#Tax lawyers in Dubai

[adglegal]

Exploring Tax Lawyers in Abu Dhabi and Dubai: Your Guide to Expertise and Support

When navigating the intricate landscape of tax laws in the UAE, having the right legal guidance is crucial. Whether you're a business owner, an expatriate, or a local resident, understanding tax obligations and optimizing your financial strategy often requires the expertise of a tax lawyer. In this blog, we delve into the roles of tax lawyers in Abu Dhabi and Dubai, and why their services are invaluable in today's dynamic business environment.

Understanding the Role of Tax Lawyers

Tax lawyers specialize in navigating the complex terrain of tax laws and regulations. They provide essential services ranging from compliance and advisory to dispute resolution and litigation. Their expertise ensures that businesses and individuals alike can effectively manage their tax liabilities while staying compliant with the UAE tax laws.

Why Choose a Tax Lawyer?

In jurisdictions like Abu Dhabi and Dubai, where the tax landscape is continuously evolving, having a knowledgeable tax lawyer can make all the difference. Here’s how they can assist:

Compliance: Tax lawyers help businesses and individuals comply with local tax laws, including filing requirements and deadlines.

Strategic Planning: They devise tax-efficient strategies to minimize liabilities and maximize savings, ensuring clients optimize their financial positions.

Dispute Resolution: In case of tax audits or disputes with tax authorities, tax lawyers represent their clients' interests and navigate negotiations or litigation.

In the capital city of the UAE, Abu Dhabi, tax lawyers play a pivotal role in supporting businesses across various sectors. They offer tailored advice on VAT (Value Added Tax) compliance, corporate tax issues, and international tax planning strategies. Their local expertise combined with a global perspective ensures clients receive comprehensive solutions aligned with their business objectives.

Dubai, known for its business-friendly environment, attracts a diverse range of enterprises and individuals seeking opportunities in the Middle East. Tax lawyers in Dubai specialize in VAT advisory, tax structuring for investments, and cross-border transactions. Their deep understanding of local regulations and international tax treaties enables them to provide strategic guidance that safeguards their clients' interests.

[farahatcouae]

ما هي أنواع المنازعات العقارية في دبي

تتنوع صور المنازعات العقارية في إمارة دبي الإمارات العربية المتحدة، تبعاً للعلاقة التي تجمع بين المتنازعين؛ فقد تتعلق المنازعة العقارية بإجارة العقار، بين المؤجر والمستأجر، أو بالإنشاء بين مالك العقار والمطور العقاري أو المقاول أو المهندس المعماري، وقد تنصب المنازعة حول ملكية العقار والعقارات المشتركة

[brf-rumortrackinganon]

re: Sussex divorce etc. I read all the time that all their revenue and expenses are ran through various companies ( 12 incorporated in Delaware and Wyoming, and Archewell). The House was purchased via a trust created for this purpose.

In the event of a divorce, do they split ownership of all these companies 50/ 50 as per california state laws? How does alimony and child support work when everything is in company names and not their personal property?

For tax purposes i see the advantage of putting everything into Foundations, companies and trusts, but it seems complications arise in the event of divorce espevially when those companies are registered out of state. Which state's laws would they satisfy? 

Further, i don't think Charles will help with the divorce ie supply lawyers and advise. FOR SURE he isn't on the hook for money because several ex-royals have tried to claim family dynasty wealth and lost which has set a legal precedent - see Tessa of Luxemborg and *Haya of Dubai. 

*Haya of Dubai got a large settlement ( roughly £1/2B) which clouds the fact that in reality she got very little. Prior to the divorce, she purchased 2 large properties for herself in UK - one is in London next to KP plus she had a fortune in jewellery collected over the course of the marriage.

Aside from her properties, clothing and jewellery, she asked for over £1B for alimony plus her children's trustfunds, child support AND security. 

Judge awarded her the properties, clothing, jewellery, children's trustfunds, child support and security. The alimony demand was slashed to less than £50M. The biggest chunk of her settlement ( almost 3/4 of entire settlement) was for security which the judge said would be at the highest level that money can buy for her and her kids' lifetimes as he agreed that her ex- Dubai hubby presented a clear and present danger for their lifetimes. 

On a different note, i still shudder at the hostage video Princess Latifa of Dubai posted to youtube before she disappeared to be reprogrammed. That video probably saved her life and or gave her bargaining chips for better treatment unlike her sister Princess Shamsa who hasn't been seen in public or by rest of her family since her abduction in the early 00s. 

[foreverlogical]

NEW YORK (AP) — The National Rifle Association and its former longtime leader were found liable Friday in a lawsuit centered on the organization’s lavish spending.

The New York jury found that Wayne LaPierre, who was the NRA’s CEO for three decades, misspent millions of dollars of the group’s money on pricey perks, and it ordered him to repay the group $4,351,231. Jurors also found that the NRA omitted or misrepresented information in its tax filings and violated New York law by failing to adopt a whistleblower policy.

LaPierre, 74, sat stone-faced in the front row of the courtroom as the verdict was read aloud. The jury actually found him liable for $5.4 million, but it determined he’d already paid back a little over a million.

The verdict is a win for New York Attorney General Letitia James, a Democrat who campaigned on investigating the NRA’s not-for-profit status. It is the latest blow to the powerful group, which in recent years has been beset by financial troubles and dwindling membership. LaPierre, its longtime face, announced his resignation on the eve of the trial.

NRA general counsel John Frazer and retired finance chief Wilson Phillips were also defendants in the case. Phillips was ordered to pay $2 million in damages to the NRA. Frazer, meanwhile, was found to have violated his duties, but was not ordered to pay any money.

The penalties paid by LaPierre and Phillips will go back to the NRA, which was portrayed in the case both as a defendant that lacked internal controls to prevent misspending and as a victim of that same misconduct.

James also wants the three men to be banned from serving in leadership positions at any charitable organizations that conduct business in New York. A judge will decide that question during the next phase of the state Supreme Court trial.

Another former NRA executive turned whistleblower, Joshua Powell, settled with the state last month, agreeing to testify at the trial, pay the NRA $100,000 and forgo further involvement with nonprofits.

James sued the NRA and its executives in 2020 under her authority to investigate not-for-profits registered in the state.

She originally sought to have the entire organization dissolved, but Manhattan Judge Joel M. Cohen ruled in 2022 that the allegations did not warrant a “corporate death penalty.”

The trial, which began last month, cast a spotlight on the leadership, organizational culture and finances of the powerful lobbying group, which was founded more than 150 years ago in New York City to promote rifle skills and grew into a political juggernaut that influenced federal law and presidential elections.

Before he stepped down, LaPierre, had led the NRA’s day-to-day operations since 1991, acting as its face and becoming one of the country’s most influential figures in shaping gun policy.

During the trial, state lawyers argued that he dodged financial disclosure requirements while treating the NRA as his personal piggy bank, liberally dipping into its coffers for African safaris and other questionable expenditures.

His lawyer cast the trial as a political witch hunt by James.

LaPierre billed the NRA more than $11 million for private jet flights and spent more than $500,000 on eight trips to the Bahamas over a three-year span, state lawyers said.

