Afridi & Angell > Dubai, United Arab Emirates > Firm Profile
Afridi & Angell Offices
JUMEIRAH EMIRATES TOWERS, OFFICE TOWER, LEVEL 35
SHEIKH ZAYED ROAD
PO BOX 9371, DUBAI
United Arab Emirates
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Afridi & Angell > The Legal 500 Rankings
United Arab Emirates > Banking and finance: Financial services regulation Tier 2
Afridi & Angell has a long track record of providing multinational investment banks and financial service providers with legal opinions on the enforceability and validity their agreements and transactions with parties in the UAE, including termination and close-out netting provisions and title transfer collateral arrangements. The firm also advises on engagement with regulators and the development of financial products. Practice head Charles Laubach is lauded for his ‘commercial and client-oriented’ approach, while co-head Bashir Ahmed offers specialist advice on Shari’ah-compliant matters. Abdus Samad also comes recommended.Practice head(s):
Charles Laubach; Bashir Ahmed
Other key lawyers:
Testimonials
‘Charles Laubach gives very practical advice on ISDA matters, and gives a lot more insightful advice than other brand name law firms in this area.’
‘Charles Laubach is a pleasure to work with, as he provides clear, concise and timely advice. His turnaround time is also very good.’
‘Esoteric area of law providing guidance and advice to US FCM’s for reliance – A&A’s attorneys were well versed in the ask and delivered quality work product in a timely and efficient manner.’
‘I found the A&A attorneys to be engaged, knowledgeable and thorough.’
‘Afridi is a versatile firm with broad coverage of services and practice areas. Their longstanding presence in the Middle East enhances their understanding and “pulse” of the market. Importantly, they are one of the UAE law firms with the highest tenure among their lawyers — a clear indication of their ability to recruit and retain talent.’
‘Charles Laubach has been consistently excellent both in the quality of his legal counsel and responsiveness. He is also very commercial and client oriented. He has provided to my bank and broker-dealer clients opinions on the structuring of complex products (prime brokerage, derivatives, securities lending, margin lending) and on the evaluation of the credit risk represented by UAE counterparties. He is also the official provider of the industry legal opinions on repurchase agreements and securities lending agreements.’
‘The team is solid. We searched for months to find timely, accurate, and useful legal advice. ’
Key clients
Vision Bank
Citibank
BNP Paribas
BNPP Wealth Management
JP Morgan Chase
International Capital Market Association
International Securities Lending Association
Habib Bank
Ajman Bank
National Bank of Fujairah
Work highlights
- Advising the DIFC branch of an Electronic Money Institution that provides multi-currency international business accounts as well as foreign exchange solutions on developing a new compliance and anti-money laundering framework, developing a new privacy and data protection program, and developing an outsourcing contract and policy framework to comply with the stringent safeguards on outsourcing imposed by the Dubai Financial Services Authority.
- Advising a blockchain intelligence company on the rollout of its exchange platform to the United Arab Emirates. We are advising on all aspects of UAE law including licensing and business set-up, data privacy and protection and regulatory approvals including those required from the Dubai Virtual Asset Regulatory Authority.
United Arab Emirates > Employment Tier 2
Primarily focused on employer-side representation but also handling some work for senior executives, Afridi & Angell handles compliance, immigration, and whistleblowing matters. Charles Laubach leads the team and is knowledgeable of the employment aspects of M&A as well as corporate restructuring. Stuart Walker is experienced in restrictive covenant disputes, while Sulakshana Senanayake and Nazim Hashim are other key team members.Practice head(s):
Charles Laubach
Other key lawyers:
Testimonials
‘Incredibly approachable, responsible, and pragmatic.’
‘Stuart Walker is highly responsive, pragmatic, commercial and knowledgeable of matters of UK and UAE law.’
Key clients
Dubai Electricity & Water Authority
Etihad ESCO
Mai Dubai
ExxonMobil Corporation
Textron
Citibank
American School of Dubai
Amideast
Beamex Oy Ab
Bonas Group
Work highlights
- Represented a top-level executive in the DIFC Courts on the termination of his employment and a long-term incentive payout.
