Earlier this month, Fawry, Egypt’s leading e-payments solutions provider found itself under heavy fire for being the subject of a cyberattack. On 8 November, Fawry denied the claims of a cyberattack and issued a statement refuting the allegations. Fawry stated that it “categorically denies all reports on social media platforms… Read more
The Ministry of Human Resources and Emiratization announced yesterday that the Government’s Emiratization drive now includes private companies with 20 to 49 employees. This expansion applies to companies across 14 economic sectors, including, inter alia, real estate, education, construction, and healthcare. Previously, only companies with 50 or more employees were… Read more
Earlier this year, the Ministry of Commerce and Industry (“MOCI”) in Kuwait issued Ministerial Resolution No.4 of 2023 (“the Resolution”) setting out an obligation for the identification of ultimate beneficial owners (“UBO”). The Resolution applies to all entities registered in the State of Kuwait, unless specifically exempted. Immediately after the… Read more
The UAE has amended its federal arbitration law to introduce more flexibility to arbitration proceedings and lift certain restrictions on the parties’ freedom to nominate arbitrators. While most of the amendments are cosmetic and reiterate established principles of UAE law (e.g., the tribunal’s freedom to assess the evidence and the… Read more
The Prime Minister and Ruler of Dubai announced yesterday a new end-of-service benefits system for employees in the private sector and free zones. This voluntary initiative will include the establishment of savings and investment funds from the private sector, overseen by the Securities and Commodities Authority in partnership with the… Read more
Earlier this year, the Ministry of Commerce and Industry (MOCI) issued a resolution amending the Companies Law thereby compelling Kuwait Shareholding Companies (KSC) to include in their budgets a clause that supports Kuwait Foundation for Advancement of Sciences (KFAS) with 1 percent of their annual net profits. On 17 August… Read more
As part of the series of new Ministerial Decisions under Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses, the UAE Ministry of Finance introduced, on 28 July 2023, the following three new Cabinet Decisions: 1- Cabinet Decision No. 74 of 2023 outlining the Executive Regulation… Read more
Meysan Partners’ Riyadh office provided advisory services to ALLUB Industrial Company, a subsidiary of a large Kuwait based group (“Allub”), regarding the acquisition of 100% stake of Al Aber Global Industrial Company, a leading group operating in transformative industries and construction services in Saudi Arabia. The planned acquisition was executed… Read more ...
The Meysan team has secured another monumental legal victory. Spearheaded by Dr. Abdulwahab Sadeq and Senior Counsel Tarek Diab, the team represented a global automotive company and a local dealer in a legal dispute with their former local agent, who demanded various compensations amounting to approximately one hundred million US dollars. Despite the… Read more ...
20 February 2024, Kuwait City, Kuwait - Meysan Partners played a key role in advising UPayments, a prominent online payment solution provider, on the sale of a 51% stake to the National Bank of Kuwait (“NBK”). This strategic transaction underscores UPayments' remarkable success in the burgeoning Fintech industry, where they have… Read more ...
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