Overview
The financial failure of Dubai had a ripple effect across the Gulf and has also impacted on the level of business in Oman. However, although law firms in the region certainly witnessed a slowdown as liquidity dried up, the economy towards the latter half of 2010 picked up with a notable upsurge in lending activity and in project finance in particular.
Despite this slight blip in fortunes, the area is still an attractive region for foreign firms including SNR Denton, Trowers & Hamlins, Curtis, Mallet-Prevost, Colt & Mosle LLP, and most recently DLA Piper Oman, who compete with domestic big hitters such as Al Busaidy, Mansoor Jamal & Co and Said Al-Shahry Law Office.
Of the foreign firms who do not have offices on the ground in Oman, Allen & Overy LLP continues to dominate work in the projects arena and handles a significant amount of work for The Ministry of Oil and Gas of the Sultanate of Oman, including concessions awards for the exploration and production of gas. Dubai-based Bimal Desai spearheads this work. Clifford Chance handles work in Oman out of its UAE offices in Abu Dhabi and Dubai, and benefits from a close relationship with Al Busaidy, Mansoor Jamal & Co.
Active in the region for over thirty years, Shearman & Sterling LLP has a strong presence in Oman and resources work in the region out of its Abu Dhabi and London offices. Traditionally strong in the projects space, acting on both the sponsor and finance side, the firm has successfully expanded its scope to include more M&A, litigation and even capital markets work. Notably, the firm recently advised Barclays, HSBC and Standard Chartered as initial purchasers on MBPS Finance Company’s $320m high-yield offering – the first for the Middle East. Nick Buckworth is the main contact.