The final Law Update of 2022 is here, and it’s packed full of articles. The double edition features two focus areas, first is a spotlight on Energy and Resources and second we feature a collection of articles on Transport and Logistics. The developments occurring in these sectors in the MENA region are unprecedented and our lawyers cover vast themes for you.
The Energy and Resources focus features topics such as diversifying energy resources, solar PV, mining in the Middle East, renewable energy and green hydrogen. From a transport perspective, we draw attention to the Bahrain metro project, discuss the challenges and remedies associated with the repossession of an aircraft, and there is advice on what to consider should a party vary the terms of a shipping contract.
This edition navigates you through updates from across jurisdictions such as, Oman, Jordan, Saudi Arabia, Egypt, Iraq, Qatar, and the UAE. Each article is timely and provides insights into legal issues and cases that are affecting these sectors across the region.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.