He also authorized $135 million in NRA contracts for a vendor whose owners showered him with free trips to the Bahamas, Greece, Dubai and India, as well as access to a 108-foot (33-meter) yacht.

LaPierre claimed he hadn’t realized the travel tickets, hotel stays, meals, yacht access and other luxury perks counted as gifts, and that the private jet flights were necessary for his safety.

But he conceded that he had wrongly expensed private flights for his family and accepted vacations from vendors doing business with the NRA without disclosing them.

Among those who testified at the trial was Oliver North, a one-time NRA president and former National Security Council military aide best known for his central role in the Iran-Contra scandal of the 1980s. North, who resigned from the NRA in 2019, said he was pushed out after raising allegations of financial irregularities.

After reporting a $36 million deficit in 2018 fueled largely by misspending, the NRA cut back on longstanding programs that had been core to its mission, including training and education, recreational shooting and law enforcement initiatives. In 2021, it filed for bankruptcy and sought to incorporate in Texas instead of New York, but a judge rejected the move, saying it was an attempt to duck James’ lawsuit.

Despite its recent woes, the NRA remains a political force. Republican presidential hopefuls flocked to its annual convention last year and former President Donald Trump spoke at an NRA event earlier this month — his eighth speech to the association, it said.

[dua1999]

Starting a service-based business in Dubai? You’ll need a professional license. Here’s a quick guide on how to get one:

What is a Professional License in Dubai?

A professional license is for businesses offering services like consulting, education, healthcare, and IT. It’s granted to individuals or groups providing specialized services or skills.

Types of Professional Licenses:

Individual Professional License: For solo professionals (consultants, designers, etc.).

Professional Firm License: For professional groups (lawyers, architects, etc.).

Freelance Professional License: Ideal for freelancers in media, marketing, and tech.

Steps to Obtain:

Choose Your Business Activity: Ensure your services are permitted by the DED.

Pick a Business Name: Follow UAE naming rules.

Select a Business Location: Decide on office or virtual office.

Apply for Your License: Submit documents to DED (ID, business plan, etc.).

Get Approvals: Some industries may need additional permits (e.g., health or legal services).

Pay Fees: Typically AED 10,000 – AED 20,000 annually.

Receive Your License: Start your business once approved!

Key Benefits:

100% Ownership (No local partner required in most cases)

Tax-Free (No income or capital gains tax)

Access to Global Market

Increased Credibility

A professional license in Dubai boosts your business’s legitimacy and gives you access to a growing market.

Want to learn more about setting up your business in Dubai? Visit Cross Link International Business Setup in Dubai.

[sassyfrassboss]

I think she spent a ton on PR. Millions most likely. I also would be willing to bet she spent millions on decorating that house. Their security also has to be pricey because it seems like they hire a ton of guards when they go out for events.

Glad to see you back, for however long we have you. sorry to hijack your inbox..

To your point Sassy, I would like to add/point out something... The luxury lifestyle (faux Royal) Lifestyle MM is trying to emulate is expensive as we have all said before. There is a reason celebrities don't spend the way MM does. And those that do, have money coming in by the tens of millions every year guaranteed, be it real estate, Investments, Own businesses, and stuff like that, the likes of Beyonce, Taylor swift, Lady Gaga, Rihanna, Johnny Depp, Kim K and the rest. They can afford the 24hr high tech security because they can rely on their other incomes to generate revenue (Whilst they sleep they are still earning money) i.e Beyonce (doubt this will happen), she can balance it out by doing a concert in Dubai, for 23 million dollars. (there is a reason they were able to buy the most expensive home in California worth 200 million) or release and album and do a tour like other artists. People like Depp can do it because for their own health (drug/alcohol addiction) and they also amassed wealth to the point it wouldn't hurt them one bit to have said security. Lets not talk about Kim K.

There is a reason actors and A listers don't so security, except for specific events, its expensive, attracts attention, and literally screams look at me.

Buying a 14million dollar home, with a mortgage, property taxes, 24hr security, Household staff, Archewell staff, Private Jets, PR management, Lawyers retainer and fees for all the lawsuits they come up with. exclusive packages, Clothes, Interior design of the olive garden... All of this with no guarantee of returns. (because MM is lazy). I wonder which financial/Wealth manager advised them because... I would have fired them immediately. No wealth manager worth their salt would let their client hedge their bets on the spotify, random house and Netflix contracts that have yet to be fulfilled. They would tell you, let the money come in the bank accounts and then make those purchase... especially during the start of Covid.

As much as i don't like Todger at least he is working for his supper. Heart of Invictus, The South Africa doc (should he get someone good to direct it, it could be good), The Spare, and the interviews/promotion of the book i.e Gabor Mate, Job at Better Up.

Madam got 80M and thought that will be enough? What exactly has she done for that money? The bench? Archetypes?, 40 X40?,Pearl? all flops... her Ideas are not generating income of any kind.

The doc was both of them so credit goes to both.

Great points!

Thanks! I will try and stick around for a few days this time. I do lurk on here but tend to come back for the juicy stuff.

They are living a champagne lifestyle on a basic beer budget.

[riggabusinesscenter]

Ultimate Guide to Starting a Business in Dubai: Everything You Need to Know

Understanding Dubai’s Business Landscape

Dubai has a diverse and dynamic business landscape, catering to various industries such as trade, tourism, finance, real estate, and technology. It is essential to research and understand the market demand, competition, and potential opportunities for your proposed business idea.

Choosing the Right Business Structure

Dubai offers several business structures, including sole proprietorship, limited liability company (LLC), branch office, and free zone company. Each structure has its own advantages, requirements, and regulations. Selecting the appropriate structure is crucial for your business’s growth, liability protection, and tax implications.

Obtaining the Necessary Licenses and Approvals

Starting business in Dubai, UAE requires obtaining the necessary licenses and approvals from the relevant authorities. These may include trade licenses, commercial licenses, and other industry-specific permits. The process can be complex, so it’s advisable to seek guidance from legal experts or business consultants.

Free Zones: A Viable Option for Foreign Investors

Dubai’s free zones offer attractive incentives for foreign investors, such as 100% foreign ownership, tax exemptions, and streamlined business setup processes. Popular free zones include Dubai Multi Commodities Centre (DMCC), Dubai Internet City (DIC), and Dubai Design District (D3).

Finding the Right Location and Office Space

Choosing the right location and office space is essential for your business’s success. Dubai offers a range of options, from modern office towers to shared workspaces and free zone facilities. Consider factors such as accessibility, infrastructure, and proximity to your target market.

Hiring and Managing a Team

Building a strong and talented team is crucial for your business’s growth. Dubai’s diverse workforce offers a pool of skilled professionals from various backgrounds. However, it’s important to understand the local labor laws, visa requirements, and cultural nuances when hiring and managing employees.

Banking and Financial Considerations

Establishing a business banking account, securing funding, and managing finances are critical aspects of start business in Dubai. Research the local banking system, explore financing options (such as bank loans, investors, or government initiatives), and develop a solid financial plan.

