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Case Study: Cheque Bounced due to Closed Account can now be filed as a Cheque Execution Case.

In the United Arab Emirates (UAE), the legislative framework governing cheque transactions is characterized by stringent regulations aimed at safeguarding the reliability and effectiveness of cheques as a primary payment instrument. Under the provisions of the Federal Commercial Transactions Law, a bounced cheque resulting from "lack of balance or insufficient funds" is accorded the status of a direct execution deed. This designation grants the holder of such a cheque the authority to pursue enforcement measures without the need for protracted litigation proceedings. However, a notable discrepancy emerged within the judicial system, particularly between the Court of Cassation in Abu Dhabi and its counterpart in Dubai, regarding the treatment of cheques returned due to "account closure." While the Abu Dhabi Court of Cassation equated such instances with bounced cheques, deeming them eligible for execution deed status, the Dubai Court of Cassation adopted a divergent stance. The Dubai court maintained that the legislative intent explicitly confined execution deed classification to cases of insufficient funds or lack of balance, excluding cheque returns resulting from account closure. In response to this discord, the Attorney General of the Federation intervened by submitting an application to the Authority for the Unification of Federal and Local Judicial Principles. Following thorough deliberation, the authority resolved to recognize cheques returned due to account closure as eligible for execution deed status. This pivotal decision represents a concerted effort to uphold the rights of cheque holders, enabling them to pursue enforcement actions directly before the execution judge. The implications of this harmonized approach extend beyond mere legal technicalities. By affording holders of cheques returned due to account closure the same rights as those stemming from insufficient funds, the UAE judiciary reinforces the foundational principles of fairness and equity in commercial transactions. This unified interpretation not only bolsters the confidence of cheque holders but also underscores the commitment of the UAE to maintain the integrity and efficiency of its financial systems. Conclusion This harmonized approach serves to empower the holders of bounced cheques due to account closure to seek recourse efficiently and effectively within the legal framework of the UAE. It stands as a testament to the UAE's commitment to upholding the integrity of commercial transactions and protecting the interests of all parties involved.ALKETBI TOUCH:Our team of professionals is can offer valuable insights into the opportunities and challenges presented by the new regulatory landscape. Our guidance not only helps companies mitigate risks but also enhances their reputation and competitiveness in the market. If you request further guidance or you have concerns and queries, Let us know!

SHARJAH'S REAL ESTATE REVOLUTION: NAVIGATING THE NEW LEASING LAW FOR A PROSPEROUS FUTURE

Bini Saroj In a significant move to modernize and regulate the real estate leasing landscape, Sharjah has is planning to introduce a new law aimed at updating the existing regulations concerning the rights of landlords and tenants, as well as the buying and selling of properties within the Emirate.   Sharjah: This development was discussed and approved by the Sharjah Consultative Council (SCC) during its sixth meeting of the first regular session of the eleventh legislative term, under the chairmanship of Dr. Abdullah Belhaif Al Nuaimi.   Objectives of the New Leasing Law Expanding on the recent developments in Sharjah's real estate sector, the introduction of the new leasing law will mark a significant stride towards enhancing the regulatory framework governing the relationship between landlords and tenants. This legislative overhaul shall not only aims to modernize the existing rules but also to align Sharjah's real estate practices with international standards, thereby fostering a more robust, transparent, and equitable market environment.   Key Highlights The draft law, slated for implementation in 2024, is a comprehensive update to the regulations that have been in place since 2007. It reflects a meticulous effort to address the evolving needs of the real estate market in Sharjah, ensuring that the legal framework keeps pace with the rapid developments and changing dynamics of the sector.   1. Landlord-Tenant Relationship: The law shall introduce detailed provisions aimed at regulating the interactions between landlords and tenants, ensuring clarity and fairness in leasing agreements. It emphasizes the rights and obligations of each party, aiming to prevent disputes and promote a harmonious living and business environment.   2. Real Estate Transactions: By covering aspects of buying, selling, and other real rights related to properties, the legislation shall seek to streamline real estate transactions, making them more transparent and secure for all parties involved. This is expected to boost investor confidence and attract more investment into Sharjah's real estate market.     3. Economic Substance and Attraction: The law is designed to enhance Sharjah's attractiveness as a destination for tourists, investors, and residents alike. By establishing a clear and efficient legal framework for real estate leasing, Sharjah aims to position itself as a leading choice for those seeking to invest or reside in the UAE.   4. Implementation and Compliance: The legislation outlines the roles of various government departments and agencies in overseeing the implementation of the law, ensuring compliance, and providing guidance to stakeholders. This collaborative approach is intended to facilitate a smooth transition to the new regulations and support the ongoing development of the real estate sector.   5. Future Amendments and Updates: Recognizing the dynamic nature of the real estate market, the law includes provisions for future amendments and updates, allowing for flexibility and adaptability to new trends and challenges that may arise.   In Conclusion The drafting of this new real estate leasing law in Sharjah represents a proactive approach to governance and legislative development within the Emirate. By addressing key areas of concern and opportunity within the real estate sector, Sharjah is not only enhancing its legal and regulatory landscape but also reinforcing its commitment to creating a stable, attractive, and competitive market for investors, residents, and businesses. This legislation is a testament to Sharjah's vision of becoming a leading real estate hub in the region, characterized by innovation, sustainability, and economic vitality.   ALKETBI TOUCH: Our team of professionals is can offer valuable insights into the opportunities and challenges presented by the new regulatory landscape. Our guidance not only helps companies mitigate risks but also enhances their reputation and competitiveness in the market. If you request further guidance or you have concerns and queries, Let us know!

