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Legal market overview
Regional transactional activity has continued to show signs of recovery, although it remains considerably below pre-crisis highs. Nonetheless, the market remains highly active, particularly in the real estate and construction sector; with a host of new projects and developments set to come online, a growing property investment market, and Dubai’s successful bid for Expo 2020, confidence in the construction sector is expected to rise. As global companies seek to boost sales by tapping into consumer opportunities in the Middle East, trade mark registration has become a far greater focus for stakeholders.
The legal processes in the UAE are complex: Abu Dhabi, Dubai and Ras Al Khaimah all have separate civil court systems. Local firms such as Al Tamimi & Company, Hadef & Partners and Afridi & Angell have rights of audience before the local courts, something which the international firms with a dispute resolution practice in the region do not offer. The Dubai International Financial Centre (DIFC) Judicial Authority provides a common law judicial system within the financial district.
Allen & Overy LLP, Clifford Chance and Clyde & Co LLP have a longstanding presence in the jurisdiction, and an increasing proportion of international firms are using the UAE as a hub to service the Gulf Cooperation Council (GCC) and Middle East and North Africa (MENA) markets.
Al Safar and Partners Advocates and Legal Consultants
Al Safar & Partners advocates & legal consultants was established in 1981 by advocate Mahdi Al Safar and has completed 33 years among the best of UAE’s law firms. The firm provides general legal advice to its clients. In the year 2008 senior advocate Ms Kavitha Panicker, managing partner of the firm, undertook the mission of growing the firm to its current status and the setting up of operational processes for quality management...
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.
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The basics of buying freehold property in Abu Dhabi are the same as anywhere else in the United Arab Emirates. However, unlike Dubai, Abu Dhabi does not till date have specific laws/regulations regulating sale and purchase of real estate by foreigners (i.e. off plan sale, real estate brokers and agents, escrow accounts, jointly owned property (Strata Law), etc). Such being the case one needs to be even more careful and exercise greater due diligence while purchasing property in Abu Dhabi.
The endless opportunities that Dubai is bringing back to its real estate sector and the influx of new people relocating to Dubai have substantially increased the Dubai property demand. The basics of buying a property in Dubai are the same as anywhere else in the world: “One needs to be very careful in closing a property deal”.
Shedding light on the application of the UAE Personal Affairs (‘Sharia’) versus foreign laws. The case of a Hindu divorce granted by the Sharia Court in the UAE to the wife with full custody of the kids as well as alimony.
In financial transactions, the most common measure of protecting the rights of creditors is to have the transaction secured by assets or debts of the debtor or by other third party security creation methods. Taking effective security specifies that the creditor can, in the event of default of payment or on the bankruptcy of the debtor, take possession of that asset, sell it and use the proceeds to repay its debt. This strengthens the position of secured creditors over other unsecured creditors of the debtor.
IS IT ALL DOWNHILL...
Reece Leggett helps employers and employees understand their rights and obligations. In brief this article addresses the law surrounding annual leave. In particular it discusses:
The past year has seen a substantial improvement in the performance of banks and financial institutions in the UAE. Adequate provisions have been made for most nonperforming loans, banks are once again aggressively competing for good assets and 2012 bank results show substantial improvement in profits.
The IMF (International Monetary Fund) approved last Friday the disbursement of around 280 Million Euros to Cyprus. The IMF praised Cyprus for the economic recovery of the island and for implementing agreed reforms. The Deputy Managing Director of the IMF David Lipton said that Cyprus continues to produce positive results and that economic and fiscal outcomes have been better than expected. Public finances exceeded targets and growth turned positive in the first quarter of 2015.
Managing partner of VEGAS LEX Alexander Sitnikov has been re-elected to the Board of Directors of the TNS Energo power utility.
Stephen Baker, senior partner at Baker & Partners, was invited as a panelist to the International Bar Association (IBA)’s Annual Anti-Corruption conference, Paris, exploring how assets can be located, preserved and recovered in corruption cases.
HaoLiWen recently has helped clients to resolve several customs classification (HS code) cases, and the clients benefits a lot in terms of import duties saves or avoidance of administrative or even criminal penalties.
The participants of a workshop on fraud risks among senior management have discussed reasons of corporate fraud, potentially fraud-conducive environments and ways to fight it.
Danos & Associates has recently established a new office in Kiev, Ukraine. We are proud of our cooperation with Lex-Liga law firm. Lex-Liga is one of the leading law firms in Ukraine. The firm offers full services in all areas of law and is based in Kiev. Lex-Liga's lawyers and staff are highly experienced and professional.
The first translation of the report Airport Competition in Europe commissioned by Airports Council International Europe (ACI EUROPE) has been officially published in Russia. The translation was initiated by the Federal Air Transport Agency (Rosaviatsia) and was carried out by VEGAS LEX law firm and the First Infrastructure Company InfraONE.
On 2 June 2015, the Russian Constitutional Court announced its resolution concerning the claim of OOO Zapolyarneft stating that environmental charges imposed on this company were disproportionate. One of the rules of the Russian Forestry Code and the Russian Government's resolution based on it were recognised as inconsistent with the Constitution.
In the elegant atmosphere of Jugoslovenska Kinoteka in Belgrade, Karanović & Nikolić hosted a celebratoin marking two decades of business operations.
All the evidence indicates that the authorities no longer view mortgage brokers as the middle man, free from all blame. As a result, brokers are increasingly finding themselves in the dock along with people who made the fraudulent mortgage applications that aroused the interest of investigators.