Marketing and Promoting Your Business

With a competitive business environment, effective marketing and promotion strategies are essential for your business’s success. Leverage digital marketing, networking events, tradeshows, and other channels to reach your target audience and build brand awareness.

Complying with Legal and Regulatory Requirements

Dubai has a comprehensive legal and regulatory framework governing business operations. Familiarize yourself with the relevant laws, regulations, and compliance requirements to ensure your business operates legally and avoids penalties or fines.

Seeking Professional Assistance

Starting business in UAE can be a complex process, especially for those new to the region. Consider seeking professional assistance from business consultants, lawyers, or accountants to navigate the process smoothly and avoid costly mistakes.

Start business in Dubai can be a rewarding and lucrative endeavor, but it requires careful planning, understanding of the local business landscape, and adherence to the relevant laws and regulations. By following this ultimate guide and seeking professional advice when needed, you can increase your chances of success in this dynamic and thriving business hub.

[aaassociatellc]

How to Find a Good Accountant for Your Business

Find Your Best Accounting Partner.

If you're a business owner in Dubai, UAE, you know that managing your finances is an essential part of your operations. It can be overwhelming to keep track of your financial transactions, taxes, and bookkeeping while running your business. Therefore, it's wise to have a competent accountant who can help you with your accounting needs. In this blog post, we will explore how to find a good accountant for your business and the benefits of working with accounting companies in Dubai.

1. Determine Your Accounting Needs

Before starting your search for an accountant, you need to define your accounting needs. Knowing what you require from an accountant will help you narrow down your search. Do you need someone to manage your taxes, bookkeeping, financial statements, or payroll? Do you want a full-time, part-time, or freelance accountant? Once you have answered these questions, you can proceed to the next step.

2. Ask for Recommendations

One of the best ways to find a good accountant is through recommendations from people you trust. You can ask your business associates, friends, family members, or even your lawyer or banker for referrals. They may have worked with an accountant in the past or know someone who has. Alternatively, you can search online for the best accounting firms in UAE or accounting services in Dubai, and check their reviews and ratings.

3. Check Their Qualifications and Credentials

When searching for an accountant, it's essential to check their qualifications and credentials. Look for someone who has a degree in accounting, finance, or business administration. You can also check if they are certified public accountants (CPAs) or chartered accountants (CAs). These designations indicate that the accountant has passed rigorous exams and meets the highest professional standards in the accounting industry.

4. Consider Their Experience and Specialization

Experience is critical when it comes to accounting. You want someone who has worked with businesses similar to yours, understands your industry, and has experience working with different auditing services in Dubai. You should also consider their specialization. Some accountants specialize in tax planning, while others focus on auditing or bookkeeping. Choose an accountant whose expertise aligns with your needs.

5. Assess Their Communication and Interpersonal Skills

A good accountant should have excellent communication and interpersonal skills. You may need someone who can explain complex accounting concepts in simple terms, listens to your concerns, and responds promptly to your inquiries. A good accountant should also be patient, reliable, and trustworthy. You'll be entrusting them with sensitive financial information, so it's crucial to choose someone you feel comfortable working with.

6. Ask About Their Fees

Before hiring an accountant, it's essential to understand their fee structure. Some accountants charge by the hour, while others charge a flat fee or a percentage of your revenue. Ask for an estimate of their fees and what services are included. You should also inquire about additional charges for services like tax preparation, payroll processing, or financial planning.

7. Schedule an Interview

Once you have narrowed down your list of potential accountants, schedule an interview with them. This is an opportunity to ask them questions and learn more about their services. You can also get a sense of their personality and work ethic. During the interview, ask about their experience, their approach to accounting, and how they can help you achieve your business goals.

8. Check Their References

Before hiring an accountant, ask for references from their previous clients. You can contact these clients to learn about their experience working with the accountant. Ask about their level of satisfaction, the quality of their work, and their communication skills. This information can help you make an informed decision when choosing an accountant.

Final Words

In summary, finding a good accountant is an essential step in managing your business finances. By following the steps outlined in this blog post and working with accounting companies in Dubai like A&A Associate LLC you can get the expert financial advice and support you need to succeed in the UAE market!

[legalconsultingblog]

Can Dubai lawyers assist with business setup in the UAE?

Setting up a business in Dubai, or the UAE in general, can be a rewarding venture due to its strategic location, tax advantages, and business-friendly environment. However, navigating the legal landscape can be complex, especially for foreign investors unfamiliar with local regulations. This is where experienced Dubai lawyers come in. Their expertise can be invaluable in ensuring a smooth…

[businessseupdubai]

Dubai Family Office Benefits for Ultra High Net Worth Families

Dubai has established itself as a global hub for wealth management, making it a prime destination for ultra-high-net-worth (UHNW) families to set up Dubai family office. A family office is a private advisory firm dedicated to managing the financial and non-financial needs of affluent families. It acts as a centralized entity for overseeing investments, wealth preservation, succession planning, estate management, and even philanthropic activities.

The concept of a family office goes beyond traditional wealth management. It provides tailored solutions that align with the unique goals and values of each family. In Dubai, the benefits of setting up a family office are amplified by the city’s strategic location, robust economy, and investor-friendly policies. A family office in Dubai enables families to preserve and grow their wealth efficiently while ensuring privacy and confidentiality.

World-class infrastructure, tax advantages, and strong legal framework make it an ideal destination for family office setup in Dubai. Whether catering to a single family or multiple families, a Dubai Family Office offers unparalleled opportunities for effective wealth management and long-term success. With access to global markets and a thriving financial ecosystem, Dubai remains at the forefront of family office UAE services.

What is a Family Office?

A family office is a specialized organization designed to manage the wealth and personal affairs of ultra-high-net-worth families. It acts as a one-stop solution for handling investments, tax planning, estate management, and other financial needs. For families looking for a tailored approach to managing their wealth, a family office offers a perfect solution.

Family offices are gaining popularity due to the city’s tax-friendly environment, strong legal framework, and excellent connectivity to global markets. A Dubai Family Office ensures that the family’s wealth is preserved and grown while maintaining the highest level of privacy and confidentiality.

Family office setup involves creating a dedicated team of professionals, including financial advisors, lawyers, and estate planners, who work together to meet the family’s goals. This centralized management helps in streamlining operations and making informed financial decisions.

Choosing a family office in Dubai means access to world-class infrastructure and opportunities to diversify investments across the globe. It’s an essential tool for ensuring that wealth is passed on efficiently to future generations. For families seeking the best in wealth management, a family office UAE is the ideal choice for comprehensive and secure financial solutions.

Why Choose a Dubai Family Office?

A Dubai Family Office offers unparalleled advantages for managing wealth and investments. From global connectivity to a tax-friendly environment, setting up a family office in Dubai ensures efficient operations, robust asset protection, and access to world-class infrastructure. Explore why a family office UAE is the ideal choice for your wealth management needs.

Strategic Location

A family office in Dubai benefits from its strategic position connecting Europe, Asia, and Africa. This location enables seamless global investment management and business operations. With exceptional connectivity through air, sea, and road networks, a family office setup here ensures accessibility to international markets and opportunities for growth.

