Regional news: Africa & Middle East
Latham’s Saudi restructuring leader to join Addleshaw in Riyadh
Addleshaw Goddard has recruited Latham & Watkins counsel Amar Meher to lead its restructuring, banking and finance practices in Saudi Arabia.
15 March 2023
Noor Capital seeks to purge NMC Healthcare contempt of court charges
After admitting they took steps against Middle Eastern healthcare group NMC in Dubai that were in breach of an Abu Dhabi Global Market anti-enforcement order, financial broker Noor Capital and its chairman have sought to purge contempt of court charges against them.
02 March 2023
Foreign investors to benefit from Dubai’s REIF reforms
BSA Ahmad Bin Hezeem senior associate Michèle El Khoury examines recently introduced reforms to real estate investment funds in Dubai, which she says aim to strengthen the jurisdiction’s position as a destination for foreign capital, including by protecting the rights of overseas investors when REIFs are faced with bankruptcy.
09 February 2023
Boeing denied leave to appeal Chapter 15 discovery order
US multinational The Boeing Company has failed in its attempt to appeal a disclosure order obtained by South African airline Comair in its Chapter 15, after a New York district court dismissed arguments that the order was “final” entitling Boeing to appeal as of right.
02 February 2023
Saudi adds cross-border bankruptcy rules based on UNCITRAL Model Law
New procedures for recognising and enforcing foreign bankruptcies have been introduced in Saudi Arabia for the first time, which one local lawyer tells GRR should help to encourage investment in the country.
19 January 2023
Bahraini bank’s liquidators seek recognition in Cayman and England
Charles Russell Speechlys is seeking recognition of its appointment as liquidator of Bahraini investment bank Awal in the Cayman Islands and England, one month after a Bahraini court ordered the bank’s liquidation following a decade-long administration.
13 December 2022
ADGM leaves questions over effectiveness of NMC’s DOCAs to 2023
NMC Healthcare’s administrators have failed to obtain directions on the effectiveness of the group’s restructuring carried out earlier this year, after a court in the Abu Dhabi General Market held it would be more appropriate for the issue to be decided at a trial next July.
15 November 2022
DWF hires in Riyadh
London-listed international firm DWF has recruited a new partner in Riyadh from Saudi industrial investments company Dussur, who has credits on several restructurings in the MENA region.
02 November 2022
Marka directors exonerated after changes in UAE bankruptcy law
A controversial court decision on directors’ liability that raised eyebrows in the UAE last year has been partially overturned, in a decision clarifying that only directors responsible for a company’s losses will be held liable for its bankruptcy.
26 October 2022
GRR Live, New York: China’s debt-trap conspiracy
After two decades that have seen China become the largest bilateral lender to the world’s poorest countries, attendees at GRR Live in New York said talk of so-called “debt-trap diplomacy” is misplaced but the country needs to decide whether it wants to be isolated or part of the developed financial world.
19 October 2022