< Previous30 May 2025law-middleeast.com COVER STORY Dubai is erupting as a volcano of opportunity. Its ever- evolving skyline symbolises a market with no bounds LME_May2025_26-31_Cover story_13599418.indd 30LME_May2025_26-31_Cover story_13599418.indd 3005/05/2025 16:1905/05/2025 16:19May 2025 31law-middleeast.com COVER STORY focus team made up of partners across its offi ces with specialist experience. As a corporate lawyer based in Dubai, a city renowned for retail and luxury business, De Leo has been involved in major fashion deals. He recently advised on aspects concerning the Versace group in the Middle East, following Prada Group’s $1.375 billion purchase of the iconic brand. The deal is expected to close in the second half of the year, subject to customary closing conditions including regulatory approvals. TRENDS IN THE LUXURY SECTOR One trend he has observed in the luxury market is global brands striving for a stronger foothold in the region, whether by establishing joint ventures or a direct presence in the region as laws evolve to make this possible without the previous requirement of a local partner. What’s more, Dubai has introduced a new regulation allowing companies within the free zone to operate in the mainland, which De Leo says will have a signifi cant impact on company structures moving forward. De Leo has also noted a signifi cant emphasis among businesses in the region on e-commerce. Previously, local partners in joint ventures often excluded this in agreements, with global brands typically managing it centrally. However, it has now become a crucial point in their negotiations, he says. Further, intellectual property (IP) considerations are evolving beyond just brand names to include aspects like store layout and concept. LOOKING AHEAD His priorities for the Dubai offi ce over the next two years, which also marks a decade of the fi rm’s Dubai operation, in 2027, include continued expansion both in terms of people and practice areas, such as litigation, he says. De Leo rules out offi ce expansion for the time being. “We are an ambitious international law fi rm and every strategic decision we make is in response to what our clients need from us and in-line with the fi rm’s strategy,” he says. “Our growth trajectory is carefully calibrated to enhance our capability to deliver exceptional legal services across key markets, while maintaining the high standards of excellence and client-focused approach that distinguishes our fi rm.” REFLECTIONS Looking back on his more than 20 years at BonelliErede, De Leo emphasises that it is the people, whom he considers his "second family", that are one of the several reasons why he has stayed with the fi rm. “BonelliErede has been my second family for more than 20 years. I have spent more time in the offi ces of BonelliErede than in any other place, and there has been no one single day that I have regretted spending a signifi cant part of my life at the fi rm,” he says. “The reasons for remaining with the fi rm for such a long time are several, but above all what I have always appreciated are the people at BonelliErede.” His biggest challenge was becoming a partner. He entered the process upon arriving in Dubai and was promoted to the fi rm’s partnership in January 2019. He became the managing partner of the Dubai offi ce a year later in March 2020. “It is a tough process,” he comments. “It involves compromise on your personal life, but for me, I never viewed it as a sacrifi ce, because I love my work." "Our team works on high-profi le matters, off ering the kind of professional growth and intellectual stimulation that truly drives us as legal professionals,” he adds. ADVICE One piece of advice that has stayed with him throughout his career is the importance of continuous learning, It was fi rst relayed to him by one of the co-founders, Sergio Erede, who is still at the fi rm, during a meeting on his second day in the offi ce. De Leo himself decided to undertake a master’s in law focused on corporate M&A at the London School of Economics (LSE) in 2011 while in practice. This advice he continues to uphold and instills into junior lawyers. “I think it is crucial in our business,” he says. “If you are not up-to-date it will begin to show.” For lawyers considering a move to Dubai, he encourages developing a specialised practice to maintain an edge over peers and provide fi rms with a strong incentive to invest in them. “Dubai is erupting as a volcano of opportunity,” he says. “Its ever- evolving skyline symbolises a market with no bounds.” 