More than 10,000 civilians have been killed in Ukraine since Russia first invaded in February 2022 according to the UN. And, as highlighted by this week’s airstrike on Kyiv, in which more than 40 people lost their lives, the war is far from over.
But despite the ongoing conflict, law firms in the country remain very much open to business. Continue reading “Working in a warzone”
‘Saudi Arabia is trying to put itself on the map and establish itself as a place where international businesses want to make significant inward investments,’ says Clyde & Co’s Susie Abdel-Nabi, of the busiest Middle Eastern legal market today.
Abdel-Nabi, who is based in Dubai, leads the international firm’s dispute resolution group across the Middle East, where she has been based since 2002. Continue reading “MENA focus: Middle Eastern dreams”
Lebanon finds itself trapped in a profound political, economic, financial, and social crisis, the effects of which have echoed across its public services and societal fabric for half a decade. This multifaceted crisis has created a stark escalation in poverty levels, marking a troubling descent in the standard of living for almost half the population. Concurrently, the efficacy of public sector institutions has faded, with service provision faltering under the strain of fiscal constraints and administrative inefficiencies.
At the heart of this turmoil lies a relentless inflationary spiral, driving up prices and eroding the purchasing power of ordinary citizens. However, in the first quarter of 2024, inflation showed signs of slowing down while the exodus of skilled workers from the public sector, lured by more promising prospects in the private sector or abroad, continues.
The situation is further aggravated by ongoing conflicts, notably the war along Lebanon’s Southern border in conjunction with the war in Gaza. This ongoing conflict has taken a heavy toll on the country’s physical infrastructure, destroying houses, roads, and agricultural lands with extensive forest fires and the destruction of thousands of acres of farmland, and soil damage due to the use of white phosphorus bombs. Moreover, since 8 October 2024, over 90,000 people have been displaced from southern Lebanon, further exacerbating the humanitarian crisis, and highlighting the severe impact of the regional instability on civilian lives.
Lebanon hosts more than two million Syrian refugees who have fled their homes in search of safety due to the civil war, marking the highest per capita globally. This influx has placed a severe strain on Lebanon’s resources and infrastructure. Syrian refugees often work without permits, do not pay taxes, and do not pay for electricity. Even before the Syrian refugee crisis began in 2011, Lebanon faced a shortage in electricity production relative to consumption. Over the past five years, the number of refugees has increased significantly, leading to a surge in electricity consumption. This has exacerbated the strain on Lebanon’s already struggling power grid, leading to more frequent and prolonged power outages. Additionally, a large number of refugees are involved in criminal activities, and more than half lack residency status, exacerbating social tensions and straining the country’s infrastructure. The burden is particularly evident in public services. There is an overload on healthcare services, schools are operating in two shifts to accommodate the influx of refugee children, and roads and other infrastructure are under significant pressure.
Furthermore, the security services are weakened due to inadequate wages and resources, making them less effective in dealing with ordinary crime. The proportion of Syrian detainees compared to the overall prison population is higher than that of Lebanese detainees. Despite efforts by Lebanese authorities, the international response, particularly from Europe and the United States, has been inadequate, ignoring the calls for facilitating the refugees’ return to safe zones
in Syria.
‘Lebanon faces an uphill battle to salvage its economic vitality and restore normalcy for its population amid these challenges.’
Since May 2020, Lebanon has been in negotiations with the International Monetary Fund (IMF) for a rescue package that would help stop the deterioration of its macroeconomic outlook. An initial Staff Level Agreement (SLA) was signed between Lebanon and the IMF in April 2022 for a four-year extended fund facility that envisioned restructuring the financial sector, undertaking fiscal reforms, and strengthening governance. However, progress in implementing the actions mandated by the 2022 agreement has been extremely slow. In such a scenario of limited progress, the IMF has warned that continued inaction and weak willingness for reform could lead to a ‘never-ending crisis’.
The World Bank has initiated several projects to support Lebanon’s recovery. One major initiative is the US$34m Fiscal Management Project in February 2024, aimed at restoring core fiscal management functions to support revenue mobilisation and ensure the accountable use of public resources. This project focuses on stabilising revenue administration, enhancing tax compliance, and upgrading ICT systems for tax and customs functions. It also seeks to restore fiscal controls, improve budget preparation and fiscal reporting, and strengthen oversight and accountability mechanisms.
Despite the challenging environment, the Lebanese pound (LP) maintained a stability against the US dollar on the parallel FX market due to:
Lebanon faces an uphill battle to salvage its economic vitality and restore normalcy for its population amid these challenges. Continued efforts towards fiscal reforms, international support, and effective governance will be crucial for its recovery.
