AS&H in cooperation with Clifford Chance advises the Ministry of Commerce in relation to drafting the new Companies Law. The new Companies Law is considered a significant milestone towards achieving the Kingdom’s Vision 2030 initiative. The new Companies Law, which was approved by the Saudi Arabian cabinet on 28 June 2022, has been designed to […]
Gowling WLG has appointed Imran Mufti (pictured) as lead partner for the firm’s Saudi Arabia practice. Mufti will also be responsible for its relationship with Al Ghazzawi & Partners, Gowling WLG’
Deal & transactions
News
United Arab Emirates
Meysan Partners partners up with Emirati firm Abdulla Al Najjar
Abdulla Al Najjar Advocates and Legal Consultants, a Dubai-based law firm, has joined Meysan Partners to serve the latter’s clients in the United Arab Emirates in all types of litigation matters. Abdulla Alnajjar Advocates &
Deal & transactions
Saudi Arabia
Saudi Arabia’s Aramco expands Namaat industrial investment programs
The Saudi Arabian Oil Company (“Aramco”) has announced a major expansion of its Namaat industrial investment programs, with 55 agreements and Memoranda of Understanding (MoUs) across the sustainability, digital, industrial, manufacturing and social innovation sectors.
Banking & Finance
Capital Markets
United Arab Emirates
Mashreq Bank prices its Inaugural USD300m Additional Tier 1 Offering
Mashreq Bank (“Mashreq”) has announced the pricing of an aggregate principal amount of USD300 million of its 8.500% Perpetual Non-callable 5-year Additional Tier 1 Notes. The offering closed on 7 July 2022, subject to customary closing conditions. The issuance
PKO Bank Hipoteczny launched a subscription for institutional investors for another issue of mortgage covered bonds with a value of EUR 500 million and maturity on June 25, 2025. This issue was the first issue of the
IPOs
Real Estate, Construction & Infrastructure
United Arab Emirates
Tecom Group completes DFM listing and raises USD462m in IPO
Tecom Group, a manager and operator of 10 strategic, sector-focused business districts across Dubai, has successfully raised approximately AED 1.7 billion (USD462.8m) through an initial public offering (“IPO”). The Group has listed on the Dubai Financial
IPOs
Real Estate, Construction & Infrastructure
Saudi Arabia
Retal Urban Development Co. Initial public offering in Saudi Exchange
Retal Urban Development Co. (“Retal”), a next generation real estate developer of integrated master plan communities offering a portfolio of lifestyle-oriented residential, commercial, and mixed-use properties in the Kingdom of Saudi Arabia announced its Intention
Deal & transactions
Real Estate, Construction & Infrastructure
Saudi Arabia
Al Mutlaq Group signs a USD400m joint venture agreement with
The Red Sea Development Company Announces First Joint Venture Agreement with Al Mutlaq Group for Red Sea Project Almutlaq Real Estate Investment Co. (“AREIC”), a subsidiary of the Al Mutlaq Group (“AMG”), has entered
Deal & transactions
Insurance
United Arab Emirates
Dar Al Takaful and Watania merge to create UAE’s largest
Shari’ah-Compliant insurance companies Dar Al Takaful (“DAT”) and National Takaful Company (“Watania”) have completed their merger effective on 01 July 2022 pursuant to the merger plan announced on 3 March 2022. As part of the merger completion
