Regional news: United Arab Emirates

Financial Restructuring MENA, Abu Dhabi: the “magic realism” of the Middle East’s NPL market

Regional banks in the Middle East shared their predictions for the acceleration of a buoyant local non-performing loan market this week – but distressed investors appeared sceptical, citing a “humongous delta” between the banks’ expectations and investor realities.

17 March 2023

Financial Restructuring MENA, Abu Dhabi: a wish list for the future

Specialist insolvency judges, greater clarity on the priority status of new money and better understanding and cooperation between onshore and offshore regimes: speakers from law and advisory firms, funds and banks in the Middle East provided food for thought for future restructuring reforms in the UAE and Saudi Arabia.

16 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

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

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

NMC Healthcare secures anti-enforcement order against “rogue creditor”

Middle Eastern healthcare group NMC has restrained financial broker Noor Capital from pursuing enforcement proceedings against it in Dubai, with counsel to the group telling GRR the injunction prevents “one rogue creditor” undermining its successful restructuring.

10 October 2022

ADGM court issues US$1bn freezing order against former NMC chief

Abu Dhabi Commercial Bank has secured a worldwide freezing order against the former CEO of Middle Eastern healthcare group NMC, who it accuses of being part of a major fraud that led to the group’s collapse.

05 October 2022

NMC Healthcare gets brief reprieve from creditor claims in Dubai

A court in Abu Dhabi’s financial free zone has partially restrained financial broker Noor Capital from pursuing enforcement proceedings against restructured healthcare group NMC in Dubai, ahead of a hearing next week over a UAE judgment debt arising out of a December 2019 loan agreement.

28 September 2022

ADGM enacts updated insolvency practitioner framework

The Abu Dhabi Global Market has implemented reforms to its insolvency practitioner framework that do away with the need to have a registered office address in the financial free zone to obtain a license.

16 September 2022

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