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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
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.
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