The Legal 500

Few firms can match Allen & Overy LLP’s practice, which has been involved in nearly every major restructuring to stem from the Dubai real estate crash in 2009. It has also been involved in several new financing transactions for various borrowers and lenders: for example, it advised Emaar Malls on its $3.2bn retail and real estate financing, a heavily structured deal involving both Islamic and conventional financing. Bimal Desai, Christian Saunders, Peter Timchur and newly promoted partner David Miles are highly recommended.

Clifford Chance combines superb credentials in the UAE with strong regional coverage, and has a leading Islamic finance practitioner in Qudeer Latif. On the project finance front, Abu Dhabi-based Mohamed Hamra-Krouha represented Gulf Petrochem FZC Fujairah Free Zone in its $80m shari’ah-compliant debt financing. The team also handles asset and acquisition financing, debt capital markets, and restructuring work. Robin Abraham and Peter Avery are also recommended.

Latham & Watkins LLP’s finance practice has gone from strength to strength under the guidance of ‘enthusiastic and unflappable’ senior figure Christopher Hall. Anthony Pallett, who joined from Norton Rose (Middle East) LLP in 2011, brought with him strong relationships with regional banks, and he is known for his ‘technical and hands-on approach’ to conventional and Islamic finance. The firm was appointed to the Emirates Investment Authority’s legal panel in 2012.

Although Simon Cook’s return to London diminished Dentons’s presence on the ground in the region, he remains an active contributor on Middle Eastern mandates, and ‘works hard to provide clients with partner support from London’. In 2011, practice head Paul Jarvis acted for Standard Chartered as one of the mandated lead arrangers of a five-year, $175m club facility for Stanford Marine Group. On the project finance side, Neil Cuthbert represented Mashreq Bank in a $1.5bn facilities agreement to finance the construction of a midfield terminal building at Abu Dhabi International Airport.

Herbert Smith Freehills LLP’s expertise in the region spans restructuring, project finance, capital markets, and its highly respected Islamic finance team headed by Nadim Khan. In 2011, Andrew Newbery represented Sumitomo Corporation and KEPCO on initial financing and ongoing needs as developers of Abu Dhabi’s Shuweihat 3 independent power plant (IPP) project. Other key clients include Mubadala GE Capital and Standard Chartered. Alexander Currie’s relocation from Moscow to Dubai added further project finance and debt restructuring expertise to the team.

Hogan Lovells (Middle East) LLP’s ‘strong and reliable group of lawyers’ has a particularly good reputation for Islamic finance through eminent figures Rahail Ali and Rustum Shah. In 2012, it acted for Emirates NBD, Noor Islamic Bank and Standard Chartered as arrangers of an istisna-ijarah financing facility for ENOC. In the debt capital markets, it acted for Dubai Islamic Bank as guarantor of Tamweel’s $300m Reg S international issuance. Capital markets expert Imran Mufti is recommended.

Linklaters has a strong presence with 23 lawyers staffing its Dubai and newly opened Abu Dhabi offices. The team has expertise in restructuring, capital markets, project and Islamic finance, and regulatory matters. Banking and restructuring team head James Martin and Islamic finance and capital markets team head Richard O’Callaghan acted for the mandated lead arrangers and investment agent on an AED4.4bn syndicated Islamic finance facility made available to refinance an AED7.5bn sukuk.

Afridi & Angell has a long track record in banking and finance, and fields eminent lawyers including financing expert Amjad Ali Khan and regulatory specialist Stuart Walker. Ali Khan acted for key client National Bank of Fujairah as lead arranger of an AED225m term loan facility for Fujairah City Centre Investment LLC.

Al Tamimi & Company is roundly considered to be ‘among the top UAE law firms’, and its ‘user-friendly’ team gives advice that is ‘very commercial and extremely responsive’. In 2012, it acted as DIFC and UAE local counsel to the lenders on syndicated Islamic finance facilities provided to DIFC Investments. Jody Waugh is ‘a pleasure to deal with’, and Lynette Brown and managing partner Husam Hourani are also recommended.

