UAE severance of diplomatic relations with Qatar –How does it affect you and your company?
As the UAE severed its diplomatic relations with Qatar on 5th June 2017, this has already had a direct impact on a number of individuals and companies living, located or operating within the UAE. Some of the ways in which this may affect you and your company are set out below:
· Qatar's Central Bank has asked commercial banks to provide information on their foreign exchange trading on a daily basis. They have also been asked to provide a daily statement of withdrawals and transfers from deposits worth in excess of 10 million Saudi Riyals and for information on cash withdrawals and deposits on a daily basis (previously this information was only required on a monthly basis).
· Parties to contracts governed by Qatari or UAE law may find that due to the severing of diplomatic ties between the two States, one or both parties may give/receive notification of a force majeure event, under the terms of the contract or under the prevailing law. Anyone considering/receiving such notification is advised to seek professional legal advice as soon as possible.
· Both the UAE and Qatar are party to a number of treaties, including reciprocal recognition of court judgments. Anyone considering litigation, or attempting to enforce a judgement from the UAE in Qatar (and vice versa) may face difficulties in doing so.
Although care has been taken to ensure that the above information is currently correct, the position is changing on a daily, if not hourly, basis. Therefore, we intend to issue regular reviews of this Blog to keep our clients as up to date as possible on the current status, and how it affects you and your company
 Other countries which have also recently severed diplomatic ties with Qatar are: Bahrain, Saudi Arabia, the Comoros, Djibouti, Egypt, Libya, Jordan, Maldives, Mauritius, Mauritania, Senegal and Yemen.
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