The first Law Update of 2024 is here, and our first focus of the year spotlights Healthcare and Lifesciences, a sector that is undergoing significant growth and development across the MENA region.
Our focus provides an insight into some of the most important regulatory updates across the region, such as the UAE’s groundbreaking law on the use of human genome, Kuwait’s resolution on nuclear and radioactive materials, the new regulations for healthcare services in Qatar, Egypt’s healthcare regulatory framework, and the impact of the Saudi Civil Transactions Law on the healthcare and life sciences sector … and there is so much more!
Beyond the healthcare pages our lawyers share with you multi-sector insights where you will discover articles on Dubai’s DIFC regulatory framework for startups, Bahrain’s commercial agencies law, and we also shed light on Kuwaiti civil code and the advantages of setting up a joint stock company in Saudi Arabia.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.