Law Offices of Naoum Farah as a law firm deeply invested in Lebanon’s future, we are committed to supporting legal reforms that promote transparency, accountability, and sustainable development. We believe that through strategic legal interventions and robust policy frameworks, Lebanon can overcome its current challenges and build a more stable and prosperous future.
Law Offices of Naoum Farah
Farrania Building, Said Freyha Street, Hazmieh
Po Box 16 7055
Achrafieh, 1100-2180 Beirut
Lebanon
T: 961 5 957 600
E: lawfarah@lawfarah.com
The European Union has taken a significant step towards promoting sustainable and responsible business practices with the adoption of the Corporate Sustainability Due Diligence Directive (CSDDD). Approved on 24 April 2024, this directive mandates large companies operating within the EU to integrate human rights and environmental due diligence into their operations and value chains. This article delves into the key aspects of the CSDDD, its implications for businesses, and the expected outcomes for various stakeholders. Continue reading “Understanding the EU Directive on Corporate Sustainability Due Diligence: A comprehensive guide”
Profile: An Overview of the Firm
At the heart of Saudi Arabia’s evolving commercial landscape stands ELaw Boutique Law Firm, a premier boutique law firm renowned for its specialisation in commercial and corporate law. Our firm has consistently demonstrated exceptional proficiency in navigating the intricate legal intricacies associated with these sectors, empowering our clients to achieve their strategic objectives with minimal legal impediments. We pride ourselves on providing personalised, client-centred legal solutions that are both innovative and practical.
Foundation and core values
ELaw was founded with the vision of offering unparalleled legal service through a focus on excellence, integrity, and innovation. Our core values are deeply rooted in these principles, which guide our day-to-day operations and long-term goals. We believe that every client deserves a tailored approach that addresses their unique needs and circumstances. Our attorneys work closely with clients to ensure that every legal strategy is bespoke, multifaceted, and effective.
Expertise in commercial and corporate law
Our firm’s expertise in commercial and corporate law is unmatched. We understand the complexities of the corporate world and provide strategic advice that helps our clients navigate through mergers and acquisitions, joint ventures, corporate governance, and regulatory compliance. At ELaw, we believe that informed decision-making is the cornerstone of business success. Our attorneys excel at anticipating legal challenges and providing solutions that align with our clients’ business objectives.
Expansion into technology law
In recent years, we have expanded our expertise into the rapidly advancing field of technology law. This includes fintech, regtech, and other emerging technological sectors, where we aim to be at the forefront of legal innovation. The digital revolution calls for a new breed of legal experts, and ELaw is dedicated to meeting this demand. We assist tech companies in dealing with regulatory compliance, intellectual property rights, and data protection, among other key legal issues. Our proactive approach ensures that our clients remain compliant in an ever-changing regulatory environment.
Client-centred approach
What sets ELaw apart is our client-centred approach. We believe that the relationship between a law firm and its clients should be based on trust, communication, and mutual respect. Our attorneys take the time to understand the business models, goals, and challenges of our clients, enabling us to offer solutions that are both innovative and practical. Whether advising a startup or an established corporation, our focus is always on providing value and delivering results that exceed expectations.
Conclusion
ELaw Boutique Law Firm is more than just a legal service provider; we are a trusted partner committed to the success and sustainability of our clients’ businesses. Our comprehensive expertise in commercial, corporate, and technology law, combined with our client-centric approach, positions us as leaders in the legal field. As we continue to evolve and expand, our core mission remains the same: to empower our clients through exceptional legal counsel, fostering growth and innovation in an ever-changing world.
Thought Leadership: Legal Developments in Saudi Arabia
Saudi Arabia has been witnessing transformative legal developments over the past decade, reflecting its Vision 2030 agenda aimed at diversifying the economy and reducing dependency on oil. These changes encompass a wide range of legislative reforms, judicial advancements, and regulatory updates. As thought leaders in the legal domain, ELaw Boutique Law Firm is at the forefront of these shifts, helping clients navigate the evolving landscape with confidence and agility.
Technology law: paving the way for innovation
One of the most significant areas of development has been technology law. The Saudi government recognises the importance of creating a robust legal framework to support the burgeoning fintech and regtech industries. Recent regulations have focused on ensuring cyber security, protecting consumer data, and fostering a conducive environment for innovation. These measures are pivotal in creating a legal ecosystem that supports technological advancement while safeguarding consumer interests.
