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Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Legal Developments Worldwide

Articles contributed by Afridi & Angell

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New Promotion Regime for Domestic Funds

February 2019 - Corporate & Commercial. Legal Developments by Afridi & Angell.

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In late November 2018, the Securities and Commodities Authority (SCA), the Dubai Financial Services Authority (DFSA) of the Dubai International Financial Centre (DIFC) and the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) announced that they had reached agreement on facilitating the licensing of domestic funds by each authority for promotion across the UAE. 

Federal Penal Code Amendments

January 2019 - Corporate & Commercial. Legal Developments by Afridi & Angell.

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In the latest development in an eventful year, Federal Decree-Law 24 of 2018 introduces amendments to the Federal Penal Code, originally enacted as Federal Law 3 of 1987. 

The amendments are designed to make the Penal Code consistent with other recent federal legislation and current federal enforcement policies. Only ten provisions of the statute have been affected, out of the more than 400 total articles contained in the statute.

Click here for more information.

New Anti-Money Laundering Law

December 2018 - Corporate & Commercial. Legal Developments by Afridi & Angell.

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The new anti-money laundering (AML) law of the UAE took effect at the end of October 2018. Containing features recommended by the Financial Action Task Force (FATF), the new law introduces subtle but important changes to the AML landscape in the UAE. 

pdf Read more... 

Confidentiality Under Renewed Focus

December 2018 - Corporate & Commercial. Legal Developments by Afridi & Angell.

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The UAE federal government has recently issued a raft of important legislation, addressing and in many ways updating areas of law that are key to businesses in the jurisdiction. Amongst this legislation is Federal Decree-Law 14 of 2018 concerning the central bank and the organisation of financial institutions and activities (the New Banking Law) and Federal Decree-Law 20 of 2018 concerning anti-money laundering and anti-terrorism financing (the New AML Law). Both the New Banking Law and the New AML Law repeal and replace the previous legislation on their respective subjects. Importantly, the New Banking Law and the New AML Law have together enhanced the protection afforded to confidential information under UAE law, in particular where financial and legal service providers and their customers and clients are concerned. 

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The New Foreign Direct Investment Law

November 2018 - Corporate & Commercial. Legal Developments by Afridi & Angell.

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News on the new federal law on foreign direct investment in the UAE has many people asking: Does this mean I can now form a new company with majority foreign ownership?

The answer is the same as previously, "No, not yet".  Read more...

ADGM Announces Tech Start-Up Licensing Regime

November 2018 - Corporate & Commercial. Legal Developments by Afridi & Angell.

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The Abu Dhabi Global Market (the ADGM) recently announced the launch of a commercial license specifically catered towards tech start-ups that allows entrepreneurs to obtain an operational license in the ADGM and access to a Professional Services Support Program aimed at allowing entrepreneurs entry to a community of businesses, financial services and professional advisors.  Read more...

Application for an Anti-Suit Injunction: Dismissed

November 2018 - Litigation & Dispute Resolution. Legal Developments by Afridi & Angell.

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Legal update on the dismissal of the anti-suit injunction in the groundbreaking DIFC case of ED&F Man Capital Markets MENA Ltd v RJ O'Brien MENA Capital Ltd (and others).  Read more...

New Services by Dubai Rental Disputes Centre

November 2018 - Real Estate & Property. Legal Developments by Afridi & Angell.

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On 8 October, the Rental Disputes Centre in Dubai launched the Rental Good Conduct Certificate service.

Netting arrangements in Qualified Financial Contracts made enforceable

November 2018 - Finance. Legal Developments by Afridi & Angell.

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Federal Decree-Law 10 of 2018 on Netting (the Netting Law) was published in the UAE Federal Gazette on 30 September 2018 and will take effect on 30 October 2018 (the Effective Date). It is a significant development to the derivatives framework in the UAE, in terms of both the legal enforceability of such arrangements and the ability to implement close-out netting (i.e., netting of obligations following an event of default or termination event), particularly following the bankruptcy of one of the parties.

Dubai relaxes rules on filing appeals before the Court of Cassation

October 2018 - Litigation & Dispute Resolution. Legal Developments by Afridi & Angell.

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On 19 September 2018, H.H. Sheikh Mohammed Bin Rashid Al Maktoum, the Ruler of Dubai, issued Decree No. 28 of 2018 concerning the Acceptance of the Civil Petitions before Dubai Courts (the Decree). The Decree was issued by His Highness to address the procedures in filing appeals to the Court of Cassation. The Court of Cassation is the highest court in Dubai. pdf Read more...

Cautious Optimism on 100 per cent Foreign Ownership

July 2018 - Corporate & Commercial. Legal Developments by Afridi & Angell.

