The Legal 500

Allen & Overy LLP ‘has been doing deals in the region for much longer than many firms, and, in addition to being well entrenched, is most efficient in terms of keeping costs down’. The team is acting on the UAE’s two largest restructurings, representing the creditors’ committee on the $14.4bn Dubai World and $10.4bn Nakheel restructurings. Despite the downturn in the market, the group continued to act for clients such as BNP Paribas and DSB Bank on fund raisings, and advised Standard Chartered and HSBC as the mandated lead arrangers on a $1.5bn murabaha facility for Qatari Diar Real Estate Investment Company. Christian Saunders is a ‘knowledgeable, erudite, and commercial lawyer, who regularly guides clients through the intricacies of Middle Eastern law’, while Bimal Desai is consistently identified as ‘a market leader’.

Clifford Chance offers ‘sound legal advice, and a strong awareness of the market’, founded upon a long history as a ‘leading banking and finance practice in the region’. The group has been involved in some of the most prominent restructurings in the Middle East, including assisting Dubai World with its restructuring, during which it advised on discussions with four separate co-committees. Other highlights included advising Zain Saudi Arabia on Sharia-compliant profit rate swaps worth $2.2bn, and acting for Dubai Electricity and Water Authority on its first ECA-supported financing. The team’s deep bench of lawyers includes a number of impressive partners, such as the ‘very highly rated’ Peter Avery, ‘leading individual’ Robin Abraham, and Debashis Dey.

Hogan Lovells (Middle East) LLP ‘consistently comes out on top on all fronts – quality of work, responsiveness, and overall pricing’. The group has an impressive list of panel positions with clients such as Barclays and Abu Dhabi Commercial Bank, and recently advised Emirates NBD on a $226m mezzanine facility for Dubai Aerospace Enterprise. Other recent highlights include acting for the joint lead managers on Petronas’ $1.5bn triple-listed offering, and advising on the IFC’s $100m sukuk, the first sukuk offering from a non-Islamic financial institution. The firm has ‘an exceptional Islamic finance team’, with Rahail Ali being ‘one of the most recognised lawyers in the Middle East and a market leader in Islamic finance’, and Rustum Shah considered ‘an exceptional finance lawyer’.

Linklaters brings together expertise in conventional and Islamic finance, and it advised Borse Dubai on refinancing its $2.5bn acquisition of an interest in NASDAQ. The group also established a $10bn GMTN programme as well as two tranches of fixed-rate notes worth $3bn for the Emirate of Abu Dhabi; acted for creditors in Saad Group’s $7bn default; and advised the Ministry of Finance on the proposed government guarantee of bonds issued by UAE banks. Richard O’Callaghan is key to the team’s excellent reputation for debt capital markets work.

Norton Rose (Middle East) LLP is a regular feature on banking transactions in the Middle East, and recently picked up its first instructions from Abu Dhabi Commercial Bank and Union Properties, which the group advised on the extension of its AED2bn and $188m syndicated facilities. Other noteworthy work includes advising Kuveyt Turk on the first international sukuk originating in Turkey, and acting for the arrangers on a loan facility for the Al Marjan Island Project. Neil D Miller and Anthony Pallett are ‘recommended for Islamic finance’, while the senior associates are impressive: Rizwan Kujin ‘offers an excellent service’ and Lidia Kamleh is a ‘very efficient and knowledgeable debt capital markets lawyer’.

The ‘very helpful, responsive and good all-round lawyers’ at SNR Denton are highly recommended for both Islamic and conventional finance. Neil Cuthbert, managing partner of the firm’s Middle East offices, is particularly notable for his ‘project finance expertise’. The group advised Bank of Uganda on introducing Islamic finance legislation to Uganda, and a steel company on a $2bn-plus bridge and project financing facility for a new plant. Simon Cook heads the trade and export finance group and is highly recommended, while Shaikh Muddassir Siddiqui is valued for his dual talents as a Sharia scholar and US-qualified attorney.

Al Tamimi & Company has ‘good knowledge of the local market’, as well as ‘good industry knowledge and experience’. The team recently acted alongside Shearman & Sterling LLP in advising on the $4.1bn refinancing/financing of the Dolphin pipeline, and advised a syndicate of banks on the $95m restructuring of a project finance facility. The group acts for a number of Indian banks, including State Bank of India and ICICI Bank, on establishing branches, licensing, compliance and transactions. Husam Hourani has ‘excellent legal knowledge and a very commercial approach’.

