UAE: Amended Commercial Companies Law (Federal Decree Law No. 26 of 2020), 49-51 Rule and FDI Law abolished
As announced in our previous legal briefing from November 23, 2020, the government of the United Arab Emirates (UAE) has amended the Commercial Companies Law (Federal Law No. 2 of 2015, “CCL”) by issuing Federal Decree Law No. 26 of 2020 (“Decree Law”) and thereby overhauling the entire corporate landscape by removing the general requirement to have a majority Emirati shareholder/service agent. In this legal briefing we provide an overview of the most significant changes introduced by the Decree Law.