The UAE is a federation of seven emirates: Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al Kamiah, Sharjah and Umm Al Quwain (the Federation). In establishing the UAE, the rulers of these emirates agreed to a provisional constitution (the Constitution), which provides the legal framework for the Federation and declares Islamic sharia jurisprudence the...
To provide an encouraging environment for companies to flourish, in 2012 the UAE enacted a new competition law, Federal Law No 4 (the Competition Law). It came into effect on February 23, 2013. WHOM DOES IT AFFECT? Ostensibly, the Competition Law applies to all entities operating in the UAE, and to those operating abroad whose activities affect...
In 2013 Dubai’s government announced the framework of its plan to become the centre of the global Islamic economy. The scale of this cannot be underestimated. The aggregate GDP of Islamic countries worldwide is more than $8trn, added to which will be significant Islamic business elsewhere. The plan includes a number of elements from Islamic...
This chapter contains an overview of the draft of the new companies law, which clarifies rules for investment and covers a number of important exemptions in the law. There is also an explanation of the new competition law, which was recently enacted by the UAE government.
This chapter contains a viewpoint from Michael Kerr, Regional Managing Partner, Dentons.
The sultanate’s economy continues to enjoy the benefits of petroleum wealth, which has provided budget surpluses in most years and served as a backbone for growth. However, planning is well under way for an era in which oil will not be the main economic driver, with the twin goals of diversification and creating an increased number of private sector jobs at the top of the government’s current agenda.
OVERVIEW OF THE LEGAL FRAMEWORK: The Basic Statute of the State – Royal Decree (RD) No. 101/1996, as amended – serves as Oman’s constitution and is the bedrock of all laws. Recent amendments to the Basic Statute empower the legislature with extensive legislative powers. All primary legislation is...
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