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
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.