DWTCA’s Multiple Share Class Framework

The Dubai World Trade Centre Authority (DWTCA) has once again demonstrated its forward-thinking leadership by introducing a multiple share class framework for companies registered within the DWTC Free Zone. This reform, simple in concept but profound in impact, represents a major leap in how businesses in the UAE can structure ownership, attract investment, and manage control.A Bold Step Beyond Traditional LimitsUntil now, UAE law has only allowed companies to issue a single class of shares, meaning that every shareholder held identical rights - equal voting power, dividends, and control. This uniform structure has long limited flexibility, especially when compared to global markets like the US, UK, and Singapore, where companies routinely issue various classes of shares to tailor ownership structures to their strategic needs.In those markets, ordinary shares grant both voting rights and dividends, preference shares offer priority on profits without voting power, and founder shares can protect the influence of original entrepreneurs. This diversity of options enables startups, family offices, and large corporations alike to fine-tune their governance and capital-raising models.With DWTCA’s new framework, that flexibility has finally arrived in the UAE.Empowering Businesses and InvestorsThe reform allows companies within the DWTC Free Zone to issue a range of share types, including preference, founder’s, restricted, and tiered share classes (A, B, C, D). Each class can be customized in a company’s Memorandum of Association, specifying rights over dividends, voting power, transfer conditions, and safeguards for minority shareholders.This change isn’t just regulatory fine print, it’s a catalyst for growth. It gives founders the ability to retain strategic control while bringing in investors, enables companies to attract diverse capital from different risk profiles, and even allows for employee equity incentives that align long-term interests.As Abdalla Al Banna, VP of Free Zone Regulatory Operations at DWTC, aptly put it:“By aligning with Dubai’s vision to be among the world’s leading global business hubs, we are creating an environment that empowers companies to scale and attract investment. Today’s founders and investors need flexible and transparent corporate structures to balance control, raise capital and retain talent.”A Move Aligned with Dubai’s Economic VisionThis initiative is a strategic piece of Dubai’s larger economic puzzle - the Dubai Economic Agenda D33, which aims to double the emirate’s economy by 2033 and position it among the world’s top three urban economies.By introducing flexible share structuring, DWTCA is directly addressing one of the key factors that global investors and entrepreneurs look for: corporate agility. It brings Dubai in line with leading international business hubs, strengthening its reputation as a progressive, innovative, and investor-friendly environment.Why This Is a Brilliant and Game-Changing MoveFrom my perspective, this is nothing short of a brilliant move, a game changer for the UAE’s corporate and investment ecosystem.For years, the “one-share-one-right” model limited how companies could grow, negotiate with investors, and protect founder interests. Now, with this framework, we can finally see the emergence of more sophisticated ownership structures, venture-backed startups, and family businesses that can plan for generational transitions with greater clarity.The timing couldn’t be better. As Dubai expands its jurisdiction to landmark developments like One Za’abeel and continues to attract global enterprises across more than 40 sectors, the DWTCA’s reform will unlock new possibilities for innovation, funding, and long-term sustainability.Looking AheadWith full foreign ownership, a 0% corporate tax rate, and now the ability to issue multiple share classes, the DWTC Free Zone is positioning itself as a benchmark for modern corporate governance in the region.This isn’t just a policy change, it’s a paradigm shift that will reshape how businesses are built, scaled, and sustained in the UAE. It reflects a maturing economy that understands the need for flexibility, investor confidence, and structural sophistication.And for entrepreneurs, investors, and visionaries who have long believed in Dubai’s potential, this framework proves once again that the emirate is not just keeping pace with global innovation, but setting the standard for it.

DWTCA’s Multiple Share Class Framework: A Game-Changer for the UAE’s Business Landscape

