As a firm we have a strong commitment to our corporate sustainability principles, and this year we joined the United Nations Global Compact, an initiative dedicated to promoting responsible business practices and advancing the United Nations Sustainable Development Goals (SDGs). Our goals include Education, gender equality, climate action, justice for all, and sustainable partnerships. You can learn about our actions plans and targets, here.
In this edition, we feature an entire section dedicated to COP28 where we share insights and intelligence through conversations we have had with leading experts from across the region. This includes articles and podcasts that delve into the most pertinent topics, such as COP28’s call to action for corporates, ESG reporting, and the UAE’s Net Zero vision.
Beyond the focus on Energy and Climate we feature articles covering important updates that look into a variety of areas, such as UAE consumer protection law, an overview of the Federal Civil Family Law for Non-Muslim Foreigners in the UAE, and from Kuwait we discuss the management of companies. As always, in our final section we continue to share with you real life judgements that provide context to the legal landscape in the region.Read the full edition
The upcoming enactment of Federal Law No. 43 of 2023, known as the “Maritime Law,” which will be effective from 29 March 2024, represents a significant shift in the United Arab Emirates (“UAE“) maritime sector, departing from the 1981 Maritime Commercial Law. This change, eagerly anticipated by many, modernises the regulations concerning vessel registration in the UAE.
The Maritime Law introduces major changes in the criteria for vessel registration under the UAE flag. The new legislation enables UAE residents, of any nationality, to own and register their vessels in the UAE. Additionally, the registration is now open to companies incorporated in the UAE and vessels that are managed by UAE-incorporated entities. This marks a substantial change from the 1981 Maritime Commercial Law, addressing the evolving needs and interests of the maritime community.
Under the new law, coastal service providers and supply vessels, which previously had the option to operate under foreign flags, will now be required to register under the UAE flag. This requirement reflects the UAE’s efforts to strengthen its maritime regulatory framework and maintain high standards of operation for these vessels.
We are awaiting the forthcoming executive regulation, which is expected to outline the law’s implementation procedures. This regulation will play a crucial role in providing clear guidelines and ensuring a smooth transition to the new legal requirements.
The enactment of this law is anticipated to greatly enhance the maritime infrastructure in the UAE and open up new opportunities for international investment. The broader options for vessel ownership and registration underscore the UAE’s commitment to being an inclusive and leading maritime centre.
As we prepare for these changes, our focus is to keep our clients informed and supported. Our team is ready to provide expert guidance and assistance in adapting to the new maritime law and maximising its benefits.
For detailed information or to discuss how these changes may influence your maritime operations, please contact us.
If you wish to keep updated as more details about the law emerge, please follow us on our LinkedIn page.