On January 23, the conference "Doing Business in the UAE" took place, which was attended by the Managing Partner of UPPERCASE LEGAL Advisory, Alexander Kukuev.
Alexander Kukuev spoke at the session "Navigating Legal Challenges for Business Success."
Alexander commented on the information that the Dubai government is ready to make transformative changes that will redefine the legal landscape in free zones, with the DIFC law being applicable in all Dubai free zones.
Alexander stated that both a hybrid system and a standalone system have their own advantages and drawbacks, and the choice between the two would depend on the specific needs and distinctive circumstances of businesses operating in the Dubai Free Zones.
A hybrid system, where DIFC law is enforced across all Dubai Free Zones, could potentially bring more consistency and uniformity to the legal landscape, simplifying compliance and legal processes for businesses operating in multiple Free Zones. This could reduce confusion and streamline operations for businesses that have a presence in different Free Zones.
On the other hand, a standalone system for each Free Zone could allow for more tailored and specialized regulations that meet unique demands of businesses in each zone. This could lead to more flexibility and adaptability in the legal framework as well as potentially foster innovation and competitiveness within separate Free Zones.
Ultimately, the decision on whether a hybrid system or a standalone system would be more beneficial to businesses would depend on factors such as the nature of the businesses, the industries they operate in, and their specific requirements for legal and regulatory frameworks applied.
Alexander stated that both a hybrid system and a standalone system have their own advantages and drawbacks, and the choice between the two would depend on the specific needs and distinctive circumstances of businesses operating in the Dubai Free Zones.
A hybrid system, where DIFC law is enforced across all Dubai Free Zones, could potentially bring more consistency and uniformity to the legal landscape, simplifying compliance and legal processes for businesses operating in multiple Free Zones. This could reduce confusion and streamline operations for businesses that have a presence in different Free Zones.
On the other hand, a standalone system for each Free Zone could allow for more tailored and specialized regulations that meet unique demands of businesses in each zone. This could lead to more flexibility and adaptability in the legal framework as well as potentially foster innovation and competitiveness within separate Free Zones.
Ultimately, the decision on whether a hybrid system or a standalone system would be more beneficial to businesses would depend on factors such as the nature of the businesses, the industries they operate in, and their specific requirements for legal and regulatory frameworks applied.