What are the key difference in the legislation in the UAE and
other key international jurisdiction?
In comparison with other jurisdictions, the laws regulating
project financing in UAE are not stringent. The Federal Law Number
18 of 1993 concerning the Commercial Transactions Law, as amended
(the Commercial Law) and the Federal Law Number 5 of 1985
concerning Civil Code, as amended (the Civil Code) govern the
legalities concerning the financing of projects in the UAE.
Further, Regulations and Supervision Bureau (RSB) regulates water
and power/electricity projects and has set out regulations in Abu
Dhabi regarding Water and Electricity project financing. Parties
should obtain the prior approval of the RSB before submitting the
security in water and electricity projects. Regulations and further
materials and projects executed are detailed on their website and
brochures. In comparison with other major countries, these laws are
not too detailed.
Dubai Government
