Legal Framework
From The Report: Dubai 2014
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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.

Articles from this Chapter

Overview

Commercial companies law 2.0: New legislation makes the federation kinder to foreign investors
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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 main source of legislation. The Constitution balances power between the federal government, based in Abu Dhabi, and the local governments of its constituent…

Analysis

Clarifying competition rules: A new law restricts anti-competitive behaviour in the private sector but exempts the government, SMEs and large sections of industry
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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 competition in the UAE. The following sectors, however, are specifically excluded: finance, oil and gas, pharmaceuticals, postal services, electricity and…

Viewpoint

Michael Kerr, Regional Managing Partner, Dentons, on a new model for Islamic finance law
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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 finance and reinsurance, as well as global accreditation of halal products and promotion of halal tourism, with Islamic hotels, arts and fashion centres all…