The Legal 500

Within Banking and finance, Allen & Overy LLP is a first tier firm,

Allen & Overy LLP’s ‘exceptional’ finance practice saw more growth in restructuring work, with the nine-partner team continuing to advise the creditors’ committees on the restructurings of Dubai World, Nakheel and Dry Docks World, which collectively represent one of the largest-ever restructurings of government-related entities. The team has also been active in general bank lending and project financing transactions; highlights included advising GMMOS and Abraaj Capital on a complex series of cross-border financings, and Saudi Aramco Total Refining and Petrochemical Company on the $14.2bn Jubail refinery and petrochemicals project. Christian Saunders and Bimal Desai are ‘leading luminaries of the market and give reasoned advice’. Peter Timchur arrived from the firm’s Moscow office in 2010.

Within Corporate and M&A, Allen & Overy LLP is a first tier firm,

Allen & Overy LLP’s ‘exceptional’ corporate practice is considered by many clients to be ‘the premier firm in the region’ for transactional mandates. Despite a patchy market for M&A, the practice maintained its activity levels, advising News Corporation on its $35m investment in Rotana Group to increase its stake in the company to 14.53%. It has also been active in the IPO market, advising Abu Dhabi insurance company National Takaful Company on its AED82.5m IPO. Andrew Schoorlemmer provides ‘excellent service on M&A transactions’, and Khalid Garousha is ‘a trusted adviser for corporate matters’. Pervez Akhtar joined Freshfields Bruckhaus Deringer in 2011.

Within Dispute resolution, Allen & Overy LLP is a third tier firm,

Allen & Overy LLP’s disputes practice has broad geographic spread and varied industry expertise, and represents its international clients in arbitration and investment treaty matters. Regional managing partner Simon Roderick is recommended and has over 20 years’ experience in the Middle East. He is ably supported by Chris Mainwaring-Taylor, an expert in commercial and construction arbitration.

Within Investment funds, Allen & Overy LLP is a first tier firm,

Nick Smith and Khalid Garousha’s investment funds practice at Allen & Overy LLP has reacted to regional market volatility with an increased focus on fund structuring advice for both local and international investors, particularly where an Islamic financing element is required. Highlights included advising Abraaj Capital on establishing a pan-MENA real estate fund, and acting for Guernsey-based Global MENA Financial Assets Limited in its de-listing from the LSE and investment in Al Fajer Retakaful Insurance Company, a deal which involved a $50m share buyback.

Within Legal market overview,

While there were no major new entrants into the market in 2011, some did add new offices to existing resources: Wragge & Co LLP opened a Dubai office in September following its Abu Dhabi launch in 2010, and Linklaters opened an office in Abu Dhabi. Eversheds LLP also made a significant step by merging with a consortium of Middle East law firms, including Dubai-based Khasawneh & Associates Legal Consultants; Freshfields Bruckhaus Deringer appointed Dubai-based Pervez Akhtar as managing partner for the MENA region after he joined from Allen & Overy LLP; Al Tamimi & Company enhanced its regional capability with significant recruitment in Dubai and Qatar; and Habib Al Mulla & Company enhanced its international credentials by hiring Rob Morris, formerly global head of procurement at Clifford Chance.

Within Projects and energy , Allen & Overy LLP is a first tier firm,

Allen & Overy LLP has an ‘exceptional’ reputation in the project finance space, combining on-the-ground projects expertise, a strong Islamic finance capability and a regional footprint that few other firms can match. In 2010, ‘leading luminary’ Bimal Desai acted for Saudi Aramco Total Refining and Petrochemical Company, a joint venture between Saudi Aramco and Total, in a $14.2bn greenfield refinery and petrochemicals plant in Saudi Arabia, which involved 19 different financing facilities with seven ECAs and two Islamic finance facilities. Peter Timchur joined the team in 2010, after relocating to Dubai from the firm’s Moscow office.

Within Real estate, Allen & Overy LLP is a second tier firm,

Allen & Overy LLP’s size and market experience means it can provide ‘a high level of service and wide breadth of expertise, and employ some of the most capable lawyers in the region’. Nick Smith and his team continue to act for Emaar as master developer of King Abdullah Economic City, and also acted for Masdar on the development of Siemens’ new Middle East headquarters. Ian Bevan is a ‘a solid real estate lawyer and has a very logical approach’.

Within TMT, Allen & Overy LLP is a first tier firm,

Allen & Overy LLP fields a ‘high-calibre’ TMT practice with ‘strong depth in the region’, and is a frequent presence on the most prominent TMT transactions in the UAE and the broader GCC. On the telecoms front, it advised Al Khair National for Stocks and Real Estate Company LLC on its proposed $12bn sale of a 51% stake in Mobile Telecommunications Company to Etisalat. Abu Dhabi based Tom Levine heads the practice, and is ‘very focused on achieving targeted solutions and outcomes for his clients’.