Emirates-U.S.A

Abu Dhabi Takes Sole Ownership of US Chip Maker

by admin March 6, 2012

Abu Dhabi’s Advanced Technology Investment (ATIC), a high-tech investment fund owned by Mubadala, has taken over full ownership of Silicon Valley computer chip maker Globalfoundries. Related articles Abu Dhabi takes full control of AMD former chipmaking unit (digitaltrends.com) AMD Sheds Its Stake in GlobalFoundries (tarpon.wordpress.com) Advanced Micro Devices gives full control of former manufacturing unit [...]

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US Targets Dubai Bank Over Iran Dealings

by admin March 3, 2012

UAE. Dubai has benefited from tougher sanctions pushing more business its way. It has a sizeable Iranian expatriate population and hosts a fleet of traditional wooden dhows (boats) which transport goods across Gulf waters to Iranian ports every day. Source: Bi-ME Related articles Bank in Dubai Says It Cut Ties With Iranian Institutions (nytimes.com) Dubai [...]

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UAE Responds to Iran Banking Report

by admin February 29, 2012

In response to a report in today’s Wall Street Journal that the U.S. Treasury officials had disrupted  a Dubai-based financing channel for Iran late last year, a UAE government official responded that the Noor Islamic Bank of Dubai was the only institution in the Emirates that had been targeted for dealings with Iran. The WSJ [...]

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DIAZ REUS PARTNER, ISRAEL REYES, REPRESENTS LANDMARK HOTEL OWNER IN SUIT AGAINST GERMAN BANK

by admin January 28, 2012

In a case with international financial implications, Casa Casuarina LLC, owner of a landmark Miami Beach resort property once owned by designer Gianni Versace and known as the Versace mansion, is suing its mortgage holder German bank WestLB on multiple counts of alleged fraud. Hit by high levels of insolvency and with losses of more [...]

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UAE Looks to Boost Trade with U.S.

by admin January 16, 2012

UAE Minister of  Foreign Trade Shaikha Lubna Al Qasimi used the occasion of talks with U.S. Under Secretary of State for Economic Business and Agricultural Affairs Robert Hormats to emphasize that the UAE would like to expand its trade relationship with the United States. The UAE is especially interested in looking at  the way that [...]

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UAE Pipeline Delayed

by admin January 16, 2012

A pipeline which will allow oil from the Emirates to bypass the Straits of Hormuz will not be online for four months, according to the UAE’s oil minister, Mohamed al-Hamli. The delay is especially relevant now with Iranian threats to blockade the Straits. The facility, which will be able to handle 1,5m barrels per day, [...]

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Entrepreneurs to Benefit from UAE Bankruptcy Reforms

by admin December 5, 2011

A draft of a new UAE bankruptcy law has been delivered to the UAE’s Ministry of Justice. The law has been in the works for two years, and its genesis may have been the dire economic straits traversed by some of the Emirate’s largest financial institutions in the course of the world economic crisis of [...]

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Dubai Expands the Jurisdiction of Its Financial Courts

by admin November 28, 2011

By Arti Sangar Arti Sangar is a partner at the Dubai offices of Diaz Reus LLP, an international law firm with extensive experience in litigation and arbitration In a significant move, the Dubai government recently expanded the jurisdiction of the Dubai International Financial Centre Courts (the “DIFC Courts”) which will allow any parties, even those [...]

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Continued Growth Seen (and Predicted) in Trade

by admin October 24, 2011

Business in the UAE is picking up, according to recent reports. Foreign, non-oil trade increased 22% in the first half of 2011, as compared with the same period last year. Figures released by the Federal Customs Authority the UAE’s non-oil foreign trade increased by AED 80.7 billion to AED 445 billion. According to the figures, [...]

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Hiring Lawyers Overseas

by admin September 27, 2011

This article by Carlos Gonzalez is a Partner with Diaz Reus & Targ, LLP in its Miami, Florida office and Arti Sangar, a Senior Associate located in the firm’s Dubai office, UAE, appeared recently in Middle East Banker Magazine. Hiring an attorney is an important decision. Often, that decision is based on a combination of [...]

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