Hall Of Fame

Banking and finance in Oman

Addleshaw Goddard

Addleshaw Goddard's well-regarded team stands out for its 'strong knowledge of the law and Islamic finance'. Practice head Roger Byrne draws on his extensive experience in the region to advise on corporate, infrastructure and project finance matters, and routinely advises issuers on debt capital market transactions and sponsors on establishing investment funds. Senior associate James Shaw assists with real estate finance, leveraged and acquisition finance and asset finance transactions.

Practice head(s):

Roger Byrne


Other key lawyers:

James Shaw


Testimonials

‘Unique expertise. Competitive fees. Quality work. Quick turnaround time. Value-added services. Approachable. Responsible. ’

‘Strong knowledge of the law and Islamic finance. Good judgement and decision-making skills. Research and analytical skills. Drafting skills. Good communication and listening skills. Special mention for James Shaw for his dedication and support.’

‘The team is well organized and works closely together to deliver a professional and timely response to the client’s requirements. Their fees are reasonable and proportionate to the required work.’

Key clients

Bank Muscat


The Pearl Real Estate Investment Fund


Qatar Investment Authority


bp


Oman Investment Authority


State Grid International Development


National Bank of Oman


Vision Insurance Company


OQ


Suhail Bahwan Group


Zubair Corporation


LG Electronics Inc.


Omantel


Sohar International Bank


Bank Dhofar


HSBC Bank Oman


Bank Nizwa


Ahli Bank


Oman Arab Bank


Commercial Bank


Work highlights


  • Advising The Zubair Holding SAOC and its Group Companies on the restructure of its US$ 1.8 billion existing bank debts from over 20 Omani and regional banks.
  • Advising the Ahli Bank led syndicate on the project financing of the US$ 444,000,000 conventional and Islamic term loan facilities to Oman Broadband Company SAOC (OBC) to fund the expansion of its fibre optic infrastructure in Oman.
  • Advising Gulf International Bank and Mashreqbank in relation to the US$ 220,000,000 construction development finance facility for the construction and development of the St Regis Hotel and Apartment project at Al Mouj Muscat and associated security package.

Al Busaidy, Mansoor Jamal & Co

Al Busaidy, Mansoor Jamal & Co’s banking team is routinely involved in some of the most prominent conventional and Islamic financing transactions in Oman, and stands out for its expertise in advising on re-capitalisations, leveraged, ship and aviation finance. The group is also adept at handling regulatory issues. Managing partner Mansoor Malik is a project finance expert with nearly four decades of experience in Oman and the wider region. Marcus Pery focuses on syndicated lending, trade and ECA finance, and restructurings. Zarrar Mir is a key name for Islamic finance work.

Practice head(s):

Mansoor Malik; Marcus Pery


Other key lawyers:

Zarrar Mir


Testimonials

‘Strong knowledge of the law and good judgement and decision-making skills. Good drafting skills. Good communication and listening skills. Special mention for Zarrar Mir for his dedication and attentive support.’

Key clients

Ahli Bank SAOG


Arab Bank Plc


Arab Banking Corporation B.S.C.


Bank Dhofar SAOG


Bank Muscat SAOG


Commerzbank AG


Emirates NBD PJSC


First Abu Dhabi Bank PJSC


National Bank of Bahrain


National Bank of Oman SAOG


Oman Arab Bank SAOG


Sohar International Bank SAOG


Work highlights


  • Acting as counsel to several financiers in respect of the debt restructuring of the Zubair Holding S.A.O.C. and its subsidiaries.
  • Advised Bank Muscat SAOG in respect of providing an OMR 375,000,000 term loan facility and an OMR 150,000,000 revolving credit facility to Energy Development Oman SAOG.
  • Acting as counsel to Bank Dhofar SAOG on providing a OMR 30,000,000 term loan facility to Oman Tower Company LLC for refinancing its existing debt.

Dentons

At Dentons, the banking practice is led by Sadaf Buchanan, who brings over two decades of experience in advising on Islamic finance and restructuring matters. She is well versed in assisting lenders and borrowers with securities, leveraged finance, and debt capital markets transactions, and is widely recognised as a co-founder of the firm's women's network Sayyidaat Dentons. Buchanan is ably supported by senior associate Justine Harding in high-value financing matters.

