UAE’s national railway network Etihad Rail has entered into four memorandum of understandings (MoUs) with SNCF International, Alstom, Thales Group and Progress Rail at the InnoTrans exhibition in Berlin, Germany. The agreements come as part of Etihad Rail’s determination to develop technologies that support achieving smart and sustainable mobility. The MoUs will help to further advance the […]
Deal & transactions
Transport
United Arab Emirates
Air Arabia launches new airlines with Sudan’s Dal Group
United Arab Emirates-listed carrier Air Arabia and Sudanese conglomerate DAL Group have partnered to launch a new airline based in Sudan’s Khartoum International Airport. Air Arabia Sudan will be a joint venture
Insurance
News
United Arab Emirates
Orient Insurance fails to reclaim $340m for Address Downtown fire
Orient Insurance, part of UAE’s Al-Futtaim Group, has lost a claim case to recover the amount it paid to Emaar Properties for losses resulting from the fire that broke out at the Address Downtown
Deal & transactions
Oil & Gas
Saudi Arabia
United Arab Emirates
TAQA acquires Al Mansoori Petroleum Services. The advisors
Industrialization and Energy Services Company (“TAQA”) and the shareholders of Al Mansoori Petroleum Services LLC (“AMPS”) have announced today that they have entered into a definitive agreement for TAQA to acquire 100% of AMPS, expanding TAQA’
International law firm Baker McKenzie will cut ties with UAE based law firm following controversial remarks made on social media by the Firm’s principal, Habib Al Mulla. In a statement on Baker McKenzie’
Competition & Antitrust
United Arab Emirates
White Collar Crime
OGH Legal and Pinsent Masons secure $1.3B in Sanjay Shah
Dubai court has ordered Sanjay Shah and several other people and companies tied to the hedge fund trader to repay Denmark USD 1.3 billion. Sanjay Shah is the alleged mastermind behind a scam known as ‘
Restructurings
Transport
United Arab Emirates
Linklaters advises DP World on the restructuring of Portsynergy
Linklaters advised DP World, global supply chain solutions provider, on the restructuring of Portsynergy, a 50:50 joint venture owned by Dubai-based DP World and France-based international container operator, Terminal Link, a joint venture between French shipping
Banking & Finance
Transport
United Arab Emirates
Allen & Overy advises Investcorp on Trukker’s Pre-IPO round
Saudi-based Trukker Holding Limited (“Trukker”), digital freight network providers in the MENA region, has successfully raised USD 100 million in its pre-IPO financing round. The investment was led by the recently-launched Investcorp Saudi Pre-IPO Growth
Salik Company, Dubai’s exclusive toll gate operator, has announced its intention to proceed with an initial public offering (IPO) and to list its ordinary shares for trading on the Dubai Financial Market (DFM).
Capital Markets
Energy & Trading
United Arab Emirates
Taqa and Mubadala to acquire 40% in 2 power plants
Integrated utilities companies Abu Dhabi National Energy Company (“TAQA”) and Mubadala Investment Company (“Mubadala”) signed binding agreements that will see the acquisition of a 40% in two gas-fired power generation plants in the Talimarjan power
