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Doing business in Kuwait: independent water and power projects
Contributed by Al Markaz Law Firm
This article discusses the legal aspects of undertaking an independent water and power project in Kuwait. The main focus of this article shall be on the legal framework of doing business in Kuwait and managing certain aspects of legal risk.
Legal market overview
In 2015, Kuwait’s cabinet – despite sectarianism and concerns over significant revenue reduction caused by the sharp drop in international oil prices – managed to secure the parliament’s approval of a five-year development plan that envisages spending $116bn on projects, as well as increasing the size of the private sector share of the economy.
This change of direction for an economy historically mired in public sector ennui was somewhat pre-empted as construction contracts and related legal work soared in 2014, with big-ticket awards including $12bn in contracts for the clean fuels refinery upgrade project and also the $4.8bn construction of a terminal, runway and 30 passenger gates at Kuwait International Airport.
The petroleum industry, which accounts for nearly half of GDP and 95% of export revenues and government income, remains in public sector hands and continues to bar the world’s international energy companies from active participation. As a result, external legal work in the sector is limited, although there is still good work to be found in serving the oil services companies that are required to assist the state-owned Kuwait Oil Company and the Kuwait National Petroleum Corporation in facilitating their projects.
Of the international law firms, only DLA Piper and regional heavyweight Al Tamimi & Company have forged alliances in Kuwait, with the resultant benefit of gaining access to the local courts. A number of local firms have developed extra-jurisdictional foreign law capability by hiring foreign qualified lawyers, notably including the highly ranked ASAR – Al Ruwayeh & Partners.
Legal Business: country analysis
Behind the veil – Can Islamic finance live up to the sales pitch?
Islamic finance flourished during the downturn and has
emerged as a significant practice for both Middle East and international firms. How sustainable is the workflow and what lies ahead for the key players?
Click here to read the feature.
Client insight -
Bridging the Gulf
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The highly anticipated new Romanian law on public-private partnership ( "New PPP Law" ) has been finally enacted and will enter into force on 25 December 2016. It replaces the former Law no. 178/2010 on public-private partnership, which due to significant legislative inconsistencies has failed to accommodate any public-private partnership ( "PPP" ).
If you were a beneficiary of someone who left assets in Spain but you were not yourself a resident of Spain you may have paid a higher rate of inheritance tax and may be due a refund since a ruling in the European Court of Justice in September 2014 which decided that the difference applied between residents and non-residents with regard to the application of inheritance tax and gift tax was discriminatory. The Spanish legislator has therefore been obliged to amend the inheritance tax law.
16 Dec 2016
I - Introduction and Recent News on the Assignment of the Duties to Social Security Institution
Published:10 Jan 2017 at 04:00 / Newspaper section: Business
As from 1 January 2017, the maximum period in which students can be employed as contingent workers at the beneficial solidarity contribution will amount to 475 hours instead of 50 days per calendar year.
The Turkish Constitutional Court recently decided that the right to privacy can be violated on the Internet. The court's decision numbered 2014/16701 ("Decision") was delivered on October 13, 2016 and concerned a military officer's dismissal from the Turkish Armed Forces ("TAF"). The ground of the dismissal was that the officer's private life is not suitable for TAF's ethical code of conduct and this information was provided from the images which were broadcasted on the Internet. The officer ("applicant") individually applied to the Turkish Constitutional Court claiming that the principle of proportionality was not considered in the dismissal and his right to privacy was violated since the evidence is obtained unlawfully.
In 2016, Austrian Criminal Law experienced some substantive legal developments in both, procedural and material aspects. The following overview reflects the most relevant developments in Austrian Criminal Law in 2016.
Further to the recent announcement that our Binary Options litigation team had confirmed a new partnership with a global finance firm focused on litigation funding to finance the increasing number of litigation cases relating to the forex and binary option sectors, we have now received confirmation that Banc De Binary will be closing its operations worldwide.
KFTC Enhances the Predictability and Clarity of Decisions but Potentially Increase the Overall Administrative Fine Levels- Lee & Ko
For immediate release | London 09 January 2017
If the object of a sale exhibits defects, the buyer can refuse to pay the purchase price until the defects have been removed. That was the verdict of the Bundesgerichtshof (BGH), Germany’s Federal Court of Justice, in its ruling of October 26, 2016 (Az.: VIII ZR 211/15).
Baker & Partners has welcomed its newest team member, Director of Regulation Debbie Sebire .
A notice of dismissal with the option of altered conditions of employment terminates the employment relationship as constituted based on the conditions in place up until that point in time. At the same time, an offer is made to continue the employment relationship with revised conditions.
Even the best of families has arguments, and the same is true for shareholders of a GmbH. Having said that, a ruling of the Oberlandesgericht (OLG) München [Higher Regional Court of Munich] demonstrates that a shareholder’s fiduciary duty does not apply in every case.
Goltsblat BLP, the Russian practice of the international law firm Berwin Leighton Paisner (BLP), advised on the acquisition by Rossium group of companies of a 90.99% stake in ONEXIM's PJSС OPIN. The purchaser’s beneficiary is Credit Bank of Moscow majority shareholder Roman Avdeev.
STA Law Firm is pleased to announce its footprint within the Kingdom of Saudi Arabia with the law firm of Al Suwaiket & Al Busaies.
12 January, 2017
The legal provisions pertaining to labour leasing, also referred to as temporary employment or subcontracted work, are being shaken up.