Dubai’s Dynamic Economic Growth

Dubai continues to reinforce its position as one of the world’s most vibrant and future-focused economies. The emirate recorded strong and sustainable growth across all key sectors, with its GDP rising 4.4% in the first half of 2025, reaching AED 241 billion compared to the same period in 2024. This momentum accelerated further in the second quarter of 2025, with GDP increasing 4.7%, underscoring Dubai’s resilience, diversification, and economic dynamism.This performance reflects Dubai’s strategic vision under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, who continues to guide the emirate toward sustained global competitiveness and innovation-led progress. As highlighted by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, the results demonstrate the strength of collaboration between public and private sectors as the emirate moves steadily toward the ambitious objectives of the Dubai Economic Agenda D33.Driving Future Growth with Vision and AmbitionThe D33 strategy aims to double the size of Dubai’s economy to AED 32 trillion over the next decade and to firmly establish the emirate among the world’s top three global cities. The plan includes supporting 30 companies to achieve “unicorn” status, promoting innovation, and strengthening foreign direct investment. Dubai aims to increase average annual FDI from AED 32 billion to AED 60 billion, targeting AED 650 billion in total investment over the next 10 years.Key Growth Sectors Fueling Dubai’s Economic ExpansionDubai’s economic growth is broad-based, with significant contributions from multiple sectors:<ul><li>Real Estate: One of the fastest-growing pillars, the sector expanded 7% in the first half of 2025, adding AED 19.8 billion in value and contributing 8.2% to GDP. Investor confidence remains strong, driven by residency reforms, high demand, and global interest.</li><li>Tourism and Hospitality: Dubai welcomed 12.54 million international overnight visitors in the first eight months of 2025, supported by the continued growth of Dubai International Airport, which is projected to handle more than 95 million passengers this year.</li><li>Financial Services: The financial and insurance sector grew 6.7%, contributing AED 30.2 billion to GDP as Dubai strengthens its role as a global finance and capital hub.</li><li>Construction, Healthcare, Logistics, and ICT: These sectors all recorded strong growth, reflecting diversified and forward-looking development across the economy.</li></ul>Dubai’s continued success is supported by long-term visa initiatives, business-friendly regulation, competitive taxation, and sustained public infrastructure investment. These factors reinforce Dubai’s role as a global destination for entrepreneurship, investment, and innovation.A Gateway of OpportunityDubai’s rapid growth provides businesses and investors with unparalleled opportunities across real estate, corporate expansion, commercial transactions, private capital markets, and international trade. With its global connectivity, regulatory stability, and pro-investment environment, Dubai stands as a launchpad for regional and global business success.&nbsp;How ALBM Excello Law Can Support YouAt ALBM Excello Law, we are proud to be part of Dubai’s story of growth and progress. Our firm is strategically positioned to support businesses, investors, and entrepreneurs in navigating the evolving regulatory and commercial landscape.We offer a full suite of legal services across key practice areas, including:<ul><li>Corporate &amp; Commercial Law</li><li>Real Estate &amp; Property Transactions</li><li>Company Formation &amp; Structuring</li><li>M&amp;A and Joint Ventures</li><li>Regulatory &amp; Compliance Advisory</li></ul>Our experienced team provides practical, tailored advice to help clients achieve their commercial goals in one of the world’s most dynamic markets.ALBM Excello Law – Your legal partners in Dubai’s growing economy.

Dubai continues to reinforce its position as one of the world’s most vibrant and future-focused economies.

UAE to Introduce Sugar-Linked Excise Tax on Sweetened Beverages by 2026

There’s a significant development coming out of the UAE that I believe our FMCG clients, particularly those in beverages and consumer goods, should pay close attention to.The UAE Ministry of Finance and the Federal Tax Authority have announced a major change in how sugar-sweetened beverages (SSBs) will be taxed. Starting in 2026, the excise tax on these products will no longer follow a flat, percentage-based model. Instead, it will shift to a tiered volumetric structure, linking the tax directly to the amount of sugar per 100ml in the product.In short: the more sugar per 100ml, the higher the tax per litre. This is a clear policy move aimed at encouraging manufacturers to reduce sugar content and promoting healthier dietary choices among consumers, aligning with global public health trends.From my perspective, this is more than just a tax update - it’s a signal that nutritional reformulation and product transparency are about to become strategic priorities for brands operating in the UAE. FMCG businesses should start thinking now about how their current SKUs stack up against this upcoming model.The early announcement gives manufacturers, importers, and distributors time to:<ul><li>Review and potentially reformulate products.</li><li>Update internal tax systems and labelling.</li><li>Strategically plan for pricing and inventory around the implementation timeline.</li></ul>The government has stated that awareness campaigns will be launched, and businesses will be given sufficient time to adapt, but make no mistake, this is a big shift for any company dealing in sugary drinks.We’ll be following this development closely, and we’ll provide detailed updates and guidance for our clients as more information becomes available.If you’re in the UAE’s FMCG space, now is the time to get ahead of this change.

Discover how the UAE’s upcoming sugar-linked excise tax on sweetened beverages by 2026 will impact businesses and consumers. ALBM Excello explains the legal, regulatory, and economic implications of this new taxation policy.

There’s a significant development coming out of the UAE that I believe our FMCG clients, particularly those in beverages and consumer goods, should pay close attention to.

