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In brief Our Middle East Tax Newsletter aims to provide you with regular updates, insights and practical guidance on the tax implications of doing business in the region. In this issue, we provide a roundup of the current status of Value Added Tax (VAT) and the most recent tax related developments across the Gulf Cooperation Council (GCC), as well as their implications on the financial position of businesses. Oman VAT On 12 October 2020, it…

Leading international law firm Baker McKenzie Habib Al Mulla recently advised Abu Dhabi National Oil Company (ADNOC), on one of the region’s largest real-estate transactions as it signed a long-term agreement worth $5.5 billion (AED 20.2 billion) with Apollo Global Management (NYSE: APO), one of the world’s largest alternative investment managers. The agreement aims to lease some of ADNOC’s real-estate assets as part of its strategy to unlock capital from its non-core assets. The strategic…

The pervasive nature of COVID-19 means that organisations globally and in the Middle East are facing a similar struggle: navigating both the short-term and long-term business implications of the pandemic. Whether managing the immediate crisis, stabilizing your operations or evolving your business model, it is critical for your organization to navigate the various regulatory developments and changes that vary by country and consider the risks and opportunities that may impact your business.Baker McKenzie is pleased…

A recent judgment by the Rental Dispute Settlement Centre (RDC) of the Dubai Land Department has upheld that the dismissal of an employee (also the tenant and Plaintiff in this case) from his job qualifies as an “Exceptional Circumstances” event and therefore, justifies the termination of his lease contact with his landlord (the Defendant). The RDC confirmed in its judgment that a lease contract may be terminated in two cases, either by applying the principle…

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…