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Dubai Court of Cassation Clarifies Bank Liability for Investment Assets Held by a Foreign Custodian
A Dubai Court of Cassation judgment examining bank liability for investment assets held by a foreign custodian, confirming that a bank’s role in facilitating an investment relationship does not, without more, make it responsible for the custody or repayment of client assets, and highlighting the importance of contractual obligations, correct entity identification and proof of loss in cross-border financial disputes.
Dubai Court of Cassation Confirms Finality of Arbitral Award on a Time-Barred Claim
A Dubai Court of Cassation judgment examining the finality of arbitral awards and the effect of contractual time bars, confirming that a time-barred claim determined by an arbitral tribunal may carry res judicata effect and cannot be relitigated before the Dubai Courts.
Dubai Court of Cassation Clarifies Contractual Priority and Earnest Money in Property Sale Disputes
A Dubai Court of Cassation judgment examining contractual priority, earnest money and failed property sales, highlighting how later agreements, contractual obligations and agreed withdrawal mechanisms can determine the parties’ rights and remedies.
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.