Dubai Court Ruling on Late Payment Charges: Key Implications | ALBM Excello Blog

This week’s news out of Dubai could mark a great development for Islamic finance and for the UAE as a whole. The Court of Cassation has issued a binding ruling prohibiting Islamic banks and Takaful companies from charging late payment interest or penalties, even when delays are intentional. For someone like me who’s long believed in the need for clarity and consistency in Sharia-compliant finance, this is a big moment.Of course, we’ll need to read the full ruling carefully. But at first glance, this appears to be a decisive step toward resolving one of the most contentious and misunderstood areas in Islamic finance. Watch this space.According to reports from&nbsp;<a href="https://www.emaratalyoum.com/">Emarat Al Youm</a>, the court ruled that Islamic financial institutions, whether operating fully or partially under Sharia, cannot impose charges on delayed payments. It doesn’t matter what the charge is called: interest, compensation, late fees, or anything else. If the underlying transaction is Sharia-compliant, then punitive charges for delay are not allowed. The court went further to state that this is a matter of&nbsp;public order, meaning it must be applied automatically by judges, even if previous rulings have said otherwise.The decision comes after a formal request by the head of the Court of Cassation to resolve conflicting decisions from previous cases. Now, the matter has been referred to the General Assembly of the Court of Cassation for a unified interpretation under Article 20 of Law No. 13 of 2016 - the law that governs Dubai’s judiciary.This kind of legal clarity is exactly what the Islamic finance industry needs. When financial institutions and regulators operate in a grey zone, uncertainty reigns&nbsp; and that doesn’t serve anyone well, whether you’re a bank, a customer, or an investor. I’ve always believed that Sharia-compliant finance can be both principled and practical, but that depends on clear, consistent application of the rules. This ruling is a step in that direction.There will no doubt be implications for contracts, risk assessments, and even customer behaviour, but those are details we will explore once the full judgment is released. For now, I see this as an encouraging signal: the UAE is serious about reinforcing the foundational values of Islamic finance, and willing to make tough legal calls to do so.

Understand why Dubai’s latest ruling on late payment charges is a game-changer for businesses and creditors. ALBM Excello explains the legal clarity this decision provides and its impact on commercial contracts and financial practices.

This week’s news out of Dubai could mark a great development for Islamic finance and for the UAE as a whole.

A Step Toward Clarity: Why the Dubai Ruling on Late Payment Charges Matters

Free Trade Talks GCC–Malaysia–UK: Economic Ties on the Rise | ALBM Excello Blog

I’m excited to see these new trade agreements taking shape as it will be a real game changer for regional and global partnerships.The GCC and Malaysia have officially launched negotiations for a Free Trade Agreement (FTA), which is fantastic news for expanding economic ties between the Gulf states and Southeast Asia. What’s even more interesting is that a GCC–UK FTA is also being explored - both stories appeared in the same news report!This is an incredible opportunity. If these agreements come to fruition, we could play a pivotal role as a bridge connecting these dynamic markets. Helping businesses navigate and benefit from these new trade routes is something I’m truly eager to support.Thank you to the UAE, the GCC countries, Malaysia, and the UK for driving these forward. It’s great to see such collaborative momentum.To give some context: The GCC, which includes Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain, and Oman, and Malaysia have kicked off official negotiations after signing a joint statement between GCC Secretary-General Jasem Mohamed Albudaiwi and Malaysia’s Minister of Investment, Trade, and Industry, Tengku Zafrul Abdul Aziz. The announcement came during the recent GCC-ASEAN summit in Kuala Lumpur.The scope of these talks is broad covering trade in goods and services, investment, and wider economic cooperation. This aligns perfectly with global trends toward diversifying partnerships beyond traditional Western markets.Trade between Malaysia and the GCC already hit $22.3 billion in 2024, covering everything from electronics and jewelry to petroleum products and palm oil. The potential for growth here is huge.Moreover, the ASEAN-GCC connection offers exciting prospects in energy development, investment, and food security. As ASEAN transitions to greener energy and seeks energy security, collaboration with the Gulf -experts in energy- becomes increasingly valuable. On top of that, ASEAN’s strong agricultural base could complement the Gulf’s food security efforts.I’m looking forward to seeing how these agreements evolve and how we can support businesses and investors in seizing the opportunities ahead.&nbsp;

Explore the new free trade negotiations between the GCC, Malaysia, and the UK. ALBM Excello analyzes the legal, commercial, and strategic implications of these talks and how they could reshape regional and global trade.

I’m excited to see these new trade agreements taking shape as it will be a real game changer for regional and global partnerships.

New Free Trade Negotiations Between GCC, Malaysia, and UK Signal Growing Economic Ties

