up In The UAE
Funding options for start-ups in the UAE are on the rise. Traditionally, most start-ups in the UAE have tended to be bootstrapped or financed by conventional lenders such as banks and financial institutions. However, over…
UPDATE: Medical Liability Law in the UAE
Legal liability, whether criminal or civil, happens as a result of an act (or omission of an act) committed by a person, which results in damage to a third party, this includes medical malpractice. Under…
Abraaj gets Dh1.156 billion DFSA fine
Some major violations committed by Abraaj entities include carrying out unauthorised financial services. Dubai regulator on Tuesday penalised two Abraaj Group entities with a record Dh1.156 billion in fines - the biggest penalty by any…
Compliance Alert: 10 Things you Must Know about the New Economic Substance Regulations in the UAE
Executive Summary The UAE recently enacted the Cabinet Decision No. 31/2019 concerning the economic substance regulations (the “Regulations” or the “Economic Substance Regulations”) on 30 April 2019 in response to the European Union (EU) adding…