Dubai Court of Appeal Upholds The Sanctity of An Arbitral Award: Majority Signatures Sufficient for Valid Arbitral Awards
On the 29th of April 2024, the Dubai Court of Appeal (COA) issued a landmark judgement Judgement) in Appeal Number 11 of 2024 (Appeal), wherein the COA clarified the legal position concerning the requirement of having an Award signed by all the members of the Arbitral Tribunal (including the Arbitrator that dissented with the majority) and in doing so, affirmed the validity and enforceability of an Award which was only signed by the majority of the Arbitrators.
Non-Competes and Employment Contracts
A non-compete clause (or non-competition clause), is a clause in an employment contract that prevents or restricts an employee from any activity that directly competes against his former employer once the employment contract has ended.
Navigating Debt Recovery in the UAE: Insights on Leveraging Commercial Licenses as Attachable Assets
Debt Recovery is a critical aspect of financial transactions, crucial for individuals and businesses alike; hence efficient recovery of unpaid debts is vital for maintaining financial security. The recent judgment by the General Assembly of the Dubai Court of Cassation in Cassation No. 1 of 2024 issued on 31 January 2024 (the “General Assembly Judgment”), has expanded the options of attachable assets in relation to debt recovery. Before discussing the nuances of this judgment, let us look into the framework of debt recovery in the UAE.
DIFC Announces Consultation for Amendments to DIFC Law on Application of Civil and Commercial Laws in the DIFC
In May 2024, the Dubai International Financial Centre Authority (“DIFCA”) issued a Consultation Paper in relation to certain proposed amendments to DIFC Law No. 3 of 2004 (otherwise known as the “Application Law”). The DIFCA seeks to enact these amendments to the Application Law by way of DIFC Law No. 6 of 2024 (the “Proposed Amendment Law”). The Consultation Paper invites public comment on the Proposed Amendment Law by no later than 1 June 2024, and any comments should be addressed to the DIFCA’s Chief Legal Officer, Mr. Jacques Visser.
Legal Insight Q&A: Emiratization
Emiratization is the UAE government’s initiative to increase the number of UAE Nationals employed in the public and private sectors. (Note, the remainder of these questions solely address questions regarding Emiratization requirements for mainland private sector companies).
UAE Federal Tax Authority Releases Business Restructuring Relief Guide for Corporate Tax Purposes
As part of the continuous efforts of the Federal Tax Authority (FTA) to assist corporate taxpayers to understand and manoeuvre through the complexities of the corporate tax regime of UAE, FTA has released the latest Business Restructuring Relief Guide for Corporate Tax Purposes (Guide). However please be mindful that, unlike Tax laws, FTA Guidelines are not legally binding.
Artificial Intelligence: Benefits, Limitations, and UAE Government Initiatives
AI has become a focal point across news platforms, dominating discussions on social media and prompting government attention due to concerns over its potential misuse. In our analysis, we delve into the dual aspects of AI, highlighting its positive outcomes and limitations. We also offer suggestions for individuals and organizations to harness AI’s benefits while managing associated risks. Additionally, we explore the UAE government’s initiatives in the realm of AI and contemplate its future implications.
Procedural Remedies for Delayed Arbitral Awards under UAE Federal Law No. 6/2018 on Arbitration
The article discusses the UAE’s new law which aims to fortify the legal framework and processes to combat potential money laundering and the financing of terrorism by delegating, amending and clarifying existing responsibilities within the framework, as well as demonstrating a proactive approach through the adoption and implementation of new reporting mechanisms.
Navigating the Legal Framework of UAE’s New Finance Lease Legislation
The article discusses the UAE’s new law which aims to fortify the legal framework and processes to combat potential money laundering and the financing of terrorism by delegating, amending and clarifying existing responsibilities within the framework, as well as demonstrating a proactive approach through the adoption and implementation of new reporting mechanisms.
Dubai Courts find that the DIAC Rules give tribunals the power to award legal costs
On 22 January 2024, the Dubai Court of Appeal (“DCA”) issued a judgment (the “Judgment”) that will be welcomed as a step in the right direction on the issue of legal costs in UAE-seated arbitrations conducted under the DIAC Rules
