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
Al Tamimi & Company, the region’s leading law firm across the Middle East and North Africa (MENA) has advised Borouge, an Abu Dhabi based petrochemical company on its initial public offering (IPO) raising over US$2 billion, creating a market capitalisation of over US$20billion, which represents the largest-ever listing on the Abu Dhabi Securities Exchange (ADX) to date.
Borouge’s listing set several major milestones for the Abu Dhabi capital markets, attracting total gross demand of more than US$83.4 billion representing an oversubscription of 42 times in aggregate. The retail offering, which attracted higher retail demand than any UAE IPO in nearly 20 years, was 74 times oversubscribed.
Borouge’s shares began trading at Dhs2.45, implying a market capitalisation for the Company of $20.05 billion at the time of listing. On the first day of trading, Borouge’s share price rose by 20% to Dh2.95, valuing Borouge at just over Dh88 billion (US$24 billion).
Al Tamimi & Company acted as legal counsel for Borouge alongside Shearman and Sterling LLP, advising on the complex IPO legal and regulatory process.
Borouge was established through a strategic partnership between Abu Dhabi National Oil Company (ADNOC), one of the world’s leading energy producers and a key facilitator of the expansion of the Abu Dhabi economy and Borealis, a market leading provider of advanced circular polyolefins solutions.
Andrew Tarbuck, Head of Capital Markets at Al Tamimi & Company commented: “we are delighted to advise Borouge and the sponsors ADNOC and Borealis on such a complex keynote deal for Abu Dhabi, Borouge’s sponsors and the ADX. It was a pleasure to be a part of an exceptional advisory team delivering a bumper IPO successfully and on time.”
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About Al Tamimi & Company
Al Tamimi & Company is the leading law firm in the Middle East and North Africa (MENA) with 17 offices across 10 countries. The firm has unrivalled experience, having operated in the region for over 30 years. The firm’s lawyers combine international experience and qualifications with expert regional knowledge and understanding.
A full-service firm, specialising in advising and supporting major international corporations, banks and financial institutions, government organizations and local, regional and international companies. The main areas of expertise include arbitration and litigation, banking and finance, corporate and commercial, intellectual property, real estate, construction and infrastructure, and technology, media and telecommunications. Al Tamimi & Company’s lawyers provide quality legal advice and support to clients across all their practice areas
The firm’s regional footprint continues to grow, expanding further in line with the commitment to meet the needs of clients doing business across the MENA region.
Al Tamimi & Company is vastly experienced in all aspects of capital markets in the Middle East region and internationally with expertise in primary and secondary equity offerings, particularly IPOs, other equity fundraisings, debt securities and Sukuk. Al Tamimi & Company can assist UAE companies, looking to conduct an IPO or secondary fundraising with navigating the legal and regulatory requirements of the financial services regulator and the securities exchange. In addition, we can assist foreign listed companies looking to do a cross or secondary listing on the UAE’s securities exchanges.