Ashurst LLP’s ‘professional team is quick to respond to questions and requests, and produces high-quality work’. It ‘has a very detailed understanding of project finance’, and has been involved in nearly all the major wastewater and power projects in the market, including advising a sponsor consortium on its bid for the Barka 2 and Sohar 2 IPPs. The team has also been active in representing ad hoc groups of certificate holders regarding restructurings, including the holders of Nakheel’s $3.52bn sukuk due 2009 and the Nakheel sukuk certificates due 2010 and 2011. David Wadham ‘not only has a good understanding of the sector and contracts, but is also commercially minded and always looking for solutions to problems’.

Clients are ‘extremely impressed at the overall professionalism and outstanding service rendered’ by Clyde & Co LLP, and ‘have no hesitation in recommending’ Ashley Painter and his team. The ‘service, response, and advice is simply exemplary’. Despite difficult market conditions, this practice won new instructions from Union National Bank and First Gulf Bank, and continued to act for clients such as China Investment Corporation, Abu Dhabi Commercial Bank and Dubai Healthy Authority.

Hadef & Partners is widely regarded as one of the best choices for local law advice, given its extensive track record of successful transactions. Alan Rodgers is particularly impressive. The group advised UAE-based banks on the AED1.5bn funding of the Nation Towers mixed-use commercial development, and acted for the Ministry of Finance on the conversion and subordination of an AED50bn debt issued to 18 Islamic and conventional banks. The team earned instructions from clients such as Lloyd TSB, Dubai Bank and HSBC.

Herbert Smith LLP advised Millennium Private Equity on the first sukuk financing for a UK corporate in the UK, and acted for Qatar Islamic Bank on its $750m sukuk. Nadim Khan is ‘a font of knowledge on Islamic finance structuring’, while Andrew Newbery is excellent on ‘project finance work, where his depth of experience and calm, helpful personality are essential to deal success’. Senior associate Qasim Aslam is ‘an unstoppable force when it comes to protecting his client’s interest’. Michael Barker joined the Dubai team from Hong Kong.

Latham & Watkins LLP enhanced its UAE practice and project finance expertise when it recruited Nicholas Collins and Villiers Terblanche from White & Case LLP. Recent work for the group includes acting for the government of Dubai on the formation of the $20bn Dubai Financial Support Fund, established to assist government-related entities in Dubai, and advising a regional financial institution on establishing its Gulf Cooperation Council leveraged-finance programme. Timothy Ross is highly recommended.

Maples and Calder is an offshore law firm providing Cayman Islands and British Virgin Islands advice from its Dubai office, and as such often works alongside many others firms in this table. Debt capital markets expert Tahir Jawed acted alongside Clifford Chance to advise the Tourism Development and Investment Company (TDIC) of Abu Dhabi on the largest sukuk of 2009, and represented the IFC on the first sukuk issue in the GCC by a non-Islamic financial institution.

Shearman & Sterling LLP relocated Iain Goalen to Abu Dhabi as Tim Pick moved to London, from where he continues to work closely with Middle Eastern clients. The practice is best known for project finance, and is currently advising The Dow Chemical Company on its joint venture to finance and develop a petrochemicals project in Saudi Arabia, as well as advising Egyptian Refining Company on the $3bn Cairo hydrocracker refinery project.

Samer Eido’s team at Simmons & Simmons Middle East LLP is particularly well known for Islamic finance, with Natalie Boyd and Muneer Khan both recommended. Khan recently advised Dubai Islamic Bank on the $842m syndicated multipurpose Islamic credit facility granted to Saudi Binladin Group as part of the $2.22bn development of a girls’ university campus, an innovative deal that required most of the agreements to be drafted from scratch.

Vinson & Elkins L.L.P. bolstered its team by recruiting Sam Al-Louzi from White & Case LLP and Ahmed el-Gaili from Sullivan & Cromwell LLP. The practice is well known for project finance, and recently acted for Abu Dhabi Future Energy Company (Masdar) and BP Alternative Energy on the financing and development of a hydrogen power and pre-combustion carbon capture plant, the first project of its kind. Beyond the project space, the group has been busy acting for clients such as TVM Capital, and advised TID regarding a $3.5bn standstill arrangement and restructuring.

Afridi & Angell is ‘recommended with the confidence that clients’ needs will be met with full satisfaction’. Stuart Walker – whose ‘advice is always solid and well thought through’ – is heavily involved in Dubai Financial Services Authority investigations, and advised Atradius on claims against Nakheel/Dubai World worth $300m. Other instructions include advising Xstrata Group on DIFC corporate finance matters, including updating a $6bn MTN programme.

