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Find out moreThis comprehensive guide is designed to help you navigate the intricate landscape of family business and private wealth in the Middle East, where family businesses constitute approximately 60% of GDP and employ 80% of the workforce in the GCC, offering unparalleled opportunities for wealth creation and preservation.
Packed with insights, strategies, and expert advice from our talented lawyers, Legacy provides tailored solutions to the unique challenges of asset protection, succession planning, and dispute resolution in this dynamic region.Read the publication and equip yourself with the knowledge and tools necessary to thrive, whether you’re a seasoned investor, a family business owner, part of the next generation, or a newcomer exploring opportunities in the region.
Read NowOn 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.
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