Skip to main content

Clifford Chance

Clifford Chance

News and awards

Clifford Chance advising Aldar Properties on its AED 3.7 billion acquisition of real estate assets from TDIC

8 May 2018

Clifford Chance advising Aldar Properties on its AED 3.7 billion acquisition of real estate assets from TDIC

Clifford Chance advising Aldar Properties on its AED 3.7 billion acquisition of real estate assets from TDIC

One of the largest ever real estate M&A deals in the Middle East 

Clifford Chance is advising Aldar Properties PJSC (Aldar Properties), a leading listed property development, investment and management company based in Abu Dhabi, on its acquisition of a portfolio of real estate assets from Tourism Development and Investment Company PJSC (TDIC) worth AED 3.7 billion; one of the largest real estate acquisitions in the history of the Middle East.

The assets comprise strategic land plots and projects under development, along with a range of operational assets in the hospitality, retail, residential, education and infrastructure sectors, all in Abu Dhabi with a focus on Saadiyat Island.

Saadiyat Island is a mixed-use commercial, residential and leisure master community and is anticipated to become Abu Dhabi's cultural centre.

Brett Scrymgeour, General Counsel, Aldar Properties, commented “This was a highly significant transaction for both Aldar and the Abu Dhabi real estate market. Because of this, and also due to the stakeholders involved, it was important for us to work with best in class advisors and partners who share our commitment to excellence, and the team at Clifford Chance exemplified this.”

Mohammed Al-Shukairy, M&A partner leading the Clifford Chance team commented "We are delighted to have played a part in assisting Aldar Properties on this landmark acquisition. Clifford Chance leveraged its market leading M&A, real estate, construction and finance practices to ensure Aldar Properties was able to move expeditiously. This exciting transaction will no doubt support the continued development of Abu Dhabi."

Tariq Imam, Clifford Chance's Head of Real Estate in the Middle East observed: "This transaction was unique not only in terms of its size, but also its complexity, given the wide variety of assets in the portfolio, each at different stages of development. We are very pleased to have supported Aldar on what is undoubtedly a strategically important transaction both for the company and for the Abu Dhabi real estate market as a whole."

The Clifford Chance team was led by Corporate Partner, Mohammed Al-Shukairy and Head of Real Estate, Middle East, Tariq Imam. The team was supported by Gareth Dray and Charlotte Monk (Corporate, Dubai), Janeen Pickering and Nicola Birman (Real Estate, Dubai) and Tim Steadman and Katie Joukadjian (Construction, Abu Dhabi).

For further information about Clifford Chance see

For further information about this release contact Magdalena Suder on +971 4 503 2744 or

1. Clifford Chance is one of the world's pre-eminent law firms with significant depth and range of resources across five continents. As a single, fully integrated, global partnership, we pride ourselves on our approachable, collegiate and team based way of working. We always strive to exceed the expectations of our clients, which include corporates from all the commercial and industrial sectors, governments, regulators, trade bodies and not for profit organisations. We provide them with the highest quality advice and legal insight, which combines the firm's global standards with in-depth local expertise.

2. Clifford Chance was ranked 'Band 1' in more cross-border tables than any other firm in the Chambers Global 2018 Directory. This independent analysis focuses on firms' legal ability, professional conduct, client service, and commercial awareness, and these rankings provide outstanding recognition for the firm's breadth of expertise and consistency of quality across global markets.