Legally On the Move: Careers, Tech & Insights from Dubai – Raymond Kisswany – E02

You can hear Rob and Raymond discussing:

– Dubai’s Strategic Position in International Trade and Arbitration

– Legal Risks in Crypto and Digital Assets

– Common Legal Mistakes for Dubai-based Startups

– Comparing Dubai’s Arbitration Centres to London and New York

– The Future of Compliance and Governance in the UAE

Connect with Raymond here:

https://ae.linkedin.com/in/raymondkisswany

Visit Davidson and Co:

https://davidsoncolaw.com/

Transcript

Robert Hanna  0:00  

Welcome to legally on the move, careers, tech and insights from Dubai. In this exclusive mini series of the legally speaking podcast, we’re taking you to the heart of Dubai, a global hub for legal innovation, cutting edge technology and transformative career opportunities. Here’s what you’ll gain, career inspiration, unlock the secrets to thriving in Dubai’s dynamic legal market Tech Trends. Dive into how AI blockchain and legal tech are reshaping the industry diversity and leadership here from Trailblazers driving inclusivity and innovation in the UAE and global perspectives, explore how Dubai’s unique blend of tradition and ambition is creating a thriving legal ecosystem recorded in iconic locations. These episodes bring you the energy and insights of one of the world’s most exciting legal hubs. Don’t just listen. Experience the future of law. Ready to move forward with us. Let’s go.

So welcome to the legally speaking podcast. Name, title and firm.

Raymond Kisswany  0:57  

Hi. Raymond Kisswany, partner and Head of International Trade digital assets and startups at Davidson and CO law firm in Dubai, and

Robert Hanna  1:06  

it’s awesome to be recording with you here in Dubai. So let’s get into it. Let’s talk about the trade and arbitration side of things. What makes Dubai an attractive hub for international trade and dispute resolution, and how do you see its arbitration landscape evolving,

Raymond Kisswany  1:21  

yeah, so, I mean in terms of international trade, Dubai, just looking at it on, on the map, is very strategically centered between Europe, Africa and Asia, so that makes it a natural hub for it. What? What has happened through building of specific free zones, and the building, of course, has made it really attractive for investors, for traders of all different types of sectors when it comes specifically to dispute resolution and arbitration. Once it made Dubai and the UAE sort of generally more attractive for international enterprises, is the formation of the two financial centers, the DIFC and the adgm, which operate in English, they operate as a common law jurisdiction. They have their own court system, their own arbitration systems, and so that has really given legal, financial and international recognition to centers, as well as Dubai itself. So that’s really what’s made it kind of at the forefront. Where I think things will be going is given Dubai’s kind of innovative style. I really see there being significant more digitalization, more usage of blockchain, more usage of AI tools, etc. So yeah, that’s, that’s it in a nutshell. Yeah,

Robert Hanna  2:41  

and look, I see the energy in Dubai at the moment, coming over from the UK to do this whole series. There’s just a real buzz in the air. And I think it’s an exciting time to be in legal and your space so touching on crypto and digital assets, then with this sort of big rise, particularly within the UAE, what are the biggest legal risks businesses should watch out for, hands

Raymond Kisswany  3:00  

down, UAE and and Dubai are are perfectly placed for all things, kind of digital and virtual assets, the legislation, the government, the regulation has has really been at the forefront. Unlike the vast majority of other other jurisdictions, we’ve actually seen a significant rise even of enterprises over the past sort of two years, wanting to move over from places like Hong Kong and Singapore over to Dubai. So we’re clearly out shot there. Yeah, the biggest areas that some companies will will make is not being aware of the regulatory environment. Yep, the UAE is, is a is a bit of a different beast to most other jurisdictions, because it is, it is not just one jurisdiction. You’ve got seven emirates. Within those Emirates, you’ve got free zones. Within the free zones, you have the the financial free zones. There are multiple different regulators, depending on where you incorporate, where you set up, etc. So it’s, it’s where a company sort of wants to put the the carriage before the horse, yeah, as it were, not knowing where you want to set up, not knowing why you want to set up there, often puts you in foul. So, so that’s, that’s really where folks like myself really come in, is that trying to understand what the business plan, what are you trying to achieve, and how you’re going to achieve it, and when really dictate specifically where you you set up, what licenses you need, etc, yeah.

