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Financial Institutions

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Background Just when creditors in the UAE got used to Law No. 20 of 2016 concerning the Pledge of Moveable Assets as Security (“Old Pledge Law”), and the amendment that was introduced in 2019, the winds slightly changed course when Law No. 4 of 2020 on the Pledge of Rights in Moveable Assets (“New Pledge Law”) was introduced  in May 2020. Since then, creditors were not so sure in what direction the new breeze was…

On 3 February 2020, the Abu Dhabi Judicial Department (ADJD) announced that the Abu Dhabi Criminal Court sentenced a former Chairman of an Abu Dhabi Government-owned company, as well as its Chief Executive Officer (CEO), to 15 years’ imprisonment for money laundering. In addition to receiving a 15-year imprisonment sentence, the individuals were ordered to return around AED 8 billion (approx. USD 2.18 billion) in misappropriated public funds, pay compensation to the companies they represented…

On 31 January 2021, the United Arab Emirates (UAE) Central Bank (CBUAE) publicly announced that it had sanctioned 11 banks in the UAE a total of AED 45.76 million (approx. USD 12.46 million) for failures to achieve appropriate levels of compliance with regards to Anti-Money Laundering (AML), Combatting the Financing of Terrorism (CFT) and local UAE sanctions compliance. The sanctions, imposed on 24 January, were imposed pursuant to Article 14 of the Federal Decree Law…

Global deal values up 31% from H2 2019 whereas total values for 2020 is down 6% from 2019Middle East deal volumes decreased by approximately 2% in comparison to H2 2019 whereas total volumes for 2020 decreased by 13% from 2019Deal values in the region were slightly up by 3% from H2 2019 whereas total values for 2020 were down by 51% from 2019US dominates inbound and outbound cross-border M&A as top acquirer and target country…

Signing of the “Al-Ula Declaration” ending trade and other restrictions against Qatar As reported in our previous client update, on 5 January 2021, the Kingdom of Saudi Arabia, the United Arab Emirates (UAE), Bahrain and the rest of the Gulf Cooperation Council (GCC) member states, along with Egypt, signed the “Al-Ula Declaration” at the 41st GCC Summit held in the city of Al-Ula. This marks the end of a three and a half year boycott…