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Norton Rose Fulbright advises Cooper Pharma on contract

Global law firm Norton Rose Fulbright has advised Cooper Pharma on its granted license with United PPE to develop and manufacture COVID-19 diagnostic tests using Sherlock’s CRISPR technology. The contract has been granted under The 221b Foundation, a non-profit organisation established by Sherlock Biosciences to address the global COVID-19 pandemic while promoting diverse representation in STEM.

CRISPR technology called SHERLOCK (Specific High-sensitivity Enzymatic Reporter unlocking) and the diagnostic platform can achieve single molecule detection of nucleic acid targets. SHERLOCK utilises CRISPR activity for “smart amplicon detection” and can be adapted for use with existing diagnostic instruments, improving time to result due to its significant multiplexing capacity. When a specific sequence of DNA or RNA is present, a CRISPR enzyme is activated and, much like a pair of scissors, starts cutting nearby genetic material, releasing a fluorescent signal that indicates a positive result.

Morocco-based Cooper Pharma is a leading laboratory of the national pharmaceutical industry, which has supported health professionals and aims to increase access to medicines.

Adjou Ait Ben Idir, Dubai-based corporate partner who led on the deal, commented: “This contract will enable increased access to COVID-19 testing in Asia and the Middle East. The design will be able to cover new and emerging variants, which remains of the upmost importance as we navigate through the pandemic.”

Mr Ayman Cheikh-Lahlou, shareholder and CEO of Cooper Pharma, commented: “CRISPR technology is opening massive avenues in the healthcare products application industry. Cooper International is well positioned with its expert team in Dubai to attract CRISPR Companies from around the world to participate in co-development projects and to deploy them mainly across the Europe, Middle East and Africa region.”

The Norton Rose Fulbright Dubai team also included senior associate Zaid Al-Rizzo and counsel Jonathan Burton.

New partner hire for Dubai corporate team

Global law firm Norton Rose Fulbright has strengthened its corporate offering in the Middle East with the hire of new partner Kayaan Unwalla.

Kayaan joins from DWF, where he was partner and head of corporate (Middle East). He advises clients on matters including cross-border transactional M&A, joint ventures, government contracts, commercial agreements and regulatory advice within the technology, defence, security, and industrial sectors.

Kayaan will join existing corporate partner Adjou Ait Ben Idir, who heads up Norton Rose Fulbright’s corporate/ M&A practice in Dubai, and is recognised for her experience in advising on complex local and international mergers and acquisitions, privatisations, private placement and joint ventures in various sectors including energy, financial institutions (in particular insurance) and real estate. She also heads up the firm’s Cyber Response Team in the Middle East and has a wealth of experience in cybersecurity related crisis management and corporate governance matters.

Deirdre Walker, head of Middle East at Norton Rose Fulbright, comments: “We welcome Kayaan to the team. Recent changes to legislation and regulation across the UAE – including the overhaul of the foreign direct investment regime in the country – make going into business in the UAE much easier for international investors who were previously excluded from the region. This shift is likely to increase confidence in the business environment and we may consequently see an uptick in corporate and M&A activity in the region. As such, Kayaan, Adjou and their teams of associates are well-placed to advise clients that are looking to capitalise on new opportunities that have arisen.”

Pinsent Masons grows its Financial Services offering in Dubai

Multinational law firm, Pinsent Masons, has appointed Banking & Finance partner Matthew Escritt to lead the firm’s Banking & Finance practice in the Middle East, based in Dubai.

Matthew joins from Norton Rose Fulbright, where he has been for the past 19 years, with the past eight spent as partner in the banking and finance team. During this time he has worked in London, Moscow, Bahrain, Singapore and Dubai.

Matthew is a banking and finance specialist, advising on all areas of structured cross border finance, including syndicated lending acquisition, development finance, asset finance, vendor finance, and structured trade and commodity finance. He is familiar with both conventional and Islamic finance funding structures. He also advises on financial restructuring and insolvency mandates. Based in Dubai, he will be leading the Banking & Finance practice in the Middle East (within the Finance & Projects group) and will focus primarily on clients in the Financial Services sector.

Commenting on Matthew’s appointment, Michael Watson, head of the Finance & Projects group at Pinsent Masons said: “Matthew’s reputation precedes him and we look forward to welcoming him as head of our banking and finance practice in Dubai. His experience and expertise will greatly strengthen the practice, enabling them to deepen relationships with existing clients as well as developing new ones. His appointment is another fantastic addition to our growing international capabilities.”

