Finance World Magazine| Edition: October 2024
This month, we are pleased to present the October edition of Finance World Magazine, focusing on "Embracing the Future of Investment in the Middle East." Our cover story features Eng. Yaser Al Nuaimi, Acting Head of Infrastructure Partnerships at the Abu Dhabi Investment Office, highlights how the Public-Private Partnerships initiative is reshaping the investment landscape of the UAE. In this issue, we explore the integration of AI and personal finance, Dubai's strategic vision for FinTech and advancements made in the healthcare sector, followed by a special feature on "Finance in 2040" - a captivating time capsule of financial predictions.
This month, we are pleased to present the October edition of Finance World Magazine, focusing on "Embracing the Future of Investment in the Middle East."
Our cover story features Eng. Yaser Al Nuaimi, Acting Head of Infrastructure Partnerships at the Abu Dhabi Investment Office, highlights how the Public-Private Partnerships initiative is reshaping the investment landscape of the UAE.
In this issue, we explore the integration of AI and personal finance, Dubai's strategic vision for FinTech and advancements made in the healthcare sector, followed by a special feature on "Finance in 2040" - a captivating time capsule of financial predictions.
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TLA Advises deNovo on PJT Partners Acquisition<br />
Tribonian Law Advisors (TLA), a<br />
prominent boutique law firm in<br />
the GCC specialising in mergers<br />
and acquisitions, has successfully<br />
advised the shareholders of deNovo<br />
Partners on their acquisition by PJT<br />
Partners, a leading global advisory-focused<br />
investment bank based in New<br />
York and listed on the NYSE. The TLA<br />
team, led by managing partner Rindala<br />
Beydoun and partner Carlo Pianese,<br />
with support from managing associate<br />
ADNOC Plans $16B<br />
Bid for Germany’s<br />
Covestro<br />
Abu Dhabi’s ADNOC is set to submit<br />
a formal offer for Covestro,<br />
a leading German polyurethane<br />
manufacturer, in a deal valued at around<br />
(AED 59B). This transaction is expected<br />
to be the largest takeover in Europe this<br />
year. The Financial Times reports that<br />
ADNOC’s negotiations have spanned<br />
over a year, with CEO Sultan Al Jaber<br />
visiting Germany in August to finalise<br />
the details. In June, Covestro disclosed<br />
that ADNOC’s proposed offer would<br />
start at €62 per share, following an<br />
earlier $12.7B bid. Covestro, formerly<br />
part of Bayer, became an independent<br />
entity after its public listing in 2015.<br />
The company produces vital materials,<br />
including foam chemicals, used<br />
in products such as mattresses, car<br />
seats, and insulation.<br />
Dhruv Agrawal and associate Norma<br />
Karam, played a crucial role in this<br />
transaction. Beydoun expressed pride<br />
in representing deNovo, highlighting<br />
TLA’s strengthened position in the M&A<br />
legal advisory sector. Pianese added that<br />
their team worked diligently to ensure<br />
all transaction documents aligned with<br />
the strategic goals of both parties,<br />
marking a significant collaboration<br />
between two leading advisory firms<br />
from New York and Dubai.<br />
SABIC Sells Alba Shares to Ma’aden<br />
SABIC, a global diversified chemicals<br />
company based in Saudi Arabia,<br />
has entered into an agreement<br />
to sell its 20.62% stake in Aluminum<br />
Bahrain (Alba) to the Saudi Arabian Mining<br />
Company (Ma’aden). The expected<br />
sales proceeds range from ($963.45M)<br />
to ($1,056.34M). Completion of the<br />
transaction is contingent upon securing<br />
regulatory approvals from the relevant<br />
authorities in Saudi Arabia and Bahrain,<br />
along with meeting customary conditions<br />
outlined in the Share Purchase<br />
Agreement. SABIC CEO Abdulrahman<br />
Al-Fageeh expressed appreciation for<br />
the partnership with Alba, highlighting<br />
its significant contribution to SABIC’s<br />
growth. This sale will allow SABIC to<br />
optimise its portfolio, focus on core<br />
operations, and strengthen growth<br />
within the chemicals sector, aligning<br />
with Saudi Vision 2030. The transaction<br />
coincides with Alba’s announcement of<br />
a non-binding agreement with Ma’aden<br />
to explore a potential business<br />
combination.<br />
Solidarity Gets Board Approval to Acquire 2 BNH<br />
Units for $200M<br />
Gulf insurer Solidarity Bahrain has<br />
announced its plan to acquire<br />
two subsidiaries of Bahrain National<br />
Holding Company (BNH) for 75<br />
million Bahraini dinars (approximately<br />
AED 200M). The company’s board has<br />
approved, in principle, the purchase of<br />
100% of the issued shares of Bahrain<br />
National Insurance Company (BNI)<br />
and Bahrain National Life Assurance<br />
Company (BNL), according to a filing<br />
with the Bahrain bourse. The acquisition<br />
is contingent upon due diligence, regulatory<br />
approvals, and other conditions.<br />
Last month, Solidarity Group entered<br />
into a binding offer with BNH for the<br />
deal. The proposed acquisition, pending<br />
approval from the Central Bank of Bahrain,<br />
will undergo a thorough analysis<br />
to evaluate its impact on Solidarity’s<br />
financial position.<br />
Oct <strong>2024</strong> www.thefinanceworld.com 87