The Legal 500

Readers should note that project finance also features in the projects and energy section.

A dominant force in Middle East project finance for many years and a leading banking and finance firm worldwide, Allen & Overy LLP further enhanced its leading status with the relocation of Nicholas Crossin from Singapore to Abu Dhabi in 2008. He links up with highly esteemed names such as Bimal Desai and Ian Ingram-Johnson in Dubai. The firm recently acted for the project company on a $5bn petrochemical project in Jubail, Saudi Arabia, sponsored by Chevron Phillips and the Saudi Industrial Investment Group. The firm has also demonstrated its eminent standing in the Islamic products sector. Anzal Mohammed heads the debt capital markets practice that represented the lead managers on the AED7.5bn debut sukuk issue by Jebel Ali Free Zone FZE. It was the first UAE dirham-denominated sukuk and the largest non equity-linked sukuk ever.

Clients regard Clifford Chance as having broad expertise in ‘many different areas’, and as being able to ‘tap into a multidisciplinary talent pool’. From general bank lending through to Islamic finance, securitisation and project finance, the firm is operating at the head of the market. The new Abu Dhabi office has already made a significant impression, with local clients recognising Richard Ernest as an ‘exceptional’ lawyer, who ‘knows his stuff’. In Dubai, Robin Abraham gives ‘very strong advice’, understands the needs of his clients, and has brought the banking practice on in ‘great strides’. ‘Truly impressive’ structured products and securitisation partner Debashis Dey and leading Islamic finance partner Qudeer Latif (‘clearly one of the best Islamic finance lawyers in the business’, ‘way ahead’ of his competitors) advised DP World on the establishment of its milestone $5bn MTN programme and sukuk issuance. Project finance remains the firm’s core sector with Peter Avery and Malcolm Turner continually impressing. Turner led the team that advised on the financing of a $5.52bn phosphate mine and fertiliser production project in Saudi Arabia, to be developed by Ma’aden Phosphate Company.

Al Tamimi & Company is consistently applauded for its peerless connections in the UAE and, from a bank regulatory perspective, there is no finer firm. Essam Al Tamimi ‘knows all the right people’ and his influence is ‘second to none’ in Dubai. Husam Hourani is also ‘very smart’, ‘responsive’, intensely knowledgeable and equally capable in relation to Islamic and conventional banking. The firm is often credited with creating many of the key Islamic finance products in the UAE, including innovative work for influential regional players HSBC and Standard Chartered. The banking, finance and capital markets team is well known for its huge market share of IPO instructions. It worked on the majority of Dubai listings in 2008, having represented DP World on its $5bn DIFX IPO in 2007. Partner Lynette Brown is also highly regarded.

Denton Wilde Sapte’s banking heritage and its generally illustrious history in the Middle East means it maintains a leading reputation amongst banks in the region, especially the large local banks including Abu Dhabi Commercial Bank (ADCB) and First Gulf Bank. Trade finance specialist Simon Cook transferred to the Dubai office from London in September, giving the department more potency, as well as greater African expertise. Abu Dhabi partner Owain Jones maintains a busy aviation and shipping finance practice, and advised a consortium of banks on the $250m financing of two Airbus A340-600 aircraft for Etihad Airways PJSC. Neil Cuthbert and Vincent Mulvey have leading reputations for project finance in the region, but the firm has yet to re-establish its leading presence in the Islamic finance sector, following some painful partner departures in 2007.

Herbert Smith LLP boasts ‘good market visibility’ and a strong ‘execution capacity’ according to clients. It has worked on some landmark sukuks, including advice to Merrill Lynch on the Villamar sukuk, the first non-recourse sukuk-al-musharaka real estate structure to complete in the MENA region. It also advised Thani Investments on its $100m sukuk, one of the first sukuks to be issued by a privately owned business in the GCC. Additional work on a sequence of sharia-compliant LBOs illustrates its leading Islamic credentials. Nadim Khan is considered one of the leading Islamic finance practitioners in the UAE according to banks. He advised RZB/Al Salam bank on the financing of a bio-diesel project in Hong Kong, the first time Islamic financing has been used in that jurisdiction.

Despite the departure of Tim Ross to Latham & Watkins LLP, Linklaters has continued its swift progress in the Middle East. Sarosh Mewawalla has taken over as head of department and newly elected partner James Martin has transferred to Dubai from the London office. Martin recently led the team that advised the lead arrangers on a $1.2bn term loan facility, provided by a club of banks for Abu Dhabi Commercial Bank. From a heavily bank-driven practice, it now represents a series of UAE-based borrowers such as Dubai International Capital. Dubai partner Luma Saqqaf is global head of the firm’s Islamic finance practice, which has forged a strong reputation for sukuk deals. The firm represented joint lead managers on DP World’s $1.5bn sukuk and advised National Central Cooling Company (Tabreed) on its landmark AED1.7bn mandatory convertible sukuk. While Saqqaf is recognised by clients for her ‘expertise in Islamic finance’, London capital markets partner Andrew Roberts has played a key role on many of the high-profile deals and, as a consequence, spends lengthy periods in the Dubai office. On the project finance front, the firm has an impressive record in Saudi Arabia deals, with experienced partner Jonathan Inman to the fore.