Alexis Roberts, head of the Financial Services sector at Pinsent Masons added: “Matthew’s appointment is a pivotal one in increasing our financing bench strength and will enable us to better support our clients within the Financial Services sector. His breadth of experience and the clients that he’s worked with will allow us to grow our offering across the sector. We greatly look forward to him joining the team.”

Matthew Escritt, head of Banking and Finance in the Middle East added: “I am excited to have been given the opportunity to lead Pinsent Masons’ Banking & Finance practice in the region and to be part of an international team tasked with growing a strategically important practice area to complement the firm’s existing strengths. It will also ensure that we are able to provide vital, full-service support to our clients as they navigate today’s challenging business environment. Given the diverse talents of the individuals involved and the well-known strengths of the existing practice I am confident that we are well placed to achieve our goals.”

Adding to the growing multinational Finance & Projects group, Matthew’s appointment follows that of Anthony Morton in Frankfurt, James Harris in Asia, Jim Hunwick in Sydney and Eran Chivka in Paris.

Eversheds Sutherland strengthen projects offering in the Middle East

Eversheds Sutherland has appointed project finance lawyer, Ashley Halewood, as a partner in its Projects team in Dubai. Ashley joins the firm from Linklaters’ Energy & Infrastructure team in Dubai.

With nine years’ experience working in the Middle East, Ashley has advised on a number of high profile transactions in the infrastructure, renewables, oil & gas, petrochemicals and power and water (IWP, IWPP and ISTP) sectors across the MENA region.

He has represented sponsors, developers, commercial lenders, Islamic finance institutions, ECAs and multilateral agencies, in all aspects of project financing, including bids, acquisitions and disposals.

Ashley is named as a ‘Rising Star’ by The Legal 500 in the Infrastructure and Projects (including Project Finance) sector.

Keri Rees, Co-Head of Global Company Commercial, Eversheds Sutherland said: “We’re thrilled to welcome Ashley. His appointment builds on our existing offering in the Middle East, enhancing the capability we already offer to our clients through the technical excellence and wealth of experience that he brings. Whilst Middle East focused, Ashley is part of a global team and it’s great to see this develop with Ashley already connected with colleagues in London, Paris, Germany and Asia in particular. Despite these challenging times, having Ashley on board reaffirms our ongoing long term commitment to meeting the needs of our clients and the increasing demand for service excellence.”

Nadim Kayyali, Regional Head of Eversheds Sutherland’s Corporate and Commercial team in the Middle East commented: “Ashley is a superb lawyer, with a proven track record in the region and his appointment reflects the investment in talent that the firm has made in the Middle East over the past couple of years. He brings with him a wealth of technical experience and client relationships which will develop further our existing projects teams in Dubai and across the region in Tunisia, Qatar, Jordan, UAE and KSA. We are committed to the growth of our practice in the Middle East, and supporting the strategic growth and strength of our global projects offering, and it is my pleasure to welcome Ashley to our team.”

Ashley Halewood commented: “I am delighted to be joining such a highly reputable team, building on what is already a strong offering in the Middle East, and a great platform from which to grow and strengthen my relationships with clients. It’s an interesting time to be joining Eversheds Sutherland amid our clients’ obvious concerns around COVID-19 and its impact on, amongst other things, the energy and infrastructure sectors. I look forward to working as part of the team to help find innovative solutions to our clients’ challenges and opportunities.”

Electronic Insurance Regulations Issued

The United Arab Emirates (UAE) Insurance Authority recently published the Insurance Authority Board of Directors’ Resolution No. 18 of 2020 on Electronic Insurance Regulations dated 27 April 2020 (“the Regulation”). The first draft of these regulations was published in January 2019, and after public consultation and discussion, a revised draft was published in December 2019, which has now been finalised. The Regulations and the timing of it are very relevant in the current circumstances, i.e. the impact of COVID-19 and the social distancing measures by the government, marketing, and solicitation of insurance by physical means is at an all-time low.

The term electronic has been widely defined as anything relating to technology having electrical, digital, magnetic, wireless, visual, electromagnetic, automated, optical or similar capabilities. The scope of the Regulations extend to all electronic and smart insurance operations carried out on the internet address of the company, social media such as Facebook, Linkedin, multimedia such as YouTube, Instagram, blogs, applications such as google doc, Wiki, AI-based systems, text messages, instant chat channels, smart applications, etc.

All insurance companies and related businesses such as insurance agents, actuary, broker, surveyor, insurance consultant, carrying out operations through electronic mode, require prior approval from the Insurance Authority. The application for such approval must be accompanied by an action plan for electronic operations, approved by the Board, and contain analysis of the risk, projected volume and contingency plan for the electronic operations.

