The opening of the markets of the United Arab Emirates, Bahrain and Israel to mutual investments and transactions inevitably poses new and unfamiliar challenges for Israeli companies, businessmen, lawyers and accountants. Hence, these countries with their different traditions and with completely different legal systems alongside a unique set of rules for foreign investors, are excited to discover new opportunities and business. Therefore, alongside the fresh friendship, unwillingly conflicts may arise from inexperience in doing business between businessmen from these countries.
The United Arab Emirates has a number of leading business groups that control many areas of business, and have vast international experience, which may deter Israeli businessmen from their economic power. These are companies with significant economic capabilities and have a huge interest in getting to know Israeli companies with advanced technologies in agriculture, medicine, high-tech and cyber.
The UAE has a number of free trade zones in the vicinity of seaports, air ports and more, which may “wink” at Israeli businessmen, being a gateway to businesses in other countries with which Israel has no diplomatic ties. Israeli businessmen may, of course, be interested in the economic benefits of free trade zones (each specific to a particular industry) such as the right of foreign investors to fully own each venture, exemption from various taxes (corporate tax and personal tax), and the possibility of recruiting employees and local assistance including housing assistance.
Alongside the free trade zones, the UAE offers investors other interesting offers. Take for example the Dubai International Financial Center (“DIFC”) which was established as part of Dubai’s strategic vision to diversify its economic resources and attract capital and investment. This is a free financial area defined as an “independent jurisdiction” within the United Arab Emirates that has been authorized to create its own legal and regulatory framework for all civil and commercial matters. As part of the establishment of the financial center, three main bodies were established: the DIFC Authority, the Dubai Financial Services Authority (“DFSA”) and the DIFC’s judicial system.
Will Israeli businesses agree to submit to this judicial system in advance? Or would they prefer to base their contracts with companies from the UAE on the laws of a neutral state with a legal system familiar to us?
In the new reality of friendly relations between the UAE and Israel, we are pleased to offer businessmen who ask themselves how to do business with the UAE, a new professional desk, shared by a leading law firm in Germany and our firm, assisted by experienced economic and industrial consultants in Abu Dhabi and Israel.
With more than 400 lawyers, tax consultants and notaries providing legal services in eight law firms in Germany as well as a firm in Zurich, Heuking Kühn Lüer Wojtek is one of the largest commercial law firms in Germany and one of the top ten law firms in Germany in terms of annual revenue. The firm provides legal advice to a wide range of clients, from medium-sized German and foreign companies to large international corporations (including companies traded on stock exchanges) in all matters of commercial law. In addition, the firm deals with public law in which it advises decision-makers at all levels of government. The firm’s clients in the commercial and capital market also benefit from the firm’s experts from other specialized departments, including experts in the fields of finance, regulation and taxation. At an international level, the firm works closely with leading partners, each of whom is an expert in the relevant jurisdiction, enabling the firm to provide the best and most comprehensive legal advice for international transactions.
For about five years, E. Shiloh & Co. Attorneys at Law is collaborating with Heuking Kühn Lüer Wojtek (Chemnitz branch) and recently we were selected to serve as local partners in the firm’s activities in guiding and providing legal advice to international transactions between commercial entities in the United Arab Emirates (UAE) and entities in Israel.
Shiloh & Co. Attorneys at Law, was founded in 1955 and specializes in civil law, commercial law, urban renewal, real estate, planning and construction, intergenerational property transfer, representation in local and international conflicts and more. During its decades of existence, the firm has represented private clients, commercial companies and even public companies, in the Jewish and Arab sectors, and has gained experience in handling technological innovation projects and investments in technology companies, in the fields of agriculture, traditional industry and software. The firm regularly collaborates with the firm of Dr. M. Drucker & Co., which is one of the leading and most experienced tax experts in Israel, and thus our clients enjoy the dedicated legal support of a team of tax and trust experts in Israel.
For the purpose of providing a professional guidance regarding the realization of business relationships, coordination of meetings with trusted parties and significant business moves between parties in Israel and the United Arab Emirates and Bahrain, the legal desk of our firm and the law firm Heuking Kühn Lüer Wojtek is assisted by K.O. Dekel & Co. consultants with extensive experience in international transactions, including investment managers in international companies, and a team of experts in the United Arab Emirates and in Israel, headed by:
Mr. Daniel Gould (London and Abu Dhabi) – An investment banking and business development specialist who has been working and operating in Abu Dhabi for about eight years.
Mr. Yossi Dekel – Economist, Valuator and Actuary. Served in senior management positions in the economy, including CEO of several companies in the fields of technology and medical services, as VP of a leading banking corporation, as VP and district manager at a public insurance company, managed credit committees, served as anti-money laundering commissioner and more. Served as an economic journalist and published a regular column in the economic magazine Forbes (Isr.) in the field of management and capital markets.
Mr. Yitzhak Zilberman – has thirty years of experience in medical technology and biotechnology in the United States, Western Europe, Japan and Israel, in companies such as Bioness, where he served as entrepreneur and CEO, Advanced Bionics, where he served in various management positions in R&D, operations and regulation. Alfred Mann Foundation, where he led the fields of business development and intellectual property, Yitzhak served 14 years in Unit 8200, where among other things, he was a senior partner in a project that won the Israel Security Award. Yitzhak is currently writing a doctorate in the history and philosophy of science at Tel Aviv University.
Mr. Ilan Shapir – Economist and CFO, with more than 25 years of experience in multinational public companies and, among other things, served as Chief Economist of the Delek Group.
Mr. Shimshon Avrahami – has extensive experience in the industry as VP of Sales for Lordan Coils, Marketing and Sales Manager for Plassim Fittings, European Sales Manager for Log Plastic Products, Marketing Manager for KETER’s Tool Storage Division, and held management positions in development And manufactured by Arkel Plastic Products.