- Advised a US cleaning equipment company on workforce restructuring following the client’s acquisition of the UAE subsidiary of its global long-time distributor (the target company).
- Advised one of the world’s largest telecommunications, media, and technology strategy consulting firms on how to hire employees in the UAE who are subject to restrictive covenants with their existing employers.
United Arab Emirates > Real estate Tier 2
Commended for its ‘knowledge, experience, service levels, and responsiveness’, Afridi & Angell is experienced in property transactions. Practice head Shahram Safai is skilled at leasing agreements and is praised as a ‘stellar lawyer.’Practice head(s):
Shahram Safai
Testimonials
‘They stand out for their knowledge, experience, service levels, and responsiveness.’
‘Extremely practical, targeted, and in-depth advice that only seasoned lawyers can provide.’
‘Shahram Safai is a stellar lawyer, and he always strives to be the best in advising and to act in our best interests.’
‘Shahram Safai is a strategist who knows the history of the market, all the players, and all the angles.’
‘Shahram Safai is a true star in the legal industry, he is a pleasure to work with, a gentleman, and a strategic adviser we are proud to collaborate with.’
‘Shahram Safai has been instrumental in our transactions with investors and lenders. His guidance through challenging times and now the real estate boom has been invaluable. He is a practical, value-driven, and razor-sharp legal adviser.’
‘Shahram Safai is very well known in the real estate industry as a go-to lawyer with exceptional knowledge, strategy, and technical skills. His reputation commands respect, and his advice has been integral to our success, both in times of crisis and growth.’
‘Shahram Safia’s drafting of documents, issue-spotting, depth of knowledge, and attention to detail are immaculate. His insightful, practical, and knowledgeable approach is unparalleled, and his contributions have been indispensable to our company’s growth and resilience.’
Key clients
IE Real Estate Institute
Omniyat Properties
Real Estate Regulatory Agency
Dubai Real Estate Institute
Dubai Land Department
Saba Real Estate
Properties Investment LLC
Dubai Investments Real Estate Company
NED Properties
Union Properties
Work highlights
- Advising a financial institution on the most optimal investment vehicle to attract investors who wish to invest in real estate in the UAE.
- Advised a Dubai-based developer on the suite of real estate documents for its residential development in JVC (Dubai).
- Advised a Dubai-based developer on the sale of a major plot in Motor City, Dubai.
United Arab Emirates > Banking and finance: Corporate finance (including Islamic lending) Tier 3
Afridi & Angell handles a wide array of banking and finance mandates, including loan facilities, refinancings and restructurings, and amendments to existing facilities and major transactional documentation. As part of an active cross-border practice, the firm has strong connections with Russian banks, advising on the restructuring of existing and new facilities to borrowers domiciled in the UAE free zones. Rahat Dar co-leads the practice alongside Bashir Ahmed, and combines extensive transactional and regulatory know-how to cover the full breadth of conventional and Islamic financing structures. Co-head Masood Afridi is recognised for his project finance capabilities.Practice head(s):
Bashir Ahmed; Rahat Dar; Masood Afridi
Testimonials
‘Always reliable and great to work with.’
‘We work with a partner and an associate, and both have always be very trusted by us. Their services very timely, reliable, and complete.’
‘Rahat is extraordinary in his understanding of complex requirements of customer, His very quick response to offer options and solutions. Very professional in his approach.’
‘Always reliable and great to work with.’
Key clients
Citibank
BNP Paribas
VTB Bank
International Capital Market Association
International Securities Lending Association
Habib Bank
Ajman Bank
National Bank of Fujairah
Landesbank Baden-Wurttemberg
National Bank of Kuwait
Work highlights
- Advising a leading solar company in the UAE and an Asian developer of commercial and industrial renewable energy on a term loan financing from HSBC Bank (UK).
- Advised a UAE-based Islamic bank on a USD 75 million Murabaha facilityto a financed party based in Kuwait.
- Advised a UAE-based bank in connection with a ship financing to one ofthe largest shipping companies in Singapore.
