Economy, Domestic Economy

Law Firm Reviews Impact of Iran Opening on UAE

Law Firm Reviews Impact of Iran Opening on UAELaw Firm Reviews Impact of Iran Opening on UAE

Leading UAE law firm Baker & McKenzie Habib Al Mulla recently hosted Iran Trade Roadshows in Dubai and Abu Dhabi to discuss the potential changes to sanctions in relation to the Joint Comprehensive Plan of Action with Iran and its impact on international trade and finance.

Baker & McKenzie partners Jasper Helder from the EU and Nicholas Coward from the USA, of the firm’s Global Trade & Commerce Practice Group, led the discussions and addressed business opportunities as well as risks presented by these developments, according to Dubai-based Zawya Limited–a company that provides business intelligence and news focused on the Middle East and North Africa regions.

A number of sanctions were lifted in January 2016 after the United Nations announced that Iran had complied with the July 2015 accord and completed the necessary steps in a deal to restrict its nuclear program.

“Due to the deep historical and trade ties between the UAE and Iran, the UAE is expected to be well positioned for channeling investment into Iran, subject to the effect of continuing restrictions,” said Habib Al Mulla, chairman of Baker & McKenzie Habib Al Mulla.

“Prior to the sanctions, Iran was one of the UAE’s largest trade partners and we believe that the UAE is well poised to play this role again. There is certainly a significant trade opportunity on the horizon with Iran and we hope local and international businesses will benefit from the same.”

Jasper Helder, an expert in international trade, export controls and economic sanctions, added that the decision to lift certain sanctions against Iran marks a very important step for world trade. It will provide many companies with the opportunity to do business with a $400 billion-plus market that has been closed for more than three decades.”

The seminars in Dubai and Abu Dhabi addressed the timeline for the sanctions relief, what EU and US sanctions have changed (and equally importantly, what controls remain in place), and the practical impact on Iran business strategy, transaction planning and business practice. Sanctions by other jurisdictions-such as Australia, Brazil, Canada, Japan and South Africa-were also touched upon.

Nicholas Coward, who specializes in US outbound trade compliance matters, anti-boycott regulations and trade sanctions maintained by the US government, commented, “People are interested in understanding the real effect of the US sanctions on both US and non-US businesses, given that many Iran-related sanctions remain in place.”

Baker & McKenzie founded in 1949 is a multinational law firm headquartered in Chicago. It has been active in the Middle East and Africa for over 30 years with offices in the Middle East and South Africa.