433% The percentage increase of lawyers in BonelliErede’s Dubai office since launch LME_May2025_26-31_Cover story_13599418.indd 31LME_May2025_26-31_Cover story_13599418.indd 3105/05/2025 16:1905/05/2025 16:1932 May 2025law-middleeast.com ANALYSIS Legal reforms have transformed the nation into a regional command centre for global brands CONTROL, COMPLIANCE AND COUTURE: UAE’S LEGAL SHIFT FUELS LUXURY BRAND EXPANSION The UAE has long been a dazzling showcase for luxury, with its towering malls, global fl agship stores, and ultra- high-net-worth consumers solidifying its position on the luxury map. Its strategic importance for international brands is undeniable, acting as a gateway to the wider Middle East and North Africa (MENA) markets. Today, however, the emirates are undergoing a more strategic transformation—driven by legal and regulatory reform—repositioning the UAE as not only a retail destination but a strategic stronghold for global luxury brands. Understanding and leveraging this evolving legal environment has become a critical diff erentiator for luxury stakeholders seeking long-term value in the region. MARKET ENTRY, CORPORATE STRUCTURES, AND COMMERCIAL AGREEMENTS Historically, luxury brands in the UAE entered the market through franchising and commercial agency arrangements, driven by foreign ownership restrictions. These models transferred operational risks to local partners but also limited control and brand integrity. International brands used these agreements to grant local retailers the right to distribute their products. However, poorly crafted agreements often led to mismanagement and limited brand expansion. Recent reforms have shifted the dynamics. The Commercial Companies Law (Federal Decree-Law No. 32 of 2021) allows 100% foreign ownership in most sectors, including retail. This enables global luxury brands to establish wholly owned subsidiaries, reducing reliance on local intermediaries. This shift allows luxury companies to consider the UAE as a location for regional headquarters, operational hubs, and vertically integrated structures. The UAE's free zones also off er specialised ecosystems with tax exemptions and streamlined customs procedures, making them attractive for logistics and distribution centres. The introduction of the new Commercial Agency Law (Federal Law No. 3 of 2022) has signifi cantly rebalanced principal-agent dynamics. Eff ective from June 2023, it allows principals to terminate non- performing agents more easily and appoint multiple agents across diff erent territories. However, long-standing exclusive agents (with relationships over ten years or investments exceeding AED 100 million) are protected from unilateral termination until 2033. Luxury retailers that navigate these legal changes eff ectively can achieve greater operational control, brand consistency, and profi tability in the UAE. DIGITAL COMMERCE AND CONSUMER PROTECTION Luxury e-commerce continues to surge in the UAE, spurred by a digitally savvy consumer base and changing post-pandemic behaviours. While online platforms provide immense growth potential, they also bring regulatory obligations. The UAE Consumer Protection legal regime outlines specifi c obligations for suppliers and rights for consumers, such as clear pricing, warranty disclosures, and fair return policies. It also regulates advertising practices to prevent misleading promotions and discounts. Additionally, Federal Decree-Law No. 14 of 2023 on Electronic Transactions and Trust Services establishes a robust legal framework for digital transactions and mandates secure and transparent online commerce. Brands must ensure that digital interfaces meet these compliance standards while maintaining the exclusivity and personalised service luxury consumers expect. INTELLECTUAL PROPERTY AND BRAND PROTECTION Counterfeit goods remain a persistent threat to luxury brand value, especially in online marketplaces and grey-market channels. By Lara Barbary Partner at BSA Law $61.9B The projected value of the UAE’s retail market by 2030 LME_May2025_ 32-33_Luxury_13599302.indd 32LME_May2025_ 32-33_Luxury_13599302.indd 3202/05/2025 06:3302/05/2025 06:33May 2025 33law-middleeast.com ANALYSIS SUSTAINABILITY AND GOVERNANCE: A LEGAL PRIORITY IN ESG Sustainability and governance are increasingly core to luxury brand strategies. The UAE’s commitment to achieving net zero emissions by 2050 is shaping legal expectations for corporate responsibility. While ESG disclosures are currently mandatory for publicly listed companies, regulators are expanding environmental