Against the backdrop of continued business and societal disruption caused by the COVID-19 pandemic, M&A activity in the Middle East still showcased some stability in the first quarter of 2020, increasing in value by over USD 5 billion and in volume by 6 additional deals in comparison to Q4 2019, according to the latest report by global law firm Baker McKenzie*. “It is evident that the current global situation has caused a slow down…
Leading global law firm Baker McKenzie Habib Al Mulla has advised Zenath Trading Enterprises LLC, the principal shareholder of Zenath Recycling & Waste Management LLC (Zenath Recycling), on the sale of Zenath Recycling to Averda, the leading integrated waste management services provider in the Middle East and Africa.
Legal Advisors, Abdulaziz Alajlan & Partners advised Mohamed Yousuf Naghi Motors Company Ltd in relation to the acquisition of all assets from Al Jazirah Vehicles Agencies Company (AJVA) in connection with the Ford and Lincoln distributorship in the western and southern regions of Saudi Arabia; and the negotiation and execution of the distribution arrangements with Ford and Lincoln.
On 2 July 2019 the United Arab Emirates (UAE) Cabinet announced the relaxation of foreign ownership restrictions for 122 business activities specifically in the manufacturing, agricultural and services categories. This follows the issuance of the new Foreign Direct Investment (FDI) Law in September 2018 to open up the UAE mainland market to foreign investors.
Helmy, Hamza & Partners (a member of Baker & McKenzie International) has advised Indorama Ventures on its acquisition of 74% of the share capital of Medco Plast for Packing and Packaging Systems S.A.E. (Medco Plast) from Middle East Glass Manufacturing Co. (MEG) and the Samaha family. MEG will retain a 16% shareholding in Medco Plast, and the Samaha family will retain 10%.