United Arab Emirates > Dispute resolution: arbitration and international litigation Tier 3
‘Efficient, effective and client centric’, Afridi & Angell offers a comprehensive dispute resolution practice, adept at managing a wide spectrum of domestic and cross-border cases, including construction, banking, insurance, and technology disputes. Haider K Afridi leads the group and is chiefly recognsied for his skill in arbitration. The ‘excellent‘ Chatura Randeniya is experienced in successfully representing clients in arbitration – especially those active in the financial services and shipping space, and Mevan Bandara continues to act on an ever-growing body of cross-border disputes. Sulakshana Senanayake comes recommended for his work in the DIFC.Practice head(s):
Haider Afridi
Other key lawyers:
Testimonials
‘Mevan Bandara is prompt and available at short notice. He will work towards providing a holistic solution to the client.’
‘The team is very efficient, effective and client centric. They scored very well on advisory and in providing solutions to the matter.’
‘I worked extensively with Mevan Bandara. Mevan’s approach to the situation and guidance really stood out. His approach was to provide solutions to my matter by giving an objective path, rather than to get the business by giving partial one-sided advice. I also valued his in-depth knowledge in financial matters which helped a lot in forming the strategy.’
‘Great team work with regular knowledge sharing sessions because of which they are always aware of what is happening in the evolving legal space in the region. Great talent pool with amazing data resource on legal material. A lot of focus on technology.’
‘Have dealt with Chatura Randeniya and Mevan Bandara. I have found them exceptionally good with sound technical knowledge and ready with practical solutions for the legal problem.’
‘Highly experienced both on the international and the national practice level.’
‘ Chatura Randeniya: excellent lawyer, efficient and creative, easily approachable.’
‘This is a young team with a lot of potential and some very good work. They know their stuff and would be a good value choice for a clients.’
Key clients
China Railway Construction Corporation
Gulf Business Machines
Marketlend
MSH International LLC
DSA Architects
Dubai Electricity & Water Authority
CBRE Pte. Ltd.
Work highlights
- Successfully represented Carmon Reestrutura – Engenharia E Serviços Técnicos Especiais, (SU) LDA in a case where the DIFC Court of Appeal overturned, in part, its own decision in Sandra Holding Ltd and others v Fawzi Musaed Al Saleh and others, holding that the Court does have the jurisdiction to make freezing orders in support of foreign court proceedings.
- Assisted a top-level executive (in the DIFC Courts) in relation to his termination of employment and a Long-Term Incentive Payout.
- Assisted the client in the enforcement of a Danish arbitration award in Abu Dhabi where the arbitration forum was the Hong Kong Arbitration Centre and the arbitration was seated in Copenhagen.
United Arab Emirates > Commercial, corporate and M&A Tier 4
Afridi & Angell fields a team of ‘experienced legal experts across all fields‘, advising on a diverse range of transactions – particularly in the manufacturing, logistics, and energy sectors. The firms broader offering encompasses data protection, digital assets, licensing and regulatory advice, as well as funds-related work. Leading the team alongside Charles Laubach is Bashir Ahmed who is well-placed to advise on corporate, commercial and regulatory instructions. Danielle Lobo is notably active on M&A and private equity transactions. Abdus Samad provides robust capabilities in tech, digital assets and venture capital transactions. Saurbh Kotahri and Stincy Joseph also come recommended.Practice head(s):
Bashir Ahmed; Charles Laubach
Other key lawyers:
Danielle Lobo; Abdus Samad; Stincy Joseph; Saurbh Kothari
Testimonials
‘Experienced legal experts across all fields helps us as a one stop shop for all our legal needs.’
‘Saurbh Kotahri whom I interact with; he has a consultative approach as he is able to guide on the prospective legal troubles one might face in personal matters or corporate matters. He is also able to address the task at hand.’
‘To me, the practice is unique in terms of the consistent high quality of the professionals, combined with the fact that it is a relatively small firm which makes it easy to navigate and exceptional in terms of support.’
‘Abdus Samad is one of the most effective legal professionals I have ever worked with globally. He has a unique ability to provide pragmatic and actionable legal advice based on knowledge of the law, exceptional people skills, and sound judgement.’
‘Afridi & Angell have acted for us for many years and we have had excellent service from them. At Afridi & Angell there is total professionalism and integrity – right across the spectrum.’