Practice head(s):

Sadaf Buchanan


Other key lawyers:

Justine Harding


Key clients

Al Shawamikh Oil Services SAOC


Said Al-Shahry & Partners (SASLO)

Said Al-Shahry & Partners (SASLO) acts for banks and borrowers in project, acquisition and Islamic finance mandates. The firm is also active in the development and regulation of the Omani banking sector, and routinely works with the Capital Market Authority, which has recently established a comprehensive framework for regulating cryptocurrency assets. Capital markets specialist Thamer Al Shahry and corporate expert Jeremy Pooley jointly head up the practice. Special counsel Sherif Hampton is well versed in handling Islamic finance and private equity transactions.

Practice head(s):

Jeremy Pooley; Thamer Al-Shahry


Other key lawyers:

Sherif Hampton


Key clients

Sohar International Bank SAOG


Capital Market Authority


Ahlibank SAOG


Oman Investment Authority


Bank Muscat SAOG


Oman Investment and Finance Co SAOG


Work highlights


  • Advised Ahlibank SAOG in relation to its OMR 75 million private placement of perpetual subordinated bonds representing Additional Tier I (AT-1) Capital.
  • Advising the Government of Oman, via its regulator the CMA, on the preparation of a comprehensive crypto-assets regulatory framework in Oman.
  • Advising Sohar International Bank SAOG on its merger with HSBC Oman SAOG.

Al Tamimi & Company

Islamic finance expert Sakshi Puri is the key practitioner at Al Tamimi & Company, where she primarily handles syndicated lending transactions, asset finance, acquisition finance and project finance. As an advocate admitted in India, Puri also advises Indian banks in trade finance matters and bilateral lending work.

Practice head(s):

Sakshi Puri


Key clients

Enerflex Middle East LLC


Exterran Middle East LLC


BSA Al Rashdi & Al Barwani Advocates & Legal Consultants

The banking team at BSA Al Rashdi & Al Barwani Advocates & Legal Consultants combines ‘deep-rooted expertise in banking and finance law with an extensive understanding of the financial markets in Oman and the broader MENA region'. Under the leadership of Arsalan Tariq, the group is well known for its strength in Islamic finance, corporate and acquisition finance and debt issuance work. Capital markets matters are a growing area of instruction for the team; Tariq regularly advises on local and international bond and Sukuk issuances.

Practice head(s):

Arsalan Tariq


Testimonials

‘The practice distinguishes itself through a combination of deep-rooted expertise in banking and finance law, coupled with an extensive understanding of the financial markets in Oman and the broader MENA region. The team has strong competencies in syndications, DCM, project finance, and structured finance, which provides clients with a comprehensive service offering. A diverse team that understands both local and international banking regulations, they are well-equipped to serve clients who operate in a multi-jurisdictional environment.’

‘Arsalan Tariq has been instrumental in several high-profile deals, demonstrating an extraordinary ability to navigate complex regulations. His understanding of both local and international law is impeccable.’

‘This practice is uniquely positioned in the field of banking, finance, and Islamic finance and is one of the very few law firms in Oman who have Islamic finance capabilities. The team is known for structuring complex financial transactions, providing strategic legal advice, and delivering tailored solutions to meet specific needs. Notably, the practice has a very state-of-the-art transparent billing system, further enhancing its client-centric approach.’

‘Arsalan is a standout Islamic finance expert known for his knowledge of Islamic finance.’

‘Arsalan Tariq exemplifies this commitment through their exceptional legal acumen and unwavering client focus. Their ability to navigate complex legal issues while maintaining a client-centric approach is truly remarkable. ’

Key clients

Maisarah Islamic Banking Services, Islamic window of Bank Dhofar SAOG.


Fisheries Development Oman


Oriental Shrimp Aquaculture LLC


Ahli Bank S.A.O.G.


MB Holding Company LLC


National Bank of Oman


Qatar National Bank Q.P.S.C (Oman branch)


Latham and Watkins / Mastercard


Muzn Islamic, Islamic window of National Bank of Oman


Work highlights


  • Advised National Bank of Oman on a OMR 670,000,00 restructuring of Zubair Group and its subsidiaries.
  • Advising Muzn Islamic on the extension of a OMR 30,000,000 financing to Oman REIT Fund for acquiring a portfolio of real estate assets in Oman on Diminishing Musharakah basis.

