business laws of uae 2011 pam - Akin Gump Strauss Hauer & Feld

28 Pages·2011·0.17 MB·English

Business Laws of the
United Arab Emirates
2011 Edition
Akin Gump Strauss Hauer & Feld LLP
ForCustomerAssistanceCall1-800-328-4880
Mat #40849718
© 2011 Thomson Reuters
This publication was created to provide you with accurate and authoritative in-
formation concerning the subject matter covered; however, this publication was
not necessarily prepared by persons licensed to practice law in a particular
jurisdiction. The publisher is not engaged in rendering legal or other profes-
sional advice and this publication is not a substitute for the advice of an
attorney. If you require legal or other expert advice, you should seek the ser-
vicesofacompetentattorneyorotherprofessional.
ISBN: 978-0-314-60097-4
About the Firm
Recognized for its sophisticated clients, capabilities and
outstanding professionals, Akin Gump Strauss Hauer & Feld
LLP is a leading global law (cid:1)rm dedicated to providing innova-
tive legal services and business solutions to individuals and
institutions. Founded in 1945, with the guiding vision that com-
mitment, excellence and integrity would drive its success, the
(cid:1)rm focuses on building lasting and mutually bene(cid:1)cial relation-
ships with our clients. Today, Akin Gump is one of the world’s
largest law (cid:1)rms, with more than 800 lawyers in 13 o(cid:2)ces.
Akin Gump has been advising clients in the Middle East for
decades and opened its Abu Dhabi o(cid:2)ce in October of 2008. The
Abu Dhabi o(cid:2)ce adds considerable depth to Akin Gump’s
international footprint, expanding to 13 the number of o(cid:2)ces we
have around the world. The o(cid:2)ce is fully integrated with all of
the (cid:1)rm’s global o(cid:2)ces. Currently, the Abu Dhabi o(cid:2)ce consists
of 3 partners and 6 associates.
Akin Gump lawyers o(cid:3)er clients e(cid:2)cient service, strategic
planning and key counseling. Akin Gump is dedicated to teaming
with clients as innovative business and legal advisors, always
with an eye toward the short and long–term goals of their
business. Our lawyers’ in–depth knowledge of various industries
and familiarity with the relevant players enable them to provide
strategic legal and business advice on a wide range of issues.
Akin Gump has a full complement of lawyers with signi(cid:1)cant
domestic and international experience to support its clients with
outbound and inbound investment growth strategies, (cid:1)nancing
needs, public policy and trade challenges, intellectual property
protection needs, as well as industry–speci(cid:1)c transaction, dispute
or project considerations. Akin Gump’s lawyers work as a team
and have a collegial spirit that distinguishes its approach to
global coordination of its work on behalf of clients in every
location. Akin Gump uses a fully integrated, one (cid:1)rm approach
and there is a very close collaboration between its o(cid:2)ces. Akin
Gump’s international o(cid:2)ces are sta(cid:3)ed with experienced
international and local lawyers who have access to other areas of
specialist expertise in the United States.
iii

About the Contributors
The following lawyers from Akin Gump provided their profes-
sional expertise and acted as chapter authors for this title:
Kamil Gérard Ahmed and Dinmukhamed T. Eshanov (Chapter 1
— Constitutional Law of the U.A.E.)
Benjamin Stuart Ewing (Chapter 2 — Corporations, Partner-
ships, and Other Business Entities)
Benjamin Stuart Ewing (Chapter 3 — Securities and Capital
Markets)
Benjamin Stuart Ewing (Chapter 4 — Financial Institutions)
Jordan Cowman, Ausra Laurusaite-Kromelis and Dianne E.
Carlson (Chapter 5 — Labor and Employment Laws)
Jason Gelman and J.R. England (Chapter 6 — Real Property)
Mohammad Vakil (Chapter 7 — Insurance)
David C. Lee (Chapter 8 — Intellectual Property Law)
Benjamin Stuart Ewing (Chapter 9 — Environmental Law)
Mohammad Vakil (Chapter 10 — Litigation in the U.A.E.)
Mohammad Vakil (Chapter 11 — Bankruptcy)
Shawn Davis and Kamil Ahmed (Chapter 12 — Oil and Gas Law)
Shari L. Silverman and Kamil Gérard Ahmed (Chapter 13 —
Other Matters)
In addition, Natasha Kohne, Chadi Salloum, Elisabeth Cap-
puyns, Barbara Niederko(cid:4)er, Kameron Averitt, Eddy Blanton,
Richard Gadhia, Adam Hilkeman, Jenny Rajkowski and Kinga
Bernath provided invaluable support for and review of this
publication.
v

