Alsuwaidi & Company is a full-service business law firm, rooted in regional know-how. Since the firm’s inception in 1997, we have supported leading businesses across the UAE and beyond, assisting them to navigate complex and commercial challenges. Continue reading “Sponsored briefing: Interview: Mohammed R Alsuwaidi – chair, founding partner, Alsuwaidi & Company”
The hatches have been firmly battened down. Last year’s Legal Business report found Ireland had been resilient in weathering the storm of 2020, with the impact wrought by the Covid-19 pandemic on the economy far below the average for the eurozone. There were, however, still clouds on the horizon: a looming second wave of the pandemic and a no-deal Brexit, both potentially disastrous for the Irish economy.
Since then, resilient seems like an understatement when describing the Irish market. Reports from the Central Statistics Office show that the economy grew by 3.4% in 2020 – the only EU member state to do so – despite a series of lockdowns that were among the most stringent in the world, introduced in March, October and December 2020. Continue reading “Ireland focus: Riding it out”
Much like the rest of the world, the Nordic market couldn’t escape the consequences of the coronavirus pandemic. However, the virus seemingly kept the Nordics in its periphery, while the rest of Europe felt the brunt of the impact. Average GDP across Norway, Sweden and Denmark in 2020 fell by roughly 3% (the wider EU GDP fell by 6.1%) with the biggest impact, unsurprisingly, on the tourism industry (Iceland, a nation heavily reliant on its tourism, saw a GDP drop of 6.6%). However, the predictions for 2021 show GDP growth across all three of the main Nordic countries, with 3.7%, 3.4% and 3% growth predicted respectively.
‘The Nordics have suffered less than many other European countries in the course of the pandemic,’ states Roschier’s managing partner Mikko Manner in Finland. ‘It has been forecast that during the second quarter of 2021, most restrictions will be eased due to vaccinations, and the Nordic economies will be able to start a swift recovery, with economic activity reaching pre-crisis levels later this year.’ Continue reading “Nordics: Northern Lights”
As with many global sub-regions, southern and eastern Europe (SEE) is slowly emerging from a period of stark economic slowdown as a result of the Covid-19 pandemic, with regional economies affected in a variety of ways. This ranged from tourism-reliant nations such as Croatia and Greece that faced an unprecedented plunge during 2020, relying on EU relief and revived capital spending intervening to restore growth, to Romania, whose resource-rich economy suffered from a decline in industrial production, only to recover during Q3 2020 after foreign trade and investment – particularly from Germany – resumed in earnest.
Although granular policy details have differed, governments have intervened to prevent the spread of Covid-19, while also seeking to protect key economic sectors and also balancing consumer demands and differing political situations. A number of SEE countries faced elections during the pandemic, a situation that has broadly favoured incumbents. Both the Romanian and Bulgarian governments returned, albeit facing a significant loss of support and ongoing questions over their futures, while control of the Cypriot House of Representatives shifted to the conservative opposition. Continue reading “Southern and Eastern Europe: A long recovery”
Robert Sliwinski, of counsel at Alsuwaidi & Company, explains how common law principles are transforming international arbitration proceedings in the GCC region
Over the past six months there have been two important judgments in the Supreme Court of England and Wales which are likely to influence GCC-based arbitrations where they are based on common law procedures and rules. They may also impact arbitrations seated in the Dubai International Finance Centre (DIFC), the Abu Dhabi Global Markets (ADGM) and the Qatar Financial Centre (QFC) which are pockets of common law jurisdiction within the United Arab Emirates (UAE) and Qatar Civil Law Structures.
Continue reading “Sponsored briefing: The effect of recent English Supreme Court judgments on GCC-based arbitration”
Having enjoyed steady economic growth following its accession to the European Union (EU) in 2013, Croatia saw an abrupt halt to its development in 2020. With a projected 10% drop in GDP, the depth of the economic trough appears similar to that of the 2008 financial crisis, though optimism remains that this downturn will be shorter as mitigatory factors, particularly Covid vaccines, begin to make themselves felt.
Aside from the global economic impact faced by most countries as a result of the pandemic, Croatia was perhaps most affected by the affect on the tourism sector, which naturally suffered considerably. However, continued progress on vaccinations and the creation of the EU’s Green Pass have bolstered expectations the sector will soon recover (although a similar pre-vaccine reopening of the tourist economy last summer led to a dramatic surge in infections). Continue reading “Croatia – ups and downs”
Can you give our Legal Business readers an overview of Matouk Bassiouny’s practice in Algeria?
