The final Law Update of 2022 is here, and it’s packed full of articles. The double edition features two focus areas, first is a spotlight on Energy and Resources and second we feature a collection of articles on Transport and Logistics. The developments occurring in these sectors in the MENA region are unprecedented and our lawyers cover vast themes for you.
The Energy and Resources focus features topics such as diversifying energy resources, solar PV, mining in the Middle East, renewable energy and green hydrogen. From a transport perspective, we draw attention to the Bahrain metro project, discuss the challenges and remedies associated with the repossession of an aircraft, and there is advice on what to consider should a party vary the terms of a shipping contract.
This edition navigates you through updates from across jurisdictions such as, Oman, Jordan, Saudi Arabia, Egypt, Iraq, Qatar, and the UAE. Each article is timely and provides insights into legal issues and cases that are affecting these sectors across the region.Read the full edition
Al Tamimi & Company advised Apollo Global Management Inc., one of the world’s largest alternative investment managers, on their recent entry into a real estate investment arrangement with ADNOC. New York Stock Exchange-listed, Apollo, along with a consortium of institutional investors, agreed to acquire a 49% stake from ADNOC in Abu Dhabi Property Leasing Holding Company RSC Ltd, which holds long-term leasehold rights over a portfolio of real estate assets located in Abu Dhabi, for USD2.7bn.
Acting for Apollo as local legal counsel alongside Milbank LLP, this landmark transaction forms part of ADNOC’s plans to unlock long-term capital from its non-core assets, and for our client and its partners, provides a long-term financial yield over the next 24 years. This is the second high-value transaction for Al Tamimi with ADNOC in 2020, following our recent involvement in advising a consortium of investors on the USD20.7bn ADNOC gas pipelines transaction.
Abu Dhabi-based Banking & Finance Partner, Mark Brown, commented: “We were delighted to support Apollo and Milbank on what is a unique and ground breaking transaction. It’s great to see an innovative and sizable deal such as this proceed given the current economic environment, and this is testament to the UAE’s position as an attractive investment hub for foreign direct investment.”
Due to our full service offering and broad expertise, our fully integrated multidisciplinary team acted as a one-stop-shop for Apollo on its local law requirements. The team led by Mark Brown, included lawyers from our Banking & Finance, Capital Markets, Corporate Commercial, Corporate Structuring, Financial Crime, Legislative Drafting, Litigation & Arbitration, Real Estate, Regulatory, Tax and TMT teams.