Kirkland & Ellis’ Post

Navigating Financial Reforms: Insights from MENA Conference The 2nd Annual Financial Restructuring MENA Conference at #AbuDhabiGlobalMarket brought together experts to discuss financial restructuring and corporate insolvencies in the region. Keynote by Hamad Sayeh Al Mazrouei underscored Abu Dhabi's leadership, while Abullah Mogheerah emphasized the impact of Saudi Arabia's Bankruptcy Law on economic dynamism. Sessions focused on bankruptcy regulations, regional insolvency frameworks, and strategies for handling NPLs. For more information, visit our website. Link in bio! #FinancialRestructuring #MENAEconomy #AbuDhabiGlobalMarket #BankruptcyLaw #EconomicDynamism #NPLs #SaudiBusiness #SaudiNews #Vision2030 #SaudiArabia

𝐈𝐏𝐎 𝐑𝐞𝐚𝐝𝐢𝐧𝐞𝐬𝐬: 𝐖𝐡𝐲 𝐄𝐭𝐡𝐢𝐜𝐚𝐥 𝐆𝐨𝐯𝐞𝐫𝐧𝐚𝐧𝐜𝐞 𝐢𝐬 𝐌𝐨𝐫𝐞 𝐂𝐫𝐢𝐭𝐢𝐜𝐚𝐥 𝐓𝐡𝐚𝐧 𝐄𝐯𝐞𝐫 As companies gear up for IPOs on the Saudi Exchange, understanding the gravity of fiduciary duties is essential. A recent ruling from the Appeal Committee for Resolution of Securities Disputes (ACRSD) brings to light a significant case of governance failure that prospective public companies can learn from. Mr. Sari Almayouf, the former Managing Director of Thimar, was found guilty of redirecting company funds to a company where he had both a friendship and commercial relationship. Notably, these transactions were made without proper documentation; no invoices were maintained to justify the transfers. Furthermore, a portion of these funds was subsequently transferred to another company in which Mr. Almayouf had interests, again without any valid business justification for the bank transfers. This misuse of company funds for personal benefit led to severe consequences: • 𝐈𝐦𝐩𝐫𝐢𝐬𝐨𝐧𝐦𝐞𝐧𝐭 𝐟𝐨𝐫 𝟗𝟎 𝐝𝐚𝐲𝐬; and • A fairly substantial 𝐟𝐢𝐧𝐞 𝐨𝐟 𝐒𝐀𝐑 𝟑.𝟐𝟓 𝐦𝐢𝐥𝐥𝐢𝐨𝐧. This incident underscores the Capital Market Authority's (CMA) stringent enforcement actions to uphold market integrity and protect investor interests. It highlights the importance of maintaining transparent and compliant financial practices—essential pillars of trust for potential investors and crucial for the success of an IPO. A proper understanding of the fiduciary obligations of Board members and senior executives is one of the key aspects we focus on during our training seminars on IPO considerations. We still have a few slots available for our training seminars on Saudi IPO considerations on 29 September 2024 and we would be delighted to have you attend. #CorporateGovernance #FiduciaryDuties #InvestorConfidence #IPO #GovernanceMatters #LeadershipDevelopment #CMACompliance #CMA Capital Market Authority Saudi Exchange

Join leading experts Akber Khan, Hadi El Kadi, Lee Irvine, Tahir Hayat Pirzada, and Walid Shalan as they discuss the QAR500 million Estithmar Holding Sukuk case study. Gain insights into deal advisory, legal frameworks, treasury management, and financial strategies behind this significant issuance. Don’t miss this in-depth discussion of key industry practices and strategic approaches. https://lnkd.in/gdGT2UJt #IFNQatarDialogues #REDmoney #IFN #IslamicFinance #Finance #Sukuk #Investment #Qatar

Do you manage your wealth well and Islamically? You can get in touch with us for Islamic wealth management advisory in different sectors. We take you through it step by step for a great a plan. . #islamic #wealth #management #advisory #services #abrarconsult . Khalfan Abdallah, CIFE, CeZM, CSA, CeHBA, CWP

