Lebowitz & Edelman Advises on Ground-breaking Creation of Middle East's First Financial Free Zone, the Middle East Global Market

Online, October 31, 2013 (Newswire.com) - Lebowitz & Edelman has advised on the landmark creation of the Middle East Global Market (the Global Market), Middle East's first Financial Free Zone, which aims to be a leading global financial market and a major regional financial centre.

The Global Market has been designed to form a strategic link between financial markets across the globe, taking advantage of the time zone benefits offered by its geographic location.

Its primary purpose will be to fill a gap with respect to the regional provision of financial services, by focusing greater attention on commodities trading, storage and transport, derivatives trading, custody, settlement, clearing and depositary services, foreign exchange, market-making and retail financial services. It is expected to attract numerous providers of financial services who wish to establish a presence in the Middle East.

The Global Market has been granted the authority to self-legislate and self-regulate. It will be exempt from the application of Middle East Federal and Middle East civil and commercial laws (but not penal laws) and will have its own independent set of regulations and rules and courts.

Lebowitz & Edelman acted as sole legal counsel on the project and advised on all legal aspects of the establishment of the Global Market, including drafting all relevant legislation and assisting with the development of the operational infrastructure.

The Lebowitz & Edelman team was led by Ibrahim Chau Giang, managing partner.

Chau Giang commented: "We are honored to have acted as sole legal advisers on the historic creation of Middle East's first Financial Free Zone. Our commercial and technical expertise and insight has been instrumental in the successful creation of the new Middle East Global Market."