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Amir Alkhaja

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Further to the issuance of Federal Decree Law No. 3 of 2020, which amended Federal Law No. 17 of 1972 (the Citizenship Law), the United Arab Emirates (UAE) has recently approved the amendments to its nationality laws with the aim of attracting foreign investors and talents who would contribute to and help progress the country’s economic objectives. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister and Vice President of the UAE and Ruler…

In brief In addition to the comprehensive economic support and stimulus program launched by the UAE Central Bank to curb the financial impact of the COVID-19 pandemic, the UAE has introduced radical amendments to the UAE Bankruptcy Law, offering distressed debtors with some level of leniency during these times of economic uncertainty and market disruption caused by circumstances outside of their control. Key changes include: adding new provisions to the law related to “emergencies” such…

A recent judgment by the Dubai Court of Cassation has concluded that for a contract to be Shari’a compliant, an Islamic bank or financial institution is required to do more than just to name that contract as a Murabaha contract (Cassation Appeals Nos. 898-927/2019). The Court of Cassation ruled that a Murabaha contract has to meet certain objective criteria to be considered as Shari’a compliant. These criteria are subject to review by the court and,…

The UAE has pioneered a new insolvency regime for individuals or natural persons with the issuance of the stand-alone Insolvency Law No. 19 of 2019 (Insolvency Law), which has come to effect as of 30 November 2019. The Insolvency Law is intended to provide sufficient protections to natural or civil persons who are facing financial distress and are unable to settle their debts, unlike the UAE Bankruptcy Law which regulates commercial companies and individuals considered…

As you may have seen in the press over the last couple of weeks, there has been a significant development in the recognition and enforcement of UAE judgments in India with the issuance of the official Indian Gazette Notification on 17 January 2020 (the Notification). The Notification declares the UAE as a ‘reciprocating territory’ and, going forward, judgments from the UAE courts will be recognized and enforced in India. What has changed? Whilst India and…