Dubai Islamic Economy Development Centre Collaborates with Dubai International Financial Centre, Dubai Financial Market, Climate Bonds Initiative to Grow Green Sukuk Market.

Further to our alert of 25 June 2019 on the economic substance regulations, which came into effect on 30 April 2019 pursuant to the Cabinet of Ministers Resolution No. 31 of 2019 (“Regulations”), and in light of the approaching enactment of the Ministry of Finance guidelines to the Regulations, it is important for businesses operating in the UAE to: consider the impact of the Regulations on their operations; and ensure compliance with the...

Qatar's economy has not only, as we expected, successfully absorbed the shocks from its neighbours’ boycott two years ago, it has strengthened -- particularly in banking and foreign reserves.

Iraq's newly passed amnesty law on tax penalties according to law No. 9 for 2019. This law is effective from the date of publication in the official gazette (Iraqi Official Gazette) on 19 August 2019.

Recent measures by the Central Bank of Egypt signal a shift in monetary policy toward supporting growth as inflation eases.

Higher oil output should boost growth, but structural vulnerabilities, particularly high unemployment and a growing population, are being left unattended by the absence of any major legislative action.

Investec Asset Management (IAM) has completed its first private equity investment in Egypt, by acquiring control of Spinneys Egypt, a rapidly growing supermarket chain.

Growth this year is expected to be driven by a recovery in exports and a revival in tourism. Funding from the London initiative should also help finance the current account and maintain reserves at an adequate level.

M&A Report (July 2019)

Following conflicting media reports about the UAE government’s long-term residence program, the General Directorate of Residency and Foreign Affairs has clarified in a press conference that the Golden Residency is actually a reference to the 10-year residence permit introduced in February 2019.