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Corporate & Commercial Contracts

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As the 2019 Novel Coronavirus (COVID-19) continues to spread across the world, governments are actively working with global and local health authorities to implement nationwide measures to help curb transmission and mitigate virus-related risks as well as offer relief for businesses and individuals in these challenging times. In response, businesses and government institutions across the UAE are taking necessary action to minimise the impact of the pandemic on their operations, workforce and supply chains, in…

On 22 March 2020, the Iraqi Government Crisis Cell took the unusual measure of issuing an announcement declaring the COVID-19 crisis as an event of “force majeure”. This blanket declaration will have a significant impact on companies operating in Iraq, potentially triggering contractual force majeure provisions and those imposed under the Iraqi regulatory framework, regardless of whether parties are actually prevented from carrying out their obligations. Set out below is a summary of the current…

The COVID-19 pandemic continues to have a heavy impact on the global economy. The spread of the virus is constraining the supply and demand for goods and services. As a result, companies are considering the potential cancellation of contracts and the impact on their cash flows. In this special edition of the Middle East Tax Newsletter, we set out the VAT aspects of the potential cancellation of contracts. We also provide suggestions to optimize cash…

As the 2019 Novel Coronavirus (COVID-19) continues to spread across the world, and governments and health authorities work tirelessly to defeat it, major economies are experiencing mounting pressure as consumer spending, production and investment are drastically curtailed due to virus-related risks.We recognize that many of our clients are also facing significant and urgent business impact and legal challenges.Our Baker McKenzie teams across the world are working with clients, regulators and various authorities to produce a…

On 19 December 2019, the UAE government adopted a new federal law which replaces Law No. 4 of 1983 on the Pharmacy Professional and Pharmaceutical Establishments and Law No. 20 of 1995 on the Drugs and Products. Law No. 8 of 2019 on Medical Products, Pharmacy Profession and Pharmaceutical Establishments (the new Law) aims to consolidate and modernise the legal framework under which medical products are placed on the UAE market. The new Law applies…