For instance, the introduction of the Saudi Central Bank (SAMA)’s Regulatory Sandbox exemplifies the Kingdom’s commitment to nurturing fintech innovations. This initiative allows companies to test new technologies in a controlled environment, balancing innovation with consumer protection. Through this sandbox, fintech entities can experiment with novel solutions under regulatory oversight, thereby accelerating the development of cutting-edge financial technologies.
Additionally, the Capital Market Authority (CMA) has implemented several regulations aimed at facilitating fintech growth, including equity crowdfunding regulations and others in financial transactions. These regulations not only provide a clear legal framework for fintech operations but also encourage transparency and accountability, essential for building investor trust and market integrity.
Corporate governance: enhancing transparency and compliance
Another critical development is the overhaul of corporate governance standards. News about the imminent release of guidelines stipulates stricter compliance and transparency measures for certain activities, aiming to enhance investor confidence and attract foreign investments in these sectors. These changes are particularly relevant for businesses looking to establish or expand their operations in Saudi Arabia. By adhering to these enhanced governance standards, companies can better manage risks, improve strategic decision-making, and strengthen their market position.
The rules will require greater disclosure of financial and operational information, along with a clear delineation of responsibilities among board members and executives. This move aims to align Saudi corporate governance practices with international standards, thereby making the Kingdom a more attractive destination for foreign investors. Effective governance practices not only mitigate risks but also contribute to sustainable business growth.
Judicial advancements: streamlining dispute resolution
Judicial reforms have also been instrumental in supporting Saudi Arabia’s Vision 2030. These reforms focus on improving the efficiency and transparency of the legal system, making it easier and faster to resolve commercial disputes. This is crucial for fostering a business-friendly environment where legal ambiguities do not hinder commercial activities. The establishment of specialised commercial courts and the digitisation of legal processes are notable strides towards achieving this goal.
Regulatory updates: adapting to global standards
Regulatory updates in various sectors have been geared towards adapting global best practices to the Saudi context. This includes aligning local laws with international standards in areas such as anti-money laundering (AML), combating the financing of terrorism (CFT), and intellectual property rights (IPR). These efforts not only enhance compliance but also ensure that Saudi businesses remain competitive on the global stage.
Conclusion
Saudi Arabia is well on its way to becoming a hub for technological innovation and commercial growth, thanks to these dynamic legal reforms. At ELaw Boutique Law Firm, we are committed to staying abreast of these changes, ensuring our clients are well-prepared to navigate the evolving legal landscape. Our expertise in commercial, corporate, and technology law positions us as the ideal partner for businesses aiming to thrive in this rapidly transforming market. By leveraging our deep understanding of Saudi Arabian legal frameworks, we help our clients achieve their strategic objectives with confidence and agility.
Q&A: Interview with Ethar Aldaej
How has ELaw adapted to the rapid legal changes in Saudi Arabia?
We have adopted a proactive approach to legal changes, continuously updating our knowledge base and adapting our strategies to align with the latest regulations. Our team frequently engages in professional development and collaborates with regulatory bodies to ensure we provide the most current and effective legal advice.
What sets your firm apart in the fields of commercial and corporate law?
Our firm’s unique blend of local knowledge and international perspective sets us apart. We offer tailored legal solutions that cater specifically to our clients’ needs, ensuring they can operate seamlessly within the local legal framework while pursuing their strategic goals.
Can you share some insights on the future of fintech and regtech in Saudi Arabia?
The future of fintech and regtech in Saudi Arabia is incredibly promising. With ongoing regulatory support and a growing interest from the private sector, these industries are poised for significant growth. Our firm is ideally positioned to guide clients through this dynamic landscape, helping them innovate while remaining compliant.
How does ELaw incorporate technology and innovation in its legal practice?
We leverage cutting-edge technology and innovative tools to enhance our legal services. From AI-driven research to digital client management systems, we integrate advanced solutions to increase efficiency, accuracy, and client satisfaction. Our commitment to technological advancement ensures we stay ahead in the ever-evolving legal landscape.
What are the main challenges that ELaw faces in the current legal environment?
The main challenges include staying ahead of rapid legal changes, managing the complexities of cross-border transactions, and ensuring data security in a digital age. We address these challenges through continual learning, strategic partnerships, and robust cyber security measures, enabling us to provide comprehensive and secure legal services.
How does ELaw support the professional development of its team?
We prioritise the growth and development of our team by offering regular training sessions, access to industry conferences, and opportunities for further education. Additionally, we foster a collaborative environment where knowledge sharing and continuous learning are encouraged, ensuring our team remains at the forefront of legal expertise.
In what ways does ELaw contribute to the local community and legal education?
