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Find out moreWelcome to the Saudi Arabia focus edition of Law Update.
One of the key markets in the Middle East and North Africa (MENA) that continues to lead from the front is the Kingdom of Saudi Arabia (KSA). As the largest country in the Middle East and the 18th largest economy in the world, the progress KSA continues to make is underpinned by its Vision 2030 that envisions developing the country as an investment powerhouse and hub that ultimately connects Asia, Europe, and Africa. Given Saudi Arabia’s significance to the regional economy, our team of experts have prepared a range of pertinent articles that provide insights into new laws, regulations, and the legal landscape in the Kingdom.
This edition will provide you with an up-to-date guide on matters such as; the framework issued by the Saudi Central Bank on IT governance, the anti-corruption landscape under Vision 2030; we also provide practical tips for dispute avoidance. This is only a snapshot; there are many more articles within the KSA focus section for you to read, which we hope you will find valuable and enjoyable.
Read the editionAl 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.
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