Bonds and Sukuk Issuances under the New UAE Commercial Companies Law
In summary, in this Client Alert, we will specifically look at the impact of the New Companies Law on fixed income instruments such as bonds, convertible bonds and trust certificates (“sukuk”) and its implication for issuers, arrangers and bondholders alike. The long anticipated UAE Federal Commercial Companies Law no. 2 of 2015 (the “New Companies Law”) was issued on 25 March 2015 and will be in force by 1 July 2015 to replace the existing UAE Federal Commercial Companies Law no. 8 of 1984 (the “Former Companies Law”). The New Companies Law implements a number of important changes to the existing positions under the Former Companies Law, and in some cases, clarifies a number of issues that existed under the Former Companies Law.