About

The Ras Al Khaimah Economic Zone (RAKEZ) is the newly formed authority comprising of the Ras Al Khaimah (RAK) Free Trade Zone Authority and the RAK Investment Authority responsible for the regulation and management of the financial market in RAK, an Emirate in the UAE. Senior legal counsel Moulham Al Chawa leads a team of eight staff in total comprised of one senior legal counsel, three legal counsels, one researcher, paralegal, coordinator and administrative executive, at the organisation. Describing how the team is structured, Al Chawa says, ‘in the past, positions were customised based on what the staff were working on and now we are moving to a more professional work environment by having the right individuals for the right positions based on the best practice and business needs’. The team has worked on a formula to ring fence and merge two government entities under one umbrella including transfer of assets from the old entities to the new one, clean-up of some assets, ring-fencing by creating special purpose vehicles for instance. It has also created the first companies regulations for RAKEZ – as a licensing and regulatory authority, the organisation registers mortgages for the assets constructed by its clients within its jurisdiction. The team has developed a new policy which defines the registration and enforcement procedures for mortgages. Within the team, Chawa highlights Maryam Al Taleb, for her handling of the litigation on civil and criminal cases and bounced cheques, her rapid development within the firm with her recent qualification and growing confidence and experience. Chawa also highlights Bassel Ostwani, for his leadership on the mortgage policy, an essential and major service provided to RAKEZ’s clients.

Beltran Adricula is also mentioned for his drafting skills being described by Chawa as ‘machine-like’ and for his efforts in creating the new system of templates used for all aspects of the legal business of the authority. Chawa identifies that the main challenge that RAKEZ faces now, is the new regulatory framework regarding the exchange of tax information and anti-money laundering as this requires complying with new rules and regulations which, as he says, limits the flexibility that can be offered to the investors. One nominator described the team as a ‘legal department of a dynamic free zone with a lot of challenges and constant need to come up with dynamic and creative solutions’.