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UAE Federal Law No. 33 of 2021 to Bring Much Needed Reform to The Labor Market
On Monday, 15 November 2021, the Ministry of Human Resources and Emiratization announced Federal Law No. 33 of 2021 which was issued by His Highness Sheikh Khalifa bin Zayed Al Nahyan, president of the UAE. The new law, which will come into effect on 2 February 2022, will bring a number of much needed changes
Dubai Court of Cassation applies an important change to market interest rate
The Dubai Court of Cassation issued Resolution No. 1 of 2021, which reverses the Court’s previous ruling regarding interest rates applied on adjudged amounts where no contractual agreement on the applicable interest exists.
UAE now allows 100% foreign ownership of onshore companies
Today, 1 June 2021, marks a momentous day for the UAE as the amended Commercial Companies Law, which allows foreign investors and entrepreneurs full ownership of onshore companies, comes into effect. The amendments aim to boost the UAE’s appeal as a destination for foreign investment.