and labour-related standards that aff ect sourcing, packaging, employment nationalisation, and supply chain practices. Luxury brands must prepare to navigate a future in which ESG non-compliance may carry legal—and commercial—consequences. For luxury brands, aligning with these expectations requires careful attention to both UAE regulatory requirements and broader international governance frameworks. LEGAL STRATEGY AS A MARKET ADVANTAGE The UAE is evolving from a luxury retail destination into a regional command centre for global brands. For luxury players, the legal environment is no longer a background consideration—it is the foundation for market entry, risk mitigation, and long-term success. Brands that take a proactive legal approach—optimising ownership structures, complying with digital and consumer laws, enforcing IP, meeting AML obligations, and embracing ESG—will be best positioned to thrive in this new chapter of regional retail. In today’s world of luxury, compliance is more than just a safeguard; it is a signifi cant competitive advantage. The UAE is evolving from a luxury retail destination into a regional command centre for global brands The UAE has bolstered its intellectual property (IP) laws and increased penalties for infringement, and extended protection. Enforcement is active: local economic departments and customs authorities regularly conduct raids and seizures, while customs watchlists allow IP owners to intercept fake goods at entry points. For luxury brands, proactive trademark registration is essential, as is collaboration with UAE enforcement bodies to monitor and protect brand assets. DATA AND THE UAE'S LEGAL SHIFT Luxury thrives on personalisation; whether through VIP programmes, CRM platforms or concierge services, data drives the experience. But the introduction of the UAE's Personal Data Protection Law (Federal Decree- Law No. 45 of 2021 stipulates luxury brands must recalibrate how they collect, process, and store consumer information. Consent, data subject rights, breach reporting, and cross- border data transfer rules all now apply to retail and e-commerce businesses. Compliance not only meets legal requirements but also off ers a competitive edge in a market where trust and personalisation are crucial. AML COMPLIANCE AND RISK MANAGEMENT The UAE’s Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) frameworks impose stringent compliance requirements on high-risk sectors—including luxury. Luxury brands dealing in precious metals and stones are particularly impacted. Dealers in precious metals and stones (DPMS) are vulnerable to exploitation in money laundering (ML) and terrorist fi nancing (TF) schemes, and they are classifi ed as Designated Non- Financial Businesses and Professions (DNFBPs). As such, they must implement internal controls, including Know Your Customer (KYC) procedures, appoint compliance offi cers, perform screening, implement risk profi ling, and conduct regular audits to prevent money laundering and corruption. Ensuring AML compliance not only mitigates legal exposure but enhances brand integrity and aligns with global expectations around ethical luxury. LME_May2025_ 32-33_Luxury_13599302.indd 33LME_May2025_ 32-33_Luxury_13599302.indd 3302/05/2025 06:3302/05/2025 06:3334 May 2025law-middleeast.com CAREERS We go beyond legal rankings and directories to profi le lawyers and share their interesting stories DUBAI PARTNERS DISCUSS MEMORABLE DEALS, MANAGING OFFICE POLITICS AND PERSONAL SACRIFICES LME_May2025_34-39_Careers_13599743.indd 34LME_May2025_34-39_Careers_13599743.indd 3405/05/2025 16:2505/05/2025 16:25May 2025 35law-middleeast.com CAREERS LME_May2025_34-39_Careers_13599743.indd 35LME_May2025_34-39_Careers_13599743.indd 3505/05/2025 16:2505/05/2025 16:2536 May 2025law-middleeast.com CAREERS In this feature we go beyond legal rankings and directories to profi le lawyers and share their interesting stories; from stand-out deals and cases to managing offi ce politics, and their personal sacrifi ces for a successful career in law. We hear from three partners in Dubai: Michael Kortbawi, senior partner and co- founder of BSA Law; Nicola Jackson, a corporate restructuring and insolvency partner at Charles Russell Speechlys; and Natasha Zahid, a partner and Middle East dispute resolution head at Taylor Wessing, as they share their unique stories. MEMORABLE DEALS What are some of the most scandalous or stand-out deals or cases you have worked on, involving elements that are uncommon related to the local culture? Michael Kortbawi: Doing