On 31 October 2023, Federal Law No. 51 of 2023 Promulgating the Financial and Bankruptcy Law (the Bankruptcy Law) was published in the United Arab Emirates (UAE) Official Gazette, repealing the prior federal law on bankruptcy (Federal Law No. 9 of 2016, the Prior Law) and significantly developing the bankruptcy regime in the UAE.

Commercial, and sometimes residential, construction requires a contractor to obtain a surety bond to guarantee performance leading to the successful conclusion of a project. Upon that occasion, a general contractor will obtain a surety bond from an authorized underwriter.