Matouk Bassiouny in association with SH-Avocats is a full-service Algerian law firm headquartered in Algiers. We offer an integrated and efficient service combining a true on-the-ground knowledge with international standards. Our teams in Algiers work seamlessly with our other offices in the MENA region (Egypt, Sudan, and the UAE) enabling us to build on the expertise of our regional practice groups specialised in specific industries and legal practices.
We provide advisory and transactional services to local and foreign investors in the most efficient and cost-effective manner. Our team also provides our clients with comprehensive dispute resolution services in English, French and Arabic before Algerian courts as well as regional arbitral tribunals. Our Algiers litigation team includes attorneys qualified before the Appellate Courts and the Court of Cassation of Algeria.
We are client-centric and results-oriented. Building on our sector-focused approach, we provide ‘actionable advice’. Our role is to act as a business adviser identifying and resolving key issues to achieve our clients’ strategic objectives.
What do you see as the main points that rank Matouk Bassiouny as a leading firm in the Algerian legal business market?
Our team of two dedicated partners and three lawyers are trilingual and licensed to practice in Algeria. As we routinely advise international corporations, we operate in line with international best practices, but are also deeply entrenched in the local market, cultural and political environments. It is to be noted that both partners, Houda Sahri and Jean-Jérôme Khodara, have a vast experience in Algeria. Both have worked in Algeria for many years,have a deep knowledge of the Algerian market and are very familiar with the complications of the legal framework in Algeria.
In addition, our firm maintains good working relationships with key Algerian authorities including, the Algerian Central Bank, the Governmental Agency for Investment Promotion, the Algerian Customs Authorities and the Competition Authority, thus allowing us to fast-track administrative hurdles.
Our Algiers office is also licensed to plead before Algerian courts. This puts us in a unique position in the Algerian market, allowing us to serve our clients in all their legal needs, whether of a cross-border or local nature.
Given the problems created by the Covid-19 pandemic, how is this affecting your firm and the legal business market generally in the Algeria?
Despite the political and health instability over the past year, we have seen enormous interest from foreign investors since the issuance of the new finance law that has alleviated the restrictions on foreign investment and the so called 49/51 rule.
Algeria has chosen a highly cautious approach to the Covid-19 pandemic that has slowed down the economic activity of the country. This has of course impacted the legal business, however, the need to diversify its economy has triggered a reform of the investment framework and we have been advising a lot of clients either to explore new opportunities created by this reform or to help existing clients to navigate the changes. So in terms of activity, we have no complaints.
Can you talk about any trends or changes in the landscape you are seeing emerge in the Algerian legal business market?
Algeria is witnessing large changes in the investment legal framework. It started with the alleviation of the general restriction on foreign investment including the restriction to 49% of foreign ownership and the state’s preemption right over foreign transfer of ownership and continues through a pipeline of pro-investment legislation in different sectors including banking, oil and gas and food industry.
In 2020, Algeria also lifted the prohibition on international financing and it is in the process of becoming a member of the European Bank for Reconstruction and Development. Such developments are expected to result in a significant growth of project finance in Algeria.
We are witnessing a surge of requests to understand the ongoing modifications to the investment framework in Algeria which reflects the raise of interest in the Algerian Market which was considered for a long time as a closed market.
How is your firm positioned for an anticipated resurgence in activity in the Algerian legal business market?
Our team of two dedicated partners and three lawyers are trilingual and licensed to practice in Algeria. We have also access to a pool of more than 200 lawyers of Matouk Bassiouny regional offices with a regional experience.
We are also planning to build our capabilities by growing our team in our Algiers office. Our goal is to train young Algerian lawyers to operate in line with our international standards and believe we also have our role to play to add to the legal market in Algeria.
With the experience of our leading partners and the support of the team, Matouk Bassiouny in Algeria is the first full fledged independent law firm and we are planning to be one of the big market players within the next few years.
Which sectors are/will be of most interest to foreign investors, and why?
We are seeing two tendencies: first, the existing clients having their activity in the sectors that are witnessing major amendment mainly: importation, pharmaceuticals and automotive. While importation and pharmaceuticals are still subject to the 49/51 rule, Algerian authorities, with the objective of promoting the local car manufacturing industry and preserving the country’s foreign exchange reserves, have passed stringent legislation over the last few years in order to curb the importation of new vehicles. The most recent is the exclusion of foreign investors from the activity of importation and dealing in new cars must be 100% owned by Algerian residents.