business in the Gulf Cooperation Council (GCC) can present legal and moral challenges. In the haze of the 2008 Dubai real estate boom, one case involved a famous real estate broker who was working for a large well-known brokerage. She secretly funnelled client leads to her boyfriend’s brokerage. She kept a list of every client and accidentally shared it with her employer instead of her boyfriend. This act of siphoning clients was in direct violation of her employment agreement given the massive confl ict of interest and breach of trust, which could be deemed illegal and apparently, she fl ed leaving everything behind rather than facing prosecution. She can never return to the UAE. Another case was where an individual was entering the airport and had a small piece of marijuana stuck to the sole of their shoe. They were caught and fully prosecuted given the UAE’s zero tolerance for drugs. People are sometimes emboldened to try their luck in the UAE, either with ‘get rich quick’ schemes or a small amount of drugs, believing they will not get caught or if they do LME_May2025_34-39_Careers_13599743.indd 36LME_May2025_34-39_Careers_13599743.indd 3605/05/2025 16:2505/05/2025 16:25May 2025 37law-middleeast.com CAREERS how to eff ectively report to and manage the needs of creditors. I also led a seminal jurisdiction challenge case in 2020, which was the fi rst of its kind and made law in the Dubai International Financial Centre (DIFC) Court of Appeal by developing the established line of jurisprudence to extend the ‘opt in’ provisions of the Judicial Authority Law. I have subsequently led cases in which the DIFC Courts have followed the precedent that my 2020 case established. Natasha Zahid: As I have had a career that has spanned the independent bar, private practice, and an in-house senior counsel position, I am lucky to have had many interesting and challenging cases. However, there have been two that have stood out: The fi rst involved a billion-dollar fraud case that spanned across a syndicate of leading regional and international banks and lasted over a number of years. I was tasked with taking the lead in the multi- jurisdictional cases and recovery proceedings on behalf of one of the banks. Cross-border fraud cases traditionally create a myriad of complex issues that can involve both criminal and civil proceedings. The consideration and assimilation of evidence prior to a case being fi led can be critical to its outcome. After extensive cross-border eff orts and trips to diff erent jurisdictions where the cases BSA Law senior partner and co-founder Michael Kortbawi it will not be a big deal, ignorant of the extreme consequences that can await them. Nicola Jackson: I was part of the external administration team on The International Banking Corporation (TIBC) in Bahrain, which (along with AWAL Bank) was the fi rst bank to be put into a formal administration process there. I was heavily involved in the technical and practical aspects at inception. Later, I was a senior member of the team that ran the litigation emanating from the administration and reported to creditors. It is quite unique for a lawyer to be on the inside of an administration, and therefore a particularly rare opportunity which gave me hands-on experience of not only how to frame claims made for and on behalf of the bank, but also Managing a law fi rm in Dubai is a game of balance. We need to be aware of individual personalities, group dynamics, and the competition for power Michael Kortbawi LME_May2025_34-39_Careers_13599743.indd 37LME_May2025_34-39_Careers_13599743.indd 3705/05/2025 16:2605/05/2025 16:2638 May 2025law-middleeast.com CAREERS were running, we managed to obtain the highest level of recovery from all of the banks. This rewarding outcome led me to develop an interest and focus on fraud, professional misconduct, and investigations that remains to this day. The second memorable case is based on an amusing anecdote involving a billionaire tycoon whose business partner had brought proceedings against him. He understood the nature of the case and was clear in his witness evidence. However, mid-way through the arbitral hearing, when he had been invited to give his oral testimony, he suddenly stopped, looked around, and said: “Why am I here? I am a billionaire. This is a waste of my time!” Needless to say, the arbitrator’s face took on a purple hue and he said in an icy tone: “I apologise for wasting your precious time and preventing you from making more money.” My team members and I sat there with suitably glassy faces whilst