Oil Contracts and Policy in Iraq

‘Ten years on and Erbil has evolved from a backwater to a modern-day boomtown’ spoken of in laudatory profiles in the international press. Oil rich, stable and with its own military and government, Iraqi Kurdistan boasts a mix of both security and growth and attracts nowadays thousands of foreign and Kurdish-owned companies. Erbil is considered…

Contract Watch: Forfeiture Clauses

Forfeiture’ or ‘liquidated damages’ clauses feature in many commercial agreements, and more commonly in joint venture contracts in the oil and gas exploration and construction sectors. They are common in GCC contracts but the approach differs to common law jurisdictions. Most construction contracts contain a provision for liquidated damages to be paid in the event of…

Country Report – UAE: New Standards for Sukuk

The Dubai Financial Market (DFM) officially published the final version of its ‘Standard for Issuing, Acquiring,  and Trading Sukuk’ on the 2nd April 2014. The first of its kind, it is a comprehensive standard aimed at enhancing the regulatory environment of Islamic finance. This complements the ‘Standard for Issuing, Acquiring, and Trading of Shares’ published…

A Lucrative Market – Growth of the Middle East Reinsurance Market

Rima Mrad and Nadim Bardawil of BSA discuss the main factors contributing to the growth of the Middle Eastern (re)insurance market. The insurance and reinsurance industry in the Middle East region is witnessing growth at a noticeable rate. The insurance legislations in many Middle Eastern countries are being reviewed or have recently been reviewed with…