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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.
On November 16, His Highness Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, issued RAK Law No. 16 of 2023 concerning Court Fees (the “New Fees Law”), which replaces the previous court fees law, RAK Law No. 9 of 2016 (the “Previous Fees Law”).
The most remarkable and long-awaited change brought about by the New Fees Law is the imposition of fee caps, a feature absent in the Previous Fees Law for most types of claims or actions. Specifically, the Previous Fees Law did not set caps for civil and commercial claims with a value exceeding one million dirhams; instead, it determined the fee for claims exceeding one million dirhams at 5% for individuals and at 10% for companies of its value, with no cap.
The New Fees Law addresses this by establishing a cap for all civil and commercial claims at AED 40,000, aligning with the fee caps in Dubai and Abu Dhabi.
We are aware that many of our clients (especially banks and real estate companies) have been holding off on their claims or legal actions to be pursued before RAK Courts due to the significant fees they were required to pay. Fortunately, our clients can now find relief from this predicament.
Our dispute resolution team in RAK, with a local presence of over 10 years and dedicated expertise in civil and commercial claims, is happy to support and assist you with your matters.
To learn more about our services and get the latest legal insights from across the Middle East and North Africa region, click on the link below.