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Iraq

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Against the backdrop of continued business and societal disruption caused by the COVID-19 pandemic, M&A activity in the Middle East still showcased some stability in the first quarter of 2020, increasing in value by over USD 5 billion and in volume by 6 additional deals in comparison to Q4 2019, according to the latest report by global law firm Baker McKenzie*. “It is evident that the current global situation has caused a slow down…

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…