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Recent media reports have suggested that 100 per cent foreign ownership of companies in the UAE will now be permitted. The reports are based on a government press release regarding a UAE Federal Cabinet (Cabinet) meeting held on 20 May 2018. pdf Read more...

The Banking Regulation Review - UAE Chapter

May 2013 - Finance. Legal Developments by Afridi & Angell.

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The past year has seen a substantial improvement in the performance of banks and financial institutions in the UAE. Adequate provisions have been made for most nonperforming loans, banks are once again aggressively competing for good assets and 2012 bank results show substantial improvement in profits.

Getting it off the ground: the Jointly Owned Property Law in Dubai

February 2013 - Real Estate & Property. Legal Developments by Afridi & Angell.

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The original version of this article was published in Practical Law, Multi-Jurisdictional Guide to Corporate Real Estate, 2012/2013

By Shahram Safai, Arsalan Shaikh, Andrew Yule, Ronnie Dabbasi

CORPORATE REAL ESTATE - United Arab Emirates

February 2012 - Real Estate & Property. Legal Developments by Afridi & Angell.

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Shahram Safai, Arsalan Shaikh, Andrew Yule, Christopher Linwood and Omar Ayad
Afridi & Angell

What have been the main trends in the real estate market in your jurisdiction over the last 12 months? What have been the most significant deals? 

ANTI-CORRUPTION COMPLIANCE IN THE UNITED ARAB EMIRATES

January 2012 - Corporate & Commercial. Legal Developments by Afridi & Angell.

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International businesses must devote ever increasing resources to avoid involvement in anti-corruption offences. Of course, for decades the strict provisions of the U.S. Foreign Corrupt Practices Act, or FCPA, have applied to American corporations, defined broadly to include entities whose securities are listed on American stock markets. These provisions have led to many non-U.S. corporations being caught in FCPA violations.

United Arab Emirates

January 2012 - Litigation & Dispute Resolution. Legal Developments by Afridi & Angell.

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Haider K Afridi and Chatura Randeniya
Afridi & Angell

How is commercial arbitration used in your jurisdiction? What are the recent trends? What are the general advantages and disadvantages of arbitration compared to court litigation in your jurisdiction? 

Corporate Real Estate Handbook 2010/11

January 2011 - Real Estate & Property. Legal Developments by Afridi & Angell.

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Real estate projects generally comprise master communities managed by master developers. Master developers provide the infrastructure and divide the land into plots. The plots are usually sold by a master developer to smaller property developers who transform the plots into residential or commercial centres, ranging from tall towers to secluded buildings and villas.

Country Q&A: Arbitration 2010/11

September 2010 - Litigation & Dispute Resolution. Legal Developments by Afridi & Angell.

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Please give a brief overview of the use of commercial arbitration in your jurisdiction, including any recent trends. What are the general advantages and disadvantages of arbitration compared to court litigation in your jurisdiction?

Energy and Project Finance: A promising future

September 2010 - Projects, Energy & Natural Resources . Legal Developments by Afridi & Angell.

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As economies continue to seek private sector participation for developing infrastructure projects, banks and financial institutions continue to provide debt to fund such projects on a limited recourse basis. Project finance has developed as a very useful tool for funding infrastructure projects, particularly given the fact that banks and financial institutions are amenable to extending long-term repayment schedules for such projects. A long-term repayment schedule is often necessary given the tariff structures usually associated with off-take arrangements in project finance transactions.

THE SECURED LENDING MARKET

March 2010 - Corporate & Commercial. Legal Developments by Afridi & Angell.

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Country Q&A United Arab Emirates - There are several free zones in the UAE and each free zone has its own regulations for creating security interests by entities licensed within that zone and/or over property located within it. However, aside from the creation and enforcement of security interests in the UAE, this chapter is restricted to security interests in the Dubai International Financial Centre (DIFC) and in the Jebel Ali Free Zone Authority (JAFZA), the first free zones in the UAE around which the laws of most other free zones are modelled.

The Restructuring Review

March 2010 - Finance. Legal Developments by Afridi & Angell.

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OVERVIEW OF 2008/2009 RESTRUCTURING AND INSOLVENCY

ACTIVITY

UAE - Dispute Resolution 2009/10

August 2009 - Litigation & Dispute Resolution. Legal Developments by Afridi & Angell.

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Commercial disputes in the United Arab Emirates (UAE) are generally resolved through litigation in the courts or arbitration. Arbitration is becoming an increasingly popular way to resolve disputes. The UAE recently signed the UN Convention on the Recognition and Enforcement of Foreign Arbitral Awards 1958 (New York Convention).