Recently viewed firm profiles
Recently viewed lawyer profiles
Overview
Like many of its Middle Eastern neighbours, the Oman markets are suffering at the hands of the global economic downturn and lack of liquidity. Most firms are reporting a lessening or slow down on large-scale projects and transactions, especially those within the M&A and banking and finance sectors. However, partners at firms on the ground comment that the price of oil is playing an equally important role in the changing economy. Tourism and infrastructure appears relatively unaffected so far and under the 2006-2010 development plan the Omani Government looks to invest more than $2bn in the water sector in addition to privatising two of the Sultanate’s waste water companies. Luxury hotel developments show no sign of slowing with Sofitel planning to open its Muscat hotel and spa in 2011. Many of the firms recommended in the chapter have had some involvement on these matters.
The legal market in Oman remains dominated by a small number of domestic and international firms, with January 2009 heralding the official opening of DLA Piper Oman LLP’s Muscat office. In addition to those on the ground a few other global firms remain active in the country, often servicing clients from Dubai or Abu Dhabi.
Allen & Overy LLP in Dubai continue to be active on the Oman projects market. Recently the practice acted for Oman Refinery Company (ORC) on a $1.37bn credit facility to Sohar Refinery Company (SRC), designed to refinance Sohar’s indebtedness before the merger between the two companies to create Oman Refining and Petrochemical Company (ORPC). Bimal Desai is the name to note.
Clifford Chance continues its relationship with Al Busaidy Mansoor Jamal & Co, consulting the firm for local advice. The past twelve months has seen the firm involved on the single largest cross border investment in the Gulf Cooperation Council’s (GCC) banking sector at the time, advising Dubai Financial Group on a $600m investment for 15% of the share capital of Bank Muscat of Oman. In addition the firm continues to act on a multi-million dollar dispute in the region.
DLA Piper Oman LLP opened officially in Muscat in January 2009 under the guidance of Bruce Mullins who is recommended as an ‘ expert for advice to Government’. The firm has advised the Ministry of Finance on the $900m joint venture between the Ministry and MAF Investments (UAE); significant as it was the Sultanate’s first ITC. In addition to receiving an instruction from the Ministry of National Economy on the construction of several LNG vessels and the establishment of company operations, a transaction valued in excess of $1bn.
The projects team at Linklaters Dubai remains active in the region advising on proposed, high profile power projects. Jonathan Inman is recommended.
Shearman & Sterling LLP run their Omani practice from the Abu Dhabi office, calling on expertise from London when needed. Advice is given on strategic, high value transactions across a range of areas including M&A, banking and finance and projects. The firm has been instructed by Al Ghaith Holdings on the development of the $750m Shadeed Iron and Steel Plant in Sohar. Additional recent instructions include advising HSBC and Standard Chartered as mandated lead arrangers of the $445m refinancing of Sohar Power Company. The firm also acts for RBS and International Power. Nick Buckworth, Ben Shorten and Tim Pick are the names to note with clients stating their ‘ high degree of confidence in the legal advice given’.



