How do you approach managing legal aspects during periods of instability or crises, and how does your legal strategy align with the broader business strategy to ensure the organisation’s resilience? 

Dubai Financial Market (DFM) and Nasdaq Dubai are, respectively, the onshore and offshore stock exchanges of Dubai. As such, they form a fundamental part of Dubai’s economy and indeed that of the UAE as well as the region. The stability of both exchanges is therefore critical. As General Counsel, I play a key role in ensuring that we remain resilient and prepared for any event having the potential to disrupt operations or otherwise affect the integrity of the markets, such as cybersecurity threats, technical malfunctions, or serious market violations. This is achieved first and foremost by preparing for crises before they occur (and in doing so aim to prevent them), through extensive planning involving legal, operational and regulatory stakeholders. Open and regular communication with these internal and external partners naturally comprises a consistent part of my day-to-day work regardless of the type of matter on my plate at any given time; but in the context of crisis readiness, it is absolutely indispensable. All of us must be well-coordinated at the outset in terms of our respective responsibilities and the overall “game plan” for addressing the situation and mitigating its effects, whether those be financial, legal or reputational. It is both a matter of strategic alignment as well as operational necessity that we be able to respond quickly and comprehensively, so that we protect investors and ensure business continuity while preserving the public’s trust in Dubai’s exchanges. If and when an unexpected threat materialises, time for decision-making in any organisation will be limited – for DFM and Nasdaq Dubai, however, every second counts.

 What are the main cases or transactions that you have been involved in recently?

My position requires that I oversee all legal matters relating to DFM and Nasdaq Dubai as well as other group entities, including both transactional and disputes work. The continued growth of both exchanges has made it a very busy year on all fronts. As we have sought to establish ourselves as one of the region’s premier investment hubs, I am particularly proud to have played a key role in ARENA, which is DFM’s most innovative initiative to date. ARENA is Dubai’s technology-powered private market for capital raising, listing and investments. It is unlike other platforms because it offers a private offering alternative to IPOs for family businesses, growth companies, and private companies. It was a genuine thrill for me to participate in the inception of this pioneering development, responsible for its legal and regulatory architecture and deeply involved in its rollout. I was particularly honored to moderate a panel of world-class industry experts at the MENA Capital Market Summit earlier this year, where DFM announced the arrival of this new platform. It has been extremely rewarding to explore new possibilities beyond the legal parameters that had applied previously, and to engage extensively with forward-thinking counterparts in the regulatory community who were similarly committed to providing an additional measure of flexibility and opportunity for companies that have fantastic growth potential but are not yet ready for a traditional IPO. I look forward to the further implementation of ARENA as it continues to be developed, and to working on many more cutting-edge projects in the future.

What do you see as the major legal challenges for businesses in the region over the next five years, and how are you preparing to address them? 

The Middle East is one of the most rapidly changing and dynamic places in the world. When we consider the amount of change this region has witnessed over the past five years, and we bear in mind that the pace of change only accelerates as time goes on, we can be confident that the landscape will be significantly different just a short while from now. For businesses here, as well as for the General Counsels who must help to steer them through this evolution, there will be many challenges to navigate. Of particular relevance to my practice as General Counsel of two stock exchanges, I expect to see the following:

Enhanced regulatory scrutiny of financial institutions and the investors, borrowers, and lenders that they intersect with (as well as the external specialists who serve all of them), all of which would be intended to ensure continued stability and integrity of high-growth and high-volume markets.

An increased volume of high-value litigation, particularly in the onshore courts, owing to the growth in overall economic activity plus regulatory oversight, and especially if litigation financing becomes as much of a trend here as it has been in other markets. Unification of data privacy and protection regimes, which will be more important and necessary than ever given the prevalence of digitisation, artificial intelligence, automation and other technologically-based business drivers underpinning international transactions.

Finally, a deepening concern for the ecological implications posed by not just business but consumption, ranging from manufacturing to transportation to computing and so on, as more of the region’s economies shift towards reducing their carbon footprint and focus on sustainability and – importantly – increased investment in businesses that embrace these changes and are sought out by ESG-conscious market participants. Each of these developments will naturally entail regulatory and legal changes to either provide a framework or to enhance enforcement, so I would expect my own role to evolve concurrently to help my business stakeholders adapt to the challenges and opportunities that would emerge as a result. Staying ahead of the curve will require flexibility and a willingness to engage proactively with those internal decision-makers as well as with regulators and counterparties who themselves are addressing the same changes as we will be. I am excited by the times that lay ahead, and as General Counsel I am privileged to be witnessing them from a position that carries with it the potential for helping to drive positive change in the region.