Regional news: United Arab Emirates

Duff & Phelps hires new restructuring head for the Middle East & Africa

Advisory firm Duff & Phelps has hired the former head of KPMG Middle East’s deal advisory group to lead its global restructuring practice in the Middle East and Africa.

21 July 2020

ADGM enhances insolvency law with priority financing for administrators

Officials in Abu Dhabi’s financial free zone have enacted amendments to the insolvency framework for its English-language courts, including the addition of new priority financing measures.

16 July 2020

Sidley and Akin Gump advising as Travelex strikes restructuring deal

London-headquartered foreign exchange company Travelex has reached a restructuring agreement that will see its creditors take control and inject it with £84 million in new liquidity.

08 July 2020

NMC Health-linked KBBO appoints restructuring advisers in Abu Dhabi

Abu Dhabi-based investment group KBBO has brought in Cleary Gottlieb and local firm Hadef & Partners to advise it on a restructuring, citing concerns about its exposure to scandal-hit healthcare chain NMC Health.

01 July 2020

Congolese bank wins summary judgment against Travelex in England

The Democratic Republic of Congo’s largest bank has obtained a US$60 million summary judgment against struggling foreign exchange company Travelex in England, following a breach of contract over a supply of bank notes.

25 June 2020

Abu Dhabi’s NMC Health wins US recognition

Scandal-hit Middle Eastern healthcare chain NMC Health has won recognition of its English administration proceedings in Delaware, after its foreign representatives from Alvarez & Marsal received no objections to their motion for final relief.

25 June 2020

Pinsent Masons recruits new banking head from Norton Rose Fulbright in Dubai

Norton Rose Fulbright partner Matthew Escritt has joined Pinsent Masons as its regional head of banking in Dubai, as many of the UAE’s formal restructurings are set to be postponed until next year in light of the pandemic.

12 June 2020

Abu Dhabi’s NMC Health seeks US recognition to halt class actions

Scandal-hit Middle Eastern healthcare chain NMC Health is seeking recognition of its English administration proceedings in Delaware, in an effort to block two class actions launched by stockholders in California.

01 June 2020

English company to serve winding-up on Finablr in Abu Dhabi

An English design consultancy has won permission from a UK court to serve a winding-up petition on scandal-hit financial services holding company Finablr in Abu Dhabi.

26 May 2020

DLA Piper advising administrators of scandal-hit NMC Health

DLA Piper partners Chris Parker and Peter Somekh are advising a trio from Alvarez & Marsal as joint administrators of Abu-Dhabi-based healthcare chain NMC Health, which has been engulfed in accusations of fraudulent accounting.

14 April 2020

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