In Brief (July – August 2013)

1) Taylor Wessing Middle East has advised leading regional media business, Mediaquest, on its acquisition of the AME Info and SME Info websites, two of the leading business outlets for news and information in the Middle East and North Africa region from AME Info FZ-LLC, owned by Top Right Group. The Taylor Wessing Middle East team was led by recently arrived corporate finance partner, Tahir Ahmed, with assistance from associates, Melissa Forbes and Sanjanaa Chindalia. Michael Dennison of Allen & Overy advised the Seller. 

2) Clifford Chance has advised Sorouh Real Estate PJSC on its successful merger with Aldar Properties PJSC, terms of which were agreed by their respective boards in January 2013 and approved by their respective shareholders in March 2013. The merger has created the largest listed real estate developer in Abu Dhabi and the second largest real estate developer in the UAE, with combined total assets of approximately AED46 billion. The Clifford Chance team was led by M&A partner Mohammed Al-Shukairy, with assistance from M&A associate Sian Rowlands and real estate counsel Steven Henderson. 

3) Latham & Watkins advised Dar Al-Arkan Real Estate Development Company, Saudi Arabia’s largest property developer, on the establishment of a US$750,000,000 Trust Certificate Issuance Programme. The programme, which was established on 17 May 2013, represents the first US dollar denominated programme by a Saudi corporate. The Latham deal team was led by Al-Sudairi, with associates Harj Rai, Lee Irvine, Chirag Sanghrajka and Noor Al-Fawzan.