Finance is Lovells (Middle East) LLP’s main focus in the Middle East. It has an excellent record in sukuks and sharia-compliant project financings, largely as banks’ counsel. Head of the Dubai office Shibeer Ahmed, who has been involved with the region since the mid-1990s, specialises in multiple export credit agency (ECA) financings and advised a consortium of banks on the $400m financing for a container port project in the African state of Djibouti. Fellow partner Rahail Ali is arguably the leading figure in the sukuk sector. In July 2008, Ali advised the joint lead managers on the AED1.1bn sukuk issued by Tamweel, but demonstrated his broader Islamic and conventional expertise through his advice to Dubai Islamic Bank as arranger of a $5.6bn financing for Investment Corporation of Dubai. Rustum Shah is highly regarded for both conventional and Islamic structures, and is well known amongst the banks.

Norton Rose (Middle East) LLP remains one of the leading banking and finance firms in the Middle East. It has an enviably broad practice and an unrivalled history of significant transactions, together with a banking client portfolio that few can match. Unlike many of its competitors, it regularly handles large instructions entirely out of the region, thanks to its large team across multiple Middle East offices. In 2008, those Middle East offices (including Dubai) advised HSBC on the commercial refinancing of the $1.86bn Sipchem Joint Acetyls Complex Project in Jubail, Saudi Arabia. The firm is also a leader in Islamic financing, with young partner Anthony Pallett to the fore in Dubai. He represented the lead arrangers on the $2.4bn sharia-compliant financing for Project Blue (Guernsey) Limited’s acquisition of the Chelsea Barracks in London. The immensely respected Dominic Harvey heads the Middle East banking and projects practice from Bahrain. The hire of structured products and derivatives specialist Karl Rogers - a unique appointment in the UAE in terms of expertise - as a partner from an in-house position is widely regarded as another shrewd recruitment.

Simmons & Simmons augmented its conventional finance practice through the hire of private equity and leveraged finance specialist Eric Milne from Freshfields Bruckhaus Deringer in 2008. Milne advised Dubai International Capital (DIC) on a sequence of deals before moving firms. He links up with Islamic finance specialist and academically astute Muneer Khan, who has built a credible team and practice since joining from Norton Rose (Middle East) LLP in 2006. The department now represents a range of banks on sharia-compliant financing transactions and on sharia-compliant funds formation. Khan recently advised Lloyds TSB on its participation in a $2bn sharia-compliant syndicated facility for Dubai Electricity and Water Authority (DEWA). In January 2009 the firm took great strides towards a leading position by relocating experienced finance partner Philip Abbott and debt capital markets specialist Natalie Boyd to Dubai from London.

Afridi & Angell is regarded as ‘very professional’ and delivers exceptionally ‘high standards’ according to clients. The firm recently represented National Bank of Fujairah on the $55m financing of Fitness First gymnasiums in eight regional cities. Amjad Ali Khan is ‘very strong’, ‘highly rated’, ‘technically excellent’ and gives ‘practical guidance’ to his many banking clients. He is now regarded as one of the elite lawyers in Dubai.

Clyde & Co is recommended for acquisition finance, with Ashley Painter consistently applauded for his technical knowledge and intense efforts to get the ‘best deal for his clients’. The team is commended for providing quick responses, a ‘personal service’ and for ‘going the extra mile’, and now acts for many of the most influential banks in the region. In 2008, the firm acted for Emirates telecoms company ‘du’ on its AED3bn dual-currency syndicated loan facility. Structured real estate financings and Islamic ship financings are other examples of the firm’s broad and varied practice, but unlike many of its rivals it is not known for project finance work.

Project finance remains the core pillar of Hadef & Partners’s banking and finance practice, which has an unrivalled record in UAE water and electricity projects as local counsel. It represented Suez Energy as sponsors of the Shuweihat IWPP in Abu Dhabi. The firm had previously made a name for itself as counsel to the sponsors on the high-profile $1.5bn Fujairah IWPP, and recently acted for the lenders on phase 1 of the $6bn EMAL aluminium smelter, also in Abu Dhabi. The experienced Alan Rodgers heads the department, while the arrival of Philip Jolowicz as head of the financial services and regulation team is another boost to the group.

King & Spalding is frequently singled out as a leading force in Islamic financing and sharia-compliant investment funds. The firm has represented sharia-compliant investment fund Eurx Properties on a series of high value financings. The team has a mix of real estate and private equity financing, relating to the Middle East and Western Europe. Partners Jawad Ali and Nabil Issa are popular figures amongst Islamic institutions.

