Global law firm White & Case has advised Saudi Arabian Oil Company (“Saudi Aramco”) on its heads of agreement with China Petroleum & Chemical Corporation (“Sinopec”) to build a refinery and petrochemical project in Gulei in China’s southeastern Fujian Province. The greenfield project comprises a 16 million metric tonne per year (320,000 barrels per day) […]
White & Case and The Law Office of Megren M. Al-Shaalan have advised power and communications cables maker, Riyadh Cables Group Company (“RCG”), on its initial public offering on the Main Market of the Saudi Stock Exchange (“Tadawul”). Riyad Capital acted as financial adviser and underwriter, and Riyad Bank, EFG Hermes and ANB Capital acted as […]
Deal & transactions
Industrial
Other
Caterpillar West Africa distribution transfered to Jean-Luc Konan
Delmas Investissements et Participations (“DIP”) and the Delmas family have signed a transfer agreement for their Caterpillar dealership activity to a consortium conducted by Ivorian entrepreneur Jean-Luc Konan. Included in the sales is JA Delmas and its network of African representative companies in charge of sales and after-sales in 11 West African countries. The transaction […]
Deal & transactions
Industrial
United Arab Emirates
Emirates Global Aluminium and ITOCHU to explore joint projects
Emirates Global Aluminium (“EGA”) and ITOCHU Corporation of Japan signed an agreement to explore joint projects in the UAE, which would advance the goals of the UAE’s Operation 300 billion industrial growth strategy. The two companies have agreed to explore expanding their long-termed cooperation to leverage both industrial capabilities in opportunities that complement EGA’s existing […]
Capital Markets
Egypt
Industrial
TCI Sanmar completes Egypt’s first Bonds Issuance via Debt Conversion
TCI Sanmar Chemicals (“TCI Sanmar”) has successfully completed the private placement of the company’s Non-Convertible Debentures (“NCDs”) to nine foreign banks through the conversion of 15% of the total debt of TCI Sanmar into a number of 2,353,967 NCDs amounting to USD 117,698,350. Arab African International Bank (“AAIB”) was also involved in the transaction as […]
Commercial International Bank (“CIB”), a private sector bank in Egypt, has acquired a minority stake of 15% of El Sewedy for Engineering Industries (“SEI”). The acquisition will see SEI expanding in the local and regional markets. Matouk Bassiouny & Hennawy (“MBH”) acted as the legal counsel to CIB. The MBH team was led by partner Amr […]
Deal & transactions
Industrial
Saudi Arabia
MAZ Group and Rheinmetall Air Defense create Rad Arabia Co.
The Law Office of Looaye M. Al-Akkas in association with Vinson & Elkins has represented Saudi-based MAZ Group in its Joint Venture with Swiss-based Rheinmetall Defense to create Rad Arabia Co., a manufacturing and development center of air defense systems and technologies in the Kingdom of Saudi Arabia (KSA). RAD Arabia Co. will be a […]
Deal & transactions
Industrial
Other
Med Investment partners with Jotun for the production of paint in Algeria
Med Investment Holding, an investment company owned by the Kerrar family, has concluded a partnership agreement with the Norwegian group Jotun for the production of paint and coatings in Algeria. Production will be provided by a joint venture, Technover P. The joint venture, Technover P, will produce Jotun decorative paints and protective coatings to international standards […]
Industrial
IPOs
United Arab Emirates
Borouge completes its initial listing on Abu Dhabi Securities Exchange
Borouge, the strategic joint venture between Abu Dhabi National Oil Company (“ADNOC”) and Borealis (“Borealis”), providers of innovative and differentiated polyolefin solutions, has listed on the Abu Dhabi Securities Exchange (“ADX”) on June 3, 2022. Upon listing, ADNOC owns a majority 54% stake in Borouge, with Borealis holding 36% via its wholly-owned subsidiary Borealis Middle […]
Deal & transactions
Industrial
United Arab Emirates
CMS advises Aldar investment on the launch of Aldar Logistics
Aldar Investment, the investment business of Aldar Properties, has acquired a 70% equity interest in Abu Dhabi Business Hub, valued at more than AED 500 million. The acquisition sees the creation of Aldar Logistics, Aldar’s new logistics real estate vertical, which will focus primarily on the UAE, with the potential to expand into Saudi Arabia and […]