Transparency in corporate governance is essential for maintaining investor confidence and fostering trust in the financial markets. Several Qatari companies, such as AHCS, DBIS, IGRD, QATI, QFBQ, QIGD, VFQS, BLDN, ERES, MKDM, QCFS, QGMD, and SIIS, currently do not disclose their board member compensation. While this is not uncommon, increasing transparency could bring numerous benefits. Disclosing board member compensation is essential for several reasons: First, it allows shareholders and potential investors to assess whether board members are being compensated fairly and appropriately for their roles and responsibilities. Aligning compensation with the company's performance and market standards can build trust and confidence among stakeholders. Secondly, transparency in compensation practices plays a crucial role in building trust among stakeholders. For more information: https://lnkd.in/dSs4Z9rc #Investors #Investing #BoardMembers #Compensation #Markets #Qatar #Doha #Stocks #Analysis

"From Saudi Ethraa to Enhance: A New Era Begins!" ✨ We are excited to announce that Saudi Ethraa is now Enhance. This rebranding marks a new chapter in our journey as a leading local financial advisory firm. Discover our comprehensive range of services tailored to the Saudi market: • Business Valuation • Feasibility Studies • Buy-Side and Sell-Side Financial Advisory • And more! Let’s enhance your business together. Connect with us to explore how our expertise can drive your success. #Enhance #FinancialAdvisory #SaudiBusiness #BusinessGrowth #Investment #Advisory #Valuation #Vision2030

Hear the views of practitioners such as Shah Fahad, Ali Allawala, Khalid Howladar, Paula Tavangar, Saleh Al-Tamami and Umair Javed as they discuss Asset Management in the New Age. https://lnkd.in/dyXQ58HF #IFNInvestorMiddleEastForum2024 #REDmoneyEvents #REDMoney #IFN #Finance #IslamicFinance #Dubai

Nominations are closing for the Global Islamic Finance Awards (GIFA) 2024! GIFA: Standard of Excellence in Islamic Finance. Recognising leadership, integrity, and innovation, GIFA celebrates the best of the Islamic finance industry. Discover more about the award categories: https://lnkd.in/deN4d5vq #IslamicFinance #fintech #sustainabledevelopment #financeleader #Islamicbanking #Sustainability #SustainabilityInFinance #financialinclusion #GIFSConference #financialexpert #economicempowerment #IslamicEconomy #financialinstruments #globaleconomy #ShariahCompliant #finance #financialfreedom #financialliteracy

Having a well-developed insolvency regime is fundamental for a business and investor friendly economy, as it creates investor confidence and allows businesses and creditors alike to know they are sufficiently protected in the event of financial uncertainty. In line with Saudi Arabia’s Vision 2030, the Kingdom recently introduced rules of cross-border bankruptcy proceedings to help complement its existing bankruptcy law. The rules are aimed at streamlining insolvencies that span across various jurisdictions and reflect the Kingdom’s ongoing efforts to align with international practices, particularly as many complex insolvencies have cross-border elements.   In our latest insight, Anas A.M Alswailem, Duncan Lockhart and Dalia Damanhouri summarise the key provisions of the rules and what they could mean in practice: https://bit.ly/3vd3IPi   Our dedicated Doing Business in Saudi Arabia Hub helps businesses stay informed and understand the latest developments and opportunities: https://bit.ly/3QB9HEx   #clydecoksa #doingbusiness #insolvency #bankruptcy

Nominations are closing for the Global Islamic Finance Awards (GIFA) 2024! GIFA: Standard of Excellence in Islamic Finance. Recognising leadership, integrity, and innovation, GIFA celebrates the best of the Islamic finance industry. Discover more about the award categories: https://lnkd.in/deN4d5vq #IslamicFinance #fintech #sustainabledevelopment #financeleader #Islamicbanking #Sustainability #SustainabilityInFinance #financialinclusion #GIFSConference #financialexpert #economicempowerment #IslamicEconomy #financialinstruments #globaleconomy #ShariahCompliant #finance #financialfreedom #financialliteracy