Life insurance policies with investment components cannot be transacted online, while the sale of life insurance policies with standard underwriting (less the investment component), such as term life is allowed. Health and general lines of business on property and liability risk, including marine cargo insurance can all be sold online and are subject to the Regulations.

The website of the insurance companies must be maintained by the IT department of the company, but if the management of such a website is being outsourced to a third-party, then prior approval of the Insurance authority must be obtained in this regard. Insurers currently use multiple online platforms for online marketing and selling, often procured through third-party entities. The intent of the Regulations is to capture and regulate, where possible all such third-party entities who are engaged in insurance distribution.

The Regulations also put much impetus on provisions of information security and also requires that storage of data must be in the UAE. It is however not clear whether the Regulations require any Cloud server to be based within the UAE.

In addition, the Regulations recognise that the electronic platforms and systems of the companies may not be developed enough to carry out these operations and hence allow outsourcing of electronic operations for this purpose. The Regulations also allow usage of third-party websites for sale of insurance but require the prior consent of the Insurance Authority to be obtained for any such arrangements.

The Regulations also recognise, for the first time, the “Price Comparison Websites” and interestingly state that only an insurance broker can deal with a price comparison website. The Regulations also require Price Comparison Websites to be registered with the Insurance Authority and a copy of the agreement signed between Insurance Broker and Price Comparison Websites must be shared with the Insurance Authority. The prerequisites for registration of Price Comparison websites has also been listed in the Regulations but state that the application for registration must be made in accordance with the applicable regulations, implying that the Insurance Authority may be issuing further regulation on Price Comparison Websites shortly.

The Regulations state that the provisions shall apply from the date of publication of Regulations in the official gazette, but also allow insurance companies and insurance-related professions a time period of 6 months from the date of publication in the official gazette to align their position and operations with the Regulations.

While the recognition of Price Comparison Websites is a step in the right direction from the UAE Insurance Authority given the global trends in this regard, the requirement for a Price Comparison Website to deal only through a broker creates an extra layer of regulatory requirement and therefore unnecessary costs, the benefit of which could have been passed on to end customers in the absence of such requirement. Nonetheless, insurance markets globally have noticed a surge in demand for insurance policies through online mode and therefore this Regulation brings much-needed clarity, which will help in further growth of the UAE insurance market.

Economic Relief Measures for the UAE during COVID-19

The UAE government has introduced certain measures that will offer economic relief to UAE businesses suffering under the strain of COVID-19 ramifications.

Although the UAE has not announced any direct relief from tax payment obligations similar to those introduced in KSA, the governments of both the Emirates of Dubai and Abu Dhabi have introduced financial assistance measures due to the current COVID-19 crisis.

The Emirate of Dubai

In the Emirate of Dubai, the government has introduced the following measures:

  • An AED1,5 billion business stimulation package involving the reduction in fees payable by businesses for three months
  • Dubai Customs introduced the following measures which will be in place from 15 March 2020 till 30 June 2020
  • A refund of 20% of all Customs Duty paid on goods at 5% which have been sold locally
  • The revokation of the AED50,000 cash or bank guarantees required to conduct customs broker activities and the refund of existing guarantees held to these brokers and clearing companies
  • The exemption from berthing fees as well as direct and indirect loading fees for boats that qualify as traditional wooden commercial boats registered in the UAE at either Dubai Creek or Hamriyah Port

The Emirate of Abu Dhabi

In the Emirate of Abu Dhabi, the government has introduced:

  • With effect from 16 March 2020, a 16 point stimulus plan involving fee exemptions, fine waivers, SME support initiatives
  • An AED 5 billion water and electricity subsidy scheme
  • An AED 3 billion SME credit guarantee programme
  • The establishment of a AED 1 billion market maker fund to sustain a balanced supply and demand balance for stocks
  • The suspension of performance bonds for bidding procedures
  • A 25% reduction on new industrial land leasing fees
  • The waiver of industrial and commercial penalties
  • Cancellation of individual and commercial real estate registration fees
  • The payment of government approved invoices within 15 days
  • The suspension of Tourism and Municipality Fees for the tourism and entertainment sectors for 2020
  • Waiver of performance guarantees for start-ups for projects up till AED 50 million

In addition to the government’s measures the private sector has also stepped up to the plate and numerous of the large property leasing companies have offered reduced and even exemptions from rental payments for commercial tenants that have had to shut down their businesses due to COVID-19. Various banks, property developers and even utility suppliers have also offered payment holidays and have deferred evictions and legal collections in the light of the current situation in the UAE relating to COVID-19.

Should you be experiencing financial pressures and would like to take advantage of any of the above measures, BSA is ready and eager to assist.