Clifford Chance

Clifford Chance advising on first ever public company statutory merger in Qatar

Clifford Chance has advised Al Khaliji Commercial Bank on the signing of its merger agreement with Masraf Al Rayan on 7 January, 2021, the first ever public company statutory merger in Qatar.

The merger will create one of the Middle East's largest Shariah-compliant banking groups with assets and shareholder equity worth more than 183 billion Qatari Riyals.

The merger is also expected to contribute positively to the economic development in the State of Qatar by supporting corporate businesses and small and medium sized entities as well by helping finance key development initiatives in line with Qatar's Vision 2030.

Mohammed Al-Shukairy, Regional Managing Partner at Clifford Chance for the Middle East comments: "We are proud to have advised Al Khaliji on this transformational transaction to create a new Qatari banking champion. We would like to thank Al Khaliji for its continued trust in the firm. Clifford Chance has advised on the first ever statutory mergers in the UAE and Saudi Arabia and I am delighted that we have now played a role in setting the blueprint for public company mergers in Qatar."

Fahad Al Khalifa, Group Chief Executive Officer of Al Khaliji noted "We are pleased to have Clifford Chance as our Legal Advisers for this landmark transaction. Mohammed and his team's unwavering dedication, deep public company experience and ability to find solutions throughout the process has been critical to getting us to this point. We look forward to continuing to work closely with Clifford Chance in moving ahead to closing."

The core Clifford Chance team on this transaction was led by Mohammed Al-Shukairy, with assistance from Counsel Jack Hardman, Senior Associate Zahra Shahab, Associate Sima Al Baterni and trainee Ahmed Shafiek.

Ranked 1st for M&A in the Middle East and Africa by Mergermarket in 2020, Clifford Chance regularly advises on the region's most high profile and innovative M&A transactions. The firm recently advised on the largest ever M&A transactions in the Middle East, including PIF's US$ 69 billion sale of its stake in SABIC to Saudi Aramco and AD Power's US$ 20 billion sale to TAQA. In the banking sector, the firm also recently advised NCB on its proposed US$ 223 billion merger with Samba, SABB on its US$ 70 billion merger with Al-Awwal Bank and UNB on its US$ 114 billion merger with ADCB and Al Hilal Bank.