Al Tamimi & Company advises on AED810 million sale to Aldar Properties

Al Tamimi & Company has advised on an AED810 million (USD220.5 million) deal that saw developer, Aldar Properties, acquire a beachfront resort and an adjacent plot in Ras Al Khaimah from Mohamed Ruqait Properties LLC.

Al Tamimi & Company provided its market leading expertise to Mohamed Ruqait Properties LLC (seller), ensuring a smooth and safe transaction. The law firm assisted the seller by drafting and negotiating the share sale and purchase agreement, drafting the disclosure letter, and advising Mohamed Ruqait Properties on its liabilities and obligations under those documents. Al Tamimi & Company’s’ lawyers also provided support with responding to the legal due diligence queries raised with the buyer (Aldar Properties).

The landmark deal saw Aldar Properties continue to grow its portfolio across the UAE and was a significant high-profile transaction for Mohamed Ruqait Properties.

Andrew Thomson, partner and head of Al Tamimi & Company’s Real Estate team said, “We played a key role in getting the deal done and worked alongside our client diligently. We put in place an experienced and skilled group of lawyers from our real estate and corporate teams that worked collaboratively from the outset to successful completion. This unique collaborative effort ensured there were no stones left unturned. The transaction exemplifies our extensive and continuing track record in advising on the most prestigious Hospitality M&A deals in the market.

“This purchase is also reflective of strong real estate transactional activity not only in the Ras al Khaimah hospitality sector but is an example of the resilient and buoyant real estate market across the United Arab Emirates. We look forward to supporting our client, Mohamed Ruqait Properties, and will continue to provide assistance after the closing of this transaction.”

Mohamed Mahmoud CEO of Mohamed Ruqait Properties said, “We at Mohamed Ruqait Properties are very confident that this transaction has the best benefits for the five-star resort as well as the tourism market in Ras Al Khaimah, which is a growing hub for staycations and tourists alike. Al Tamimi & Company’s extensive effort has ensured a smooth and beneficial outcome for both parties during this transaction.”