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…
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…
Pursuant to Cabinet Decision no. 51 of 2019, the United Arab Emirates announced a new amended fee and fine structure where in it has cancelled the fees for 102 services and reduced the charges for…
On 18 June 2019, the Dubai International Financial Centre (DIFC) issued Consultation Paper No. 6 of 2019 (“Consultation Paper”) seeking public comments on the proposal by the Dubai International Financial Centre Authority (DIFCA) to issue…
The Government of UAE has always taken initiatives in the improvement of the economy of the country by amending the existing Law or introducing new Laws, to attract more foreign investors to the country. Among…
The DIFC Wills and Probate Registry (WPR) has been established as an official mechanism for non-Muslims to register their wills and have it enforced through the DIFC Courts. Previously there was a lot of uncertainty…
DIFC Employment Law no. 2 of 2019 (“New Law”) has recently been enacted which repeals and replaces the DIFC Law no. 4/2005 as amended by DIFC Law no. 3 of 2012 (“Previous Law”). There has…
The new system "will not affect the customers of banks since it is not applicable to them", the central bank said. The Central Bank of the UAE has developed a Persona Non Grata (UAEPNG) System…
Introduction The International Federation of Consulting Engineers (FIDIC) is an international organization best known for developing standard contracts forms for the construction and engineering industry. Due to the rapid construction growth during the last 20…
