In Brief The recently issued Decree No. 34 of 2021 by Dubai’s Ruler Sheikh Mohammed bin Rashid Al Maktoum has been a trending topic. The Decree dissolves the Emirates Maritime Arbitration Centre (EMAC) and the Dubai International Financial Centre (DIFC) Arbitration Institute and assigns their obligations to the Dubai International Arbitration Centre (the New DIAC). Dr. Habib Al Mulla had proposed the changes to the Dubai Government and prepared the first draft of the law…
In brief Across the globe, transfer pricing disputes have increased following a waterfall of changes, e.g., BEPS, increased transparency, global compliance obligations, intangibility of value creation and digitized taxation. The pandemic added its synchronized impact by provoking countless economic and social ripples on the already turbulent waters. Against this backdrop, the Middle Eastern economies are battling lower oil prices and budget deficits, which in turn increase the pressure for fiscal receipts. In the last couple…
On 3 February 2020, the Abu Dhabi Judicial Department (ADJD) announced that the Abu Dhabi Criminal Court sentenced a former Chairman of an Abu Dhabi Government-owned company, as well as its Chief Executive Officer (CEO), to 15 years’ imprisonment for money laundering. In addition to receiving a 15-year imprisonment sentence, the individuals were ordered to return around AED 8 billion (approx. USD 2.18 billion) in misappropriated public funds, pay compensation to the companies they represented…
As the 2019 Novel Coronavirus (COVID-19) continues to spread across the globe, businesses are facing weakened financial markets, disruption to workplace operations, and economic uncertainty. We have seen unprecedented measures taken by the UAE to prevent the spread of the disease including mandatory work from home instructions and business shut downs. However, there has been uncertainty as to what steps an employer can take to mitigate the impact of the virus while protecting the rights…
As the 2019 Novel Coronavirus (COVID-19) continues to spread across the world, governments are actively working with global and local health authorities to implement nationwide measures to help curb transmission and mitigate virus-related risks as well as offer relief for businesses and individuals in these challenging times. In response, businesses and government institutions across the UAE are taking necessary action to minimise the impact of the pandemic on their operations, workforce and supply chains, in…