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UAE Legal Updates
HLS Global › Resources › UAE Legal Updates
HLS-Global UAE publishes updates covering legal, regulatory, and important judicial pronouncements with analysis on corporate laws, taxation, advisory, industry and expats related matters.
Impact of the New Commercial Transactions Law on Financial Activities
The UAE introduced a new Commercial Transactions Law, reducing the cap on legal interest from 12% to 9%. The law also prohibits compounded interest, aligning with the provisions of the Banking Law, and excludes pledges over movables subject to the Movable Assets Security Law.
UAE Bankruptcy Law – Executive Regulations: Key Developments and Procedures
The UAE introduced significant changes to its bankruptcy and financial reorganization framework with the issuance of Federal Decree Law No. 51 of 2023. The accompanying Executive Regulation, enacted via Cabinet Resolution No. 94 of 2024, came into force on May 1, 2024, detailing procedures and developments in bankruptcy law.
Recent Amendments to the DIFC Employment Law
On March 1, 2024, the Dubai International Financial Centre (DIFC) enacted Law No. 1 of 2024, amending the Employment Law (Law No. 2 of 2019). These amendments, effective from March 8, 2024, include modifications to contributions payable to Qualifying Schemes and the introduction of end-of-service gratuity accrual for sanctioned persons, among other adjustments.