‘Over the years, I have had the pleasure of knowing and working with most of the partners and associates. I have received excellent advice and corrective action taken. Bashir Ahmed, the Managing Partner is readily available and has always given me and my company his time whenever needed.’
Key clients
Al Batha Group
Modern Pharmaceutical Company L.L.C
Beeah Group
Dubal Holding
Al Kabeer Holdings Limited
ARENCO Group
Rexnord Corporation
MSH International (Dubai) Limited
Griffith Foods International Inc.
Country Hill International
Work highlights
Afridi & Angell > Firm Profile
The firm: Afridi & Angell is a leading full-service law firm in the United Arab Emirates (UAE). The firm was set up in 1975. Its lawyers are trained in international jurisdictions and bring with them international experience and the world’s business languages. The firm’s clients range in size and sophistication from start-ups to some of the region’s largest public and private companies and government institutions.
Afridi & Angell is the exclusive member firm for the UAE of a number of the top legal networks and associations, most notably Lex Mundi, the world’s leading network of independent law firms with preferred access to more than 21,000 lawyers in 100+ countries worldwide. Afridi & Angell is also a member of World Services Group (WSG). The WSG network brings together more than 19,000 professionals in almost 400 offices spanning 100 countries globally.
Areas of practice
Banking and finance: Afridi & Angell’s banking and finance practice is recognised as one of the strongest and most experienced in the region. Clients include domestic and international banks, financial institutions, borrowers and investors. The firm regularly advises on project finance transactions, structured finance, capital markets, investment products, acquisition finance, Islamic finance, asset finance and structuring, trade, consumer and treasury products.
Commercial, corporate and M&A: Afridi & Angell’s full-service corporate/commercial practice covers the full range of matters from M&A, joint ventures, private equity transactions, funds and corporate restructurings to general day-to-day corporate matters. The team has been involved in transactions of every size and scope in various industry sectors and is renowned for handling first-time and innovative transactions.
Energy, infrastructure and project finance: The infrastructure and project finance team sets the pace for the energy industry in the region. The firm has successfully advised stakeholders on all aspects of infrastructure projects from inception to financing and implementation, often in challenging circumstances. Many of the projects on which the team has advised have been groundbreaking in terms of the particular type of infrastructure in question and the financing backing the project.
Dispute resolution: Afridi & Angell’s dispute resolution team is recognised as one of the strongest in the UAE. It represents clients in civil and criminal matters with a number of lawyers having advocacy rights to appear before the DIFC Courts. In the local courts, the team assists and coordinates litigations with local advocates to develop strategies, evaluate facts and formulate legal positions for clients in the enforcement of awards and judgments. The firm also represents clients in international and ad hoc arbitrations.
Real estate: The real estate team’s in-depth understanding of the legal and business environments in the UAE and the region, combined with its strong relationships with government authorities, enables it to provide commercially astute and trusted advice to clients. The team regularly represents master developers, sub-developers, property owners, architects, engineers, contractors and government entities in all stages of the real estate and construction processes.
Shipping: Afridi & Angell’s shipping practice is one of the most established and reputable practices in the region. It represents and advises ship owners, P&I Clubs, dry docks, freight forwarders, courier companies, and banks. The firm advises on arrest of vessels, shipbuilding contracts, cargo claims, and regulation including environmental regulation relating to or affecting transportation.
