The launch of the Kingdom of Saudi Arabia’s (the Kingdom) Vision 2030 Program preceded the announcement of numerous ground-breaking Mega and Giga-projects throughout the country. Eight years on, recent MEED data estimates...more
8/8/2024
/ Capital Raising ,
Contractors ,
Fossil Fuel ,
Investment ,
Leaseback ,
Leases ,
Property Tax ,
Real Estate Market ,
Revenue ,
Sales ,
Saudi Arabia
On 31 October 2023, Federal Law Decree No. (51) concerning Financial Restructuring and Bankruptcy (the New Law) was published in the UAE Federal Gazette. The New Law comes into force on 1 May 2024 and will repeal the 2016 Law...more
2/29/2024
/ Automatic Stay ,
Bankruptcy Court ,
Bankruptcy Trustees ,
Commercial Bankruptcy ,
Creditors ,
Debtors ,
Liquidation ,
Moratorium ,
New Legislation ,
Restructuring ,
United Arab Emirates (UAE)
The recent detention of a restructuring professional in the United Arab Emirates serves as a stark reminder that directors and officers of insolvent or distressed companies can face personal liability for their actions or...more
1/31/2024
/ Bankruptcy Court ,
Books & Records ,
Chapter 13 ,
Civil Liability ,
Corporate Counsel ,
Corporate Restructuring ,
Criminal Liability ,
Insolvency ,
Limited Liability Company (LLC) ,
Liquidation ,
Saudi Arabia ,
United Arab Emirates (UAE)
INTRODUCTION -
The successful closing of the up to $400 million debt financing secured by Tamara, led by Goldman Sachs and King & Spalding client Shorooq Partners, was a landmark deal in the evolution of private credit in...more
The annual IFN UK Forum 2023 was held in London in September 2023 and, once again, was a well-attended event, giving attendees a chance to connect and reconnect with colleagues, clients and friends alike from all over the...more
9/27/2023
/ Bankers ,
Commercial Real Estate Market ,
Financial Institutions ,
Financial Services Industry ,
Foreign Direct Investment ,
Gulf Cooperation Council (GCC) ,
Intermediaries ,
Investors ,
Non-Bank Lenders ,
Popular ,
Real Estate Market ,
Retail Market ,
Saudi Arabia ,
Sustainable Finance ,
UK ,
United Arab Emirates (UAE)
An otherwise viable business experiencing a cash flow crisis may seek relief under Chapter Four of the Kingdom of Saudi Arabia (“KSA”) Bankruptcy Law (“Bankruptcy Law”), a flexible statute that helps facilitate the financial...more
Following our inaugural Real Estate of Mind round up (see here) of trends in the sector earlier this year, as 2022 draws to a close, we have set off on the road once again to connect with clients and friends alike in Bahrain,...more
10/26/2022
/ Bahrain ,
Borrowers ,
FIRRMA ,
Global Market ,
Investment ,
Investors ,
Kuwait ,
Lenders ,
Real Estate Market ,
Saudi Arabia ,
UK ,
United Arab Emirates (UAE)
As Covid-19 restrictions and quarantines lifted around the world in 2022, beginning to draw a line under two years of unpredictability and turbulence, one of the highlights has been the ability to reconnect with clients...more
The foremost duty of a bankruptcy trustee is to maximize the value of the debtor’s assets for the benefit of its stakeholders. Numerous provisions of Saudi Arabia’s current bankruptcy law (the “Bankruptcy Law”) underscore the...more
Dubai Court Finds Directors and Managers Personally Liable for Over AED 448 Million in Company Debts -
INTRODUCTION -
For a manager, officer or director of a distressed company, it is tempting to indulge in what one...more
On 5 March 2021, the UK’s Financial Conduct Authority (the FCA) announced that all LIBOR settings will either cease to be provided by any administrator or will no longer be representative by 31 December 2021 or, for some...more
4/21/2021
/ Commodities ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Transactions ,
Gulf Cooperation Council (GCC) ,
Libor ,
Loan Agreements ,
Purchasers ,
Risk Free Rates (RFRs) ,
Sellers ,
Sterling Risk-Free Reference Rates (SRFRR) ,
UK
On March 5, 2021, the ICE Benchmark Administration (the “IBA”) issued feedback that it had completed the consultation with LIBOR panel banks that it began in December 2020, and stated that it will be unable to publish certain...more
Against the backdrop of the Covid-19 pandemic and global economic slowdown, we are being asked by borrower and lender clients alike whether lenders have a duty of care as regards enforcement. Two recent cases before the...more
NMC Health plc (NMC Health) made news around the globe in December 2019 when it was the subject of a Muddy Waters report which alleged various bad acts had been carried out by the company. NMC Health was subsequently placed...more
10/15/2020
/ Abu Dhabi Global Markets (ADGM) ,
Coronavirus/COVID-19 ,
Fraud ,
Health Care Providers ,
Healthcare Fraud ,
Insolvency ,
Liquidation ,
London Stock Exchange ,
Popular ,
Receivership ,
UK ,
United Arab Emirates (UAE)
A lot of discussions have taken place over the past seven months or so in light of COVID-19 and the market reaction to it. The purpose of this client briefing is to share some observations with you from our recent experiences...more
Following the World Health Organisation’s declaration of a pandemic, governments around the world are implementing strict measures to manage the spread and implications of coronavirus (Covid-19). With employees advised to...more
On 11 March 2020, the World Health Organisation (“WHO”) declared COVID-19 to be a pandemic, with the WHO "deeply concerned by the alarming levels of spread and severity" of the outbreak. In response, the financial markets...more
The impact of the coronavirus outbreak, now officially named “Covid-19”, on businesses in the Middle East is already being felt; the recent G20 summit hosted in Riyadh, Saudi Arabia discussed economic consequences, government...more
3/3/2020
/ Contract Negotiations ,
Contract Terms ,
Coronavirus/COVID-19 ,
Force Majeure Clause ,
Infectious Diseases ,
Notice Requirements ,
Preservation of Rights ,
Public Health ,
Recordkeeping Requirements ,
Risk Mitigation ,
Supply Chain
Non-UK resident investors (Investor) usually acquire UK commercial real estate (UK Property) through non-UK resident companies, for example Jersey limited liability companies. A typical holding structure put in place by an...more
Party A (contractor) entered into a construction contract (the EPC Contract) with Party B (employer).
Party B made an advance payment under the EPC Contract and Party A procured an Advance Payment Bond (the Bond) from a...more
Clean Water Agencies Propose to Redefine and Limit “Waters of the United States” -
The United States EPA and the United States Army Corps of Engineers are proposing to redefine—and significantly limit—the scope of “Waters...more
Recently, Abu Dhabi Global Market (ADGM), an international financial centre in Abu Dhabi, announced the launch of a new regulatory framework (the Framework) for operators of Private Financing Platforms (PFPs). PFPs will...more
1. Introduction -
This client alert provides a summary of key UK tax considerations when a nonresident invests into UK commercial real estate. There are a number of holding structures for investment into UK real estate...more
On 20 September 2016, the new Bankruptcy Law (the Law) for the UAE was enacted. The Law was gazetted on 29 September 2016 and comes into effect on 31 December 2016. The Law will be supplemented by procedural regulations to be...more