Real Estate Archives - Fichte & Co Legal

A new committee to settle heirs’ disputes in Dubai

Habib Babikir — Thu, 15 Apr 2021 03:15:20 +0000

Based on decision No. 8 of 2021, a Special Tribunal was formed to consider and decide upon any applications, claims, discussions, and appeals submitted in terms of selling inherited residential real estate. This special judicial committee in Dubai will resolve disputes on the sale of inherited residential property, reflecting article 1 of Decree 23 of …

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UAE Overhauls Corporate Rules and Allows 100% Foreign Ownership in Mainland Companies

Dr. Laura Voda — Tue, 24 Nov 2020 07:32:36 +0000

On November 23 2020, the UAE President, Sheikh Khalifa Bin Zayed Al Nahyan, issued a Decree amending 51 articles and introducing certain new provisions in Federal Law no. 2 of 2015 (Commercial Companies Law). This update aims at analyzing the primary impact of the Decree in the jurisdiction and its relevance for the corporate restructuring …

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Direct Executory Force of Notarized Debts

Dr. Laura Voda — Tue, 24 Nov 2020 03:44:23 +0000

In the UAE, a debt is directly executable before the UAE Courts where it has been notarized and stamped with a stamp of execution by a notary public. This may be an attractive route for settling debts, for debtors and creditors alike, due to the time and cost-efficient nature of the process. In particular, it …

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Overview: Enforcement Proceedings of Domestic and Foreign Judgements in the UAE

Moaz Forawi — Wed, 21 Oct 2020 09:43:43 +0000

Introduction In the UAE, the general procedures for the execution and enforcement of domestic and foreign judgements are set out in Federal Law No. 11/1992 and its recent amendments (Cabinet Decision No. 57/2018 and Cabinet Decision No. 33/2020) (together the “Civil Procedure Code”). Enforcement of domestic judgements Enforcement proceedings may be initiated after obtaining a …

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A Partnership Between Fichte & Co. and Middlesex University Dubai

Fichte Legal — Tue, 20 Oct 2020 07:28:43 +0000

Since 2016, the partnership between Fichte & Co and Middlesex University Dubai, has focused on establishing a common platform in order to cultivate law students for their transition from academia to the professional industry. The partnership was also sealed by the signing of a Memorandum of Understanding, where both parties committed to a mutually beneficial …

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NEW UPDATES: Economic Substance Regulations in the UAE

Fichte Legal — Sun, 27 Sep 2020 09:51:10 +0000

On 10 August 2020, The Cabinet of Ministers Issued Resolution No.57/2020 concerning Economic Substance Regulations (‘’Resolution 57’’). Resolution 57 amends and repeals the Cabinet of Ministers Resolution No. 31/2019, Cabinet Ministers Resolution No. 58/2019, and Cabinet Ministers Resolution No. 7/2020. Furthermore, following the issuance of Resolution 57, H.E the Minister of Finance issued new guidance …

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The New Bankruptcy Law – Stepping up to Challenges in a Post-pandemic Economy

Dr. Laura Voda — Sun, 27 Sep 2020 07:13:03 +0000

Throughout the United Arab Emirates (UAE), a collective frustration existed with insolvencies due to the time-consuming nature and significantly low recovery rates, which stemmed from outmoded insolvency laws under Book 5, Article 645-900 of Federal Law No.18/1993 (the ‘’Commercial Code’’). Under these ambiguous provisions, it was a criminal offense for directors to fail to petition …

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How to Safely Close Down a Business in Mainland, UAE?

Dr. Laura Voda — Sun, 20 Sep 2020 05:15:57 +0000

Introduction The two most prevalent routes that have been undertaken for liquidating a company are either ‘voluntary winding up’ specified under the Federal Law No. 2 of 2015 -The Commercial Company law (the “Companies Law”) and the Department of Economic Development setting out formal requirements for operating entities; or via ‘bankruptcy’ regulated by the Federal …

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RAKEZ is Now Offering 100% Ownership

Neelesh Pillai — Sun, 30 Aug 2020 03:13:24 +0000

RAKEZ OFFERS 100% FOREIGN OWNERSHIP IN MAINLAND WITH FDI COMPANY SET-UP In response to the UAE Government’s efforts to provide relief to businesses during the COVID-19 pandemic, a number of free zones have announced major relief packages including fee waivers, rent holidays, and waivers of penalties and also introduced new license packages with a reduced …

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Everything You Need to Know about End of Service Gratuity in the UAE

Dr. Laura Voda — Wed, 12 Aug 2020 04:18:26 +0000

The End of Service Gratuity (‘EOS’) is a benefit granted by the UAE Federal Law no. 8 of 1980, as amended (‘Employment Law’) to the expatriate workforce in the private sector. Consequently, the benefit applies to expatriate employees in UAE mainland companies and in UAE free zone companies, that operate under the remit of the …

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