From gaming to crypto, here is a round-up of recent transactions in the region, along with the law firms that led them:
$2.4 billion Wynn Al Marjan gaming resort financing
A&O Shearman and Clifford Chance are among the firms advising on Wynn Resorts’ $5.1 million project to develop the UAE’s first licensed casino at Ras Al Khaimah’s Al Marjan Island, set to open in 2027.
Clifford Chance is acting for the sponsors on the $2.4 billion Wynn Al Marjan construction facility with a global syndicate of lenders to complete the financing for development of the project in Ras Al Khaimah, a northern emirate in the UAE. The Clifford Chance team is led by Hong Kong managing partner Dauwood Malik, Dubai partners Jeremy Barker (global financial markets), Jack Hardman (technology and financial services), and Tariq Imam (head of real estate), with partner Innamul Laher advising on construction matters from Abu Dhabi.
A&O Shearman acted for the lenders and agent in Dubai. Partner Joe Clinton, who advises on project development and financing, led the firm’s team.
Al Tamimi & Company is understood to be offering advice on local law matters.
The Ras Al Khaimah resort is the first of three casinos planned in the UAE as it diversifies its economy away from oil.
Multiply sale of PAL District Cooling to consortium
Clifford Chance is advising Multiply Group on the sale of its UAE-based district cooling business, PAL Cooling Holding and its subsidiaries, to a consortium comprising National Central Cooling (Tabreed), a strategic investor, and CVC DIF, a financial sponsor, for approximately AED 3.8 billion (US$1.03 billion). Baker McKenzie is representing CVC DIF on its strategic partnership with Tabreed.
The transaction followed a highly competitive auction process that attracted significant interest from both regional and global strategic and financial investors. It is expected to close later this year, subject to regulatory approvals.
PAL Cooling Holding currently operates five plants in Abu Dhabi, with four additional plants under development.
Clifford Chance provided end-to-end legal support to Multiply Group, advising on all aspects of the sale, including corporate M&A, real estate, financing, tax, and regulatory matters. The Clifford Chance team was led by corporate partners Mohammed Al-Shukairy and Lynn Ammar. Additional expertise was provided by partners Tariq Imam (real estate), David Saleh (antitrust), and Chirag Sanghrajka (projects).
The Baker McKenzie team was led by Dubai corporate partner Abeer Jarrar and London infrastructure partner Nick Rainsford.
Jahez acquires stake in Snoonu
Kirkland & Ellis is advising Jahez International Company for Information System Technology (Jahez) on the signing of a share purchase and subscription agreement (SPSA) where Jahez will acquire 76.56% of the share capital of Snoonu, a technology and on-demand delivery company in Qatar.
The deal values Snoonu at QAR 1.165 billion (US$320 million), marking the first time a Qatari start-up surpasses the QAR 1 billion valuation milestone. It is expected to close in the second half of 2025, following regulatory and shareholder approvals.
The Kirkland team included corporate lawyers Noor Al-Fawzan, Noura Abdulrahman and Fahad Alarifi.
Emirates NBD Capital KSA launches equity fund
Addleshaw Goddard has advised Emirates NBD Capital KSA on the launch of its new investment vehicle, the ENBDC Saudi Equity Freestyle Fund, following approval by the Kingdom’s Capital Market Authority (CMA).
The fund, designed as an open-ended structure, will invest in Shariah-compliant shares of companies listed on Saudi Arabia’s main exchange, as well as the parallel market.
The Addleshaw Goddard team was led by Riyadh finance partners Jasem Alanizy and Amar Meher.
$80 million financing deal for Orange Egypt’s 5G rollout
Addleshaw Goddard has advised Banque Misr and the European Bank for Reconstruction and Development (EBRD) on an $80 million syndicated loan extended to Orange Egypt, a telecommunications operator.
This transaction will enable Orange Egypt to strengthen its infrastructure and acquire a 5G mobile operating license to enhance network efficiency and reduce network response times.
The financing consists of two tranches, with Banque Misr and EBRD each contributing 50% of the total amount.
The Addleshaw Goddard team advising on the transaction was led by partner and UAE banking and finance head Sandeep Puri.
JamJar series A seed investment in Humantra
Ashurst has advised JamJar, an early-stage European consumer venture capital fund, on its series A investment in Humantra, a hydration start-up founded by Charlie Wright and supported by HB Investments, the family office of Huda and Mona Kattan, founders of Huda Beauty and Kayali.
This funding will support the acceleration of a UK retail rollout alongside ongoing international expansion.
Ashurst’s Dubai team was involved in the negotiation and completion of the investment, advising JamJar on all aspects of the transaction, including the subscription agreement and shareholders’ agreement. The Ashurst team was led by corporate partner Vasi Papadopoulos.
Telegram’s $1.7 billion bond issuance
Skadden has advised UAE-based messaging application Telegram as it raised $1.7 billion from investors in a recent bond offering.
Telegram will use $950 million of the existing bonds to repurchase new ones being placed to new investors for additional liquidity. The new bonds are convertible into shares upon an IPO.
The Skadden team was led by London partner and European capital markets head Danny Tricot.
Coinbase’s $2.9 billion acquisition of Deribit
Latham & Watkins and Willkie Farr & Gallagher are advising on US digital currency platform Coinbase’s acquisition of Dubai-headquartered cryptocurrency derivatives exchange Deribit. The acquisition is valued at around $2.9 billion.
The transaction includes $700 million in cash and 11 million shares of Coinbase Class A common stock. It is expected to close in 2025.
Latham & Watkins advised Coinbase with a 19-partner team led by San Francisco and Silicon Valley partners Saad Khanani and Tad Freese. Riyadh-based partner Brian Meenagh handled UAE-related matters.
Willkie advised Deribit with a team led by New York partners Jared Fertman and Thomas Sharkey.
TWG Global acquires stake in Mubadala Capital
Investment firm TWG Global is acquiring a 5% minority stake in Mubadala Capital, the asset management arm of Mubadala Investment Company, with the option to increase its share over time. Skadden is advising Mubadala Capital.
As part of the deal, TWG will commit $2.5 billion to Mubadala Capital, which will also lead a $10 billion syndicated investment in TWG. This marks the second time Mubadala has sold a stake in its asset management unit to an external investor recently.
The Skadden team was led by partners Todd Freed, Michelle Gasaway, Victor Hollender, Michael Leiter, Patrick Lewis.
