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Firm: Afridi & Angell

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Emirates Development Bank Appointed to Maintain Register of Finance Leases
Afridi & Angell, October 2019

Introduction 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). Background The Finance Lease Law was promulgated in December 2018. This Law creates a register (the Register) pursuant to which “Finance Lease Contracts” shall be registered...

EU Removes UAE from Tax Blacklist
Afridi & Angell, October 2019

The European Union (EU) has removed the UAE from the EU’s blacklist of non-cooperative jurisdictions for tax purposes. The EU Blacklist The EU maintains a blacklist of non-cooperative jurisdictions for tax purposes. The EU has published criteria on tax transparency, fair taxation and implementation of anti-BEPS measures that EU Member States undertake to promote...

UAE Ministry of Finance Issues Guidance on Economic Substance Regulations
Afridi & Angell, October 2019

A previous in Brief dated 7 July 2019 discussed UAE Cabinet Resolution 31 of 2019 Concerning Economic Substance Regulations (the UAE Economic Substance Regulations or the Regulations). The UAE Economic Substance Regulations designated the UAE Ministry of Finance as the Competent Authority...

Dubai: Changes to the Fines that can be Applied by the Public Prosecutors’ Department
Afridi & Angell, October 2019

The Public Prosecutors’ Department in Dubai has the power to impose fines with respect to certain criminal misdemeanors and offences[i] without being required to refer the matter to a Court of Law. Such fines are issued under a Penal Order. This power stems from Dubai Law No. 1 of 2017, which authorises the Attorney General of Dubai to prescribe the offences and the corresponding fines which may be the subject of a Penal Order...

Law 6 of 2019: On the Ownership of Common Property in the Emirate of Dubai
Afridi & Angell, September 2019

What’s happened? After much media coverage regarding the potential change in the law concerning properties owned in common in Dubai, Law 6 of 2019 was introduced on 4 September 2019 (the New Law). The New Law is an important development for Dubai as most real estate is held by way of property owned in common. That is, a real estate development that has been subdivided into apartments, offices, retail units and/or common areas...

The Private Equity, Venture Capital, and Start-up Ecosystem in the UAE: Recent Developments
Afridi & Angell, September 2019

In the lead up to the Expo 2020, the UAE government has taken a number of measures to promote economic diversification, foster growth, and stimulate the region’s innovation environment. The government’s push to develop the private equity, venture capital, and start-up eco-system is a central component of this agenda...

SCA Issues Guidelines for Financial Institutions on Anti-Money Laundering
Afridi & Angell, August 2019

The past year has been a busy one for AML compliance in the UAE. In October 2018, Federal Decree-Law 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations (AML Law) came into force. It contained features recommended by the Financial Action Task Force (FATF), and brought UAE laws in line with international AML standards...

Proposed New DIFC Data Protection Law
Afridi & Angell, July 2019

The DIFC Authority has proposed the enactment of legislation (the Proposed Law) to replace its current Data Protection Law, DIFC Law 1 of 2007 (as amended) (the Current Law). The Proposed Law is the subject of Consultation Paper 6 of 2019, which is presently posted on the DIFC website for public comments to be provided by 18 August 2019...

Dubai Development Authority - UBO Requirements
Afridi & Angell, July 2019

The Dubai Development Authority (DDA) (previously known as the Dubai Technology and Media Free Zone Authority (TECOM) and the Dubai Creative Clusters Authority (DCCA)) is the regulator of entities licensed to conduct business in Dubai Internet City, Dubai Media City, Dubai Knowledge Park, Dubai Outsource City, and other clusters regulated by the DDA...

New Economic Substance Regulations in the UAE
Afridi & Angell, July 2019

A previous inBrief dated 30 April 2019 discussed a law recently enacted in the BVI, the Economic Substance (Companies and Limited Partnerships) Act, 2018, which introduced economic substance requirements in the BVI. This article will discuss a similar measure recently promulgated in the UAE...

New UAE Regulatory Policy for the Internet of Things
Afridi & Angell, July 2019

Along with the prediction that the continued growth of the Internet of Things (IoT) will transform our everyday lives and how we do business, we can also anticipate that the increased number of connected devices will bring about additional challenges, including greater security and privacy-related risks...

DIFC Courts Pierce Veil of Incorporation in Employment/Marital Dispute
Afridi & Angell, July 2019

The DIFC Small Claims Tribunal (SCT), a branch of the DIFC Courts, has in a rare (if not first of its kind) judgement, pierced the corporate veil of a DIFC incorporated company to look into its shareholding and key individuals in the case of AS World Group Holding Ltd. Vs Anna Calkins [DIFC SCT 116/2019]. Overview of dispute AS World Group Holding Ltd (Claimant), filed proceedings against Ms...

