The regional real estate, construction and hospitality sectors have been turned upside down over the last two years, with Covid-19 bringing these sectors to a halt. The impact of the pandemic remains, however, the resurrection of these vital sectors across the region is a welcome relief because they support the development of modern cities, which in turn have attracted commerce and tourism to the Middle East and North Africa.
This latest edition of Law Update, provides vital insights, updates and commentary on the latest trends taking shape across the real estate, construction, hotels and leisure sectors. The articles within this edition cover a broad range of topics, from what’s next for real estate in Dubai, to commentary on Saudi real estate, a market that is set to become the main bedrock of the region for years ahead. You will find articles on reforming real estate laws in Qatar, foreign investment and ownership in Oman, and mitigating risks on hotel construction projects and the lessons learnt from Covid.Read the full report
The region’s leading law firm, Al Tamimi & Company, has advised on an AED810 million ($220.5 million) deal that saw developer, Aldar Properties, acquire a beachfront resort and an adjacent plot in Ras Al Khaimah from Mohamed Ruqait Properties LLC.
Al Tamimi & Company provided its market leading expertise to Mohamed Ruqait Properties LLC (seller), ensuring a smooth and safe transaction. The law firm assisted the seller by drafting and negotiating the share sale and purchase agreement, drafting the disclosure letter and advising Mohamed Ruqait Properties on its liabilities and obligations under those documents. Al Tamimi & Company’s’ lawyers also provided support with responding to the legal due diligence queries raised with the buyer (Aldar Properties).
The landmark deal saw Aldar Properties continue to grow its portfolio across the UAE and was a significant high-profile transaction for Mohamed Ruqait Properties.
Andrew Thomson, Partner and Head of Al Tamimi & Company’s Real Estate team said:
“We played a key role in getting the deal done and worked alongside our client diligently. We put in place an experienced and skilled group of lawyers from our real estate and corporate teams that worked collaboratively from the outset to successful completion. This unique collaborative effort ensured there were no stones left unturned. The transaction exemplifies our extensive and continuing track record in advising on the most prestigious Hospitality M&A deals in the market.
“This purchase is also reflective of strong real estate transactional activity not only in the Ras al Khaimah hospitality sector, but is an example of the resilient and buoyant real estate market across the United Arab Emirates. We look forward to supporting our client, Mohamed Ruqait Properties, and will continue to provide assistance after the closing of this transaction.”
Mohamed Mahmoud CEO of Mohamed Ruqait Properties said:
“We at Mohamed Ruqait Properties are very confident that this transaction has the best benefits for the five-star resort as well as the tourism market in Ras Al Khaimah, which is a growing hub for staycations and tourists alike. Al Tamimi & Company’s extensive effort has ensured a smooth and beneficial outcome for both parties during this transaction.”
The Al Tamimi & Company real estate and corporate teams are the region’s most experienced, comprehensive and are leaders in the market. Both are widely regarded as the largest and most diverse teams in the Middle East and North Africa, and the transaction between Mohamed Ruqait Properties and Aldar Properties demonstrates the firms experience, expertise and capacity to bring together different teams from within the firm to get the deal done.