Book an appointment with us, or search the directory to find the right lawyer for you directly through the app.
Find out moreWe 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 editionDubai, UAE: Al Tamimi & Company, the largest law firm in the Middle East, has advised on no fewer than three rights issues on Dubai Financial Market (“DFM”) in the last three months. In total, the rights issues raised more than 5.5 billion dirhams, and they were all significantly oversubscribed.
In April 2016, Al Tamimi’s Equity Capital Markets team advised leisure operator Dubai Parks & Resorts on its 1.6 billion rights issue, which was launched primarily to fund the development of a Six Flags theme park within the Dubai Parks and Resorts destination. The rights issue was 60% oversubscribed and included a minimum commitment subscription from certain investors. This is the first new issue of shares in the UAE to have such an underwriting arrangement.
Earlier in June, Al Tamimi advised Ajman Bank on a rights issue to raise 675 million dirhams. Of this, AED 500 million was raised through the issue of new ordinary shares and AED 175 million represented share premium, making it the first rights issue to take place on DFM that includes a share premium component. The Rights Issue was 195% over-subscribed.
At the end of June, Dubai Islamic Bank, advised by Al Tamimi, completed a 3.2 billion rights issue, which was approximately three times over-subscribed.
Al Tamimi has been closely involved in discussions with the SCA and other relevant authorities to include suitable exemptions in securities regulation to enable rights issues to take place.
At the end of 2015, Al Tamimi advised on insurance company Takaful Emarat’s rights issue, the first tradable rights issue for a Takaful insurance company in the UAE, and the first ever to take place on DFM.
The firm’s Equity Capital Markets team is led by partner, Ahmed Ibrahim. The firm has taken the lead on all of the IPO’s which have taken place in the UAE capital markets since 2008 and has been retained has in every significant capital markets deal in the UAE since then.
Husam Hourani, Managing Partner at Al Tamimi & Company, said:
“Through our close involvement with SCA in the development of the new regulations, we believe we are the best qualified law firm to provide advice to companies seeking equity funding through such mechanisms, as demonstrated by the leading role we have played in these recent rights issues. We are very pleased to have advised on these transactions, which have each established new precedents through their various structural and funding elements. Such innovation clearly contributed to their success and Al Tamimi is proud to have played its part in the injection of new levels of sophistication into the DFM. A market which enables successful companies to access capital to support their growth plans is in everyone’s interests and the level of investor interest in these transactions is a clear expression of confidence in it.”
To learn more about our services and get the latest legal insights from across the Middle East and North Africa region, click on the link below.