Special Purpose Vehicles (“SPVs”) in ADGM And DIFC: A Focus on the Recent Amendments to the “Nexus Requirement”

The incorporation of Special Purpose Vehicles (“SPVs”) has gained importance in the financial hub of the UAE, specifically within the Abu Dhabi Global Market (“ADGM”) and the Dubai International Financial Centre (“DIFC”). Recent regulatory changes…

Developers’ Right to Terminate off Plan Sales to Defaulting Buyers. No Court Order Needed.

In 2017, His Highness Sheikh Mohammed Bin Rashid Al Maktoum issued Law No. 19 of 2017, amending Article 11 of Law No. 13 of 2008 on the Interim Real Estate Register in the Emirate of…

What Can a Buyer Do if Faced with a Cancelled Off-Plan Real Estate Project In Dubai?

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Ruler of Dubai and Prime Minister of the UAE, issued decree N⁰ (21) of 2013 on 23rd July 2013 concerning the formation of a special judicial committee…

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…