Oliver Simpson

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DIFCWhile the Dubai International Financial Centre (the DIFC) remains primarily focused on the financial services industry, its stable and sophisticated legal and regulatory regimes have increasingly attracted organisations in the culture and arts, retail, leisure and — more recently — the non-profit sectors.

To date, only a handful of non-profit entities have been established in the DIFC.  Yet, the more recently introduced regulations allowing the creation of the Non-Profit Incorporated Organisations (NPIOs) may lead to increased interest. Nonetheless it…

The strengthening global recovery appears to have brought renewed confidence to the UAE’s capital markets. As such, a number of interesting themes have begun to emerge:

Resurgence in Dubai’s Real Estate Sector:  Following a four year gap, IPOs and other equity offerings have returned in the form of DAMAC, Al Noor Hospitals, Arabtec, NMC Healthcare and Bank of London and the Middle East.  This resurgence can be attributed to the optimism surrounding Dubai’s Expo 2020 bid,…

The final text of the UAE’s long-awaited new Investment Funds Regulation (the Regulation) has been approved by the Board of the UAE Securities and Commodities Authority (the SCA). The Regulation will take effect as SCA Board Resolution No. 37 of 2012 on the Regulation of Investment Funds following publication in the Official Gazette in late August or early September. The Regulation, substantially revised since a first draft was issued for public comment in January 2011 (the Draft Regulation), retains several …

A number of significant changes to the securities and capital markets regime in the Dubai International Financial Centre (DIFC) came into force on 5 July 2012. The changes represent the policy of the DIFC’s regulator, the Dubai Financial Services Authority (DFSA) to more closely align the DIFC with leading benchmark jurisdictions and the requirements of the EU Prospectus Directive (the PD).

The changes include a new DIFC Markets Law (DIFC Law No. 1 of 2012) and an all-new Markets Rules…

Over the last 12 months, structured finance transactions in the Middle East (both Islamic and conventional) have seen increased use of a comparatively new and previously underutilized type of special purpose vehicle (SPV) – the DIFC special purpose company (SPC).

An SPC is a private company limited by shares incorporated under the laws of the Dubai International Financial Centre (the DIFC), a financial free zone located in the Emirate of Dubai with its own body of law and regulations and…

Few countries in the world have come close to matching Iraq in terms of contradictory media coverage in recent years. Stories of economic growth and opportunity are tempered by reports of political, tribal and sectarian divisions. While the world is focussed on insecurity in the immediate aftermath of the withdrawal of US troops from Iraq in December 2011, there are increasing signs of an upsurge in economic activity in Iraq. The expected economic boom is likely to be driven by…

NASDAQ Dubai recently consulted on its new proposed Admission and Disclosure Standards (the “ADSs”).

Reform of the DIFC’s Listing Regime

The proposed ADSs, issued on 6 February 2012, are part of significant ongoing reform of the regulatory architecture governing NASDAQ Dubai and other securities exchanges in the Dubai International Financial Centre (the DIFC). The reforms date back to early October 2011, when responsibility for Official List and listing authority functions in the DIFC was transferred from NASDAQ Dubai…

Investing in the Palestinian territories has traditionally been laced with political and economic risk. But the successful listing of the second player in the Palestinian mobile telecommunications sector has invited a closer look at the potential for investment.

2011 saw the successful completion of the largest initial public offering (IPO) in the Palestinian territories in 10 years, with the shares of Ramallah-based Wataniya Mobile admitted to trading on the Palestine Exchange (PEX) in Nablus. The IPO was a sell-out, attracting…