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
Takaful Emarat rights issue nearly 36.5% oversubscribed
Dubai, UAE: Al Tamimi & Company, the Middle East’s largest law firm, has led the first Rights Issue on the Dubai Financial Market (DFM). The Rights Issue, launched by DFM-listed Takaful Emarat, the Shariah-compliant life and health insurer, was 36.51% oversubscribed, with AED 68.25 million shares fully subscribed. The National Bank of Abu Dhabi (“NBAD”) has acted as the lead financial advisor for the Company.
Ahmed Ibrahim, Partner & Head of Equity Capital Markets, Al Tamimi & Company, said;
“We expect that other insurance companies and banks will raise their issued capital during 2016, and it will be fascinating to see how many other companies and banks will tap into this.”
“Being the first Rights Issue in Dubai, the management team of DFM has demonstrated a very cooperative attitude and a very pragmatic approach.”
Takaful Emarat’s Rights Issue was launched on 1 November and closed on 12 December. The proceeds will be used to capitalise on the Company’s recent restructuring under a new management team and its return to operating a profitable underwriting model. Building on this growth, the new capital will be used to strengthen Takaful Emarat’s back office function, grow and develop its distribution channels and sales network across the UAE in particular in the Northern Emirates.