Shelf Drilling Completes Acquisition of 38 Rigs from Transocean (MENA)

Shelf Drilling, a shallow water drilling services provider headquartered in the United Arab Emirates, has completed the acquisition of 37 drilling rigs, one swamp barge and associated operations from global offshore drilling company Transocean for US$1.05 billion. Shelf Drilling was created with financing from global private equity firms Castle… Read More

Legal & Regulatory Bulletin – Issue No. 7, Autumn 2012

letter from the chairman This issue of the Legal and Regulatory Bulletin follows on a full week of very well attended and highly engaging EMPEA summits in London in late October. The topic of risk figured prominently during many of the sessions, with commentary ranging from tactical suggestions for identifying… Read More

Marketing Private Funds in the Middle East

In the past, managers promoting private funds in most countries in the Middle East—with the notable exception of Saudi Arabia—have not found much difficulty navigating local rules. Foreign fund managers would typically fly in, meet with clients, sign subscription agreements, and fly out a few days later without worrying… Read More

Impact Case Study: Jazeera Steel

Global Capital Management invested US$53.8 million for a majority (51%) stake in the company. Company Headquarters: Oman Business focus: Steel tube and structural products Revenue: US$237 million in 2011 impact highlights Global guided Jazeera Steel through a sharp contraction in the world steel market, reduced its borrowing costs by more… Read More

Investcorp to Acquire a 35 Percent Stake in Kuwaiti Automak (MENA)

United Arab Emirates-based alternative investment manager Investcorp will acquire a 35 percent stake in Kuwaiti vehicle leasing and rental company Automak through its US$1 billion Gulf Opportunity Fund. Automak operates a fleet of over 4,500 vehicles. The investment marks Investcorp’s second in Kuwait after its 2009 investment in Gulf… Read More

J.P. Morgan, London Fund Invest US$20 Million in Dubai E-Commerce Firm (MENA)

Middle East and Africa-focused investment firm Blakeney Management and J. P. Morgan Asset Management, the asset management arm of JPMorgan Chase, have invested over US$20 million into the United Arab Emirates-based online shopping service Namshi. Namshi sells designer clothing, shoes and accessories from over 400 international brands to customers… Read More

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