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Articles contributed by Al Tamimi & Company
by Richard Catling - email@example.com
The proposed Federal Law on Financial Restructuring and Bankruptcy (the “Law”) revolutionizes bankruptcy rules, for both individuals and companies, currently comprised within the civil law.
by Nick O'Connell - firstname.lastname@example.org
The following is a summary of key aspects of notes from Nick O’Connell’s presentation at the Telecommunications Law & Regulation in the Middle East conference, held in Dubai on 12 & 13 December 2011.
With the regional struggle to revive equity capital markets, Qatar is taking yet another positive step forward. The Qatar Financial Market Authority (the “QFMA”) has recently completed the final draft of the Offering and Listing Rule Book in relation to Securities of Small and Medium Enterprises (the “Draft Regulations”). The QFMA has circulated the Draft Regulations for consultation, and the Draft Regulations are expected to be endorsed and to come into force soon.
by Jeremy Scott - email@example.com
Regulatory Overview Dealings with KSA real estate are principally carried out according to a well established and traditional process involving private negotiations followed by the participation of a regional government employee of Shari’ite qualifications (Notary Public) to complete the change of ownership.
The laws on bankruptcy in Saudi Arabia are not extensive nor has their application been well tested. Saudi law dealing with bankruptcy is not very detailed and in broad terms it is left to the parties to make an agreement with each other or Shari'ah principles are applied and the relevant court will decide the matter.
Ian Bode of Al Tamimi & Company’s Qatar office introduces the issues relating to commercial leases in Qatar. [Note: depending on the lease form, references in a lease can either be to “landlord and tenant” or to “lessor and lessee”. In this article, “landlord” and“tenant” are used]. Property lawyers in Qatar assume substantial responsibility when preparing commercial leases. They establish contractual relationships between landlords and tenants which govern the use and occupancy of property often for a period of years. One inappropriate word in a covenant, could expose a tenant to an unintended financial liability or a landlord to an unintended obligation.
By Ahmad AnaniBanking & Finance Department - Qatar The State of Qatar has one of the strongest and fastest growing economies in the world. The Qatari economic numbers are astonishing with Gross Domestic Product (GDP) standing at 52.7 billion US Dollars in 2006 and per capita income averaging to 76,000 US Dollars (2007). The GDP of Qatar is mainly derived from its oil and gas production (60%). Nevertheless, the Government of Qatar has a detailed plan to diversify the economy based on the oil and gas revenues that are surging due to the international increase of oil prices.
By Marcus Wallman and Sonya Stewart “Our most productive investment remains our people. It is through the dedication, skill and initiative of our people that Visy Industries has prospered and will continue to move ahead” Richard Pratt, Chairman, Visy Industries
We now receive an increasing number of enquiries about long term incentive plans. These enquiries range from “what are they?” (which is a valid question given the broad range of alternatives available, as discussed below) to “how can we set up a scheme in our company?”.
These schemes have become an established component of senior and mid-level executive remuneration offered in overseas markets, particularly in the context of listed companies. With the significant economic growth being experienced within the UAE in recent years has come an increasing demand from local companies for world class executives. These companies are finding that they need to offer remuneration comparable to that being offered around the world when competing for executive talent. Employee share option and other long term incentive plans are important components of these packages.
If enacted, two draft arbitration laws released for consultation in February 2008 stand to put the UAE at the forefront of arbitration in the Middle East.