Main Contacts
| Department | Name | Telephone | |
|---|---|---|---|
| Banking and finance | Bashir Ahmed | [email protected] | +971 4 330 3900 |
| Banking and finance | Rahat Hussain Dar | [email protected] | +971 4 330 3900 |
| Capital markets | Bashir Ahmed | [email protected] | +971 4 330 3900 |
| Capital markets | Rahat Hussain Dar | [email protected] | +971 4 330 3900 |
| Corporate and M&A | Charles S Laubach | [email protected] | +971 4 330 3900 |
| Corporate and M&A | Bashir Ahmed | [email protected] | +971 4 330 3900 |
| Corporate and M&A | Danielle Lobo | [email protected] | +971 4 330 3900 |
| Corporate and M&A | Abdus Samad | [email protected] | +971 4 330 3900 |
| Employment | Charles S Laubach | [email protected] | +971 4 330 3900 |
| Employment | Stuart Walker | [email protected] | +971 4 330 3900 |
| Energy | Masood K Afridi | [email protected] | +971 4 330 3900 |
| Financial services regulation | Charles S Laubach | [email protected] | +971 4 330 3900 |
| Financial services regulation | Bashir Ahmed | [email protected] | +971 4 330 3900 |
| Financial services regulation | Rahat Hussain Dar | [email protected] | +971 4 330 3900 |
| Infrastructure and project finance | Masood K Afridi | [email protected] | +971 4 330 3900 |
| Infrastructure and project finance | Rahat Hussain Dar | [email protected] | +971 4 330 3900 |
| Insurance | Bashir Ahmed | [email protected] | +971 4 330 3900 |
| Litigation support and arbitration | Haider K Afridi | [email protected] | +971 4 330 3900 |
| Litigation support and arbitration | Chatura Randeniya | [email protected] | +971 4 330 3900 |
| Litigation support and arbitration | Mevan Bandara | [email protected] | +971 4 330 3900 |
| Maritime and transport | Bashir Ahmed | [email protected] | +971 4 330 3900 |
| Maritime and transport | Chatura Randeniya | [email protected] | +971 4 330 3900 |
| Private equity | Bashir Ahmed | [email protected] | +971 4 330 3900 |
| Private equity | Danielle Lobo | [email protected] | +971 4 330 3900 |
| Private equity | Abdus Samad | [email protected] | +971 4 330 3900 |
| Real estate | Shahram Safai | [email protected] | +971 4 330 3900 |
| Restructuring | Charles S Laubach | [email protected] | +971 4 330 3900 |
| Restructuring | Bashir Ahmed | [email protected] | +971 4 330 3900 |
| Sports, entertainment and media | Masood K Afridi | [email protected] | +971 4 330 3900 |
| Tax | Shahram Safai | [email protected] | +971 4 330 3900 |
| Venture capital | Shahram Safai | [email protected] | +971 4 330 3900 |
Lawyer Profiles
| Photo | Name | Position | Profile |
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Mr Haider K Afridi | Partner | View Profile |
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Mr Masood Afridi | Partner | View Profile |
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Mr Bashir Ahmed | Managing Partner | View Profile |
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Mr Mevan Bandara | Partner | View Profile |
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Mr Rahat Dar | Partner | View Profile |
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Mr Saurbh Kothari | Partner | View Profile |
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Mr Charles Laubach | Partner | View Profile |
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Ms Danielle Lobo | Partner | View Profile |
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Mr Chatura Randeniya | Partner | View Profile |
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Mr Shahram Safai | Partner | View Profile |
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Mr Abdus Samad | Partner | View Profile |
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Mr Stuart Walker | Partner | View Profile |
Staff Figures
Number of lawyers : 34Languages
English Arabic Afrikaans French Farsi Hindi Cantonese Urdu Sinhalese Tagalog Portuguese Marathi Gujarati MalayalamMemberships
Lex Mundi World Services GroupOther
Other offices : Abu Dhabi Other offices : Sharjah Other offices : Dubai International Financial CentrePress Releases
Afridi & Angell Announces New Partners
4th February 2019DUBAI - Monday 14 January 2019 - Afridi & Angell is pleased to announce that Chatura Randeniya and Danielle Lobo have been admitted to the partnership, effective 1 November 2018.
Afridi & Angell receives honourable mentions at The Oath Middle East Legal Awards 2018
3rd January 2019DUBAI - Sunday 16 December 2018 - At The Oath Middle East Legal Awards on Wednesday 5 December 2018, Afridi & Angell received multiple honourable mentions including Regional Law Firm of the Year, Banking & Finance Team of the Year, and Employment Team of the Year.
Significant Precedents from the DIFC Courts
12th November 2018Historic precedents from the DIFC Courts after Afridi & Angell successfully defended an anti-suit injunction, an application to exclude evidence and obtained a document production order.
