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Dubai Court of Cassation Clarifies When a Market-Rate Return Is Payable on Frozen Bank Balances
A Dubai Court of Cassation judgment confirming that where the Central Bank of the UAE issues a binding instruction requiring frozen account balances to accrue a return at the prevailing market rate, licensed banks must comply. The Court also clarified that while such a return may be recoverable, an additional award of interest on the accrued return is prohibited as impermissible interest on interest under UAE law.
Dubai Court of Cassation Clarifies Dubai Jurisdiction in Cross-Border Sales Concluded by Email
A Dubai Court of Cassation judgment confirming that Dubai Courts may exercise jurisdiction over cross-border commercial transactions concluded remotely where acceptance becomes known to the offeror in Dubai. The decision also clarifies how courts distinguish between purchasers and intermediaries by examining the substance of the transaction record.