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Firm: Afridi & Angell

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Underperforming real estate: Can REIT (funds) assist developers in the UAE?
Afridi & Angell, July 2020

During these unprecedented times, developers all over the world are actively looking for solutions to deal with underperforming real estate. For developers in the United Arab Emirates (UAE), real estate investment funds (otherwise known as REITs) may offer a solution to the problem. A REIT is a public or private investment fund which is established to invest a certain percentage (as stipulated by law) of its assets in real estate...

Economic Substance Notification Deadlines
Afridi & Angell, June 2020

The UAE has introduced Cabinet Resolution 31 of 2019 (as amended) (the Economic Substance Regulations) which apply to UAE onshore and free zone entities that undertake, and earn an income from, any of the Relevant Activities (listed below): Banking Business Insurance Business Investment Fund Management Business Shipping Business Holding Company Business Lease-Finance Business Distribution & Service Centre Business Headquarters Business Intellectual Property Business The Re

Recent Measures Implemented in Abu Dhabi in Response to COVID-19
Afridi & Angell, June 2020

On 30 May 2020, the Abu Dhabi Media Office posted through Twitter that the Department of Government Support has eased restrictions on some activities and issued a set of guidelines for working from and visiting government entities in Abu Dhabi. The guidelines below come into effect from today, 1 June 2020, and are limited to individuals between the ages of 12 and 60...

Cram Down Financings in the Era of Covid-19
Afridi & Angell, June 2020

We are in unprecedented times. The Covid-19 pandemic has swept the globe like a tsunami and it continues to wreak havoc on countries, people and economies. The effects of the pandemic are evident now. For example, the US unemployment rate is presently at 14.7%. In the peak of the financial crisis of 2008, the unemployment rate was 10%...

Post Eid al Fitr Reopening Guidelines and Easing of Movement Restrictions
Afridi & Angell, May 2020

On 26 May 2020, Dubai Economy published the “Post Eid al Fitr” reopening Guidelines which took effect from Wednesday 27 May 2020 and include updates to the protocols for the wholesale and retail trade including salons and barbershops as well as valet parking. The Guidelines also provide tailored reopening protocols for cinemas, kids salons, auction houses, outsourced government service centres, and various entertainment sectors...

Further Changes to Civil Litigation in the UAE
Afridi & Angell, May 2020

In the latest in a series of amendments to Federal Law No. 11 of 1992 (the UAE Civil Procedure Law) the recently issued Cabinet Resolution No. 33 of 2020 (the Resolution) brings about some important changes to how matters will be litigated in the UAE courts. The Resolution amends certain provisions of the regulations to the UAE Civil Procedure Code introduced by Cabinet Resolution No...

Revised Measures in Response to COVID-19: Sterilisation and Opening Timings and an Updated List of Violations and Fines
Afridi & Angell, May 2020

On 18 May 2020, the UAE government announced the following timings with effect from today, 20 May 2020: the National Disinfection Programme will take place between 08:00pm (not 10:00pm) to 06:00am the following day. working hours of butchers, mills and cafes will be from 06:00am to 08:00pm. commercial centres and malls will be open from 09:00am to 07:00pm (with new opening hours to be announced after the upcoming Eid...

The ADGM Companies Regulations 2020
Afridi & Angell, May 2020

The Abu Dhabi Global Market has announced amendments to its Companies Regulations. The Companies Regulations 2020 (2020 Regulations) repeal the Companies Regulations 2015 (as amended). We have summarised below the key changes under the 2020 Regulations...

DMCC Employment Guidelines during the COVID-19 Precautionary Measures Period
Afridi & Angell, May 2020

The DMCC Authority recently passed DMCC Guidelines 1 of 2020 (DMCC Guidelines) setting out what actions DMCC employers can take with respect to their employees during the COVID-19 Precautionary Measures Period. DMCC entities can: • Request employees to work remotely and implement means to monitor them (without infringing their privacy). Working remotely does not however apply to key employees working in Vital Industries...

New Measures Implemented by the UAE Authorities in Response to COVID-19 [7 May 2020]
Afridi & Angell, May 2020

Below is a summary of key new measures that have been implemented by various UAE authorities since 30 April 2020 and the time of this inBrief, 12:00 noon on Thursday, 7 May 2020.   I. Economic Relief Measures A...

DMCC: Expanding the Scope of a Service License
Afridi & Angell, May 2020

A DMCC licensed company holding a valid service license (with one or more of the Eligible Service Activities (identified below)) can apply to the DMCC for a no objection certificate (NOC) to operate/conduct business onshore (i.e. in mainland Dubai outside of the boundaries of the DMCC free zone). The NOC, in itself, is not sufficient to operate onshore. The applicant company will also be required to obtain a permit from the local licensing authority (i.e...

New Measures Implemented by the UAE Authorities in Response to COVID-19 [1 May 2020]
Afridi & Angell, May 2020

Below is a summary of key new measures that have been implemented by various UAE authorities since 25 April 2020 and the time of this inBrief, 6:00 p.m. on Thursday, 30 April 2020.I. Economic Relief MeasuresA. Abu Dhabi Global Market (ADGM) announces further incentives to support businessesOn 29 April 2020 the ADGM Registration Authority enacted incentives for new businesses, aimed at supporting the establishment of their operations amid the COVID-19 pandemic...