ELaw actively participates in community outreach programmes, pro bono work, and legal education initiatives. We conduct workshops, seminars, and mentorship programmes to support local legal education and awareness. By giving back to the community, we aim to contribute to the overall growth and development of the legal profession in Saudi Arabia.
Can you describe a recent successful case or project that ELaw worked on?
Recently, we assisted a major international corporation in navigating complex regulatory requirements to establish operations in Saudi Arabia. Our team provided comprehensive legal support, from initial consultation to final implementation, ensuring compliance with local laws and achieving the client’s strategic objectives. This successful project underscores our expertise in handling intricate legal matters and delivering exceptional client results.
What are ELaw’s goals for the next five years?
Over the next five years, we aim to expand our services, enhance our technological capabilities, and strengthen our international partnerships. By focusing on these goals, we plan to solidify our position as a leading legal firm in Saudi Arabia and continue to provide unparalleled service to our clients.
How does ELaw approach client relationships and customer service?
At ELaw, we prioritise building strong, lasting relationships with our clients. We achieve this by providing personalised service, understanding each client’s unique needs, and maintaining transparent communication throughout our engagement. Our client-centric approach ensures that we deliver not only legal solutions but also peace of mind and confidence in our services.
Ethar Aldaej ELaw Boutique law firm
Prince Sultan Bin Abdulaziz road, Northern AlMuather district
Riyadh, Saudi Arabia
T: +966558293193
E: hello@elawksa.com
www.linkedin.com/company/elaw-firm
The advent of artificial intelligence (AI) has ushered in an era of unprecedented technological advancements, transforming various sectors by enhancing efficiency, accuracy, and decision-making capabilities. However, the proliferation of AI technologies also brings forth significant challenges, particularly concerning safety, fairness, transparency, and accountability. In response to these challenges, the European Union (EU) has proposed and the European Parliament has formally adapted the EU AI Act, a comprehensive regulatory framework aimed at fostering innovation while ensuring the safe and ethical deployment of AI systems. A central element of this framework is the requirement for conformity assessments, particularly for high-risk AI systems. This article explores the intricacies of conformity assessments as mandated by the EU AI Act, detailing their purpose, processes, and implications for AI developers and users.
Iran is a strategic country located in the Middle East, possessing abundant natural resources such as oil, gas, gold, and other mines and minerals. In addition, Iran enjoys the benefits of having access to the Caspian Sea in the north, and to the Persian Gulf and free waters of Oman in the south.
Moreover, Iran is one of the top ten countries in the world with the most officially registered UNESCO World Heritage sites, and is among the few four-season countries of the world which benefits from diverse landscapes and geographical distribution, and thus having the potential to become an attractive tourism destination. Iran, at the same time, possesses a favourable climate for producing a variety of agricultural products, such as saffron and pistachios. Continue reading “‘An ever-growing region of high importance’: doing business in Iran”
Once seen as the next big thing for all self-respecting international law firms, China is now seeing a wave of retrenchment by US firms, with Morrison Foerster the latest to close an office in Beijing – Alex Ryan spoke to those who know the market to find out why
As statements of intent go, they don’t come much bolder than Dentons’ groundbreaking 2015 tie-up with China’s Dacheng. In one move the firm became the biggest in the world by headcount, with the verein combination bringing together more than 6,500 lawyers and granting Dentons access to what was then seen as the must-have market for truly global firms, dwarfing the efforts of many UK and US players to build up a presence in the country. Continue reading “The China conundrum – why so many US law firms are pulling out”
Jiun Ean Ban, chief executive of Maxwell Chambers in Singapore, recently sat down with Legal 500 senior research editor Allan Cohen to share the story of his journey to his current position, as well as the latest developments from Maxwell Chambers, the influence of technology in disputes, and his sideline in fantasy novels and educational board games Continue reading “‘Your mindset is more important than it seems’ – how Maxwell Chambers shook up Singapore’s disputes landscape”
Can you share your journey in the legal field leading up to your current role as managing partner?
I started my legal career more than two decades ago as a trainee at the then-established Budapest office of Linklaters, and during my early years I was also seconded to the firm’s London office. My early professional years also included time at a CEE-based independent firm and DLA Piper’s Budapest office before returning to Linklaters. In 2008, as a result of Linklaters’ withdrawal from the CEE region, partners from the affected offices laid the foundation for a new firm, leading to the creation of Kinstellar in November 2008. I became a partner in 2009, and head of the firm-wide energy service line. I was appointed managing partner of the Budapest office in 2020 and became Kinstellar’s firm managing partner as of January 2024.
Continue reading “Q&A: Kristóf Ferenczi, firm managing partner, discusses the future of Kinstellar”
