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Find out moreWelcome to this edition of Law Update, where we focus on the ever-evolving landscape of financial services regulation across the region. As the financial markets in the region continue to grow and diversify, this issue provides timely insights into the key regulatory developments shaping banking, investment, insolvency, and emerging technologies.
2025 is set to be a game-changer for the MENA region, with legal and regulatory shifts from 2024 continuing to reshape its economic landscape. Saudi Arabia, the UAE, Egypt, Iraq, Qatar, and Bahrain are all implementing groundbreaking reforms in sustainable financing, investment laws, labor regulations, and dispute resolution. As the region positions itself for deeper global integration, businesses must adapt to a rapidly evolving legal environment.
Our Eyes on 2025 publication provides essential insights and practical guidance on the key legal updates shaping the year ahead—equipping you with the knowledge to stay ahead in this dynamic market.
We are pleased to announce that for the first time under the new, amended UAE procedural law, a foreign arbitration award has been accepted for recognition and enforcement before Sharjah Court.
As of 16 February 2019, the Cabinet Resolution No. 57 of 2018 concerning the Executive Regulations of Federal Law No. 11 of 1992 on the Civil Procedure Law (the “Cabinet Resolution”) came into force in the UAE. The Cabinet Resolution amended the procedure for enforcement of foreign judgments and arbitration awards. The biggest departure from the old procedural law is that enforcement has now become more streamlined and cost efficient, specifically, the recognition and enforcement proceedings are now filed directly with the applicable Execution Court and are not subject to a full length trial as before. The merits of the foreign judgement or award will still not be assessed and the Execution judge will review the judgment or award in accordance with the criteria listed in Article 85(2) of the Cabinet Resolution, which is copied out below for guidance:
Importantly, the Cabinet Resolution expressly provides in Article 88 that international treaties and conventions ratified by the UAE will not be prejudiced by the Cabinet Resolution. Accordingly, the substantive exceptions to enforcement set forth in the Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 1958 (“New York Convention”), which has been ratified by the UAE, are applied in respect of enforcement of foreign arbitration awards in the UAE alongside the procedural requirements set forth in Article 85(2) of the Cabinet Resolution.
In March 2019, Sharjah Court recognised the foreign arbitration award as being capable of enforcement under the Cabinet Resolution and we are now proceeding to execute the foreign award against the judgment debtor.
Omar Omar
Partner, Head of Transport & Insurance
o.omar@tamimi.com
Thomas Snider
Partner, Head of Arbitration
t.snider@tamimi.com
Yasser Madkour
Associate, Transport & Insurance
y.madkour@tamimi.com
Adam Gray
Associate, Transport & Insurance
a.gray@tamimi.com
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