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We 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 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.
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