Global law firm Clyde & Co has advised leading confectionery and food manufacturer Mars on the acquisition of all of the shares in its subsidiary 'onshore' in Dubai. Prior to this transaction, Mars owned 49% of the shares in the Dubai LLC, this being the maximum percentage of permitted foreign ownership in a company incorporated 'onshore' in an Emirate of the UAE. This transaction is one of the first of its kind since the UAE's Foreign Direct Investment (FDI) Law paved the way for an increase in foreign ownership in companies incorporated 'onshore' in the UAE above the historical maximum of 49%.
Benjamin Smith, Corporate Partner at Clyde & Co in Dubai, comments: "Following the introduction of the FDI Law, Mars has been able to acquire 100% of the shares in its LLC 'onshore' in Dubai. This is an important strategic development from a corporate structuring perspective for our client. This project would not have progressed without the hard work of the Mars team. The fact that Mars has been able to conclude this transaction reflects its significant and longstanding commitment and contribution to Dubai and the wider UAE. We were delighted to support Mars with the project."
Hassan Hassan, General Counsel, AMEA at Mars, says: "This is a significant milestone for Mars and will help strengthen our presence and development in the Middle East. Clyde & Co's support on navigating the new FDI framework was a strategic contributor to the successful completion of the transaction."
The Clyde & Co team was led by Benjamin Smith, who was assisted by Marwa El Gazzar (FDI Specialist - Corporate) and Priamvada Princeton (Corporate Specialist - Corporate), with additional support provided by Waleed Massoud and Salim Hares (Government Liaison Managers) and Clyde & Co's Corporate Services team.
Clyde & Co has forged a reputation as a go-to firm for FDI projects in the Middle East, with a specialist FDI team and the largest corporate practice in the region 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 most experienced international law firms in the Middle East with over 50 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.