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In brief

To future-proof its regulatory system, the UAE cabinet has established the Emirates Drug Corporation (EDC) in September 2023. As a new independent regulator, the EDC will replace the Ministry of Health and Prevention (MOHAP) for the regulation of pharmaceuticals and medical devices.

Besides medicines and medical devices the EDC will also be responsible

ZATCA has published the Regional Headquarters Tax Rules (“RHQ Tax Rules“), approved and enacted by ZATCA’s board resolution no. (9-1-24) on 04/02/2024. Under the RHQ Tax Rules, RHQ licensed entities will enjoy the following tax incentives for a period of 30 years commencing from the date on which the RHQ license is issued:

  • 0% income

In brief

The Cairo Regional Centre for International Commercial Arbitration (CRCICA) recently published its new CRCICA Arbitration Rules, which have entered into force with effect from 15 January 2024 (“2024 CRCICA Rules“).

The CRCICA Arbitration Rules were last updated in 2011 and have now been revised to meet the needs of the evolving arbitration landscape

Background

As we previously reported, in September 2021, the joint venture between the Dubai International Financial Centre and the London Court of International Arbitration (DIFC-LCIA), and the Emirates Maritime Arbitration Centre were abolished, and all respective assets, liabilities, rights, and obligations of these institutions were transferred to the newly established Dubai International Arbitration Center (DIAC)

In brief

Over the last few months, the United Arab Emirates (UAE) have made a few legislative changes in relation to the Ultimate Beneficial Ownership (UBO) regulations as well as the associated administrative penalties, with the issuance of:

  • Cabinet Resolution No. 109 of 2023 on the Regulation of the Real Beneficiary Procedures (the “New Resolution“),

In brief

During 2023 we saw various changes to the UAE employment and labour law landscape continue apace, supporting the government’s objective of attracting and retaining business and talent in the country. These include the new alternative end-of-service benefits scheme, unemployment insurance scheme, changes to Emiratisation and more. In this article we set out a

Yesterday, the government announced the tax regime that will be applicable to Regional Headquarter entities (“RHQs“). RHQs will effectively be given a tax holiday for 30 years, and outward payments by the RHQ would be subject to nil withholding tax. Specific details have yet to be announced.The Ministry of Investment, in coordination with the Ministry