The Jordan Chamber of Industry (JCI), in cooperation with the local industrial chambers and the Jordan Investment Commission, held the Jordan-European Business Forum in Frankfurt, Germany.
During the day we had a lively exchange with interesting companies, where our Head of Arabian Department, Mr. Mamdouh Al Tajjar discussed the procedure of obtaining German residence permit for the Jordanian entrepreneurs who plan to stay in Germany to form a business, in addition explaining how GERMELA can support them in all steps in developing their business plans. Our lawyer, Mr. Damon Rahimi Moghaddam, gave an overview about the business opportunities for Jordanian companies in Germany taking into account the legal framework for national and international transactions.
The Jordan-European Business Forum in Frankfurt/Main aimed at raising awareness about the new opportunities, as well as promoting business and investment partnerships through offering bilateral meetings between Jordanian and European companies.
The background for this expanding business relationship between the EU and Jordan is the treaty agreed on in the summer of 2016, to simplifying the rules of origin that Jordanian exporters use in their trade with the EU. This initiative has the target to help Jordan creating new jobs and strengthen the economy in the context of the present Syrian refugee’s crisis for both Jordanian and Syrian.
The gathering aimed to promote local products in the European market and provide an opportunity for Jordanian companies to meet with importers from various European countries, and hold bilateral meetings between Jordanian and European firms to apply business matching stipulated by the accord to identify potential buyers in Germany.
The programme included:
About 25 Jordanian companies from various sectors took part in the forum, including plastic and engineering industries, clothing, packaging, chemical industries, cosmetics, metals and food products.
The United Arab Emirates (UAE) have created a new legal regime regarding the pledge of movables as security for a debt which entered into force in March 2017 (i.e. the law no. 20 of 2016). As opposed to the situation in most other middle eastern jurisdictions, the notion of disembodied pledges as well as pledges over movable and intangible assets is not entirely new to the Emirates' jurisdiction. Pledge agreements with such scope had been introduced to the UAE's law in 1993 by the Commercial Transactions Law (i.e. the law no. 18 of 1993) already. Still, the new law makes commercial pledges easier to handle by broadening the scope of admissible assets significantly and simplifying the procedures for pledges.
The scope of the new law covers any movable asset, tangible or intangible, existing or in the future.
Furthermore, the most important procedural step for creating a pledge over and asset will be registration of the pledge with the Security Registry. Once this registry is established – presumably on an electronic basis – no execution of an agreement before a notary public will be necessary anymore, as it was under the Commercial Transactions Law.