Baker Botts L.L.P. uses its ‘solid background and pragmatic approach to go beyond what the law says, and offer opinions that are more commercial and solution-oriented’. The firm added intellectual horsepower to its UAE office by relocating Robert Jordan, former US Ambassador to Saudi Arabia, and hiring Vincent Mulvey from the former Denton Wilde Sapte, moves that went some way to alleviating concerns over the office’s depth. Nigel Thompson led the team advising Saudi Electricity Company on its IPP development programme.

Offshore firm Conyers Dill & Pearman regularly works alongside top law firms to provide BVI, Caymans, Mauritius and Bermuda advice, and ‘clients and lead international counsel have comfort that their matters receive the attention they deserve’. The team recently provided BVI advice to Elegant Aviation regarding a $20m aircraft sale-and-leaseback, and also counts Barclays and Essar Global as clients. Kerri Lefebvre is ‘a very experienced finance and corporate lawyer who adds value’.

Freshfields Bruckhaus Deringer advised MTN Nigeria on new loan facilities worth $2bn, and acted for the Ministry of Finance in Dubai on the creation of a regulatory framework for a $20bn rescue fund. The team was responsible for advising banking clients, such as Morgan Stanley and Merrill Lynch, on setting up trading desks in the UAE, and acts for a number of local banks such as Emirates NBD and Abu Dhabi Commercial Bank. Joseph Huse is the office’s finance partner, although he divides his time between the UAE and Bahrain.

Habib Al Mulla & Company is one of the few local law firms that regularly features alongside top international firms. The group is best known for providing local law advice, and has been advising on some pioneering Islamic finance structures, as well as prominent transactions in the UAE. Head of banking and finance Mazen Boustany is ‘very professional, diligent, experienced and knowledgeable’.

King & Spalding is best known for its Islamic finance expertise, and recently represented Mezzanine Investment Partners on Sharia-compliant mezzanine financing for the $1.3bn Al Wa’ab City mixed-use real estate development in Qatar. Other notable work includes advising Seera Investment Bank on its Sharia-compliant financing and acquisition of BWA Water Additives. Other key clients include Al Hilal Bank and Arab Bank. Isam Salah, who splits his time between New York and Dubai, is recommended.

Vincent Gordon’s team at Reed Smith has ‘outstanding turnaround time, unrivalled accessibility and responsiveness, and good business knowledge’. The group recently advised Union National Bank on its participation in an AED1.5bn club loan to Abu Dhabi National Hotels, and acted for National Bank of Abu Dhabi on an AED120m secured loan for the construction of a transformers factory. Gordon is ‘always up to expectations with regards to the quality of service, legal advice rendered, and certainly on the response times’.

Trowers & Hamlins is ‘one of only a couple of firms that can efficiently do the local end of large-scale projects in Abu Dhabi’. Michael O’Reilly led a team advising Standard Chartered as mandated lead arranger on the $1bn Salalah IWPP in Oman, while Peter Bowring acted for Emirates NBD and Samba Financial Group regarding a AED400m facility agreement for a mixed-use development in Dubai’s business bay area.

Agha & Shamsi, L.L.C. differs from the competition in being a Sharia-compliant firm. Since opening its doors in 2009, it has acted for clients such as Deutsche Gulf Finance and South Steel Company. The seven-lawyer group advised Amlak Finance, the largest UAE-based Islamic mortgage finance company, on its ijara documentation and transactional structures. Founding partner Oliver Ali Agha, formerly head of Islamic finance at DLA Piper Middle East LLP, is recommended.

Fulbright & Jaworski LLP advises banks, financial institutions, and developers on a wide range of banking and finance work. The group has a reputation for quality legal advice and a commercial approach. Mark Bisch and John Boehm, who splits his time between Dubai and Riyadh, are the key contacts.

Galadari & Associates is the preferred legal adviser to Ajman Bank in the UAE, and recently advised Dubai Civil Aviation Authority on various financing facilities, including a $2bn EMTN programme. The firm recently opened a China desk, which acted for ICBC on setting up a presence in the UAE, and regularly advises government clients on trade with China. Bode Wilfred is recommended.

Taylor Wessing (Middle East) LLP’s Osama Hassan handles a significant amount of work for the government of Dubai, including advising on its inaugural $2.5bn sukuk programme, $4bn EMTN programme, and Dubai Financial Support Fund. Private sector clients include Emirates Bank International, Zurich Insurance, and The Carlyle Group.