Over supply of oil and under demand due the current economic crisis caused by COVID-19 has led to WTI prices for oil fall below zero as at 21 April 2020. Storage capacity is near full and therefore expensive.

What are offset programs Offsets are type of arrangements in which the governments procuring from overseas may oblige the suppliers to reinvest some proportion of the contract in their country.

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In recent years the Middle East has been investing heavily in Research and Development (R&D). This has resulted in a number of patents being requested and made room for a number of so-called unicorns, like Careem and Jumia.

By way of a Cabinet Resolution, the UAE has introduced Country by Country reporting (“CbC reporting”). Almost simultaneously with the introduction of economic substance regulations, the UAE further implements international tax standards and joins around 80 other countries which have implemented the CbC reporting. The impact of this reporting on international corporations in the UAE cannot be understated.

The UAE and the wider GCC in recent times have seen a few blockbuster bankruptcies with the downfall of Abraaj and Drake & Scull undergoing substantial restructuring to name just a few.

Earlier this year, the United Arab Emirates ("UAE") issued Cabinet Decision No. 31 concerning economic substance requirements ("Economic Substance Regulations” or “ESR").