- What is the Corporate Counsel 100?
- How to nominate in-house counsel
- Top 100: Africa
- Top 100: Asia Pacific
- Top 100: Deutschland
- Top 100: Ireland
- Top 100: Latin America
- Top 100: Middle East
- Top 100: Russia
- Top 100: United Kingdom
- Top 100: United Kingdom - Rising Stars
- Top 100: United States
- Top 100: United States - Rising Stars
- How do the awards work?
- The Legal 500 United Kingdom Awards 2014
- The Legal 500 United States Awards 2014 - In-house winners
- The Legal 500 United States Awards 2014 - Law firm winners
- The Legal 500 Latin America Awards (coming soon)
- The Legal 500 Germany Awards (coming soon)
- Frequently asked questions
- Legal market overview
- Banking and finance
- Corporate and M&A
- Dispute resolution
- Intellectual property
- Investment funds
- Projects and energy
- Real estate
- Bosnia and Herzegovina
- British Virgin Islands
- Burkina Faso
- Cape Verde
- Cayman Islands
- Costa Rica
- Czech Republic
- Dominican Republic
- El Salvador
- Faroe Islands
- Hong Kong
- Isle of Man
- Ivory Coast
- Latin America: International firms
- Netherlands Antilles
- New Zealand
- Papua New Guinea
- Saint Martin
- Sao Tome E Principe
- Saudi Arabia
- South Africa
- South Korea
- Sri Lanka
- St Barts
- St Vincent
- United Kingdom
- United Arab Emirates
- United States
Legal market overview
The United Arab Emirates (UAE) is a federation of seven emirates bordering the Persian Gulf of which the larger two, Dubai and oil-rich Abu Dhabi, are important centres for local and international law firms. The attractions of these two cities to some 60 corporate law firms, half of which have offices in both, lies in the perception that the UAE provides the most stable political base for targeting the Gulf Cooperation Council (GCC) and Middle East and North Africa (MENA) markets. The Dubai International Finance Centre (DIFC), which was established in 2004, has all the characteristics of an offshore financial centre.
Firms such as Allen & Overy LLP, Clifford Chance and Clyde & Co LLP have a longstanding presence in the jurisdiction, but other law firms continue to establish offices. Recent arrivals include Cleary Gottlieb Steen & Hamilton LLP and Morgan Lewis LLP. However, Hogan Lovells (Middle East) LLP has announced the closure of its Abu Dhabi office, and Kilpatrick Townsend & Stockton has left the UAE. UAE firms such as Al Tamimi & Company, Hadef & Partners and Bin Shabib & Associates (BSA) LLP have raised aspirations to meet the international challenge. The merger which formed Baker & McKenzie Habib Al Mulla is a significant and interesting merger.
The legal processes applicable in the UAE are complex. A federal legal system applies to the smaller emirates but each of Abu Dhabi, Dubai and Ras Al Khaimah has a civil code local court system with its own Cassation Court; all court proceedings are in Arabic and only UAE nationals have rights of audience. The DIFC Judicial Authority (DIFC Courts) provides an independent common law judicial system within the financial district. Other forums include the Dubai International Arbitration Centre (DIAC) and the Dubai World Tribunal (DWT).
Recovery from the 2008 financial crisis is well underway: stalled construction projects are being restarted and major infrastructure initiatives including hospitals, roads, port facilities, railways and airport extensions are proceeding. M&A deals in the MENA region have picked up in certain sectors such as telecoms, and the hotel, hospitality and retail sectors are bullish. Litigation and arbitration in the construction sector arising from the financial crisis continues to keep firms busy.
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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.
1. According to recently published statistics, the UAE’s medical tourism market was worth $1.58 billion in 2012 and this is expected to grow a further 6.5 per cent to $1.69 billion in 2013. The UAE- with its predominately expatriate population of around 8 million- and the Kingdom of Saudi Arabia are- it seems- the two jurisdictions in the GCC where the demand for medical services- and the appetite to cater to this demand- is booming. The two "senior" Emirates in the seven member federation- Dubai and Abu Dhabi- have broadly similar demographics, hospital beds and medical practitioners although in Dubai the private sector is substantially larger than the public sector whilst the reverse is the case in Abu Dhabi.
