In brief The UAE has issued Federal Law No. 48 of 2023 in relation to insolvency (the “New Insolvency Law”), which replaces Federal Law No. 9 of 2016 and comes into effect on 1 May 2024. Although the previous law was more progressive compared to the previous insolvency articles embedded in the old Commercial Code of 1993, at least in relation to the numerous insolvency matters and other protective composition and restructuring witnessed by the…
In brief The United Arab Emirates (UAE) has constantly been a pioneer in the region when it comes to making decisions to protect the environment and limit the spread of plastic waste, which poses a significant danger to the environment and wildlife. On 30 December 2023, the Dubai Executive Council issued Decision No. 124 of 2023 to regulate the usage of single-use products in the Emirate of Dubai (“Decision”), in support of the previous Dubai…
In brief To future-proof its regulatory system, the UAE cabinet has established the Emirates Drug Corporation (EDC) in September 2023. As a new independent regulator, the EDC will replace the Ministry of Health and Prevention (MOHAP) for the regulation of pharmaceuticals and medical devices. Besides medicines and medical devices the EDC will also be responsible for cosmetics, dietary supplements, GMOs, fertilizers, pesticides, agricultural conditioners and plant growth regulators. The EDC will also take over some…
Background As we previously reported, in September 2021, the joint venture between the Dubai International Financial Centre and the London Court of International Arbitration (DIFC-LCIA), and the Emirates Maritime Arbitration Centre were abolished, and all respective assets, liabilities, rights, and obligations of these institutions were transferred to the newly established Dubai International Arbitration Center (DIAC) by way of Decree No. 34 of 2021 (“Decree”) (view our previous alert here). As such the DIFC-LCIA Arbitration Center and…
In brief Over the last few months, the United Arab Emirates (UAE) have made a few legislative changes in relation to the Ultimate Beneficial Ownership (UBO) regulations as well as the associated administrative penalties, with the issuance of: Cabinet Resolution No. 109 of 2023 on the Regulation of the Real Beneficiary Procedures (the “New Resolution”), which came into effect on 16 November 2023 and superseded Cabinet Resolution No. 58 of 2020. The New Resolution applies…