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
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.