- 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: Turkey
- 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
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- British Virgin Islands
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- Cayman Islands
- Costa Rica
- Czech Republic
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- Faroe Islands
- Hong Kong
- Isle of Man
- Ivory Coast
- Latin America: International firms
- Netherlands Antilles
- New Zealand
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- Saint Martin
- Sao Tome E Principe
- Saudi Arabia
- South Africa
- South Korea
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- 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.
VEGAS LEX experts discuss Russian roads and PPP projects at the fifth international specialized exhiRoad 2014, the 5th international specialized exhibition and forum held in Moscow earlier this month and attended by VEGAS LEX, focused on effective development mechanisms for Russia's public road system and on legal aspects of public-private partnership projects
The VEGAS LEX law firm has held a seminar, Signing a Concession Agreement: an Insider's Insight , for the staff of Bank of Moscow legal department and business divisions.
Julia Tormagova, head of VEGAS LEX Commercial Group, will speak about trends in the law enforcement practice on the market for pharmaceuticals in 2014.
Popov & Partners Law Office was chosen by Ministry of Finance once again for consultant service of MPopov & Partners Law Office is finishing successfully and before the appointed time, its work on concluded in May 2013 contract with Ministry of Finance for conducting subsequent control of public procurements financed by Operational programme "Administrative capacity". As a result of the quality and effective implementation, in the beginning of September 2014, Ministry of Finance entrusted a second time team of the Law Office for implementing activity for subsequent control of public procurements financed by Operational programme "Administrative capacity", as choose Popov & Partners Law Office for executor of a public procurement. Term of the second contract concluded with Ministry of Finance is until the end October 2015. During its implementation, Popov & Partners Law Office will aim increasing transparency and efficiency in the field of implementation of projects, financed by European social fund, and will contribute for lawful utilizing of funds on Operational programme "Administrative capacity".
Goltsblat BLP , the Russian practice of the leading international law firm Berwin Leighton Paisner (BLP) , is providing the Italian clothing brand TWIN-SET Simona Barbieri with legal support for its entry on to the Russian market, including setting up a joint venture and opening a number of own-brand stores across Russia.
Leading Hungarian law firm, Lakatos, Köves and Partners, has been advising Bayerische Landesbank ("BLB") on the sale of its Hungarian subsidiary MKB Bank Zrt. which closed on Monday 29 September 2014.
Kyiv, 17 October 2014 - AstapovLawyers has advised Lexmark International Technology S.A. (Switzerland) on legal matters pertaining to the signing of distribution agreement with a Ukrainian company. The advice included review and adjustments of the wholesaler contract, drafting arbitration clause and on Ukrainian law matters applicable to the contract.
Zavadetskyi Advocates provided for tax clearance of the transaction for cross-border transfer of the loan portfolio from the balance sheet of the Ukrainian bank to the balance sheet of the UK bank of a Greek banking group. As a result of this work an official tax clarification has been obtained that allowed favorable conditions for the transaction.
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:
Kyiv, 2 September 2014 – 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.