Legal Developments
DIFC Workplace Savings Scheme (with effect from 1 February 2020)
17th January 2020 On 14 January 2020, the Employment Law Amendment Law (DIFC Law 4 of 2020) and the Employment Regulations (the Amendment) were enacted. The Amendment introduces a new mandatory workplace savings scheme, which replaces the current end-of-service gratuity regime. The new scheme commences on 1 February 2020.Slightly more clarity: Economic Substance Regulations in the DIFC
23rd December 2019 The DIFC has provided slightly more clarity as to how UAE Cabinet Decision 31 of 2019 (the Economic Substance Regulations, or ESR) will apply within Dubai's financial free zone. Helpful as the guidance is, significant questions remain.The use of experts in the UAE municipal courts: Seven things you need to know
13th December 2019 1. There is a high possibility that you will have to present your case to an expert: Although the appointment of experts is more likely in technical disputes (e.g. maritime disputes, construction disputes, etc.), it is increasingly common for the UAE courts to refer disputes which, on the face of it do not require expert assistance, to experts.Regulatory Authorities of UAE Economic Substance Regulations announced
12th November 2019 Further to our previous inBrief dated 7 July 2019, which disucssed UAE Cabinet Resolution 31 of 2019 Concerning Economic Substance Regulations (the UAE Economic Substance Regulations or the Regulations), and inBrief dated 10 October 2019, which discussed the Guidance on UAE Economic Substance Regulations issued by the UAE Ministry of Finance, Cabinet Decision No. 58 of 2019 has now designated the regulatory authorities (the Regulatory Authorities) to regulate compliance with the UAE Economic Substance Regulations.UAE Ministry of Finance Issues Guidance on Economic Substance Regulations
12th November 2019 A previous inBrief dated 7 July 2019 discussed UAE Cabinet Resolution 31 of 2019 Concerning Economic Substance Regulations (the UAE Economic Substance Regulations or the Regulations).Emirates Development Bank appointed to maintain Register of Finance Leases
12th November 2019 Pursuant to UAE Federal Cabinet Resolution No. 56 of 2019, Emirates Development Bank has been appointed to maintain the register of finance lease contracts created pursuant to UAE Federal Law No. 8 of 2018 on Finance Lease (the Finance Lease Law or the Law).New Administrative Fines Imposed by the UAE Insurance Authority
11th March 2019On 6 January 2019, UAE Cabinet Resolution No. 7 of 2019 Concerning the Administrative Fines Imposed by the Insurance Authority was published in the UAE Official Gazette, which lists a total of 204 items that are considered to be violations by the Insurance Authority and their corresponding penalties. This resolution will come into force on 6 April 2019 and will apply to any person, company or insurance-related professional that commits any of the violations listed in the resolution.
New Long Term Residency Visas
19th February 2019After much media coverage, Cabinet Decision 56 of 2018 (the Decision) has been gazetted which introduces new long term residency visas to, amongst others, four categories of persons in the UAE.
Significant Changes to Civil Procedure Code
19th February 2019Significant changes to Federal Law No 11 of 1992 (the Civil Procedure Code) will soon be coming into effect. These changes are introduced through regulations (the Regulations ) issued under the Civil Procedure Code and will come into effect on 16 February 2019.
Merger Clearance Matters
19th February 2019The United Arab Emirates (the UAE) promulgated legislation to specifically address the regulation of competition (being Federal Law 4 of 2012, or the Competition Law) several years ago but until recently, it has been the case that the requisite implementing regulations and processes were not in place. This is no longer the case. Not only have the much anticipated implementing regulations been issued, the UAE Ministry of Economy (the Ministry) (being the regulator in charge of administering the UAE competition regime) has now formed the required committee and issued the anticipated guidance and forms to allow concerned parties to make merger clearance submissions to the Ministry where required to do so pursuant to the Competition Law.
New Promotion Regime for Domestic Funds
4th February 2019In 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
3rd January 2019In 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
10th December 2018 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.Confidentiality Under Renewed Focus
10th December 2018The 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.
Read more...The New Foreign Direct Investment Law
14th November 2018News 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
13th November 2018The 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
13th November 2018Legal 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
13th November 2018On 8 October, the Rental Disputes Centre in Dubai launched the Rental Good Conduct Certificate service.
Netting arrangements in Qualified Financial Contracts made enforceable
12th November 2018Federal 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.