Tax Efficiency

A family office UAE thrives in a tax-friendly environment, free from personal income and capital gains taxes. This makes a family office setup in the region highly cost-efficient for preserving and growing family wealth. By minimizing tax burdens, families can focus on optimizing their investments and long-term financial strategies.

Robust Legal Framework

The family office UAE ecosystem is supported by a strong legal framework ensuring asset protection and confidentiality. The Dubai International Financial Centre (DIFC) provides a secure jurisdiction for family office setup. Its reliable regulations safeguard wealth, making it a trusted platform for high-net-worth individuals and families.

World-Class Infrastructure

A family office in Dubai benefits from cutting-edge infrastructure, including modern financial centers, advanced technology, and high-speed communication networks. These resources support the efficient management of investments and operations. A family office setup here leverages these facilities to deliver world-class services and drive family wealth goals.

Key Benefits of a Dubai Family Office

A Dubai Family Office offers numerous benefits for ultra-high-net-worth (UHNW) families, providing tailored solutions to manage wealth, investments, and legacy planning. From wealth preservation to philanthropic initiatives, family office setup ensures centralized management, privacy, and global investment opportunities. Below are the top advantages of having a family office in UAE.

1. Wealth Preservation

A Dubai Family Office is dedicated to safeguarding family wealth against market volatility and external risks. By employing expert advisors and implementing diversified investment strategies, the family office setup ensures financial stability. Families can secure their assets effectively, making it possible to sustain wealth across future generations with reduced risks.

2. Centralized Management

Family office in Dubai streamlines the management of finances, investments, and administrative affairs. Centralization enhances efficiency by consolidating these functions under one entity. With a centralized approach, families experience better control and organization, leading to improved decision-making and reduced operational complexities.

3. Tailored Investment Strategies

Family office setup provides UHNW families with customized investment plans designed to match their unique goals and risk tolerance. These personalized strategies allow families to achieve financial growth while aligning their portfolios with long-term objectives, ensuring consistent and optimized wealth accumulation.

4. Access to Global Markets

A family office UAE benefits from the region’s strategic location, enabling seamless access to global investment opportunities. The connectivity of the UAE supports efficient management of cross-border investments, helping families diversify their portfolios and capitalize on emerging markets worldwide.

5. Privacy and Confidentiality

The legal and regulatory framework of a Dubai Family Office prioritizes the protection of sensitive financial information. This ensures the highest level of privacy and confidentiality, making family office setup a secure solution for managing wealth and safeguarding personal and financial data.

6. Philanthropic Opportunities

Many families utilize their family office in Dubai to manage philanthropic initiatives. The supportive environment of the UAE fosters global networks for charitable activities. This setup enables families to give back to society, creating meaningful impact while maintaining their philanthropic vision.

7. Succession Planning

Succession planning is a critical aspect of a Dubai Family Office. With specialized services, family office UAE ensures smooth transitions of wealth and business ownership. Effective succession planning secures the family’s legacy and prepares the next generation for successful stewardship of assets.

Steps to Establish a Family Office in Dubai

Setting up a Dubai family office involves a systematic approach to managing wealth and ensuring financial stability for high-net-worth families. This guide provides clear steps for a successful family office setup. From defining goals to adhering to legal regulations, learn how to establish a thriving family office in Dubai or anywhere in the UAE.

1. Define Objectives

The foundation of a successful family office setup is a clear understanding of its goals. Whether focusing on investment management, philanthropy, or comprehensive wealth management, defining the purpose ensures aligned operations. Setting objectives for a family office in Dubai helps streamline efforts toward achieving financial security and legacy planning in the UAE.

2. Choose the Right Structure

Selecting the appropriate structure is crucial for a Dubai family office. Families can choose between Single-Family Offices (SFOs) for tailored solutions or Multi-Family Offices (MFOs) for shared resources. Picking the right legal framework ensures flexibility, operational efficiency, and compliance when establishing a family office in Dubai.

3. Select a Jurisdiction

Choosing the ideal jurisdiction is a vital step for family office setup in the UAE. Options like DIFC and DMCC offer world-class infrastructure and tax benefits. The selected jurisdiction should match the operational needs of your family office in Dubai, ensuring it thrives in a competitive business environment.

4. Hire Professionals

A successful family office UAE requires a team of experts. Recruit skilled financial advisors, legal consultants, and investment managers to ensure smooth operations. The expertise of these professionals is indispensable for wealth preservation and growth, making them integral to a well-structured family office in Dubai.

5. Register and Comply

Complete the registration process and meet local compliance requirements for your Dubai family office. The UAE’s streamlined procedures and regulatory framework simplify this step. Adhering to these regulations ensures the long-term sustainability of your family office setup and builds a strong foundation for financial success.

Types of Family Offices in Dubai

Single-Family Office (SFO)

An SFO caters to the needs of one family, offering tailored solutions for wealth management and other services.

Multi-Family Office (MFO)

An MFO serves multiple families, providing cost-effective solutions by pooling resources and expertise.

Conclusion

A Dubai Family Office offers a sophisticated approach to wealth management, focusing on preserving and enhancing assets across generations. Whether you’re looking to establish a family office setup or explore options for a family office in UAE, professional expertise is essential. 

Setting up a family office in Dubai ensures seamless integration of personal and business finances, providing tailored services such as investment management, philanthropy, and estate planning. With the dynamic financial landscape in UAE, a well-structured family office can maximize opportunities while safeguarding family wealth. Leveraging local and global markets, a family office in Dubai becomes a hub for personalized financial solutions. Additionally, for those considering a family office setup in Dubai, understanding the nuances of business setup Dubai is crucial to ensuring the efficient management of both personal and business assets.

[alanduae]

A Complete Guide to Buying Properties in the UAE: Tips and Insights

The UAE’s real estate market has become a global hotspot for investors, expats, and those seeking a luxurious lifestyle. With its towering skyscrapers, world-class infrastructure, and tax benefits, buying property in the UAE offers significant advantages. However, navigating this market can be daunting, especially for first-time buyers. Here’s a quick guide with essential tips and insights to help you through the process.

1. Understand the Legal Framework

Before buying property in the UAE, it’s crucial to understand the legal requirements. Non-UAE nationals are allowed to buy property in designated freehold areas such as Dubai Marina, Downtown Dubai, and Palm Jumeirah. These areas offer full ownership rights. However, in other areas, only UAE nationals or GCC residents can own land.

It’s advisable to work with a registered real estate agent and a legal expert to ensure you comply with all laws and regulations. Always ensure the property is registered with the relevant authorities.

2. Determine Your Budget

The UAE property market offers a wide range of options, from affordable apartments to luxury villas. Setting a clear budget will help you narrow down choices and avoid overspending. Consider additional costs such as registration fees, agent commissions, and maintenance charges.

In general, you’ll need a minimum of 20-25% of the property’s value as a down payment. Non-resident buyers often need to prove they can afford the mortgage, which typically requires a credit score check and income verification.

3. Financing and Mortgages

In the UAE, securing a mortgage is relatively straightforward for expats, but the terms may vary depending on your nationality, income, and residency status. Generally, banks offer mortgages up to 80% of the property’s value for UAE residents and up to 75% for non-residents.