Latham & Watkins LLP hired the widely respected Tim Ross from Linklaters in 2008, giving the firm additional banking firepower. Having already generated a strong reputation for project finance in the region, even before establishing offices there, its practice is now much broader. In 2008, it represented QGTC (Nakilat) in relation to a $6.8bn debt programme to finance a fleet of some 25 LNG vessels to transport LNG from Qatar’s North Field. It was the largest ship financing ever completed. It also represented the Saudi Electricity Company in relation to its $1.6bn structured term loan facility.

Reed Smith augmented its finance offering through the relocation of ship and aviation finance specialist Adam Morgan to the Dubai office from London in 2008, creating a practice that few other firms in the region have given as much attention. An even split between borrower and lender instructions, the firm is close to big names such as RBS, Standard Chartered and BNP Paribas. It is commended for its ‘personal service’, which according to some clients is superior to that of the large international law firms based in the jurisdiction. Abu Dhabi managing partner Vince Gordon recently advised on a $360m club loan to the Abu Dhabi-government owned Tourism Development & Investment Company (TDIC).

Trowers & Hamlins is frequently acknowledged for its prominence in the asset finance, project finance and Islamic finance sectors. It has broad regional coverage, with particularly intense activities in Saudi Arabia, UAE and Oman. Led by Abu Dhabi partner Andrew Rae, the practice is has also advised borrower Abu Dhabi Ports Company on a series of bi-lateral facilities. In Dubai, Peter Maxfield is the lead and local counsel to the lender on the bid for the second Salalah IWPP in Oman. Fellow Dubai partner Leroy Levy has a tremendous project finance record in Saudi Arabia. He also recently advised Saudi Arabian Amiantit Company on the sharia-compliant refinancing of its current borrowings and debt facilities.

Famous for its handling of Islamic products in non-Islamic markets, Vinson & Elkins L.L.P., led by partner Ayman Khaleq, has built something of a niche practice. In 2007 it represented Liquidity Management Centre and Emirates Islamic Bank on a $100m sukuk issue for Dubai investment company, Thani Investments. From middle-market sukuk deals to Islamic feeder fund structures for private equity funds, the firm has built an exceptionally impressive record. The firm is also strong in the project finance sector.

Ashurst LLP has an eminent standing in the project finance sector, illustrated by its role on a number of IWPP financings including as counsel to JBIC and the lead arrangers on the $2.8bn Fujairah F2 IWPP financing. Abu Dhabi partner and power specialist David Wadham is very experienced in this sector.

DLA Piper Middle East LLP has recruited project finance partner Tony Holland from Mallesons Stephen Jaques’s Melbourne office. The firm will be looking for its project finance practice to match the performance of its impressive projects business over the last two years.

Though it has a limited physical presence in the UAE, Freshfields Bruckhaus Deringer is a ‘results-driven’ and ‘top-tier’ firm for financing in the infrastructure, real estate and projects areas. Clients highlight the ‘professional knowledge’ and ‘experience’ of the team. Despite the departure of Eric Milne to Simmons & Simmons, the firm retains the services of the multi-skilled and immensely experienced Joseph Huse, who primarily handles infrastructure and project financings.

Shearman & Sterling LLP is recommended for project finance. The firm is representing Dolphin Energy on the financing of the Taweelah to Fujairah Gas Pipeline Project. Clients continually applaud the quality of its partners and the way the Abu Dhabi branch works seamlessly with the New York and London offices - especially London.

Baker Botts L.L.P.’s presence is very much in the project finance domain. Over the years it has advised Saudi Electric Company on the development and financing of a series of independent power plants. Saudi Arabia remains its most active jurisdiction.

Fulbright & Jaworski LLP has closed a series of projects with Islamic finance components. Michael McMillen became the firm’s new head of Islamic finance after joining from Dechert LLP. McMillen is primarily based in New York, but also works from the firm’s Riyadh and Dubai offices.

Galadari & Associates continues to demonstrate an exemplary record in the capital markets sector. It recently advised the Government of Dubai on a $2bn EMTN programme. It has also secured key financing mandates, including advising the Dubai World Trade Centre on the financing of the enhancement and development of the Dubai World Trade Centre Complex. Partners Sagheer Mohammed and Bode Wilfred have excellent reputations.

Habib Al Mulla & Company is worthy of recommendation, largely thanks to the connections and regulatory acumen of name partner Habib Al Mulla, who is a regular source of legal assistance, both for international law firms and domestic and foreign clients.

Khasawneh & Associates Legal Consultants name partner Nasser Ali Khasawneh has developed an emphasis on Islamic finance products, often working as local counsel alongside leading US law firms, recently working on a sizeable sukuk issuance and advised a US investment house on establishing a sharia-compliant fund.

Maples and Calder’s Tahir Jawed is a highly regarded capital markets lawyer, providing Cayman Islands legal structures for major sukuks in the region. The firm recently advised the Dubai Electricity and Water Authority (DEWA) on its securitisation of receivables and AED3.2bn sukuk issuance.

Taylor Wessing (Middle East) LLP has a strong record in the Islamic finance sector, though this is primarily led out of its London office. Much of this work relates to real estate transactions. London partner Hamid Yunis is also recognised for his sukuk acumen.