United Arab Emirates: In 2018, the UAE issued Federal Law No. 8 of 2018 on Financial Leasing (the Old Law) with the aim of regulating finance leasing in the UAE. The related regulations were never issued, however, resulting in uncertainty as to what, if any, steps needed to be taken to comply with the Old Law. Non-existent regulations aside, the Old Law was also deficient in multiple respects (for instance, its applicability to certain assets, such as aircraft and ships where finance leasing structures are commonplace, was unclear).
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