Managing Partner's Foreword

Welcome to this
month’s Law Update

With 2023 now fully underway, my initial observations are that the business community and governments across the Middle East and North Africa (MENA) have started the year with the same drive, and enthusiasm, that was harnessed in 2022. For me, this is not only reflected and demonstrated in the conversations I have with colleagues, clients, and fellow professionals in the legal community, but this was the sentiment which has dominated the discussions I had with my regional partners at our Partners Retreat in January, and we came away sensing a real excitement for the year ahead. I expect the optimism to continue throughout 2023 and for it to have a lasting impact on our business and legal landscape, which will in turn support the development of regional economies.

The enthusiasm I have sensed already can influence the sectors that are essential to the progress of our economies, and those that impact us on a daily basis. For example, retail, healthcare, energy, real estate – to mention a few, will play a vital role in sustaining, and building on the progress that is being made. Comparably, another consumer facing sector that stands as a pillar of regional economies is Financial Service. Over the last three years it has shown agility in embracing digital transformation, and continues to elevate its service offer to consumers. At the same time, the sector continues to see increased regulation across jurisdictions to keep up with evolving innovation. An example of this is the Virtual Assets Regulatory Authority, the world’s first independent regulator for virtual assets in Dubai. In addition, the Financial Services industry plays a fundamental role in supporting the National Visions, set out by governments across the region, by providing modern frameworks and systems that will underpin, and achieve, a thriving and truly diversified economy.

This Law Update is unique, because it exclusively features one sector – Financial Services. The edition highlights the breadth and depth of the sector across the region, and spotlights its significance to the MENA economy. This is evidenced by the truly multi-jurisdictional articles our teams have produced for you, where we cover the UAE, Saudi Arabia, Oman, Bahrain, Iraq, Kuwait, Qatar, and Jordan. The issue is packed with articles that provide insights, and updates, into the most pertinent topics relating to the legal landscape in our region. Two articles in particular brought together our regional teams to provide holistic regional outlooks, the first covers the significant legal and regulatory financial services updates from 2022, and what to expect in 2023. The second, examines how financial services are helping countries in the region facilitate their respective national visions. This collaborative effort is a true representation of how we integrate as one firm, and provide our clients with the most comprehensive legal updates.

As always, in our final section we share with you real life judgements, and in keeping with the Financial Services theme, you will find a judgement on how the DIFC Court supports the banking sector and upholds asymmetric jurisdiction clause.

I hope you enjoy this issue, and should you have any comments or questions, please do not hesitate to reach out to me or any of the lawyers who have contributed.