The agenda focused on current legislative developments, and issues relevant to organizations operating in the UAE. Abu Dhabi developments and projects were also covered, a topic that is generating much interest at the current time.
Six panelists presented to over 80 in-house lawyers from Dubai based organizations such as Al Tayer Group, Barclays, DUBAL, DFSA, DIFC, Dubai World, Emaar Group, GE Energy, Nakheel, Standard Chartered Bank and Union Properties.
Richard Briggs, Executive Partner and Head of the firm’s Dispute Resolution practice gave an overview of the current dispute landscape in the UAE, commenting that
“There has been a noted increase in litigation since October last year, not just in real estate and construction, but also in shipping litigation and general litigation. The financial crisis has led to a lack of liquidity in the system, leading to chains of debt and a subsequent increase in litigation and arbitration.”
Presenting on recent changes in Dubai’s real estate laws, Partner, Michael Lunjevich who heads the firm’s Commercial and Real Estate practice, commented that “Law No. 9 introduces a new importance for the DLD in relation to termination procedures in real estate transactions. It is very important to note that whilst implementing this Dubai law, due consideration must be given to the federal law as it relates to contracts generally, and particularly as it concerns termination of contracts and remedies for breach.”
Anthony Edwards, Head of Engineering & Construction, talked about the current E&C environment and warned that “the treatment parties have received through the current cash crisis, particularly in relation to cancellation, suspension and terminations of contracts and the requirement for treatment of on-demand guarantee securities, has revealed a very fragile situation for many contractors. Parties who sign construction agreements in future will need to carefully consider the level of risk they are prepared to accept.”
Philip Jolowicz, who heads the firm’s Financial Services practice, focused on the regulatory issues and legal changes that impact in-house lawyers stating that “In-house counsel and compliance professionals have always been the stewards of the balance sheet and reputation. In the current environment the importance of their role is thrown into even sharper focus.”
On 17 June, Hadef & Partners will be hosting a banking industry forum on Effective Security in the UAE, examining the efficacy and enforcement of security in depth. All major forms of security and methods for protecting commercial positions will be discussed.
Tuesday, May 26- 2009 @ 10:15 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.