Dubai—cross border banking and finance guide
Produced in partnership with Latham & Watkins

The following Banking & Finance practice note produced in partnership with Latham & Watkins provides comprehensive and up to date legal information covering:

  • Dubai—cross border banking and finance guide
  • Loan market and developments
  • Please provide a brief overview of the current state of the loan markets in your jurisdiction and any significant recent market developments.
  • Please provide a brief overview of forthcoming changes to the law or other matters that may affect the loan markets or the responses to the questions below.
  • Lending
  • Is it necessary to obtain any consents or licenses in order to lend in your jurisdiction or enforce rights under a loan agreement and if so what is the process for obtaining the consent or license? Are there any other restrictions on lending that foreign lenders should be aware of?
  • Are there any taxes, duties or other charges associated with making loans to entities that are incorporated in your jurisdiction?
  • Are there any restrictions, controls, fees, taxes or charges on foreign exchange in your jurisdiction?
  • How is debt normally transferred in your jurisdiction?
  • Security and guarantees
  • More...

Dubai—cross border banking and finance guide

The following questions and responses are intended to highlight some of the key legal and practical issues with secured lending in the United Arab Emirates (UAE). Unless stated otherwise, the legal framework described below applies at a federal level across the UAE’s seven Emirates. It is important to note that there are a number of free zones within the UAE within which UAE federal law applies unless exempted. Certain free zones within the UAE have established specific legal regimes applicable within the jurisdiction of the specific free zone, the most notable of which is the Dubai International Financial Centre (DIFC), a financial free zone established in Dubai, which has developed a local legal and regulatory framework for the governance of all civil and commercial matters within the DIFC. The DIFC legal framework includes specific laws regarding insolvency and restructuring and the creation of security interests and specific courts to determine matters of DIFC law. The guide does not reflect the regimes applicable in the UAE’s free zones, including the DIFC.

Loan market and developments

Please provide a brief overview of the current state of the loan markets in your jurisdiction and any significant recent market developments.

As confidence in the UAE’s economy has grown over the past year, loan markets have been increasingly more active. Many of the UAE based banks

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