#EmbraceSpain XXXVIII: News: Floor Clauses – Gulf crisis

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Our firm supports diversity, multiculturalism, heterogeneity, as well as the regulation and protection of all aspects of civil rights. For this reason, last week, Laia Fernandez and Julio Prieto, both lawyers at Del Canto Chambers, published the following article “The pride of difference: Not everything ends with a yes I do…”. They mention how homosexual marriage, adoption by same-sex couples and the birth of new family structures have given rise to a new debate: The regulation of international adoption, surrogacy or gestation by substitution. They say “currently there is no legal uniformity, nor international treaty to regulate this matter, therefore, we think that a strong international response must be given to prohibit the degradation of the dignity of women and protect children from being treated as commodities.”

Meanwhile in the Middle East, the foreign ministers of Saudi Arabia, Emirates, Bahrain and Egypt, meeting this week in Cairo, have lamented Qatar’s “negative response” to their list of demands to end the blockade they have submitted Qatar for over a month now. Although they have not announced new measures of pressure, they will keep the diplomatic, commercial and transport isolation for now.

Qatari Foreign Minister Mohammed Bin Abdulrahman Al Thani has made it clear that his country will not capitulate. During a conference in London he reiterated that they are willing to solve differences with their neighbors through dialogue: “We do not accept intervention in our internal affairs

On the other hand, Qatar Petroleum has announced plans to increase its Liquefied Natural Gas (LNG) production by 30% over the next five years, with the goal to increase production from current 77 million tonnes per year to 100 million tonnes.

More and more voices say that the real reason behind the blockade of Qatar is the large reserves of liquefied natural gas owned by the Emirate.

Meanwhile in Madrid, in an interview by El País, Wadah Khanfar, ex-general manager of Al Jazeera and present at the Common Action Forum conference, harshly criticizes the Qatar blockage, saying that Al Jazeera defends democracy and freedom, a very delicate subject in a region that is still afraid of the Arab Spring effects.

In the United Kingdom we continue helping UK citizens with properties in Spain to recover the interests charged by Spanish banks with abusive clauses, such as the floor clauses. We are witnessing how the Spanish courts are collapsing with these demands.

Laia Fernández comments that the courts are receiving about two thousand floor clause claims per week through the Lexnet platform, which should allow the secure exchange of information between judicial bodies and legal operators. The reality is though, that it is not as effective as it is presented. Laia says: “This implies that we must arm ourselves with patience with the delays and collapses we are facing. Our aim is to help those who have placed their trust on our team to recover the money, and Spanish banks cannot go unpunished for what they have unduly charged. Even though the procedure may be long, we will not give up on our efforts. ”

In this line, and as Laia says in the following article , banks have suffered a legal setback this week: A ruling of the Supreme Court forces banks to pay the costs of those floor clause trials lost. On the other hand, more and more cases are won for claims of expenses paid for mortgage granting (notary, registry, appraisal and management fees).

This week we participated in the event “10 years of economic relations Spain-Arab countries: balance and future“, organized by Casa Arabe on the occasion of its tenth anniversary. In it, Francisco Javier Garzón, ICEX general manager, commented on how sales of goods to the Arab countries account for 8% of total exports: “We export more than 2,000 million euros annually to Morocco, Algeria, Saudi Arabia, the United Arab Emirates and Egypt.” He also highlighted the increase in projects carried out by Spanish companies in these countries, as well as a greater presence of Spanish companies and professionals.

Likewise, León Fernando Del Canto has moderated the Round Table “Challenges of the Arab city in transition“, as part of the Casa Árabe Summer Course “Diplomacy of the cities” organized by the Diplomatic School of the Spanish Ministry of Foreign Affairs, about the problems and the future of the Arab city, between urbicide and sustainability. Two architects with extensive experience working in Baghdad and Kuwait facilitated a discussion that highlighted the importance of socio-political, cultural, religious and gender aspects of Arab cities, with their broad diversity depending on their situation.

One more week we continue to report on the latest issues and subjetcs our firm deals. Meanwhile, you can follow us on Facebook, Twitter or Linkedin.

Xavier Nova
Managing Director at Del Canto Chambers