all of this transpired. Lesson for clients: please stick to your witness evidence! MANAGING OFFICE POLITICS Decision-making in law fi rms can be hindered by internal politics and power games, causing delays in the overall progress of a fi rm. How do you navigate the negative aspects of offi ce politics and manage its eff ects on the fi rm as a whole? Michael Kortbawi: Lawyers are very self-driven. This can create a competitive environment within the fi rm, with individuals competing for infl uence and power. Dubai’s status as a melting pot adds another layer of complexity. Lawyers from various nationalities often form power alliances, which can be a source of strength or potentially lead to internal divisions. To manage these challenges, we leverage external perspectives. Lawyers can sometimes miss the bigger picture. By seeking outside advice, we gain a clearer view of situations and ensure decisions prioritise the benefi t of the entire fi rm, not just personal agendas, or power struggles. Managing a law fi rm in Dubai is a game of balance. We need to be aware of individual personalities, group dynamics, and the competition for power. This understanding allows us to foster a collaborative environment where the fi rm’s collective success takes centre stage. Nicola Jackson: My view is that whatever landscape you have to navigate, whether it Put boundaries in place, respect them, and ask that others respect them. Stay true to your values, and fi nd a fi rm which shares those values Nicola Jackson Charles Russell Speechlys partner Nicola Jackson LME_May2025_34-39_Careers_13599743.indd 38LME_May2025_34-39_Careers_13599743.indd 3805/05/2025 16:2605/05/2025 16:26May 2025 39law-middleeast.com CAREERS be legal or corporate, should offi ce politics be something you come across, two of the keys to successfully mitigating the eff ects of such are transparency and authenticity. Natasha Zahid: Avoid, navigate, do not indulge! MY SUCCESSES AND SACRIFICES Success often comes with sacrifi ce. What are some of the personal costs and potential regrets associated with a successful career in law? Michael Kortbawi: Dubai is basically a big business centre; it should not come as a surprise to anyone that being a lawyer is a balancing act between work and personal life. This comes with the job, as a big chunk relies on business development and networking outside the offi ce. Every social event is an opportunity to consolidate new professional relationships. The people you meet outside the professional setting become quite important for your work. Setting boundaries is a necessity as everyone in Dubai is there for business. New lawyers especially need to learn this. Success should not mean sacrifi cing your personal life. Finding a healthy balance is what keeps you going strong. in the legal world. Nicola Jackson: My career in law has involved success and sacrifi ce. Professional successes can be huge but often mean sacrifi cing your time. For me, it is all about balance. Put boundaries in place, respect them, and ask that others respect them. Stay true to your values, and fi nd a fi rm which shares those values. As a trainee I was asked to go to Bahrain for one of my training contract seats. I was pretty agnostic about it, but slightly disappointed to have sacrifi ced a British summer. Fast forward 15 years, and the Middle East is now where I call home—I love it here. Two of my favourite things to do are to walk on the beach with my rescue dogs, Lucky and Grady, and ride my (borrowed) horse, Timothy, in the desert. So, you could say a sacrifi ced British summer ended up being a life- changing opportunity! Natasha Zahid: Law is very much a demanding career that requires attention and sacrifi ce. However, I feel privileged and grateful that all of my successes and sacrifi ces over the years have led to my current role as Middle East and North Africa (MENA) head of dispute resolution and investigations at Taylor Wessing. My message to other ambitious lawyers (in particular, to the many talented female lawyers out there) who seek leadership roles, is that hard work, providing the highest quality legal service, and always remaining professional—irrespective of the circumstances—does pay off in the end. Taylor Wessing partner Natasha Zahid Hard work, providing the highest quality legal service, and always remaining professional— irrespective of the circumstances—does pay off in the end Natasha Zahid LME_May2025_34-39_Careers_13599743.indd 39LME_May2025_34-39_Careers_13599743.indd 3905/05/2025 16:2605/05/2025 16:26Next >