Al Busaidy Mansoor Jamal & Co.

Barristers and Legal Consultants

New rules for marketing insurance products in Oman

Filed under Capital Markets, Insurance, Takaful
Oman insurance rules

Oman’s Capital Market Authority (CMA) has published new rules for the marketing of insurance and takaful products in Oman (Decision E/69/2017). These replace the previous rules issued in 1983. The new rules introduce a raft of additional requirements including: – obliging insurers to complete CMA-issued application forms; – expanding the documentation that an insurer needs to furnish in support of its application for product approval including: policy documents in Arabic, or Arabic translations (which are deemed to override their English counterparts); the insurer’s pricing policy for the product (which must be consistent with the insurer’s board approved underwriting and pricing […]

AMJ advises Howden Broking Group on key Oman acquisition

Filed under AMJ Deals, AMJ News, Insurance
HowdenBrokingGroup

AMJ recently advised leading insurance group, Howden Broking Group on the acquisition of a majority stake from the founder shareholders of New Generation Insurance Services in Oman. The new entity is renamed Howden Insurance Brokers LLC. The parties agreed not to disclose details of the transaction terms. Howden is the retail broking arm of UK-based Hyperion Insurance Group, the world’s largest employee-owned insurance group which employs more than 3,800 people across 38 countries in Europe, the Middle East, Asia Pacific and the Americas. This transaction represents a major step in the development of Howden’s business in Oman. David Howden, CEO […]

AMJ appoints new litigation counsel

Filed under AMJ appointments, AMJ News
Erik Penz

AMJ has appointed Erik Penz, a former partner in Norton Rose’s Toronto office, as Special Counsel in the firm’s litigation and arbitration department. His hire boosts the Muscat-based team to two senior partners, three special counsel, ten associates and four trainees, the largest in Oman. Erik has extensive experience of handling complex, multi-jurisdictional disputes across a wide range of sectors, including energy, construction, transport and mining on behalf of multinational corporations, foreign governments/state-owned enterprises, and Canadian listed companies. These cases include multi-jurisdictional and multi-party proceedings, high-value commercial disputes, insolvency proceedings, fraud and asset-tracing, company/joint venture/partnership disputes, employment litigation and administrative […]

AMJ wins two awards at IFLR 2017

Filed under AMJ Awards, AMJ News
AMJwinsIFLR2017

AMJ won two prestigious legal awards at the International Financial Law Review (IFLR) Middle East Awards at Dubai’s Burj Al Arab on October 18. AMJ won both the ‘Oman Law Firm of the Year’ for the seventh year in a row, and the ‘Domestic Deal of the Year’ award for its work on a merger between the International Petroleum Investment Company and Mubadala Development Company. The annual IFLR Awards, now in its 12th year, brings together leading global and regional corporate law firms to celebrate the most outstanding legal deals that have taken place in the region in the preceding […]

AMJ advises on US$728mn Salalah Methanol financing

Filed under AMJ Deals, AMJ News, Banking and Finance
Salalah Methanol financing

AMJ recently acted as Oman legal counsel advising a syndicate of international, regional and local financial institutions on the US$728 million project financing of the Salalah ammonia project which closed in August 2017. The 12-year facility was partly used to refinance the existing debt of Salalah Methanol Company, a wholly-owned subsidiary of Oman Oil Company, with the remaining US$443 million allocated to develop a new ammonia plant in Salalah. Clifford Chance acted as international counsel for the lenders group which comprised of a syndicate of 12 lenders led by Standard Chartered Bank. The AMJ team was led by Marcus Pery, […]