It’s important to compare offers from multiple banks and understand the terms, interest rates, and repayment options. Some banks may also require proof of stable employment and a good credit history.

4. Research the Market

The UAE property market is dynamic, with prices fluctuating based on factors such as location, demand, and economic conditions. It’s essential to research different areas, as each offers distinct benefits. For example, Dubai is known for its luxury properties, while Sharjah offers more affordable options.

Additionally, check whether the property you’re interested in is in a developing area or a well-established neighbourhood. Development plans can influence property values in the future.

5. Property Inspection

Once you’ve shortlisted properties, it’s critical to conduct a thorough inspection. Look at the property’s condition, structural integrity, and amenities. Some properties may need renovations, which could add to your expenses.

Engage with an experienced inspector to identify potential issues that could affect the value of your investment.

6. The Buying Process

The buying process in the UAE is relatively straightforward, but it involves a few key steps:

Offer and Negotiation: Once you find the property, make an offer. If it’s accepted, sign a memorandum of understanding (MOU).

Due Diligence: Your lawyer will verify the property’s legal standing and ensure there are no outstanding debts.

Transfer of Ownership: After the sale agreement, the transfer of ownership is completed at the Dubai Land Department or the relevant authority. The final payment is made, and the title deed is transferred.

Buying property in UAE is a rewarding investment, but it requires careful planning and understanding of the local market. By following these tips and doing thorough research, you can ensure a smooth purchasing experience. Whether you're looking for a vacation home, rental property, or a long-term residence, the UAE offers a diverse range of options to suit your needs. If you are search please contact us: https://a.land/contact-us

[dwcrypto]

How to Use Cryptocurrency in Real Estate Transactions

Cryptocurrency is revolutionizing industries, and real estate is no exception. The use of digital currencies like Bitcoin in property transactions is gaining momentum, offering a faster, more transparent, and borderless alternative to traditional methods. In this article, we’ll explore how cryptocurrency is reshaping real estate, covering everything from buying property with Bitcoin to the benefits and challenges of crypto real estate deals.

1. The Rise of Cryptocurrency in Real Estate

Cryptocurrency is becoming a viable payment option in real estate due to its global reach, lower transaction fees, and ability to bypass traditional banking systems. Developers and sellers are increasingly accepting Bitcoin and other cryptocurrencies, especially in high-demand markets like Dubai and Miami.

2. Steps to Buy Property with Bitcoin

Purchasing real estate with Bitcoin or other cryptocurrencies involves a straightforward yet unique process:

Find Crypto-Friendly Sellers: Look for developers or property owners willing to accept cryptocurrency as payment.

Hire Professionals: Work with real estate agents and lawyers familiar with crypto transactions.

Agree on Terms: Ensure the transaction terms, including the crypto-to-fiat conversion rate, are clearly defined.

Use a Secure Exchange: Utilize a trusted platform like GCB Exchange to facilitate the transaction.

Complete the Transaction: Once terms are finalized, transfer the agreed amount of cryptocurrency to the seller’s wallet.

3. Benefits of Using Cryptocurrency in Real Estate Deals

a. Speed and Efficiency

Crypto transactions can settle in minutes, compared to the lengthy bank processing times in traditional methods.

b. Global Accessibility

Cryptocurrency eliminates borders, enabling international buyers to invest without dealing with currency exchange hurdles.

c. Transparency and Security

Blockchain technology ensures that all transactions are secure and traceable, reducing the risk of fraud.

d. Lower Fees

Crypto payments reduce the need for intermediaries, cutting down on transaction costs.

4. Challenges of Crypto Real Estate Transactions

While cryptocurrency brings exciting opportunities, it also has some challenges:

Volatility: Crypto prices can fluctuate significantly, making it necessary to agree on exchange rates in advance.

Regulation: Different countries have varying laws regarding crypto transactions in real estate.

Tax Implications: Buyers and sellers must be aware of potential capital gains taxes on cryptocurrency used in the deal.

5. Real-Life Examples of Crypto Real Estate Deals

Miami, USA: Properties in Miami have been sold for millions of dollars in Bitcoin, cementing the city's reputation as a crypto hub.

Dubai, UAE: Developers in Dubai actively promote real estate sales in Bitcoin, attracting global crypto investors.

Europe: Countries like Portugal and Switzerland are embracing crypto-friendly policies, fostering real estate investments using digital currencies.

6. How Blockchain Enhances Real Estate Transactions

Beyond cryptocurrency payments, blockchain technology is transforming real estate with features like:

Smart Contracts: Automating transactions and ensuring compliance without intermediaries.

Tokenization: Breaking down property ownership into tokens, making real estate investment more accessible.

Immutable Records: Creating transparent and tamper-proof property ownership records.

7. Tips for Successful Crypto Real Estate Transactions

Research Thoroughly: Understand the local regulations governing crypto real estate deals in your target market.

Consult Experts: Work with legal and financial professionals experienced in cryptocurrency transactions.

Choose Secure Platforms: Use trusted exchanges like GCB Exchange for safe and efficient transactions.

Diversify Payments: Consider splitting payments between cryptocurrency and fiat to mitigate risks.

8. The Future of Cryptocurrency in Real Estate

As cryptocurrency adoption grows, real estate is poised to embrace this digital revolution. More developers and sellers are likely to accept crypto, while blockchain advancements will streamline processes, increase transparency, and democratize real estate investment.

Conclusion

Cryptocurrency is unlocking new possibilities in the real estate sector, offering buyers and sellers a modern, efficient, and secure way to transact. By understanding the process and working with crypto-savvy professionals, you can leverage this innovative technology to invest in property confidently.

For secure crypto transactions and expert support, visit GCB Exchange

[theafricatimes]

Transforming Business Setup In The GCC Region With PG CSP Group: Pavel Gerasimov

Meet Pavel Gerasimov, author, entrepreneur, and lawyer considered one of the most influential trendsetters in the fields of international law, crypto law, and aviation law. With a rich career in world-class institutions, Pavel’s inimitable leadership skills and innovative streak have earned him many laurels as a leading expert.

As a well-published author of books and articles and Founder of PG CSP Group, Pavel shares his expertise on various legal topics, cryptocurrencies, and blockchain technology for the inspiration and edification of professionals worldwide. He is also considered the first-ever foreigner whose book helps to build a stronger GCC community.

Having founded his law firm, Pavel Gerasimov has been defending major air crash incidents and high-profile cases, an activity that has made him sought after by the world of governments and business corporations as an expert in supporting justice for people.

Early Life And Educational Background

Pavel Gerasimov I. Gerasimov is balanced and very experienced, and society knows him for his professionalism in many spheres. As an Honored Lawyer, Pavel has concentrated practice mainly on international sanctions, civil, criminal, tax, and immigration law. He is the founder of crypto law and earned a PhD degree, which testifies to his level of academic success.

Born and brought up in Moscow, Russia, the dream of becoming a global citizen sent Pavel Gerasimov down the path of receiving education from some of the world’s most renowned institutions. Pavel adds, “I’m a graduate of the Law Faculty of the Peoples’ Friendship University of Russia, Fairleigh Dickinson University in the USA, and the University of Pennsylvania Carey Law School. Such an international educational background helped me get attorney licenses in the Russian Federation, Canada, and the UAE, giving me exclusive practice rights within the GCC.”

