Lebanon > Legal market overview
Lebanon’s location and free market economy have made it attractive to foreign investors and, while the region is now feeling the somewhat delayed effects of the global financial crisis, lawyers say banking-related work has continued to flourish, as has franchising work.
High liquidity has helped to immunise Lebanon’s banking system against the worst of the global economic crisis. The Capital Markets Law, which was enacted in August 2011, established a regulatory body and a legal framework for financial markets in Lebanon in line with international standards. New measures relating to the corporate governance of Lebanese banks have also been introduced, including the requirement to comply with international recommendations and best practices. Lebanon’s normally vibrant real estate and construction sectors have slowed, but the media and IT industries continue to fare well, and there is a promising line of work in the oil and gas industries.
Dewey & LeBoeuf LLP enjoys a strong practice in Lebanon alongside the domestic firms. Practice head Camille Abousleiman has acted on the largest M&A transactions in Lebanon, and serves as principal international counsel on all issuances of debt in the international capital markets by the Republic of Lebanon. Recent transactions for the firm include advising a consortium of banks on a combined issuance of $2.19bn in new bonds; and Bank Audi and the M1 Group on its $913m acquisition of EFG-Hermes’ 29% equity stake in Bank Audi (Lebanon).