THE UAE'S NEW FEDERAL PROPERTIES LAW: A STRATEGIC MOVE TO OPTIMIZE NATIONAL ASSETS

In a landmark move that underscores the United Arab Emirates' (UAE) commitment to economic diversification and sustainable development, the federal government has introduced a groundbreaking Federal Properties Law. Dubai: Federal Decree-Law No. 35/2023 On the Properties of the Federation (As the “Federal Properties Law”)represents a strategic effort to manage and develop the federal government's financial resources more effectively, marking a significant milestone in the nation's governance of state assets. This article explores the objectives and implications of the new law, shedding light on how it aims to transform the management of federal properties and contribute to the UAE's broader economic goals.Objectives of the New Federal Properties LawThe introduction of the Federal Properties Law is driven by several key objectives, each designed to enhance the governance, efficiency, and economic return of federal assets. These objectives include:Optimized Asset Management: At the core of the new law is the aim to optimize the management of federal properties, ensuring that these assets are utilized in the most efficient and effective manner possible.Enhanced Financial Sustainability: By improving the management of federal properties, the law seeks to enhance the financial sustainability of the federal government, generating increased revenues that can be reinvested in national development projects.Strengthened Legal Framework: The legislation introduces a strengthened legal framework for the management of federal properties, providing clear guidelines and procedures that ensure transparency and accountability.Economic Diversification: The law supports the UAE's ongoing efforts towards economic diversification, encouraging the development of federal properties in a way that contributes to non-oil sectors of the economy.Attracting Investments: A key objective is to make federal properties more attractive to investors, both domestic and international, by offering a more structured and secure environment for investment.Implications of the New LawThe Federal Properties Law is set to have wide-ranging implications for the management of federal assets, the UAE's economic landscape, and the broader goals of national development:Streamlined Asset Management: The law introduces a more streamlined and centralized approach to managing federal properties, which is expected to lead to improved operational efficiencies and cost savings.Increased Revenue Generation: By optimizing the use of federal properties, the law is expected to significantly increase revenue generation, providing a substantial boost to the federal budget and enabling greater investment in public services and infrastructure.Improved Investment Climate: The clear legal framework and enhanced governance of federal properties are likely to improve the UAE's investment climate, attracting more foreign direct investment (FDI) and stimulating economic growth.Innovation and Development: The law encourages the innovative use and development of federal properties, potentially leading to the creation of new economic zones, technology parks, and other development projects that contribute to the UAE's economic diversification efforts.Sustainability and Environmental Considerations: The legislation aligns with the UAE's commitment to sustainability, mandating that the development and management of federal properties adhere to environmental standards and contribute to the nation's sustainability goals.The Decree-Law concerning Federal Property outlines regulations governing the management, protection, and use of property owned by the federal government in the State. It categorizes Federal Property into various types, including real estate and non-real estate assets serving public utility or owned by government entities. The law prohibits unauthorized actions regarding Federal Property and mandates reporting of any violations. It also imposes restrictions on government officials to prevent exploitation of their positions for personal gain. Security and police authorities are empowered to intervene against encroachments or unlawful exploitation of Federal Property. The law regulates the disposition and licensing of Federal Real Estate Properties and provides for the revocation of licenses under certain circumstances. Additionally, it outlines procedures for converting public utility properties into private properties and governs the management and disposition of Federal Private Property. The Ministry is tasked with overseeing the management of Federal Real Estate Properties and coordinating with relevant authorities.Under the decree, Federal Property is classified into distinct categories, including those allocated for public utility services or owned by government entities. These properties are deemed inviolable, with strict prohibitions against unauthorized ownership, exploitation, or disposition. Government officials are expressly forbidden from leveraging their positions for personal gain or allowing unauthorized use of Federal Property.To enforce these regulations, security and police authorities are empowered to intervene promptly in cases of encroachment or unlawful exploitation of Federal Property. Reporting mechanisms are established to facilitate the identification and rectification of violations.Moreover, the law delineates procedures for the disposition and licensing of Federal Real Estate Properties, ensuring compliance with governing legislation. It also provides for the conversion of public utility properties into private properties under specified circumstances, with careful consideration given to public interest and safety.Responsibility for the management of Federal Real Estate Properties falls under the purview of the Ministry, which is tasked with maintaining registries, overseeing valuations, and coordinating with relevant authorities to uphold the integrity of Federal Property. The Federal Property Decree-Law stands as a cornerstone in the protection and responsible stewardship of assets vital to the nation's interests, ensuring their effective utilization for the benefit of society while safeguarding against misuse or encroachment.Crossing the TransitionThe implementation of the Federal Properties Law represents a significant shift in how federal assets are managed in the UAE. To navigate this transition effectively, government entities, investors, and other stakeholders will need to adapt to the new legal and regulatory environment. This will require a thorough understanding of the law's provisions, as well as strategic planning to align existing asset management practices with the new requirements.In ConclusionThe UAE's Federal Properties Law is a visionary piece of legislation that promises to transform the management of federal assets, driving economic growth, sustainability, and financial efficiency. By setting a new standard for asset management, the law not only enhances the governance of federal properties but also contributes to the UAE's broader economic diversification and development objectives. As the UAE continues to innovate and adapt, the successful implementation of this law will be a key factor in realizing the nation's ambitious vision for the future.ALKETBI TOUCH: Our team of professionals is can offer valuable insights into the opportunities and challenges presented by the new regulatory landscape. Our guidance not only helps companies mitigate risks but also enhances their reputation and competitiveness in the market. If you request further guidance or you have concerns and queries, Let us know!

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