Dubai Economy Archives - Fichte & Co Legal

Change of Options for Changing Times

Dr. Laura Voda — Sun, 07 Jun 2020 04:03:32 +0000

At the start of this year, there were some significant changes impacting the Dubai Multi Commodities Centre (DMCC) legal framework. Dr Laura Voda and Ifrah George explain how the increased flexibility they provide may aid companies facing a post COVID-19 economy. WHAT’S HAPPENED AND WHY? “In recent years, growth in the Dubai Multi Commodities Centre …

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Developers’ Right to Terminate off Plan Sales to Defaulting Buyers. No Court Order Needed.

Dr. Laura Voda — Mon, 11 May 2020 09:07:00 +0000

In 2017, His Highness Sheikh Mohammed Bin Rashid Al Maktoum issued Law No. 19 of 2017, amending Article 11 of Law No. 13 of 2008 on the Interim Real Estate Register in the Emirate of Dubai. The provisions of Law 19 of 2017 are a matter of public policy, therefore any contractual agreement that developers …

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What Can a Buyer Do if Faced with a Cancelled Off-Plan Real Estate Project In Dubai?

Dr. Laura Voda — Wed, 06 May 2020 05:00:45 +0000

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Ruler of Dubai and Prime Minister of the UAE, issued decree N⁰ (21) of 2013 on 23rd July 2013 concerning the formation of a special judicial committee for the liquidation of canceled real estate projects in the Emirate of Dubai and the settlement of relevant rights (Committee …

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The ‘Economic Substance Regulations’ – a New Test for the UAE Companies. How does it apply?

Dr. Laura Voda — Sun, 12 Apr 2020 09:12:04 +0000

Client update In 2019, the UAE Government issued a series of Directives and Resolutions, collectively referred to as the “Economic Substance Regulations” or the ESR. The purpose of the ESR is to curb harmful tax practices in UAE, in compliance with OECD international standards and with the guidelines issued by the European Union Code of …

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Few Key Changes of the New Dubai Multi Commodities Centre Authority(DMCCA) Companies Regulations 2020

Neelesh Pillai — Wed, 26 Feb 2020 03:23:39 +0000

Dubai Multi Commodities Centre (DMCC) recently announced new DMCCA Company Regulations 2020, which came into effect from 2 January 2020 to further enhance the ease of registration and operation of businesses. The new Regulations have brought in some changes in the existing company law framework, increasing by this the remit of the activities undertaken by …

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New “Dubai Future District” for Future Economy

Neelesh Pillai — Mon, 24 Feb 2020 10:50:16 +0000

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai has announced the launch of a new district combining the key commercial and financial hubs in Dubai and is dedicated to the development of the future economy under the name of ‘Dubai Future District’. The Dubai …

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The New Dubai Investor License

Fichte Legal — Mon, 04 Sep 2017 03:50:17 +0000

It has recently been announced by the Dubai Business Registration and Licensing sector of the Department of Economic Development (DED) that a new type of “Instant License” is to be issued to businessmen and investors within five minutes, curtailing some of the requirements in an effort to reduce the time required for business registration. Traditionally, …

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Onshore License For DIFC Free Zone Companies To Operate Across Dubai

Fichte Legal — Tue, 11 Jul 2017 02:02:09 +0000

The Dubai International Financial Centre (“DIFC”), a leading financial free zone in the UAE, issued a press release (“Press Release”), on 1 May 2017, stating that it has entered into a memorandum of understanding (“MoU”) with the Dubai Economy, the registration authority for onshore companies in Dubai, to allow companies operating within the DIFC to …

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