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We are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.Read the full edition
Al Tamimi & Company advised Al Mal Capital on the establishment of the Al Mal Capital REIT, which recently gained approval from the Securities and Commodities Authority (SCA) to float on the Dubai Financial Market (DFM). This IPO is a first of its kind in the UAE for the financial sector being the first REIT listed with an onshore exchange. With a target offer size of AED 500m, it will also be the first IPO in Dubai since 2017.
Leading investment advisory and asset management company, Al Mal Capital, will be seeking to invest in a diversified portfolio of income-generating UAE real estate assets backed by long-term lease agreements predominantly in the industrial, healthcare and education sectors. In a difficult market, this deal represents the second IPO announced by the Al Tamimi team in a month after the successful IPO of UAE tech company, Yalla Group Limited.
Al Tamimi’s Deputy Managing Partner & Regional Head of Banking & Finance, Jody Waugh, commented: “We are delighted to support and act as an integral part of the Al Mal Capital team and excited to see the DFM as the choice for the first onshore listed REIT. The recent drop in real estate assets has created an opportunity for new investors and new business creation – it’s great to see a leader like Al Mal Capital take advantage of this and support the UAE’s future development.”
The Al Tamimi team was led by Senior Partner, Husam Hourani, and Jody Waugh, with support from Senior Banking & Finance lawyer, Ali Awad, and Senior Corporate Commercial lawyer, Carla Saliba.
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