Reflecting on the UAE’s New Merger Control Thresholds | ALBM Excello Blog

March 31, 2025 marked a key milestone for antitrust practitioners and dealmakers in the UAE. On that day, the UAE’s new mandatory and suspensory merger control regime officially came into effect under the country’s updated Competition Law. As someone who has been closely tracking these developments, I was genuinely struck by the scale and significance of the changes.The new regime, first introduced through Federal Decree Law No. 36 of 2023, was supplemented by Ministerial Decree No. 3 of 2025, which was published in the Official Gazette on January 30 and took effect 60 days later. For the first time, the UAE introduced a&nbsp;turnover threshold alongside the existing&nbsp;market share threshold which is a meaningful shift toward international merger control standards.As of March 31, any transaction that constituted an "Economic Concentration" with a nexus to the UAE became subject to mandatory notification to the Ministry of Economy's Competition Department if it exceeded either of the following:<ul><li>Turnover Threshold: AED 300 million (approximately USD 81.6 million) in total annual sales within the UAE's "Relevant Market" during the most recent fiscal year.</li><li>Market Share Threshold: A combined market share exceeding 40% in the "Relevant Market" in the UAE.</li></ul>Importantly, the concept of the "Relevant Market" was defined in two dimensions: the&nbsp;Relevant Product Market and the&nbsp;Relevant Geographic Market, in line with international best practices. The new Decree also reaffirmed that a&nbsp;dominant position exists when a firm holds more than 40% market share, not prohibited in itself, but subject to behavioural constraints to prevent anticompetitive practices.Although the implementing regulations for the new Competition Law had not been issued at that time, the older 2014 regulations remained in place, leaving some procedural uncertainties. However, the Decree's clear thresholds gave us a much firmer foundation to assess whether a transaction triggered notification obligations and is a welcome development for practitioners like me advising on cross-border and regional deals.Looking back, the addition of the turnover threshold represented a major departure from the previous regime, where only market share determined whether a filing was required. While this undoubtedly broadened the scope of potentially notifiable transactions, it also brought greater clarity and predictability, particularly for foreign-to-foreign deals with UAE revenue exposure.Still, a lot hinged (and still hinges) on how the Ministry interprets key elements of the law in practice, especially when it comes to defining relevant markets and determining whether a local nexus exists. We’re also awaiting additional guidance through implementing regulations and exemptions, which will further shape how the regime is applied going forward.For companies contemplating mergers or acquisitions involving businesses with UAE operations or revenue, this reform underscored the importance of:<ul><li>Reviewing their UAE market exposure under both thresholds;</li><li>Factoring merger control timelines into deal planning early on; and</li><li>Seeking legal guidance to mitigate the risk of delays or regulatory issues.</li></ul>As an advisor, I’ve encouraged clients to treat this not as a box-ticking exercise but as a core strategic consideration in deal execution. These rules are now part of the M&amp;A landscape in the UAE, and compliance is essential, not just to avoid penalties, but to ensure smoother transactions in a market that continues to grow in strategic importance.

Discover how the UAE’s revised merger control thresholds impact businesses and regulators. ALBM Excello explains the key legal considerations, compliance strategies, and what companies need to know about the updated regulations.

March 31, 2025 marked a key milestone for antitrust practitioners and dealmakers in the UAE.

Reflecting on the UAE’s New Merger Control Thresholds

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The launch of Dubai Hub London, Dubai Chambers’ first international centre offering integrated government and private sector services for UK businesses expanding into Dubai.&nbsp;

Dubai Hub London

On 17th July 2025, Dubai Chambers officially launched Dubai Hub London, its first international centre designed to provide a one-stop platform for UK-based investors and companies seeking to expand into Dubai. This landmark initiative integrates government and private sector services—including trade licensing, legal attestation, real estate registration, immigration support, and more—under a single roof, significantly streamlining market entry and reinforcing bilateral economic ties.The hub aligns with Dubai’s Economic Agenda (D33) and the leadership’s vision to position the emirate among the top global business hubs. By centralising property, licensing, legal, and administrative processes, Dubai Hub London simplifies procedures for international investors while enhancing Dubai’s reputation as a business-friendly destination.Supervised by Dubai Chambers and operated by Al Burj Holding, the hub provides licensed services from key Dubai entities, including the Dubai Land Department, Department of Economy and Tourism, Dubai Courts, and the General Directorate of Identity and Foreigners Affairs. Services range from property valuation and trade licensing to contract attestation, document translation, and signature verification. London was strategically chosen for this first hub due to its global financial prominence and access to a broad investor base.This is precisely where ALBM Excello Law comes into play. With offices in both the UK and Dubai, we provide seamless legal and regulatory support for businesses navigating cross-border expansion.Whether you are a UK company looking to establish operations in Dubai or a UAE investor exploring opportunities in the UK, ALBM Excello Law’s dual-jurisdiction presence ensures that every stage of your business journey—from strategy to execution—is fully supported. Clients benefit from tailored legal advice, efficient compliance solutions, and access to integrated services like those offered by Dubai Hub London.The launch of Dubai Hub London represents a transformative step for international trade and investment between the UK and Dubai. With ALBM Excello Law by your side, businesses can confidently navigate this streamlined ecosystem, taking advantage of Dubai’s strategic location, regulatory flexibility, and thriving economic landscape.

Dubai Hub London: Dubai Chambers’ first international centre offering integrated government and private sector services for UK businesses expanding into Dubai.

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