03/30/2016
New data requirements proposed for Abu Dhabi trade licences
Companies applying for trade licences in Abu Dhabi may need to provide more information under plans that are being considered.
Legal, Tax, Regulation & Compliance
03/29/2016
UAE banks agree "mini insolvency law" to help struggling SMEs
The initiative, which involves businesses working with lenders to restructure their loans, is intended to give breathing space to SMEs, which contribute around 60 percent of UAE's gross domestic product.
03/28/2016
$22 billion pumped to clear goods piled at ports
Governor Tarek Amer said on Saturday that devaluing the Egyptian pound had attracted foreign investment worth $500 million in treasury bills and that he had pumped $22 billion into the banking system to clear goods piled at ports.
03/28/2016
Central Bank of Oman to host workshop on Islamic finance
The workshop is organised as part of capacity building initiatives to improve the skills and the capabilities of the staff of Islamic banks and windows operating in the Sultanate and the supervisory departments of the CBO, according to a CBO release.
03/28/2016
UAE Banks Federation launches significant rescue initiative for SMEs and medium-sized corporates
The first-of-its-kind initiative in UAE comprises a new mechanism (called the "modus operandi") to sustain indebted companies which meet specific qualifying criteria.
03/27/2016
Dentons leads FIDIC discussion at The Big 5 Saudi Arabia
Adopting a localised version of the FIDIC contracts will encourage parties to review and negotiate the terms. It should provide contractors with more comfort regarding their contractual rights and their risk profile." However Jones also noted that sp
03/24/2016
Wafic Saïd sues Barclays over cutting ties
He is seeking an order under the Data Protection Act to force the bank to turn over any information it has that it relied on in its decision to sever its relationship with the 76-year-old Monaco resident and Conservative party donor.
03/24/2016
US claims it's not deterring foreign banks looking at Iran
The United States is not standing in the way of foreign banks doing business with Iran, a senior US official said yesterday, but his comments appeared unlikely to satisfy frustrated businessmen and Iranian officials.
03/23/2016
Finance House says plans for cash dividend distribution approved
The annual general meeting will be held on April 18
03/23/2016
Vinson & Elkins closes Abu Dhabi office
The firm further added, “ We consistently monitor all of the markets we serve to ensure that our practices are in alignment with client needs and the firm’s overall strategic goals.
03/23/2016
King & Spalding Advises Alinma Jeddah Economic City Real Estate Fund on US$960 Billion Shari'ah-Compliant Financing
This is one of the largest development projects in Saudi Arabia and includes the construction of the Jeddah Tower, which will be the world's tallest building at over one kilometer high.
03/22/2016
Gulf states not holding back on major reforms
Kuwait did what was deemed unthinkable in the past by proposing corporate taxes
03/22/2016
Ex-Leeds Utd MD David Haigh acquitted in Dubai on Twitter abuse charges
He expected Mr Haigh to return to the UK in two to three days.
03/22/2016
Bahrain Islamic Bank Joins the Pearl Initiative's Growing Network of Regional Corporate Partners
Since its establishment in 2010, the Pearl Initiative has developed a network of more than 40 partners across the GCC region.
03/21/2016
MoF prepares 16 federal laws for banking sector
Laws include those on Central Bank, money laundering and financial services
03/21/2016
Offering United Bank for sale still pending: chairman
CBE, other parties still studying issue of sale, we have not received instructions so far, says El-Kady
03/21/2016
Pension reforms can be a timely solution for the UAE
It could easily unlock fund flows and value in equity and real estate
03/21/2016
Saudi Arabia Tells Foreign Banks to Publicly Disclose Finances
Banks must also disclose senior executives’ pay and significant risk factors, two people with knowledge of the matter said, asking not to be identified as the matter is private.
03/20/2016
Dentons advises MENA Infrastructure on sale of interests in United Power Company
The fund invested in UPC in 2009, becoming the single largest shareholder.
03/17/2016
Judges announced for Corporate Counsel Middle East Awards
In a major innovation for 2016, the shortlists for General Counsel of the Year, International Law Firm of the Year and Middle East Law Firm of the Year will be drawn up following nominations from the region's in-house lawyers.