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In Employment

MENA Soundbites

by , , , , and 2 Mins Read

As some countries open up and economies gradually rebound, there are still prolonged business issues and market trends accelerated by the pandemic that will continue to affect companies across all industries in the Middle East and North Africa (MENA) region.
In this vlog series, our MENA team of cross-practice specialists provide a quick roundup of the latest legal and commercial developments in the region as well as insights to emerging challenges and opportunities, to guide you as you shape your organization’s business resilience and strategy in the medium and long term.

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In AML

Europe & Middle East: High Court halts FCA’s Cum-Ex investigation

by and 3 Mins Read

On Wednesday, 24 February 2021, the Financial Conduct Authority was ordered to halt its investigation into a trader involved in the European Cum-Ex dividend scandal pending the outcome of the separate case brought by the Danish tax authorities in the UK.

Judge Jonathan Swift said in his ruling (available here) that the FCA must stop its disciplinary investigation into the trader until the Danish tax authorities’ High Court case first resolves a number of legal issues, which is expected to be around the beginning of 2022.

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In Export Control

Middle East: Lifting the restrictions with Qatar — What you need to know

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Signing of the “Al-Ula Declaration” ending trade and other restrictions against Qatar

As reported in our previous client update, on 5 January 2021, the Kingdom of Saudi Arabia, the United Arab Emirates (UAE), Bahrain and the rest of the Gulf Cooperation Council (GCC) member states, along with Egypt, signed the “Al-Ula Declaration” at the 41st GCC Summit held in the city of Al-Ula. This marks the end of a three-and-a-half-year boycott against the State of Qatar, which was put in place in June 2017. Although the formal text of the “Al-Ula Declaration” has not been made public, it is clear from public statements made by senior Saudi, UAE, Egyptian, Bahraini and Kuwaiti officials that the instrument paves the way for the reestablishment of political and economic ties between Qatar and the UAE, Saudi Arabia, Bahrain and Egypt (the Quartet).