Ashurst LLP’s clients value the team’s ability to ‘tailor its performance to clients’ expectations’. The team, which is led by David Charlier with support from David Wadham (who splits his time between Abu Dhabi and London), is particularly noted for its project finance capability. Highlights included advising the sponsors on the development financing of the Muharraq wastewater treatment plant and associated sewer trunk main in Bahrain.

Baker Botts L.L.P. strengthened its finance practice by recruiting Islamic finance expert Christopher Aylward from Dentons. The team recently acted for new client Riyad Bank on the $600m Islamic financing of Saudi Aramco Lubricating Oil Refining Company’s expansion of an existing plant. Capital markets specialist Vanessa Abernethy is also recommended.

Freshfields Bruckhaus Deringer enhanced its finance capabilities by hiring new counsel Tarek El-Assra, formerly an associate at Allen & Overy LLP. He joined the Dubai office as head of the global Islamic finance practice, and complements the conventional finance expertise of Tobias Müller-Deku and counsel William Coleman. In 2012, the team acted for Dubai Aerospace Enterprise on a series of aircraft financings, refinancings and related leasing work.

‘Among the top UAE law firms for finance-related matters’, Hadef & Partners ‘scores highly in terms of quality, promptness of response and market knowledge’. Jointly headed by Alan Rodgers in Dubai and James Farn in Abu Dhabi, the practice’s record in the power projects and infrastructure space has made it a logical choice for borrowers and lenders involved in international projects with a UAE law component. Highlights included advising the sponsors on the refinancing of the Shuweihat 2 independent water and power project. Valeria Lysenko is ‘one of the finest minds in the UAE’.

King & Spalding is particularly noted for its Islamic finance and capital markets expertise. In 2012, the group represented Warba Bank as mandated lead arranger of a highly structured $460m debt financing, which was the first ever shari’ah-compliant exchangeable financing in the Middle East. Islamic finance expert Rizwan Kanji led on that deal and is highly recommended, as is Nabil Issa.

Emma Giddings’ team at Norton Rose (Middle East) LLP was enhanced by Matthew Escritt’s arrival from the firm’s Singapore office as well as the recruitment of Alex Roussos from Clifford Chance. The practice is able to handle conventional and Islamic finance matters relating to trade, projects, real estate and debt capital markets. Highlights included advising Emaar Properties on its AED3.6bn shari’ah-compliant secured financing. Islamic finance expert Mohammed Paracha is recommended, as are the aforementioned lawyers.

Shearman & Sterling LLP’s finance team is ‘in its own field when it comes to competence and knowledge on the ground’. Its strong links with government entities ensures it is regularly enlisted to advise on cutting-edge regulatory matters, including the drafting of legislation to modernise the UAE’s financial regulatory system. Iain Goalen heads the practice and is highly recommended.

Despite Natalie Boyd’s move to K&L Gates, Simmons & Simmons Middle East LLP continues to be an active player in the region, particularly on Islamic finance mandates through practice head Muneer Khan. Indicative of its regional knowledge, the team was instructed by Mashreqbank to advise on the development of a shari’ah-compliant factoring platform for SME clients. Of counsel Ahmed Butt joined from Hogan Lovells (Middle East) LLP.

Vinson & Elkins L.L.P. is gaining traction in the market, thanks to its ‘investment in local knowledge’ through key lateral hires such as Dominic Harvey, who joined from Norton Rose (Middle East) LLP. Clients include Abu Dhabi Commercial Bank and HSBC. Ayman Khaleq is recommended for his ‘attentiveness and pragmatic advice’.

White & Case LLP has a strong reputation regionally, particularly in project finance. Highlights included advising the lenders on the Islamic and conventional financing of the $10bn EMAL aluminium smelter project. Shibeer Ahmed is highly respected for his Islamic finance expertise, and Margaret Cole is also recommended.