Moreover, Pavel Gerasimov is licensed as a pilot and has a PPL license. His professional success compliments this one obsession to learn and to share knowledge. He is an expert acknowledged by the International Civil Aviation Organisation (ICAO), who has pleaded victims’ rights in several spectacular air crash cases, such as Tu-154 in Sochi, A-321 in Egypt, SSJ-100 at Moscow Sheremetyevo Airport, and Boeing-737 Max in Addis Ababa. He is also a versatile writer who has published work on different issues both on legal topics, cryptocurrencies, and blockchain technology as well as romance novels and children’s literature. According to the report, his works have sold 100,000 copies in different parts of the world.

Pavel Gerasimov  shares, “As a polyglot, I speak Russian, English, Spanish, and Chinese, which facilitates my international lecturing engagements at conferences and seminars worldwide.” His expertise in international law earns him recognition as one of the authorities consulted by governments and corporations on legal matters. Pavel remains a warrior for justice and advocacy of people’s rights in cases.

Presence Of PG CSP Group

Dubai Culture is an authority under the Government of Dubai in the UAE that has recognized Pavel as a literature writer, granting an exclusive golden visa.

Currently, Pavel Gerasimov is the owner of a PG CSP company that provides corporate service within a GCC region, ranging from company registration to court litigation.

The initial phase of starting a business is crucial. Professional guidance can ensure the right activity for any company, from completing legal formalities, and navigating complex regulations.

Pavel Gerasimov adds, “The need for expert assistance is growing with the increasing number of entrepreneurs and investors. That’s why more individuals and companies are turning to corporate service providers like PG. We offer expert advice and a one-stop solution. From company formation to ongoing operations, our team provides comprehensive support every step of the way. You can ask us anything, and our experienced professionals will share their knowledge to guide you through the process. 

At PG CSP, we prioritize transparency, cost savings, and efficiency. Unlike providers with hidden fees, we offer customized packages with upfront pricing and clear communication. Enjoy end-to-end support, seamless navigation, and peace of mind as we handle every detail. Our tailored solutions meet your specific needs, allowing you to focus on your business goals while we expertly manage the process.”

On Being A Successful Leader

An effective leader can play a pivotal role in the success of a business. Pavel’s company currently has a market share of about 10% in Dubai. Pavel Gerasimov believes that great leadership occurs if one can excel at communicating. And, they need to be adept at planning, problem-solving, and delegating, alongside being capable of navigating any challenges that arise.

Exceptional leaders have some intangible X-factor that sets them apart. For Pavel Gerasimov , several traits explain this difference. But first and foremost, it is about authenticity- instead of being one’s best self, most people lead with a pseudo-representative persona, which will inspire distrust and discomfort in followers. He adds, “Again, leaders need to be better than average in having the self-awareness to create conditions for their success. Curiosity, adopting an ‘outside-in’ perspective, aligns with being open to external stakeholder viewpoints. Analytical ability to break down complex issues and find new, sometimes innovative solutions, is critical. For leaders, it is critical in this fast-changing landscape, quite frankly, driven by emerging technology and the changing expectations of stakeholders.”

Being creative and leveraging the diversity of thought will allow leaders to tap into this adjacent possibility and generate groundbreaking ideas. Effective leaders have also to negotiate their way through ambiguity. They take on a systems mindset to reconcile conflicting priorities. The quality of resilience is also key: knowing the situations are fluid and taking the right time to recalculate when things do not work out as planned. At the final moment, empathy is what stands out in establishing relationships, trust, and an emotional bond with team members. “You need to be able to step into the shoes of your team members, understand what matters to them, what their priorities are, and identify common ground,” says Pavel.

Furthermore, developing emotional intelligence gives a deeper appreciation of the complex challenges others are working through, and helps the leader foster a more supportive and nurturing environment. All these qualities enable leaders to inspire, motivate, and drive performance in this increasingly fast-changing business environment.

Words Of Wisdom For Beginners

Addressing the beginners, Pavel Gerasimov says, “Learn to get on with people you wouldn’t go to lunch with. You don’t have to be best friends but you need to be polite. When someone says something insulting, treat it as intel, not gospel. Form your own opinions about the people you meet. If a colleague is gossiping about you about another colleague, they will be gossiping about you to someone else. Remember, don’t attribute to malice what can be explained by incompetence or a genuine mistake.”

Source Url: www.theafricatimes.com/meet-pavel-gerasimov

[anneteblumvision2]

The Yemeni Oil Business Unites 'Houthi' and Hadi's Government Supporter

As the Yemeni government-owned oil company was filing a complaint at the Public Prosecutor’s office against the oil trader Tawfiq Abdel-Rahim on charges of storing gasoline and causing a crisis in the domestic market, two other traders were completing the paperwork to establish the offshore company Red Sea Refinery Limited. Ahmad Saleh Al-Issi and Hussein Al-Huthaili partnered with Zafar Ikram Sheikh, a Pakistani-born American businessman who resides in Dubai.

In early 2020, Al-Issi was appointed deputy director of the President’s Office for Economic Affairs. He believes he is qualified to be the next president of Yemen. His competitors, on the other hand, describe him as a “crocodile,” and media reports quoted the current Yemeni Prime Minister in his description of Al-Issi as “corrupt.”

In his early days, Al-Issi supervised a gas station owned by his father in the Al Hudaydah Governorate. According to Le Monde, this was the first step that launched his monopoly of the fuel that reaches the port of Aden. This would not have been possible if it had not been for his relationship with the President of the Republic, Abdrabbuh Mansur Hadi when Hadi was the Minister of Defense in the 1990s.

Both Al-Issi and Hadi come from the Abyan Governorate in southern Yemen, and they have a strong relationship that helped them establish a fleet to transport fuel.

This investigation is based on leaked documents obtained by the International Consortium of Investigative Journalists and shared with ARIJ and a large number of publishers around the world within a project labeled as the Pandora Papers. The leaks mark the biggest cross-border journalistic collaboration project in history and include millions of documents from lawyers’ offices about tax havens. They also uncover assets, secret transactions and the hidden fortunes of the rich, including more than 130 billionaires, more than 30 world leaders, a number of fugitives or convicted people alongside sports stars, judges, tax officials, and counterintelligence agencies.

The documents reveal that Al-Issi established an offshore company with Al-Huthaili and Sheikh in the British Virgin Islands on May 7, 2014. Its main purpose was to invest and contribute to other companies, and open a bank account.

Al-Issi made statements in March 2021 on his activities in northern Yemen, which is controlled by the Houthis. He stated, “I challenge anyone to try and prove it. Since the first day of Operation Decisive Storm in March 2015, I have not had any business activities in the Houthi-controlled governorates. My business has stopped as the Houthis have seized some properties such as houses and lands in Sana’a in addition to a hospital. They also shut down the corporate headquarters, my factories and Al-Shifa’s Medical College in the city of Hudaidah. What I am doing now is charity work and paying employees who have been staying at home since 2015.”

