10/23/2020
Turkey holds rates in a surprise decision
The decision to leave the rate unchanged sent the lira down more than 2% to near 8 versus the dollar and prompted economists to question the central bank’s commitment to lowering inflation.
Legal, Tax, Regulation & Compliance
10/23/2020
Saudi Arabia Partners With the World Bank to Ensure No Nation Is Left Behind on AI
The partnership will support target nations to identify gaps in their own readiness and ability to utilize AI and data and develop their own AI policies for innovation and acceleration of AI based on sustainable development goals.
10/23/2020
Lebanon follows McKinsey advice and legalises cannabis farming
The parliament has legalised cannabis farming for medicinal and industrial use, with the specific objective of exporting the crop to foreign markets.
10/23/2020
UAE's revised Bankruptcy Law extends valuable 12 months to struggling businesses
Businesses won't have funds cut off and in some cases can tap new financing
10/23/2020
Getting tax submissions wrong now come with a much stiffer penalty in UAE
Supreme Court ruling to have significant impact on reporting of tax dues and on penalties
10/23/2020
UAE to impose new rules on mandatory reserves for financial institutions - state media
The banks will have to ensure they meet the daily average requirements over a 14-day reserve maintenance period.
10/22/2020
IPA Qatar signs tie-up agreement with NYSE-listed Palantir Technologies
Palantir Technologies will support Qatar’s digital transformation across sectors and seek to expand its market presence and activities in Qatar.
10/22/2020
COVID-19: UAE Cabinet approves amendments to bankruptcy law
Move aims to provide legal mechanism for debtors to be able to fulfil obligations
10/22/2020
Clyde & Co advises QTerminals on its acquisition of Akdeniz Port in Turkey
Clyde & Co acted as international deal counsel and collaborated with Turkish counsel Kolcuoglu Demirkan Koçaklı (KDK) to represent QTerminals at all stages of the transaction, including drafting and negotiating the key transactional documents
10/22/2020
The General Assembly of First Abu Dhabi Bank agrees to transfer...
This step is part of the vision that brings together the two institutions, which are based in the Emirate of Abu Dhabi, with the aim of supporting the ambitions of the UAE government for digital transformation in the long term.
10/22/2020
SHUAA Capital prices US$150 million bond issuance
The issuance will see SHUAA raise the full US$150 million approved by shareholders at a General Assembly of the company held on 14th October.
10/22/2020
Survival of the fittest UAE advisers
Revenues set to take a big hit as new commission structure now in effect
10/22/2020
Hong Kong fines Goldman Sachs record $350m over 1MDB
The 1MDB bond offerings were arranged and underwritten by Goldman Sachs International,
10/21/2020
UAE, Arab Monetary Fund sign deal to enhance economic integration
Under the agreement, the UAE will create the legal framework and provide the necessary benefits and immunities for the corporation to enable it to efficiently perform its role, as well as to generate regional integration opportunities.
10/20/2020
Global trade faces $18trln hit by 2030
The protectionist trade policies that emerged even before the Trump administration will continue to define trade landscape of 2020
10/20/2020
New UAE wealth management law a welcome game changer
The new law, which creates a legislative framework for businesses passed on to the second or third generations and are often in danger of collapse, goes a long way to allaying my concerns.
10/20/2020
Oman, in talks for Gulf aid, plans three-part bond
Oman has begun talks with some Gulf countries for financial support, according to a bond prospectus dated Oct. 19.
10/20/2020
8 types of fraud to watch out for in the UAE
Fraudsters implement social engineering tactics to separate you from your money
10/19/2020
ADGM and Companies House Gibraltar partner to bolster respective registration functions
MoU to facilitate development of ADGM and CHG registration functions
10/19/2020
EBRD extends funds to Turkey’s Alternatif Bank
The new loan will enable Alternatif Bank to continue lending to Turkish businesses and will help to counter the impact of the coronavirus outbreak on the economy.”