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 is expected to further strengthen Mashreq’s capital structure and leverage ratios, positioning for further balance sheet […]
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
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
UAE-based fintech YAP, a digital banking platform, has raised USD41 million in a pre-series A funding round to fund its operations and growth. The round was led by Saudi Arabia’s investment company Aljazira
Banking & Finance
Deal & transactions
United Arab Emirates
Bahrain Bourse and ADX launch Tabadul Exchange Hub
Bahrain Bourse (BHB) and Abu Dhabi Securities Exchange (ADX) have launched the GCC’s first digital exchange hub – Tabadul. The exchanges commemorated this landmark achievement towards the launch of Tabadul with an official
Banking & Finance
Food & Beverage
United Arab Emirates
Food tech startup Supy raises USD8m in seed financing round
UAE-based B2B food marketplace, Supy, raised USD8 million in a Seed round led by Beco Capital with participation from existing investors including Valia Ventures and Cotu Ventures, Global Ventures and Amk Investment Office.
Banking & Finance
Deal & transactions
United Arab Emirates
Emirates NBD Group and BNY Mellon announce strategic alliance
Global investment company, BNY Mellon and Emirates NBD, a banking group in the MENAT (Middle East, North Africa and Turkey) region, have entered a strategic alliance aimed at accelerating the growth
Deal & transactions
TMT
United Arab Emirates
AIQ and MBZUAI collaborate to energize research into AI technologies
AIQ, a joint venture between ADNOC and G42, and Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) have signed a memorandum of understanding (MoU) related to joint research into AI related technologies with an emphasis
Appointments
United Arab Emirates
Freshfields’ Michael Hilton named regional managing partner for MENA
Freshfields Bruckhaus Deringer (‘Freshfields’) has appointed Michael Hilton (pictured) as its regional managing partner for the Middle East and North Africa (MENA), effective 01 July 2022. He succeeds partner Pervez Akhtar, who has completed his term. Hilton’
Global law firm Baker McKenzie has appointed five new partners in the MENA Region. Dispute resolution partners Amir Alkhaja (UAE) and Sally Kotb (UAE), IP & technology partner Kellie Blyth (UAE), banking & finance partner
