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Omar Momany

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In brief The United Arab Emirates (UAE) recently issued Cabinet Resolution No. 58 of 2020 on the Regulation of the Procedures of the Real Beneficiary (the Resolution), which came into effect on 28 August 2020 and replaced Cabinet Resolution No. 34 of 2020 issued earlier this year. The Resolution aims to introduce the requirement for a beneficial ownership register in the UAE mainland and unify the minimum disclosure requirements for corporate entities incorporated in the…

In brief The UAE Federal Law No. 18 of 1981 regulating Commercial Agencies (Law) was amended for the fourth time on 28 May 2020 by Federal Law No. 11 of 2020 (the Amendment). The last amendment had taken place in 2010. The Amendment granted, for the first time, the right for companies incorporated in the United Arab Emirates (UAE) that are not 100% owned by UAE nationals, namely public joint-stock companies with at least 51%…

Overall global deal values down 31% from the previous half year, and 41% from H1 of 2019 which is the slowest first half for M&A since 2013Overall Middle East deal values and volume drop by around 58% and 26% respectively from H1 2019Total Middle East M&A deal values during the last two months of H1 2020 grew from USD 2.649 billion in H1 2019 to USD 33.501 Global M&A activity saw a decline in activity…

Leading international law firm Baker McKenzie Habib Al Mulla has advised Dar Al Takaful (DAT), an innovative Islamic insurance company in the UAE, on its acquisition of the entire share capital of Noor Takaful General and Noor Takaful Family for a total consideration of AED 215 million in cash. The transaction has been approved by DAT shareholders, the Emirates Securities and Commodities Authority (ESCA) and the Insurance Authority, and is expected to be concluded by…

On 25 May 2020, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, has announced the gradual reopening of business activities in Dubai and removal of all movement restrictions between 6:00 am and 11:00 pm, as of 27 May 2020. The sectors allowed to resume activities include retail and wholesale outlets, airports, clinics, educational and training institutions, sports academies, cinemas, entertainment and leisure attractions,…