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DIFC

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In brief Over the last few years, the United Arab Emirates (UAE) has taken steps to regulate the volatile crypto industry, as seen in the recent crypto winter, and to anticipate global crypto regulatory developments including in the US and in the UK that have been called upon to regulate the sector through regulations rather than enforcement, to protect retail investors that ultimately were the major victims of the crypto winter. In 2020, the Financial…

In brief As the Dubai real estate market continues to break pre-pandemic transaction records, a new real estate law has been introduced to further support the growth of property investment funds in Dubai. With the issuance of Decree No. 22 of 2022 (the Property Investment Funds Law), a new register (the Register of Property Investment Funds) has been established at the Dubai Land Department (the DLD) which entitles registered funds certain rights to facilitate their…

In brief The recently issued Rules of the Dubai International Arbitration Centre (the “New DIAC Rules“) have come into effect on 21 March 2022. Following the joint press release of the DIAC and the London Court of International Arbitration (LCIA), all arbitrations, mediations and alternative dispute resolution proceedings submitted to the DIAC after this date will be governed by the New DIAC Rules. The New DIAC Rules also align with the procedural developments entrenched in…

In brief Following the issuance of Decree No. 34 of 2021 which abolished the DIFC-LCIA Arbitration Centre, the Dubai International Arbitration Centre (DIAC) and the London Court of International Arbitration (LCIA) have now confirmed the administration of DIFC-LCIA cases going forward. According to their joint press release issued on 28 March 2022, all cases commenced and registered with the DIFC-LCIA on or before 20 March 2022 will now be administered by the LCIA. Cases commenced…

In Brief The recently issued Decree No. 34 of 2021 by Dubai Ruler’s 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…