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 Advises on The Largest IPO Globally
Al Tamimi & Company, the region’s leading law firm across the Middle East and North Africa, has advised ADNOC Gas plc (ADNOC Gas), a world-class, large-scale integrated gas processing company, on its initial public offering (IPO) raising approximately AED 9.1 billion (equivalent to approximately US$2.5 billion) which represents the largest-ever listing on the Abu Dhabi Stock Exchange (ADX), and the largest IPO globally to date this year.
ADNOC Gas’ listing set several major milestones for the Abu Dhabi capital markets, attracting total gross demand of more than AED 450 billion (equivalent to over US$124 billion) representing an oversubscription of 50 times in aggregate.
ADNOC Gas’ shares began trading at AED2.37, implying a market capitalisation for ADNOC Gas of approximately AED 182 billion (equivalent to approximately US$50 billion). On the first day of trading, ADNOC Gas’ share price rose by 18.6% to AED 2.81, valuing ADNOC Gas at just over AED 215.6 billion (equivalent to approximately US$ 58.7 billion).
Al Tamimi & Company acted as legal counsel for ADNOC Gas alongside Gibson, Dunn & Crutcher LLP, advising on the complex IPO legal and regulatory process.
The team was primarily responsible for advising ADNOC Gas on all applicable law and regulation for an IPO in the United Arab Emirates (UAE). This involved drafting the local prospectus and being the primary liaison to the Emirates Securities & Commodities Authority and the ADX.
Commenting on the IPO, Al Tamimi & Company’s Head of Capital Markets, Andrew Tarbuck, said:
“We are honoured to have worked with the ADNOC Group and ADNOC Gas teams on this keynote transaction, and it was a pleasure to be a part of an exceptional advisory team delivering a bumper IPO successfully and on time.”
“The team has had a busy few months, particularly in the UAE where both the ADX and the Dubai Financial Market (DFM) have been very active and have become hotbeds of global IPO activity. I expect the DFM and the ADX to continue to be highly desirable listing venues, and envisage more listings to come this year. 2023 has already proved to be a great year so far for our team as we are also advising on the IPO of Presight AI Holding PLC on the ADX”.
This transaction adds to Al Tamimi & Company’s list of notable IPOs. Over the last year the Capital Markets team has overseen several high-profile listings, including- advising Borouge, a joint venture between ADNOC and Austria’s Borealis on its IPO on the ADX. The team was also responsible for cross-listing Bahrain’s GFH Financial Group on the ADX, Bayanat’s IPO on the ADX, and they advised Union Coop on its DFM listing, which was the first cooperative society in the UAE to take this pioneering step, and the Capital Markets team also delivered the Salik IPO on the DFM.
The Capital Markets team from Al Tamimi & Company was led by Andrew Tarbuck (Partner, Head of Capital Markets) and Hamzah Abu-Hassan (Head of Equity Capital Markets – UAE & Jordan), assisted by Hakam Al Shawwa, Yara Ghoury and Suha Khalil.