These statements do not align with his partnership with Al-Huthaili whose activities have not stopped in the regions controlled by the Houthis, and the transfer of oil there is ongoing.

On October 28, 2015, that is, after Al-Houthi “Ansar Allah” movement took control of most of the northern governorates, the director of the Yemeni Oil Company sent a letter to the acting Minister of Oil to complain about Al-Huthaili’s Company which was selling oil on the black market. The company only seized the oil trucks in the Al-Sabahiyah region, as it does not have any authority in the Ras Issa area of ​​Hudaidah, which is run by Al-Issi. At this point, the Houthis were not in control of Ras Issa or the Hudaidah Governorate.

The same memo accused Al-Huthaili’s company of contributing to the hike in the dollar exchange rate from 215 to 280 Yemeni Riyals at that time. The company emptied the oil in Ras Issa and sold it on the black market. In just one week on the black market, it sold oil for the value of 48 million dollars.

What is the Story of Ras Issa and Al-Issi?

On July 16, 2013, the Yemen Petroleum Company signed an agreement with Al-Issi to establish a company called Ras Issa Oil, which would store and trade oil derivatives in the port of Ras Issa in Hudaidah for a period of twenty-five years.

By this agreement, Al-Issi monopolizes the distribution and transportation of oil derivatives by sea through his tankers.

Under the agreement, the Yemeni government pays US $13 in rent for each ton of oil derivatives operated or stored by the company.

Abdullah Al-Daya’a is the Secretary-General of the Trade Union Coordination Council: At the time, his comments to the workers and employees of the oil company were as follows, “The agreement gives away the rights of the state and commits many legal violations.” According to older statements posted on Mohammad Al-Absi’s blog, Al-Daya’a emphasized the union’s intent to escalate the situation and go on strike in the event the agreement is endorsed by the ministry.”

The agreement includes items such as allowing Al-Issi’s heirs to inherit the right to continue the partnership upon Al-Issi’s death, and the contract would not be rescinded even if he declares bankruptcy.

The expert in Yemeni oil affairs Abdel-Wahid Al-Awbali tells ARIJ, “Oil in Yemen has always been controlled by influential people.” He adds, “For the past 30 years, Al-Issi has monopolized the transport of oil by sea: Ras Issa receives oil from Ma’rib, and then it is transported to the Aden refineries.”

The Corruption Race Between the Government and Al-Issi

In an interview on March 16, 2021, Al-Issi declared war on the Yemeni Prime Minister Mue’en Abdel-Malik who had accused him of corruption, “He has to prove what he claims. He is the Prime Minister: He says I am corrupt and that everything is under my control and that I control the oil. He has to prove that. Our disagreement with Mue’en is not because he is the head of the government nor because he is falling short of his duties but because he is a trader; so, we hold him responsible for part of the corruption.” Al-Issi mentioned that the Prime Minister is linked to large companies and commercial groups that facilitate their work and harness the state’s support. These companies pay their taxes to the Houthis. Meanwhile, the Yemeni Prime Minister reacted by paying Al-Issi’s dues in April of that year because Al-Issi had stated that the Yemeni government owed him money and that it had not paid its debts. This conflict over the import and distribution of oil between Al-Issi and the government is due to the Prime Minister’s decision to develop future plans to allow traders to import oil to stop the monopoly.

Oil Corruption with the Support of the Yemeni Presidency

The oil trade in Yemen is linked to figures that have not changed for twenty-five years because they are connected to positions of power within the state. It is circulated among Yemenis that Hussein Al-Huthaili, who owns an oil transporting fleet, is the front of Vice President Ali Muhsin Al-Ahmar, and Yemeni media outlets have published government directives to facilitate and protect the activities of Al-Ahmar’s institution. Since the beginning of the nineties, Ahmad Al-Issi has had a strong relationship with the President of the Republic, Abdrabbuh Mansur Hadi and his children. The report of the relevant UN panel of experts reveals that the committee has an invoice with due amounts in excess of $3 million issued by the Aden Refineries Company to the ASA Shipping Company FZCo, a subsidiary of the Overseas Shipping and Stevedoring Company. This company is affiliated with the Al-Issi’s group for chartering the crude oil tanker M. Spirit. The Committee is examining the reasons for the delay, which led to the imposition of a fine. The report stated that the committee met with Al-Issi and that he categorically denied all charges and involvement in corrupt operations in running the port of Aden. Al-Issi who is the deputy of the President’s Office for Economic Affairs says that he never benefits from his position and that the Yemeni government owes him money and cannot pay its debts. In October of 2019, citizens of the oil province of Ma’rib protested when Al-Huthaili Corporation was given the exclusive rights to transport oil from Ma’rib to Shabwa. Al-Huthaili’s oil tankers were attacked, and people demanded that the process of transporting oil be handed over to the residents of the region. The same scenario happened in 2021 in the Hadhramaut Governorate when a group of people from the area objected to the transfer of oil from their lands by Al-Huthaili’s Company. In 2021, the Yemeni Minister of Oil sent a message to the governor of Hadhramaut, the commander of the second military region and requested that the oil tankers owned by Al-Huthaili’s Company be protected.

Contradictions

Al-Issi announced that the United Arab Emirates is fighting him and seeking to kill him while his business is launched from Jebel Ali with his partner in the offshore company Zafar Sheikh. Al-Issi says, “I have no money in Dubai. I only buy oil from Dubai in the name of my company, and not in my name. I would not step into the Emirates; if I would, you would never see me again.” Al-Issi adds that he only buys oil from the United Arab Emirates because it is the best and closest market, but the UAE is harassing him and accusing him of buying oil from Iran. An invoice submitted by Al-Issi to the Yemeni government in the amount of $3 million was published in the report of the relevant UN committee of experts, and it listed the account number of Al-Issi Group in the Islamic Bank in Dubai.

[emmagoinginyourworld]

