Global law firm Clyde & Co has advised Majis Industrial Services (Majis) on its agreement to invest a substantial amount with Utico, the UAE's leading private utility company. Majis is owned by one of Oman's main sovereign wealth funds and Utico is the largest private utilities developer in the UAE, operating water and captive power generation facilities, and water transmission & distribution networks. The proceeds of the investment agreement are intended to increase Majis and Utico's global participation in the Utilities’ business.
The transaction centred around a primary equity contribution that involved a subscription for shares for a substantial minority equity stake in Utico. Clyde & Co is now advising Majis on the next steps related to the transaction.
Taimur Malik, Corporate Partner at Clyde & Co in Dubai, comments: "This deal is a demonstration of the increasing number of partnerships we have been witnessing between parties in Oman and the UAE".
The Clyde & Co Corporate team was led by Taimur Malik, with the support of Jason Rosychuk (Senior Associate), Saad Bajwa (Associate), and Noor Al-Kooheji (Trainee Associate).
Clyde & Co has forged a reputation as a go-to firm for M&A and JV transactions, with the largest corporate practice in the Middle East with 25 partners and over 70 experienced lawyers. As one of the region's few genuine full-service firms, Clyde & Co acts as a 'one-stop shop' and advises on a number of significant acquisitions and divestments for listed companies, private equity firms and international and domestic investors. It has assisted clients in realising their investments, gaining access to new markets and achieving their corporate objectives for more than 25 years in its key focus sectors.
Clyde & Co has the largest presence and is one of the most experienced international law firms in the Middle East with over 40 partners and 400 staff, based full time in Abu Dhabi and Dubai in the UAE, Doha in Qatar, Muscat* in Oman and Riyadh in Saudi Arabia, providing a full-service commercial offering of local specialists across most business sectors and practice areas.
*Office of Fatma Al Mamari Advocacy and Legal Consultancy Firm, in association with Clyde & Co.