Is the UAE Financial System strained by sufficient securities for credit?
The recent legislative changes, including Federal Law No. 50 of 2022 (the “New Commercial Code”) and Federal Law No. 23 of 2022 (the “New Banking Law Amendment”) has impacted the financial system in the UAE. These laws have introduced new provisions and obligations for licensed financial institutions, emphasizing the need for ‘sufficient guarantees’ in all […]
DIFC Courts and Dubai Chambers Unite to Boost Business Confidence
The Dubai International Financial Centre (DIFC) Courts have joined forces with Dubai Chambers, embarking on a collaborative journey that is set to fortify Dubai and the UAE’s economic ambitions. This strategic partnership marks a pivotal moment in enhancing the business landscape, focusing on several key areas of cooperation. The agreement encompasses a commitment to promote […]
Recent Case Analysis: AB v CD [2023] EWHC 2419 (Ch) – Unraveling Legal Expenses in Freezing Orders
Recently KBH has seen a surge in instructions for injunction applications, a recent case, UK authority AB v CD [2023] EWHC 2419 (Ch), has captured our attention at KBH. This decision offers profound insights into the interpretation of legal provisions, specifically addressing legal expenses exceptions in parallel proprietary (PFO) and non-proprietary (WFO) freezing orders. Background […]
Navigating Financial Services in the DIFC: What You Need to Know
In a recent circular, the Dubai Financial Services Authority (DFSA) clarified an important distinction for businesses operating in the Dubai International Financial Centre (DIFC). Being incorporated in the DIFC does not automatically grant the authority to provide financial services. This informative piece breaks down the key points and sheds light on how businesses can ensure […]
SIAC’s draft 7th Edition of its Rules and the possible Impact
With DIAC aiming to become the world’s leading arbitral institution, I’ve been closely observing the developments at the Singapore International Arbitration Centre (SIAC), which has seen a consistent rise in its case load since its last rule update in 2016. In 2015, they handled 271 new cases, which increased to 357 in 2022. The first […]
Reciprocity between jurisdictions: Are we there yet?
A commentary by Jenner & Block and KBH on the trend towards reciprocity in the enforcement of UAE, English, and US judgments and awards. Given the increasing number of companies with assets and operations spanning the UAE, England and the US the ability to enforce judgments and awards across these jurisdictions has never been more […]
What happens at a mediation?
Mediations are a popular form of ADR which often take place over the course of one day. Whilst it will no doubt be a long and tiring day, from our experience it is a highly effective means of settling disputes. In advance of the mediation both parties often exchange position statements which they also provide […]
ADR in the DIFC
There is an express duty on the DIFC Court to manage cases in a way which encourages alternative dispute resolution (ADR) of disputes. There is also a duty on legal representatives in the DIFC to consider with clients and the other parties concerned, the possibility of attempting to resolve the dispute or particular issues by […]
Financial Exploitation in the UAE: Capacity, Vulnerability, and Safeguarding
Introduction In the realm of UAE law and its unique legal landscape, addressing issues of capacity, vulnerability, and safeguarding becomes increasingly important. This article explores the concept of the “Twilight Zone,” a phase in which individuals possess legal mental capacity but may be susceptible to financial exploitation due to cognitive impairments, such as dementia. We […]
DIFC Takes a Historic Step: Adequacy Decision on California Consumer Privacy Act
In a groundbreaking move that is poised to reshape the landscape of international data protection, the Dubai International Financial Centre (DIFC) has issued an unprecedented adequacy decision https://www.difc.ae/business/operating/data-protection/data-export-and-sharing/#s3 concerning the California Consumer Privacy Act of 2018 (CCPA). This momentous decision, reflecting DIFC’s commitment to global data protection standards, bridges the gap between DIFC and California-based […]