The Yemeni Oil Business Unites 'Houthi' and Hadi's Government Supporter

As the Yemeni government-owned oil company was filing a complaint at the Public Prosecutor’s office against the oil trader Tawfiq Abdel-Rahim on charges of storing gasoline and causing a crisis in the domestic market, two other traders were completing the paperwork to establish the offshore company Red Sea Refinery Limited. Ahmad Saleh Al-Issi and Hussein Al-Huthaili partnered with Zafar Ikram Sheikh, a Pakistani-born American businessman who resides in Dubai. In early 2020, Al-Issi was appointed deputy director of the President’s Office for Economic Affairs. He believes he is qualified to be the next president of Yemen. His competitors, on the other hand, describe him as a “crocodile,” and media reports quoted the current Yemeni Prime Minister in his description of Al-Issi as “corrupt.” In his early days, Al-Issi supervised a gas station owned by his father in the Al Hudaydah Governorate. According to Le Monde, this was the first step that launched his monopoly of the fuel that reaches the port of Aden. This would not have been possible if it had not been for his relationship with the President of the Republic, Abdrabbuh Mansur Hadi when Hadi was the Minister of Defense in the 1990s. Both Al-Issi and Hadi come from the Abyan Governorate in southern Yemen, and they have a strong relationship that helped them establish a fleet to transport fuel. This investigation is based on leaked documents obtained by the International Consortium of Investigative Journalists (  ) and shared with ARIJ and a large number of publishers around the world within a project labeled as the Pandora Papers. The leaks mark the biggest cross-border journalistic collaboration project in history and include millions of documents from lawyers’ offices about tax havens. They also uncover assets, secret transactions and the hidden fortunes of the rich, including more than 130 billionaires, more than 30 world leaders, a number of fugitives or convicted people alongside sports stars, judges, tax officials, and counterintelligence agencies. The documents reveal that Al-Issi established an offshore company with Al-Huthaili and Sheikh in the British Virgin Islands on May 7, 2014. Its main purpose was to invest and contribute to other companies, and open a bank account.  Al-Issi made statements in March 2021 on his activities in northern Yemen, which is controlled by the Houthis. He stated, “I challenge anyone to try and prove it. Since the first day of Operation Decisive Storm in March 2015, I have not had any business activities in the Houthi-controlled governorates. My business has stopped as the Houthis have seized some properties such as houses and lands in Sana’a in addition to a hospital. They also shut down the corporate headquarters, my factories and Al-Shifa’s Medical College in the city of Hudaidah. What I am doing now is charity work and paying employees who have been staying at home since 2015.” These statements do not align with his partnership with Al-Huthaili whose activities have not stopped in the regions controlled by the Houthis, and the transfer of oil there is ongoing. On October 28, 2015, that is, after Al-Houthi “Ansar Allah” movement took control of most of the northern governorates, the director of the Yemeni Oil Company sent a letter to the acting Minister of Oil to complain about Al-Huthaili’s Company which was selling oil on the black market. The company only seized the oil trucks in the Al-Sabahiyah region, as it does not have any authority in the Ras Issa area of ​​Hudaidah, which is run by Al-Issi. At this point, the Houthis were not in control of Ras Issa or the Hudaidah Governorate.  The same memo accused Al-Huthaili’s company of contributing to the hike in the dollar exchange rate from 215 to 280 Yemeni Riyals at that time. The company emptied the oil in Ras Issa and sold it on the black market. In just one week on the black market, it sold oil for the value of 48 million dollars. 

What is the Story of Ras Issa and Al-Issi?

On July 16, 2013, the Yemen Petroleum Company signed an agreement with Al-Issi to establish a company called Ras Issa Oil, which would store and trade oil derivatives in the port of Ras Issa in Hudaidah for a period of twenty-five years.  By this agreement, Al-Issi monopolizes the distribution and transportation of oil derivatives by sea through his tankers. Under the agreement, the Yemeni government pays US $13 in rent for each ton of oil derivatives operated or stored by the company.  Abdullah Al-Daya’a is the Secretary-General of the Trade Union Coordination Council: At the time, his comments to the workers and employees of the oil company were as follows, “The agreement gives away the rights of the state and commits many legal violations.” According to older statements posted on Mohammad Al-Absi’s blog, Al-Daya’a emphasized the union’s intent to escalate the situation and go on strike in the event the agreement is endorsed by the ministry.” The agreement includes items such as allowing Al-Issi’s heirs to inherit the right to continue the partnership upon Al-Issi’s death, and the contract would not be rescinded even if he declares bankruptcy.  The expert in Yemeni oil affairs Abdel-Wahid Al-Awbali tells ARIJ, “Oil in Yemen has always been controlled by influential people.” He adds, “For the past 30 years, Al-Issi has monopolized the transport of oil by sea: Ras Issa receives oil from Ma’rib, and then it is transported to the Aden refineries.”

The Corruption Race Between the Government and Al-Issi

In an interview on March 16, 2021, Al-Issi declared war on the Yemeni Prime Minister Mue’en Abdel-Malik who had accused him of corruption, “He has to prove what he claims. He is the Prime Minister: He says I am corrupt and that everything is under my control and that I control the oil. He has to prove that. Our disagreement with Mue’en is not because he is the head of the government nor because he is falling short of his duties but because he is a trader; so, we hold him responsible for part of the corruption.” Al-Issi mentioned that the Prime Minister is linked to large companies and commercial groups that facilitate their work and harness the state’s support. These companies pay their taxes to the Houthis. Meanwhile, the Yemeni Prime Minister reacted by paying Al-Issi’s dues in April of that year because Al-Issi had stated that the Yemeni government owed him money and that it had not paid its debts. This conflict over the import and distribution of oil between Al-Issi and the government is due to the Prime Minister’s decision to develop future plans to allow traders to import oil to stop the monopoly.

Oil Corruption with the Support of the Yemeni Presidency

The oil trade in Yemen is linked to figures that have not changed for twenty-five years because they are connected to positions of power within the state. It is circulated among Yemenis that Hussein Al-Huthaili, who owns an oil transporting fleet, is the front of Vice President Ali Muhsin Al-Ahmar, and Yemeni media outlets have published government directives to facilitate and protect the activities of Al-Ahmar’s institution. Since the beginning of the nineties, Ahmad Al-Issi has had a strong relationship with the President of the Republic, Abdrabbuh Mansur Hadi and his children. The report of the relevant UN panel of experts reveals that the committee has an invoice with due amounts in excess of $3 million issued by the Aden Refineries Company to the ASA Shipping Company FZCo, a subsidiary of the Overseas Shipping and Stevedoring Company. This company is affiliated with the Al-Issi’s group for chartering the crude oil tanker M. Spirit. The Committee is examining the reasons for the delay, which led to the imposition of a fine. The report stated that the committee met with Al-Issi and that he categorically denied all charges and involvement in corrupt operations in running the port of Aden. Al-Issi who is the deputy of the President’s Office for Economic Affairs says that he never benefits from his position and that the Yemeni government owes him money and cannot pay its debts. In October of 2019, citizens of the oil province of Ma’rib protested when Al-Huthaili Corporation was given the exclusive rights to transport oil from Ma’rib to Shabwa. Al-Huthaili’s oil tankers were attacked, and people demanded that the process of transporting oil be handed over to the residents of the region. The same scenario happened in 2021 in the Hadhramaut Governorate when a group of people from the area objected to the transfer of oil from their lands by Al-Huthaili’s Company. In 2021, the Yemeni Minister of Oil sent a message to the governor of Hadhramaut, the commander of the second military region and requested that the oil tankers owned by Al-Huthaili’s Company be protected.

Contradictions

Al-Issi announced that the United Arab Emirates is fighting him and seeking to kill him while his business is launched from Jebel Ali with his partner in the offshore company Zafar Sheikh. Al-Issi says, “I have no money in Dubai. I only buy oil from Dubai in the name of my company, and not in my name. I would not step into the Emirates; if I would, you would never see me again.” Al-Issi adds that he only buys oil from the United Arab Emirates because it is the best and closest market, but the UAE is harassing him and accusing him of buying oil from Iran. An invoice submitted by Al-Issi to the Yemeni government in the amount of $3 million was published in the report of the relevant UN committee of experts, and it listed the account number of Al-Issi Group in the Islamic Bank in Dubai.