ALEC Engineering and Contracting, part of the Investment Corporation of Dubai (ICD) group, has successfully completed its strategic acquisition of Target Engineering, an EPC contractor offering in-house services for major construction disciplines in onshore and offshore areas in the United Arab Emirates, Qatar and Saudi Arabia. Established in 1975, Target Engineering operates through its […]
CMS advises on Aldar Properties’ partnership with Nobu Hospitality
International law firm CMS has advised UAE’s real estate developers and managers Aldar Properties (“Aldar”) on its exclusive partnership with Nobu Hospitality to develop a new luxury hotel, branded residences, and a fine dining experience to anchor Aldar’s Mamsha Al Saadiyat in Abu Dhabi. The agreement will see Aldar develop the 5-star hotel featuring 165 […]
AD Ports Group: Kezad Communities merges with Al Eskan AlJamae
AD Ports Group has announced the merger of Kezad Communities with Al Eskan Al Jamae (“EAJ”) to create Abu Dhabi’s largest integrated staff accommodation company in which AD Ports Group will retain a controlling majority stake. The combined entity will have an equity value of approximately AED7 billion (USD1.9 million), positioning it as one of the […]
ASAR advises on Mandarin Oriental, Kuwait luxury hotel project
ASAR acted as Kuwait legal counsel to Bukhamseen Group Holding (“BGH”) in relation to the development of BGH’s new luxury hotel project in Kuwait, to be known as “Mandarin Oriental, Kuwait”. The Mandarin Oriental, Kuwait will be managed by the Mandarin Oriental Hotel Group, owner and operator of some of the most luxurious hotels, resorts […]
Trowers & Hamlins advises on IPO of The Pearl REIF
The Pearl Real Estate Investment Fund (“The Pearl REIF”), the Oman-based Shariah-compliant real estate investment fund has successfully listed on the Muscat Stock Exchange (“MSX”) on 14 November 2022 under the ticker PRFD. The Pearl REIF has appointed a collection syndicate consisting of banks and brokerage firms to facilitate the subscription process, including Sohar International Bank, […]
Dentons with Arada Developments on its USD100 million sukuk tap issuance
Arada Developments (“Arada”), the property developer in the Northern Emirates of the United Arab Emirates, has successfully closed a $100 million tap of its existing $350 million Sukuk, which was issued in June and listed on the London Stock Exchange’s International Securities Market and was offered to sophisticated investors outside the US in reliance on Regulation […]
Clifford Chance with Aldar Properties on a USD400m investment deal
Apollo Global Management (“Apollo”), through its managed investment vehicles, has acquired an 11.1% minority stake in Aldar Investment Properties, a subsidiary of Aldar Properties and the region’s most prominent institutional-class real estate platform. The USD 400 million transaction involved the issuance of common equity and mandatory convertible preferred equity in relation to Aldar Investment Properties, which […]
Aldar invests AED 25m to support energy consumption reduction
Aldar Properties (“Aldar”) has committed to investing AED 25 million (approx. USD6.8 mil) for energy retrofit projects in 13 of its residential communities that will reduce utility consumption for owners and tenants as part of the company’s efforts to make its communities more energy efficient and environmentally friendly. Aldar’s latest retrofit project is set to […]
Misr Italia Properties invests USD 77m in launch of Vinci Lagoons
Egyptian real estate developer, Misr Italia Properties, the real estate subsidiary of Misr Italia Holding, has launched the new phase of Vinci project with an investment of EGP1.50 billion (USD77.3 million). The new Cairo residential project Vinci Lagoons New Capital spans over 110 acres, near the Diplomatic District in the New Administrative Capital (“NAC”). The project […]
Northacre collaborates with St. Regis for No. 1 Palace Street
Northacre, a subsidiary of asset management and investment banking platforms Shuaa Capital, has joined forces with St. Regis hotel brand at No 1 Palace Street. The collaboration on the project located opposite Buckingham Palace, is testament to the successful re-development of this site, comprising 72 luxury apartments and incorporating an existing Grade II listed building, […]