Keeping up with the Trend: The New DIFC Insolvency Law
Afridi & Angell, June 2019

Introduction The latest in the series of insolvency regime reformations in the Middle East is the new Dubai International Financial Centre insolvency law; DIFC Law 1 of 2019 (the New Law). Subject to article 1(4) of the New Law, the New Law repeals and replaces DIFC Insolvency Law 3 of 2013 (the Old Law). Article 3 of the New Law states that it applies in the jurisdiction of the DIFC, meaning that it applies to all DIFC incorporated entities...

The New DIFC Employment Law: Key Changes
Afridi & Angell, June 2019

On 12 June 2019, the Dubai International Financial Centre (the DIFC) announced the enactment of DIFC Law 2 of 2019 (the New DIFC Employment Law) to replace the existing DIFC Law 4 of 2005 (the Old DIFC Employment Law). The New DIFC Employment Law is to come into force on 28 August 2019 and will directly affect almost 24,000 employees based in the DIFC...

A Closer Look at Payment Orders under the UAE Civil Procedure Law
Afridi & Angell, June 2019

Several significant changes to the UAE Civil Procedure Law (Federal Law No. 11 of 1992 as amended) came into effect in February this year. An overview of these changes, brought about by Regulations promulgated pursuant to Decree by Law No 10 of 2017 and Cabinet Resolution No. 57 of 2018 (the Regulations) can be found in our inBrief of 12 February 2019...

Is Arbitration an Exceptional or Alternative Form of Dispute Resolution?
Afridi & Angell, May 2019

The enactment of the UAE’s first standalone arbitration law (Federal Law No. 6 of 2018; the Arbitration Law) introduced some important changes to arbitration in the UAE, such as recognising the enforceability of interim awards and significantly streamlining the enforcement of arbitral awards. However, the requirements for establishing a valid arbitration agreement (i.e...

Implementation of Passporting Regime for Domestic Funds
Afridi & Angell, May 2019

On 11 March 2019, 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) issued a joint press release announcing the enactment of legislation enabling the implementation of a “passporting” scheme to facilitate UAE-wide promotion of domestic funds...

New Regulations Offer Welcome Guidance to Anti-Money Laundering Law
Afridi & Angell, May 2019

UAE Federal Decree-Law 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations (AML Law) came into force at the end of October 2018...

Amendments to Classification Requirements for Engineers and Contractors in Abu Dhabi
Afridi & Angell, May 2019

Background Companies licensed to conduct engineering or contracting activities in Abu Dhabi must be classified by the Contractors and Consultants Classification and Engineers Registration Office at the Abu Dhabi Department of Town Planning and Municipalities. The applicable regulations setting out the classification requirements are not new and date back to 2009, although implementation was delayed until 2014. Subsequent to the 2009 regulations, new regulations were introduced in 2018...

ADGM Grows Up: Issues First Fines
Afridi & Angell, May 2019

The Abu Dhabi Global Market (ADGM), the financial free zone which began operations in 2015, has now come of age. On 14 April 2019 Mr Alexander Guy, Senior Executive Officer and Director at Eshara Capital Limited, had the uncommon honour of becoming the first named person to be fined by ADGM’s Financial Services Regulatory Authority. Eshara Capital, in its corporate capacity, was also fined in connection with the same contraventions...

BVI Companies - Economic Substance Law
Afridi & Angell, April 2019

British Virgin Islands (BVI) companies are commonly used in the UAE by investors to hold real estate properties and/or shares in UAE companies. Investors need to be aware of a recently enacted BVI law, the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Law), which introduces economic substance requirements in the BVI...

Directors' Duties in DIFC
Afridi & Angell, April 2019

Introduction On 12 November 2018, the Dubai International Financial Centre (DIFC) introduced a suite of new legislation concerning companies operating in or from the DIFC. This consists of DIFC Law 5 of 2018 (the Companies Law), DIFC Law 7 of 2018, the Companies Regulations and the Operating Regulations...

Health Data Confidentiality on a Rise in the UAE
Afridi & Angell, April 2019

Recent events, including the investigations into Facebook’s handling of its users’ personal data, have highlighted the realization that personal data is, in today’s world, one of the most valuable resources for any business and that businesses not only collect and store their customers’ personal data but also use and even sell it for profit...

Ultimate Beneficial Ownership Regulations
Afridi & Angell, April 2019

The DIFC Authority has issued the Ultimate Beneficial Ownership (UBO) Regulations, which took effect on 12 November 2018 (the Regulations). The Regulations require entities currently registered with, or to be registered with, the DIFC Authority to keep and maintain a UBO Register and (if applicable) a Register of Nominee Directors, setting out the details of the UBO and Nominee Directors respectively...

New Tawazun Economic Program Policy Guidelines Issued
Afridi & Angell, April 2019

The UAE has had an offset program for the better part of 30 years. It was originally conceived as an inducement for investment in industrial ventures in the UAE that would contribute to the diversification of the UAE’s economy. This underlying purpose continues today. However, the offset program, as originally devised, looked for development in non-military and non-hydrocarbon sectors...

 

 

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