1. Construction industry overview for the jurisdiction
The Emirate of Dubai has long been a centre for trade and commercial activity and such activity will inevitably generate disputes. In Arabic culture, traders endeavour to settle their disputes by negotiation, either between themselves or under the guidance of a leading citizen. The growth of international trade and investment has brought a wider range of disputes and Dubai has sought recently to place itself as a centre for commercial dispute resolution. Parties to international contracts are generally unwilling to submit their disputes to the Dubai Courts, with proceedings conducted in Arabic, and therefore international contracts generally include provisions for disputes to be resolved by arbitration. The law is developing rapidly in Dubai and the purpose of this article is to provide an insight into current arbitration practice at this exciting stage of its development.
Kyiv, 11 August 2014 - Avellum Partners announced that it has acted as the Ukrainian legal counsel to Ferrexpo in connection with the following three export financing credits:
Avellum Partners announced that it has acted as the Ukrainian legal counsel to Ferrexpo in connection with the acquisition of an electrified railway of over two kilometers long and a power line.
Avellum Partners acted as the legal counsel to the owners of a leading Ukrainian FMCG producer in connection with its sale to a private investor.
KKR, a leading global investment firm, announced an investment in arago AG ("arago"). arago is a German-based high-tech company specialised in IT automation. KKR will acquire a minority stake in arago and support the global roll-out of arago's product portfolio with growth equity.
Funds Legal and Regulatory Update- Ogier
In early August 2014 „Popov & Partners" Law office was selected by the Ministry of Justice of the Republic of Bulgaria to perform public procurement named „Research and analysis of existing systems for enforcement in the EU Member States, research and exchange of the European good practices related to the construction of electronic system/portal for enforcement". The research is in the framework of „Effective and transparent enforcement, integrated with national and European electronic legal systems" implemented with the grant of the Operational Programme „Administrative Capacity", co-financed by the European Union through the European Social Fund.
In the middle of July 2014 "Popov and Partners" law office was awarded a public procurement, announced by the Ministry of Finance, with subject matter "Analysis of the structure of the Managing Authority of Operational Programme "Administrative Capacity" (OPAC) and development of an offer for structure of the Managing Authority of Operational Programme "Good Governance" (OPGG) in relation to the 2014-2020 programming period". The public procurement is part of a project for analysis of the structure of the Ministry of Finance and Operational Programme "Administrative Capacity" Directorate, realized with the financial support of Operational Programme "Administrative Capacity" (OPAC), co-funded by the European Union through the European Social Fund. The most fundamental aim of all project activities is to guarantee the effective execution of Operational Programme "Administrative Capacity" Directorate at the Ministry of Finance, in its capacity of Managing authority of the new Operational Programme "Good Governance" 2014 - 2020, which will replace Operational Programme "Administrative Capacity" and Operational Programme "Technical Assistance", implemented during the past programming period.
The international media company Bertelsmann is increasing its ownership of Gruner + Jahr to 100 percent by acquiring Jahr Holding's 25.1 percent shareholding. The transaction was agreed among Gruner + Jahr's shareholders. Bertelsmann's acquisition of the remaining shares in Gruner + Jahr will become effective on November 1, 2014. The purchase price is being paid in cash, and the parties have agreed not to disclose the amount.
Hengeler Mueller advises LEG Immobilien AG on acquisition of portfolio of around 9,600 residential uA subsidiary of LEG Immobilien AG ("LEG"), acting as the buyer, and Deutsche Annington Immobilien SE ("Deutsche Annington"), acting as the seller, yesterday signed an agreement for a portfolio transaction for around 9,600 residential units and related employees in North Rhine-Westphalia by way of share deal. The total transaction volume amounts to €484m. Following antitrust approval, the closing of the transaction is expected by the end of October 2014.