Acknowledgment
Of particular utility were resources and translations from the
following entities: the U.A.E. Ministry of Economy, the U.A.E.
Ministry of Labor, the U.A.E. Ministry of Water and Environ-
ment, the U.A.E. Ministry of Justice, the U.A.E. Ministry of
Health, the U.A.E Cabinet, the U.A.E. Central Bank, the Emir-
ates Securities and Commodities Authority, the U.A.E. Telecom-
munications Regulatory Authority, the Abu Dhabi Chamber of
Commerce and Industry, the Abu Dhabi Department of Munici-
pal A(cid:3)airs, the Abu Dhabi Environment Agency, the Abu Dhabi
Health Authority, the Dubai Land Department, the Dubai Real
Estate Regulatory Agency, the Dubai International Financial
Centre, the Dubai International Arbitration Center, the Egyptian
Center for Intellectual Property and Information Technology,
LexGulf Publishers Ltd., Gulf O(cid:2)ce Services Bureau Legal
Translations and legal translations from the A(cid:2)nitext UAE
Legislation Online library.
vii

Preface
The U.A.E. represents a unique business environment that
brings together disparate legal, ethnic and religious cultures to
form a cohesive, robust market–based economy. It is from this di-
versity that the citizens and residents of the U.A.E. have drawn
the wealth of experience necessary to transform this once
hydrocarbon–reliant economy into one of the world’s emerging
economic powerhouses and a center for regional trade, (cid:1)nance
and entertainment. During these last years of rapid transforma-
tion, the country has seen radical changes to its infrastructure,
population and economy. Now, more than ever, as multinational
companies turn their attention to the region, it is essential that
they familiarize themselves with the underpinnings of the U.A.E.
and its legal framework.
Business Laws of the United Arab Emirates encompasses the
major aspects of the U.A.E.’s legal system and gives the reader a
detailed overview about the U.A.E. laws relevant to conducting
business in the U.A.E., in particular by multinational corpora-
tions and investors.
In writing this book, we employed a number of sources for the
laws we have herein summarized and analyzed. Of particular
utility were resources and translations from the following
entities: the U.A.E. Ministry of Economy, the U.A.E. Ministry of
Labor, the U.A.E. Ministry of Water and Environment, the U.A.E.
Ministry of Justice, the U.A.E. Ministry of Health, the U.A.E.
Central Bank, the Emirates Securities and Commodities Author-
ity, the U.A.E. Telecommunications Regulatory Authority, the
Abu Dhabi Chamber of Commerce and Industry, the Abu Dhabi
Department of Municipal A(cid:3)airs, the Abu Dhabi Environment
Agency,theAbuDhabiHealthAuthority,theDubaiLandDepart-
ment, the Dubai Real Estate Regulatory Agency, the Dubai
International Financial Centre, the Dubai International Arbitra-
tion Center, the Egyptian Center for Intellectual Property and
Information Technology, LexGulf Publishers Ltd., Gulf O(cid:2)ce
Services Bureau Legal Translations and legal translations from
A(cid:2)nitext.
This publication is intended as an introduction to the issues
outlined herein and is not intended in any way to be taken as
legal advice. No statement contained herein should be relied
upon as a legal interpretation or as legal advice. Every situation
presents unique facts and subtle variations in application to the
ix
Business Laws of the United Arab Emirates
law. In addition, the laws and regulations described herein, and
the application thereof, are subject to change on a regular basis.
Thus, it is always best to consult an attorney knowledgeable in
this area of law concerning any situation or issues the reader
may be facing or an action the reader may be considering.
Akin Gump Strauss Hauer & Feld LLP
December 2009
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