The second is the rising interest of international financing organisations in the financing of big projects in banking and renewable energies.
Are there any main changes which you have personally made within the firm that will benefit clients?
There are no major changes, however since the firm is evolving rather fast we are expanding our capabilities and enlarging the team of lawyers by recruiting new young and experienced lawyers to provide the best services to our clients.
What has been your greatest achievement, in a professional and personal capacity?
Working on successful M&A operations and recovering debt amounts to our clients over the last two years.
Houda Sahri, managing partner, Algeria, Matouk Bassiouny in association with SH-Avocats
E: houda.sahri@matoukbassiouny.com
Jean-Jérôme Khodara, partner, head of the Algeria Practice, Matouk Bassiouny in association with SH-Avocats
Romania has seen buoyant growth in recent years, with its economy upgraded to ‘emerging market’ by FTSE Russell in 2019. Gabriel Zbârcea, managing partner at Ţuca Zbârcea & Asociaţii, explains: ‘Until the coronavirus outbreak, business was flourishing in Romania: 26% more deals in 2019 as compared to 2018 with a value of €5bn; also real estate investments went past the €1bn line in 2019, standing 7% higher than in 2018.’
‘2020 has been an interesting year financially,’ says Răzvan Stoicescu, deputy managing partner of Muşat & Asociaţii. ‘We did see a slowdown during Q2 of 2020, but things picked up during the second half of the year and have been on a positive trend. However, since neither us nor our clients have gone through a situation of such a magnitude before, the process was not without challenges. For example, switching abruptly from what was essentially a direct contact way of working for our profession, to virtual meetings, unpredictable schedules and remote work was taxing even if ultimately manageable.’ Continue reading “Romania – bounceback”
Matouk Bassiouny is a leading, full-service MENA law firm with offices in Algiers, Algeria (Matouk Bassiouny in association with SH-Avocats), Cairo, Egypt (Matouk Bassiouny & Hennawy), Abu Dhabi and Dubai, UAE (Matouk Bassiouny) and Khartoum, Sudan (Matouk Bassiouny in association with AIH Law Firm), as well as a country desk covering our Libya practice. Our four offices are strategically located to better serve our clients’ business interests across the entire MENA region.
Our team of over 200 lawyers specialises in advising multinationals, corporations, financial institutions and governmental entities on all legal aspects of investing and doing business in the MENA region.
Trained both locally and internationally in civil and common law systems, our lawyers are deeply ingrained with international best practices and are fully conversant in English, Arabic and French.
Our firm collectively has access to a vast amount of knowledge and experience. We harness this knowledge via our 16 sector-focused groups that support our practice groups. We are therefore able to deliver legal services catered to the industry-specific needs of our clients. Our mission is to find the most innovative and cost-effective solutions for our clients, as we understand that our clients need to drive maximum value from their legal spending. We do this by maintaining a proactive commercial approach to all our legal services.
Matouk Bassiouny joined forces with SH-Avocats, a full-service Algerian law firm headquartered in Algiers, to create Matouk Bassiouny in association with SH-Avocats. Led by Houda Sahri (managing partner of the Algiers office) and Jean-Jérôme Khodara (head of Matouk Bassiouny’s Algeria practice), Matouk Bassiouny in association with SH-Avocats has earned a stellar reputation for providing high-quality legal services across a wide range of sectors in the Algerian market.
Headcount: 200+ lawyers, 24 partners, 100+ support staff
Offices: Algiers, Algeria; Abu Dhabi, UAE; Cairo, Egypt; Dubai, UAE; Khartoum, Sudan
Key clients: CDC Group, Uber, Etisalat Misr, Pfizer, LafargeHolcim, Lekela Power, First Abu Dhabi Bank, Development Partners International, Hassan Allam, Hilton
The Decision of the Romanian Constitutional Court no. 102/17.02.2021 is set to completely change the approach towards tax evasion cases, stating that criminal prosecution bodies must from now on give appropriate consideration to final decisions rendered by fiscal courts that establish the existence or non-existence of a prejudice brought to the consolidated State budget.
In many cases, criminal prosecution bodies are notified regarding a possible tax evasion offence, following fiscal audits carried out by the National Agency for Fiscal Administration. The latter issues administrative and fiscal documents that may be challenged separately, before fiscal courts. Continue reading “Sponsored briefing: Romanian criminal judicial bodies must comply with fiscal courts’ final judgments”
