Saudi Tadawul Group Acquires Major Stake in DME Holdings
Saudi Tadawul Group Holding has acquired a 32.6% stake in DME Holdings Limited, a leading international commodities exchange. This acquisition makes Saudi Tadawul Group a joint largest shareholder alongside CME Group, with other investors including the Oman Investment Authority and Dubai Holding. DME, soon to be rebranded as Gulf Mercantile Exchange (GME), aims to meet the rising demand in energy, metals, and agricultural markets while supporting the global shift towards sustainability through new derivatives contracts. Saudi Tadawul Group stated that the investment will enhance GME’s growth as a regional commodities leader and leverage the Middle East’s strategic position between key …
Turks and Caicos Real Estate Market Thrives in Exceptional Conditions
Tourism and real estate sales are booming in the Turks and Caicos Islands (TCI), surpassing other Caribbean regions. Both sales and pre-construction numbers reflect a thriving market, with many large beachfront parcels in Providenciales being transformed into high-end, branded hotels and residences to meet the strong demand for investment and vacation properties. A report from Turks & Caicos Sotheby’s International Realty highlights that the islands’ exceptional tourism offerings continue to attract A-listers from around the world, as well as buyers seeking homes with stunning ocean views, a mild climate, and a serene Caribbean atmosphere. The first quarter of this year …
Turks and Caicos Emerges as Top Luxury Destination
Turks and Caicos has emerged as the Caribbean’s leading luxury travel destination in 2024, recording an impressive 73% growth in premium-class travel compared to the previous year. According to data from Forward Keys Destination Insights, this surge underscores the region’s appeal to affluent travelers seeking exclusive experiences. The Caribbean’s overall overseas air passenger arrivals have increased by 9% year-on-year in the first half of 2024, with high-end cabin bookings, including First and Business Class, soaring by 39% compared to the same period in 2023. Minister of Tourism, Hon Josephine Connolly, credits this achievement to the Turks and Caicos Islands’ status …
Air and Cruise Arrivals Surge in Turks and Caicos: High Expectations for Summer
The Turks and Caicos Islands are experiencing growth in visitor arrivals, with increases reported at its primary entry points. According to the Ministry of Tourism, from January to April, the Islands welcomed 271,326 air travelers, marking a 10.46% rise compared to the 245,637 arrivals during the same period in 2023. Tourism Minister Hon. Josephine Connolly expressed her pride in Turks and Caicos continuing to be a top destination for vacationers. She highlighted that preliminary data indicates high air arrival numbers are expected to persist through August. “This is excellent news for the people of Turks and Caicos. Through Experience Turks …
Wessex Fairchild Attorneys rank in Chambers
We proudly announce that our firm has been ranked in Chambers General Business Law category for the third consecutive year, reaffirming our commitment to excellence and client satisfaction. Wessex Fairchild is synonymous with excellence in dispute resolution, a reputation earned through years of dedicated service and successful outcomes. We are honoured by this recognition and remain devoted to delivering legal services to clients across Turks and Caicos. See our ranking at: https://chambers.com/department/wessex-fairchild-attorneys-general-business-law-global-2:852:219:1:23166349 …
LawToolBox Unveils AI for Legal Professionals
LawToolBox, a provider of legal solutions unveiled a suite of AI-powered features that transforms its award-winning experience for legal professionals with groundbreaking advancements in deadline extraction and rules-based calendaring in Microsoft Teams and Outlook. LawToolBox AI amplifies core deadline management functions, safely and responsibly by processing AI behind Microsoft’s enterprise-grade security. The introduction of LawToolBox AI facilitates the conversion of handwritten court orders into actionable deadlines, clause extraction from real estate contracts, automatic deadline tracking in commercial agreements, and more. Highlights of LawToolBox AI include: • Extracting deadlines from emails and attachments then add to user/matter calendar • Mapping deadlines …
‘Robot lawyer’ powered by AI set to take on first case in court
The “world’s first robot lawyer” powered by artificial intelligence (AI) will take on a court case in Fabruary, helping a defendant fight a traffic ticket. DoNotPay, the company that developed the AI, dubs it “the world’s first robot lawyer.” It will run on a smartphone and listen to court arguments in real time then advise the defendant what to say. The makers of the robot lawyer did not reveal the defendant’s name or the location of the unprecedented hearing regarding a speeding ticket. According to the science and technology publication New Scientist, the defendant will only say what the AI …
Third Party Disclosure and Jurisdiction
Following a significant court decision, third party disclosure orders could be served on Turks and Caicos Island (TCI) businesses and other organizations by English courts. ParrisWhittaker’s commercial litigation attorneys, who have won awards in the past, have extensive experience representing individuals and businesses that have been served with disclosure and other orders within the TCI and the jurisdictions that surround it. A third party disclosure order is an one which requires a person or organisation who isn’t party to the litigation to disclose information or documents in its possession. The Norwich Pharmacal Order is one example, and it can be …
Cayman Islands Hosts Historic Privy Council Meeting
In another historic first for the Cayman Islands and the Overseas Territories (OTs), the Judicial Committee of the Privy Council (JCPC) opened its Sitting in the Cayman Islands on Tuesday, 15 November 2022. The four-day Sitting will conclude on Friday, 18 November. In addition to conducting hearings, the Justices have been engaged in several informationsharing initiatives designed to add value to the visit for the Cayman Islands. These include a “Court Users” meeting, to be attended by a cross-section of legal practitioners; a meeting with senior highschool-aged students from St. Ignatius High, Cayman Prep High, and the “Dual Enrolment” programme …
EU lists Turks and Caicos as non-cooperative jurisdiction for tax purposes
The EU in its attempt to promote fair tax competition and address harmful tax practices, has added Turks and Caicos Islands for the first time to its list of non-cooperative jurisdictions for tax purposes. The Council regrets that the 12 jurisdictions on the list are non-cooperative on tax matters and invites them to engage with the EU’s Code of Conduct Group in order to resolve the identified issues. “Fair taxation of businesses benefits all of us. This is why the EU and international partners share a common interest in fighting tax base erosion and profit shifting. I believe all 12 …
