1. An Introduction to the legal framework in the Gulf region. Caroline Cheney Wednesday 17 October 2012

2. 1 Today’s agenda… What do you need to know? This seminar will examine: >the legal framework in the Gulf region >legal issues relevant to doing business in the region and >5 things you need to know about the regional legal environment

3. The legal framework in the Gulf region

4. 3 The Gulf region. >Jurisdictions >Bahrain >Kuwait >Oman >Qatar >Saudi Arabia >United Arab Emirates >Economic/political alliances: >Gulf Cooperation Council (GCC) >The Arab League

5. 4 The legal framework: Sources of law. >Civil law systems: laws codified >Islamic Shari’a >“Free zone” laws in some jurisdictions >Case law: persuasive, not binding

6. 5 Insight into local legal systems. >Developing legal systems >Increasing sophistication of business laws >Development of new laws: transparency, pace >Local courts: pace, sophistication, predictability

7. Legal issues relevant to doing business in the Gulf region

8. 7 What you need to know about entering into contracts. >What law should govern your contract? International law vs local law >Local law issues: >Basic contract law >Shari’a >Custom >Forum for dispute resolution: litigation or arbitration?

9. 8 What you need to know about establishing a business. >Typical business structures: public, private, free zone companies >Key issues: foreign investment laws, pre-emption rights, bureaucracy >Takeovers and mergers >Joint ventures >Agency

10. 9 What you need to know about raising finance. >Conventional and Islamic financing: >Loans and murabaha >Bonds, sukuk and convertibles >Rights issues and equity listings >Security and guarantees

11. 10 What if things go wrong? >Enforceability of contracts: international law vs local law >Dealing with companies in distress: >Solutions outside insolvency >Insolvency >Government intervention

12. 5 things you need to know about the regional legal environment

13. 12 5 things you need to know about the regional legal environment. >Local knowledge/insight is key: instruct local lawyers and liaise with local regulators at start of transaction >Less developed and more fluid legal environment as compared to Western Europe >Many businesses family-owned / Government-owned (note sovereign immunity issues) >Widespread restrictions on foreign investment can affect transaction structuring >Enforcing contracts locally can be challenging and proceedings lengthy

14. 13 World Bank Doing Business Report 2012 1 Rank (1 – 183) Economy Ease of doing business Starting a business Enforcing contracts Bahrain3882114 Kuwait67142117 Oman4968107 Qatar3611695 Saudi Arabia1210138 United Arab Emirates 3342134 1 Doing Business 2012: Doing Business in a More Transparent World published by The World Bank and IFC. Economies are ranked on their ease of doing business from 1 – 183.Doing Business 2012: Doing Business in a More Transparent World published by The World Bank and IFC

15. 14 Contacts. Caroline Cheney Senior Lawyer, Dubai Tel: +971 4 369 5830 caroline.cheney@linklaters.co m

16. 15 Any questions? A15612005