The year 2021 has seen many critical changes being brought into the legal regime of the United Arab Emirates.
The new changes have been critically aligned with the economic reforms initiated in the region that aim to build a flexible business environment in the UAE, one that furthers the economic prosperity. The United Arab Emirates is home to a multitude of ex-pat populations to the tune of almost ninety per cent of the total population, and inculcating the same, the new laws also aim to make the region more expat-friendly and adaptable.
The new changes have made amendments to almost forty laws in total, including some of the major changes made to the commercial company's law, the UAE penal code, the UAE trademarks law and the personal status laws.
The new legal changes effected in the UAE pave the way for a new and modern era for the country, one that proves its attractiveness to global investors and innovators. The changes are aligned with the ambitions of the country to become the leading business hub and also to establish a well-diversified economy. The new changes are a welcome move that will certainly attract more foreign direct investment in the region as well as spurt further economic growth.
What is the full list of fines for money laundering in the UAE? Dr. Hassan Elhais
The UAE Ministry of Economy has announced the list of penalties for violations of the laws relating to money-laundering and terrorism financing.Can I Appeal Against an Arbitration Award?
Arbitration is best described as a cost-effective alternate dispute resolution process, which assists in smoother business relationships without incurring the rigidity of court proceedings. To address many of the pitfalls of the arbitration process and to bring the UAE arbitration process in tune with the best international standards, the UAE enacted Federal Law No. 6 of 2018 on ‘Arbitration’ and its amendments (“Arbitration Law”).Commercial leasing and breach of contract punishments
In legal terms, a lease agreement can be defined as ‘a contract by which one party conveys land, property, services, etc. to another for a specified time, usually in return for a periodic payment’. A ‘commercial lease agreement’ constitutes a written lease agreement whereby a landlord agrees to lease his commercial property to another person or entity for a given business purpose and specified time period.