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Dubai has continued to meet its targets in becoming the global capital of Islamic finance, nearly doubling the number of sukuk (Islamic bonds) listings on its exchanges since 2017. Furthermore, eased policy restrictions to encourage foreign investment and the 2019 budget’s continued commitment to infrastructure development ahead of Expo 2020 are expected to continue driving economic activity. As
With one of the most diversified economies in the Middle East, Dubai’s attractive investment environment and broad-based economy – which in 2016 contributed 37.2% to the UAE’s total non-oil GDP – continues to attract major international investors. Growth is being underpinned by the authorities’ vision as laid out in the Dubai 2021 strategy, with various sectors including wholesale and re
Growing recognition among locally based and overseas companies seeking dispute resolution has seen the Dubai International Financial Centre (DIFC) Courts strengthen its position as one of the world’s leading commercial courts. According to DIFC figures issued in February, the courts recorded a 5% increase in the value of cases dealt with last year. Between them, the courts of First Instance, Arbitration…
In looking back at both the legal changes introduced in the UAE in 2015 and forward to those expected in 2016, an underlying theme begins to emerge, at least in relation to the changes affecting companies and investors doing business in the UAE. It is apparent that the federal government is focused on liberalising and modernising the legal framework underpinning the way in which investors and companies…
Financial services in particular is one non-oil area where the emirate is starting to pull ahead, with recent growth in the Islamic financial services segment fuelling the emirate’s ambition of becoming the knowledge-based capital of the Islamic economy in the future. Meanwhile, Dubai’s real estate and construction sectors, which were badly affected by the 2008 financial meltdown, are once aga
Operated and supported by modern administrative and regulatory regimes, the Dubai International Financial Centre (DIFC) also benefits from an English-language court modelled on the High Court in London, as well as a modern arbitration framework. For the first few years of its existence, the DIFC Courts’ jurisdiction was limited to disputes that had some connection with the DIFC, either through the…
This chapter contains an outline of the legal framework in which local and foreign investors operate, including an overview of the expected future changes to foreign direct investment (FDI) restrictions, a rundown of the recently overhauled workplace regulations and protections, and a look at the implications of the expanded scope and greater emphasis being placed on public-private partnerships (PPPs). This…
Project finance has for many years been strong across the Middle East, especially in the power, water, and oil and gas sectors in various GCC countries. This trend looks likely to take a bold new direction with the promulgation in Dubai in 2015 of a new law relating to public-private partnerships (PPPs). Traditionally sovereign wealth has been used to procure such major infrastructure as was needed.…
In January 2013, Sheikh Mohammed bin Rashid Al Maktoum unveiled his initiative for Dubai to become the global capital of the Islamic economy, a multi-trillion-dollar industry. Dubai is no stranger to setting high goals and delivering results. The ruler's vision is underpinned by wide-ranging measures. These are aimed at gaining significant market share of several global halal industries including…