Akin Gump Strauss Hauer & Feld LLP made a bid to strengthen its resources by recruiting Oli Charlesworth and counsel Catriona McDevitt, both of whom joined from Norton Rose (Middle East) LLP. They added to the team’s expertise in conventional and Islamic finance. Capital markets expert Chadi Salloum represented Lottomatica in its €500m, seven-year senior guaranteed notes issuance and listing on the Luxembourg Stock Exchange.

DLA Piper Middle East LLP’s team of ‘excellent lawyers’ has ‘the breadth and scope to tackle all issues in a technically proficient manner’. It recruited new head of project finance Sean Angle from Reed Smith. Debbie Barbour heads the banking practice and the ‘technically excellent’ Peter Somekh leads the debt restructuring practice. Legal directors Paul McViety and Aryan Schoorl joined from Clifford Chance and Freshfields Bruckhaus Deringer, respectively.

Habib Al Mulla & Company’s eminent regulatory practice is regularly called on to advise on proposed changes to the UAE’s banking laws. It also handles transactions for various regional and international banks, and features on a number of bank panels, including those of HSBC and Abu Dhabi Commercial Bank. Highlights included advising Mawarid Finance on the establishment of the UAE’s first shari’ah-compliant micro-financing service. Mazen Boustany is the key figure.

Asset finance is a core component of Holman Fenwick Willan LLP’s international platform, and holds true in the UAE. Rula Dajani Abuljebain leads the team, which handles asset, trade, and project finance for clients such as Stanford Marine Group and Swicorp. Highlights included acting for Abu Dhabi National Leasing on the AED1.6bn lease financing of the infrastructure and other assets of Abu Dhabi Ports Company.

Pinsent Masons has made a concerted effort to develop its regional finance offering, focusing on regulatory issues and project finance, as well as conventional and Islamic finance transactions. In 2011, Amir Ahmad advised new client ENOC on obtaining a $100m loan to expand oil-handling facilities at the port of Jebel Ali.

Reed Smith’s clients note the ‘excellent value for money’, and are quick to highlight the ‘accessibility, responsiveness and capability’ of Vince Gordon. Asset finance is a core strength of the practice, which was reinforced by the arrival of Donald Moore from Holland & Knight LLP’s Abu Dhabi office. Highlights included acting for Abu Dhabi National Leasing LLC on the $162m sale-and-leaseback refinancing of nine Etihad Airlines engines.

Taylor Wessing (Middle East) LLP’s team is ‘technically strong, responsive and commercially aware’, and has ‘strong local knowledge’. Recent highlights include advising Dubai’s Department of Finance on a $635m syndicated ijarah facility to refinance the Department of Civil Aviation’s $1bn ijarah facility. The firm recently hired Neale Downes, formerly regional head of banking and finance at Trowers & Hamlins, who is expert in asset-backed lending and project finance. Hasan Rizvi is ‘technically assured and resourceful’.

Trowers & Hamlins has a strong regional footprint and a track record in project finance that ensures it is regularly instructed on matters across the GCC. In 2012, Edmund Sia and the team acted as UAE legal counsel to advise a shortlisted bidding consortium on the development and financing of the Hassyan IPP. Andrew Rae is also recommended.

Affiliated firms Agha & Co/Agha Shamsi, L.L.C. operate from Dubai and Abu Dhabi, respectively, and focus on shari’ah-compliant finance. Oliver Agha and Siraj Ahmed are the key figures.

Galadari & Associates is best known for its regulatory expertise, although it also handles transactional matters for clients such as HSBC and Pegasus Capital. Mohammed Abdul Karim is the name to note.

Abu Dhabi-based Law House Advocates and Legla Consultants LLC advised a local bank on a AED157m loan facility to finance a real estate development, and represented a Cayman Islands registered company in a AED150m sukuk issuance. Elias Stephan is the key figure, along with Zouhdi Yakan andPatrick Khoury.