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GCC

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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…

On 15 July 2020, the U.S. and Gulf Cooperation Council (“GCC”)-led Terrorist Financing Targeting Center (“TFTC”) designated six targets affiliated with the Islamic State of Iraq and Syria (“ISIS”), including an entity allegedly posing as a charity (and its director) based in Afghanistan that allegedly provided support to ISIS’ branch in that country, ISIS-Khorasan (“ISIS-K”). The entities that were designated are: Al Haram ExchangeTawasul CompanyAl-Khalidi ExchangeNejaat Social Welfare Organization Five of these targets (which includes…

The Kingdom of Saudi Arabia (KSA) has announced to triple the rate of VAT to 15%, which will come to effect on 1 July 2020. This is a significant rate increase and one of the fiscal measures taken by the KSA Government to mitigate the negative effects of the COVID-19 pandemic and other macro-economic developments on public finance. The increased rate is expected to apply to all supplies of goods and services that are currently…

There have been continuous discussions among law firms and commentators on whether the Coronavirus (COVID-19) pandemic constitutes a “force majeure” event, which is derived from the principle established in French Civil Law. Some say that the principle of force majeure should be applied in the current crisis, as the conditions of a force majeure event are met: sudden, unpredictable and impossible to prevent. Therefore, a contracting party may be exempted from fulfilling its contractual obligations…

In the wake of the COVID-19 health crisis, working-from-home has become the new normal, however, it does present a number of practical challenges, including how to execute legally binding documents. It has long been common practice for deal documents to be signed in counterpart, on different days, by signatories in different corners of the globe, but with our freedom of movement curtailed and home printing capabilities limited, feasible options are often restricted. Electronic contract execution…