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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 Peninsula Real Estate Management Limited (Peninsula) on its landmark AED 555 million purchase of 17 income generating warehouse assets situated on five plots.
Peninsula, a real estate investment company incorporated in Abu Dhabi Global Market, purchased the asset from Waha Land, a wholly owned subsidiary of Waha Capital PJSC. The warehouses are located in ALMARKAZ Industrial Development, Abu Dhabi, and the AED 555 million all-cash transaction is expected to close by the end of 2022, subject to regulatory approvals and conditions agreed by the two parties.
Malek Al Rifai, Partner at Al Tamimi & Company said:
“Our team leveraged its unique market expertise and experience in Real Estate Mergers and Acquisitions to successfully get the deal done, and we are privileged to have been given the opportunity to support Peninsula on this landmark transaction. It has been an extraordinary 12 months for Real Estate Mergers and Acquisitions in the UAE, driven by high demand from institutional capital, a trend that we hope to see continue and which we look forward to playing a leading role in promoting.”
James Gallon, CEO of Peninsula commented:
“Peninsula is focused on acquiring high quality institutional real estate across the GCC and, in Waha Land, we have found a partner who shares our commitment to excellence and to delivering best-in-class facilities to their tenants. This acquisition is one of a number of transactions that Peninsula will be announcing in the months ahead as we continue to build a portfolio with diversified and highly visible cash flows.
“Malek Al Rifai and his team at Al Tamimi & Company have supported us throughout this transaction. They are a highly knowledgeable, results oriented team that can handle all aspects of complex real estate deals. They are a trusted advisor to Peninsula and we will continue to work together going forwards.”
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