Employment Measures for Dubai International Financial Centre (DIFC) Employers During COVID-19
Afridi & Angell, April 2020

Presidential Directive No. 4 of 2020 (Directive) is the most recent measure taken in the DIFC to ensure proper management in the DIFC during COVID-19. The Directive, issued on 21 April 2020 with immediate effect, announced employment and workforce measures which shall stay in effect up to and including 31 July 2020 (referred to herein as COVID-19 emergency period). We will discuss in this inBrief employment measures included in the Directive...

New Measures Implemented by the UAE Authorities in Response to COVID-19 [26 April 2020]
Afridi & Angell, April 2020

Below is a summary of new developments and key new measures that have been implemented by various UAE authorities since 19 April 2020 and the time of this inBrief, 6:00 p.m. on Saturday, 25 April 2020.I. First Phase of Easing of Lockdown and Movement Restrictions in DubaiThe Supreme Committee of Crisis and Disaster Management has announced a partial reduction in the restrictions on movement in Dubai starting from Friday 24 April 2020...

Implementation of Abu Dhabi Local Content Program
Afridi & Angell, April 2020

Introduction In late 2019, the Industrial Development Bureau (IDB) of the Abu Dhabi Department of Economic Development (ADDED) launched the Abu Dhabi Local Content (ADLC) Program in a trial phase. In April of 2020, the IDB announced implementation of the ADLC Program, which will apply to more than 1,244 governmental and semi-governmental tenders worth approximately AED 15 billion...

COVID-19: Is it an Event of Force Majeure under UAE Law?
Afridi & Angell, April 2020

The continuing COVID-19 pandemic has caused an unprecedented disruption of business worldwide, and many businesses and organisations will be scouring their current contracts to identify avenues of relief. In many cases, the pages containing the force majeure clause will be the first to be turned...

New Measures Implemented by the UAE Authorities in Response to COVID-19 [18 April 2020]
Afridi & Angell, April 2020

Below is a summary of key new measures that have been implemented by various UAE authorities since 15 April 2020 and the time of this inBrief, 12:00 noon on Saturday, 18 April 2020. Dubai’s National Disinfection Programme extended On 17 April 2020, Dubai’s Supreme Committee of Crisis and Disaster Management extended the 24-hour National Disinfection Programme for another week. The programme, which began on 5 April 2020, was initially scheduled to end on 18 April 2020...

New Cost Relief Measures Implemented by UAE Authorities in Response to COVID-19
Afridi & Angell, April 2020

The UAE authorities have taken a number of measures to reduce the costs that businesses are facing during the current crisis. We now report on some of the measures that have been introduced, current as of 12:00 noon on Thursday, 16 April 2020. Abu Dhabi Department of Economic Development (ADDED) Administrative Resolution No. 92 of 2020 On 14 April 2020, the ADDED issued Administrative Resolution No...

Foreign Direct Investment in the UAE: The Approval of the Positive List
Afridi & Angell, April 2020

On 23 September 2018 Federal Decree-Law 19 of 2018 regarding Foreign Direct Investment (the FDI Law) was issued. Through the FDI Law the foundations were laid for the relaxation of the 51 per cent UAE national ownership requirement for companies incorporated onshore in the UAE...

New Measures Implemented by the UAE Authorities in Response to COVID-19 [14 April 2020]
Afridi & Angell, April 2020

Below is a summary of key new measures and initiatives that have been implemented by various UAE authorities since 9 April 2020 and the time of this inBrief, 6:00 p.m. on Monday, 13 April 2020.   Commercial Activity On 13 April 2020 the Dubai Department of Economic Development issued a circular on the re-opening of some commercial activities and emphasised that these activities must continue to comply with preventive guidelines, including operating only between the hours of 8:00 a.m...

Electronic Signatures in the UAE: What You Need to Know
Afridi & Angell, April 2020

With the UAE in virtual lockdown and the majority of businesses required to operate remotely, an increasing number of documents are required to be signed electronically. Although electronic signatures were not commonly used prior to the onset of COVID-19 in the UAE, the legal framework for the use of electronic signatures has been in place for quite some time...

Measures Implemented by the Dubai International Financial Centre (DIFC) in Response to COVID-19
Afridi & Angell, April 2020

Below is a summary of key relief and operational measures implemented by the DIFC since 1 April 2020 and the time of this inBrief, 6:00 p.m. on Saturday, 11 April 2020. Dubai Financial Services Authority (DFSA) announces relief measures On Tuesday, 7 April 2020, the DFSA announced a number of relief measures to support their clients during this time of stress and uncertainty. These measures are aimed at both new firms setting up in the DIFC as well as existing authorised firms...

New Measures Implemented by the UAE Authorities in Response to COVID-19 (8 April 2020)
Afridi & Angell, April 2020

Below is a summary of key new measures and initiatives that have been implemented and announced by various UAE authorities since 6 April 2020 and the time of this inBrief, 6:00 p.m. on Wednesday, 8 April 2020...

New Measures Implemented by the UAE Authorities in Response to COVID-19 [7 April 2020]
Afridi & Angell, April 2020

Below is a summary of key new measures, as well as clarifications on previous measures we reported on, that have been implemented by various UAE authorities since 5 April 2020 and the time of this inBrief, 6:00 p.m. on Tuesday, 7 April 2020...

New Measures Implemented by the UAE Authorities in Response to COVID-19
Afridi & Angell, April 2020

This supplements our inBrief dated 3 April 2020, which reported on measures implemented by the UAE authorities in response to COVID-19 up to 9:00 a.m. that day. Many new measures have been introduced since then. We now report on new measures taken up to 9:00 a.m. on Monday 6 April 2020...

 

 

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