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German Legal Expertise in the Middle East since 1981

Vol. XX – Issue 4, Oct. 2016-Articles

Review of
Legal News of the Gulf

PDF Version

M&P Welcomes Heinrich Köllisch

Guiding Principles
We are pleased to announce that RA Heinrich Köllisch joined our Dubai office. Today we use this opportunity to give him a chance to introduce himself to the readers of Lex Arabiae.

Recent Developments in UAE Islamic Banking

Guiding Principles
Islamic Banking and Finance is a topic of constant attention and many banks in the UAE do define themselves as Islamic. As certain structural changes in the Islamic banking sector in the UAE might be about to happen, the Islamic banking system in the UAE shall be presented and possible changes shall be assessed.

DIFC Wills & Probate Registry – The Smart Way to Protect your Assets in Dubai

Guiding Principles
The DIFC Wills & Probate Registry is the first jurisdiction in the MENA region allowing the registration of an English language will under internationally recognized common law to give residents and non-residents a legal solution and the freedom to dispose of assets according to their wishes in case of inheritance.

RAK ICC – the New Merger of Offshore Companies

Guiding Principles
Announced in May 2016, RAK International Corporate Centre (RAK ICC) is a newly merged entity of RAK IC (companies registered by RAK Free Trade Zone Authority) and RAK Offshore (registered by RAKIA).

Tax on Branches and Representative Offices Based on Iranian Law

Guiding Principle
According to the “Tax Act of Iran”, foreign companies’ branches and representative offices, which are only dealing with marketing affairs and collecting commercial information for their parent companies, are exempted from paying any taxes, however, there are some exceptions in this respect.

New Commercial Agency Law in Kuwait

Guiding Principle
The State of Kuwait recently enacted Law No. 13 of 2016 on the regulation of commercial agencies in Kuwait, explicitly overturning the former agency law. The new Agency Law introduces material changes to the principal/agent relationship while many of its articles remained unchanged.

Saudi Arabia Starts the New Hijri Year with a Package of Austerity Decisions Including Switching to the Gregorian Calendar

Guiding Principle
With falling oil prices since mid-2014, the Saudi budget experienced a deficit in the same year for the first time in six years. Again in 2016, the deficit exists for the third year running. Consequently, the Saudi Government reduced, earlier this year, the subsidies for gasoline, electricity and water in the country. Further, the Government announced a new vision to diversify the Saudi economy under the title “Saudi Vision 2030”. The vision was followed by an austerity plan to reduce the deficit including cutting government spending and reform its finances. The plan also included switching to the Gregorian calendar instead of Hijri calendar and raising the visas and services fees for visitors and residents of the Kingdom.

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