Clifford Chance advises on sale of Meydan Beach Hotel project to FIVE Hotels and Resorts

Clifford Chance advises on sale of Meydan Beach Hotel project to FIVE Hotels and Resorts

Leading international law firm Clifford Chance has advised Meydan Group on the sale of the Meydan Beach Hotel project, a partially completed hotel and residences project on JBR beach in Dubai. FIVE Hotels and Resorts has purchased the project and will operate it as a 'FIVE Beach' branded property following completion. The move will allow FIVE Hotels and Resorts to take up a privileged position on the prestigious JBR beachfront within Dubai Marina, with views of some of Dubai's most well known landmarks, including the Palm Jumeirah and Ain Dubai

The Clifford Chance team was led by partner Tariq Imam (real estate) and supported by counsel Inaamul Laher (construction), senior associates Richard Cameron (real estate) and Anthony Matsis (finance), and associate Mahmoud Elbanhawi (finance).

Tariq comments: 'We are delighted to have supported Meydan on this strategic sale of a prime Dubai asset. Under construction projects always involve additional complexity, so it was pleasing to be able to leverage our expertise in order to help Meydan achieve a swift completion. We have advised on a number of similar transactions in the UAE and Saudi Arabia this year, which would appear to be a positive sign for regional real estate markets.'

Consistently ranked Band 1 in legal directories, Clifford Chance was named Middle East International Law Firm of the Year at the Chambers Middle East Awards 2021. The firm's Middle East real estate practice is one of the longest established practices in the UAE and regularly advises on the region's most complex and innovative development projects, investment and financing transactions, as well as hospitality mandates. This recently includes advising DP World on its long-term partnership with Emaar Development PJSC to jointly develop and regenerate the Dubai port area known as Mina Rashid - a project valued at approximately AED25 billion; advising The Red Sea Development Company on a first-of-a-kind renewable utilities concession for The Red Sea Project in Saudi Arabia; as well as advising Aldar Properties on its US$1 billion acquisition of real estate assets from TDIC, one of the largest real estate acquisitions in the history of the UAE.