Robert Hanna  4:27  

And I guess that leads quite nicely on to, you know, specifically on the startup scene, you’re touching on it there. But sort of the common legal mistakes you see people make that say, Hey, I want to come over to the UAE. Want to come over to Dubai. You know, how can they avoid making some of these common legal mistakes that startups you see happening, the key

Raymond Kisswany  4:44  

is, again, touching base with with a specific corporate lawyer that that works in this space because you really need it’s it’s a little bit like going to a doctor, right? A doctor is not going to prescribe you any sort of drug or any treatment before. They examine you before they ask you a whole lot of questions. Yeah, and that’s what you need from effectively, before you just kind of run and set up somewhere. Because anybody can set up a company at any time, any place, but it’s, it’s knowing what your what your business plan is, what your business objectives are, what are your your short term, long term needs? Are you planning on attracting international investors, etc, etc. So I mean, having someone understand all of that and work with you before you set up is is crucial. And then there are the the usual things, if you have partners, making sure that you’ve got a robust shareholders agreement in place, making sure that if you’re acting in any sort of business that is a regulated activity that you’re getting proper licenses. The UAE takes AML and KYC very, very seriously, and anybody falling foul of that is really going to be putting their business and themselves at risk. So understanding all of those dynamics before you set up is absolutely crucial. Yeah,

Robert Hanna  5:58  

no, couldn’t agree more. And obviously, you know, you know, a lot of well placed people to help with that, including with that, including yourself. Let’s talk about the international aspect then in cross border disputes. Because, as you’ve mentioned, it’s sort of, you know, it’s a great place, isn’t it, for a hub in terms of Dubai. So how does resolving international disputes here perhaps compare to other major arbitration centers, let’s say London or New York? Yeah.

Raymond Kisswany  6:19  

So, I mean, look, I’ve been out here now for 11 years, having previously worked in New York and London. I think those, those two specific places, are very well established. They’ve been around for hundreds of years. So there is that element to them. I would say certain advantages are, are specific to the UAE. So for example, the costs specifically, which is a huge deal, costs are, I would say, significantly less here, than they are in either London or in Dubai. And that’s both in terms of the actual dispute filing costs as well as probably legal fees as well. Then there is the huge emphasis on on efficiency and and speed. Yep, there are very specific factors for that. So we don’t have the type of of backlogs that you often see in places like London or New York. Decisions are made quickly, efficiently. And I would say, you know, the talent of calibers is is just about the same. You often find the exact same arbitrators that are sitting in London or New York are sitting here. So you’re basically getting faster, a more efficient service at a lower cost.

Robert Hanna  7:33  

What’s there not to like, exactly, basically, okay. Then just before we wrap up, let’s look at what’s next from a sort of trading compliance perspective, how is the UAE adapting to global trade regulations, and what trends will shape the future of compliance and governance, in your opinion? So

Raymond Kisswany  7:48  

we’ve recently implemented the international standard for corporate tax, if that’s into effect, like I mentioned earlier, all things related to KYC, AML and compliance are a huge deal. So those are, are there, and we are literally the Switzerland of the the Middle East, where it comes to finance, commerce and law. So all things kind of seem to be going in the right direction.

Robert Hanna  8:14  

Yeah, absolutely. And I’m excited about this whole series. Um, just before we do wrap up one final question, because I know you do a lot of it. What do you do when you’re not being a high profile lawyer?

Raymond Kisswany  8:25  

Well, I mean, behind you is all those random running things. What I do when I’m not here is either with my kids and family or training for some random race. Yeah,

Robert Hanna  8:37  

and I must say, Raymond is fantastic when it comes to the running the amount of metals we’ve got in his office. We’re recording live in Dubai here is quite, quite a feat. Well, thank you so much for coming on the legally speaking podcast. It’s been great to reconnect with you as well after all these years. If people want to connect with you or find out more, where’s the best place for them to go? Where’s their website, social media handles? LinkedIn,

Raymond Kisswany  8:57  

yeah, you can find us on, on Davidson and CO’s website. We’re on LinkedIn, and I personally, we’re also on Instagram. And yeah, you can have all my connection details, there’s my email, there’s my number as well, perfect.

Robert Hanna  9:13  

Well, thank you so much, Raymond, so from me here in Dubai, over and out. Thank you so much for tuning in to this episode of our legally on the move from Dubai series. If you enjoyed today’s conversation, please take a moment to rate and review the show on your favorite podcast platform. It really helps us out. And if you want to connect with us directly, join our vibrant legally speaking club community on Discord or visit our official website. Legally speaking podcast.com for more updates and ways to get involved. Stay tuned. We’ll see you again soon. Over and out.