CMS Cameron McKenna LLP

Under the leadership of senior associate Helen DeanCMS Cameron McKenna LLP's banking practice has broad experience in acting for financial institutions and local borrowers on conventional and Islamic facilities. Dean primarily focuses on advising on project finance and corporate lending matters for clients in the utilities, energy and TMT sectors.

Practice head(s):

Helen Dean


Key clients

Oman Broadband Company SAOC


Bank Muscat SAOG Meethaq Islamic Banking


Oman Information and Communication Technology Group SAOC (Ithca Group)


Zubair Corporation LLC


KCA Deutag Drilling Gmbh


Oman Tower Company LLC


Oman 70 (Holding) LLC


Alawi Enterprises LLC (Zawawi Group)


Bank AL Habib, Bahrain Branch


Omani Hospitality Company SAOC


Burooj Telecommunication Networks SPC


GS Inima (Barka) LLC


Mazoon Petrogas SAOC


Work highlights


  • Advised Oman Broadband Company SAOC on a major financing deal using a hybrid facility (with conventional and Shariah-compliant tranches) with a value of OMR 171 million.
  • Advised Oman Tower Company LLC on a bilateral financing with Bank Dhofar SAOG worth OMR 30 million.
  • Assisted KCA Deutag Energy LLC with Omani law issues concerning two new rigs being financed by Oman Arab Bank SAOG in relation to a service contract with Petroleum Development Oman (PDO).

MAR Law

At MAR Law, projects expert Ali Naveed Arshad and corporate specialist Alessandra Zingales are the key practitioners to note. Arshad has notable expertise in advising Omani lenders, banks, Islamic financial institutions and corporate borrowers on project finance, corporate finance and Islamic finance.

Practice head(s):

Ali Naveed Arshad; Alessandra Zingales


Key clients

Bank Nizwa SAOG


Oman Broadband Company SAOC


Ahli Bank SAOG


ITHCA group (formerly Oman Information and Communication Technology Group)


Penicillin General Integrated Industrial Co FZL LLC


Ministry of Finance


Ministry of Education


Black Gold Integrated Solutions Co LLC


Oman Sugar Refinery Company LLC


Work highlights


  • Advising Oman Broadband Company SAOC on the project development and project finance facilities relating to Phase 2 nationwide telecommunications and fibre optic infrastructure for use by existing licensed telecom providers.
  • Advising Bank Nizwa SAOG on a second Islamic finance tranche under a Diminishing Musharakah cum Ijarah structure for the Duqm Development Company LLC.
  • Acting for Oman Broadband on the conversion of Phase 1 project finance facilities arranged by AIIB from LIBOR to SOFR.

Trowers & Hamlins LLP

Trowers & Hamlins LLP' practice specialises in handling capital markets work for Omani and foreign issuers, managers, and underwriters. Department head Salman Ahmed is experienced in acting for investment banks and alternative lenders in corporate, Islamic and structured finance, derivative transactions and repo agreements. IPOs and Sukuk are other areas of work for the team.

Practice head(s):

Salman Ahmed


Testimonials

‘T&H have been consistent providing the level of legal services that we need in our transactions. Proposed solutions to problems in a simple and practical manner are welcome.’

‘The team assigned to us has been proactive, and has facilitated the dialogue and interaction with our client’s legal counterpart. The team is always available and quick in responding our queries.’

Key clients

Bank Muscat SAOG


National Bank of Oman SAOG


Ahli Bank SAOG


Electricity Holding Company


Takaful Oman SAOG


Sohar International Bank SAOG (Sohar International)


Oman Development Fund Company SAOC


Bank Dhofar


Ominvest


AlOmaniya Financial Services


Work highlights


  • Advised Sohar International Bank S.A.O.G. (Sohar) and EFG-Hermes UAE Limited as joint global coordinator and bookrunner, and Sohar as issue manager and investment manager, on the IPO of 208,137,400 units in The Pearl Real Estate Investment Fund (Pearl REIF) to investors across Oman and the GCC, which have been listed on the Muscat Stock Exchange.
  • Advised Maisarah Islamic Banking and Ahli Bank as issue managers on the issuance of OMR25,000,000 Wakala Sukuk by Mohammed Al Barwani LLC (through its SPV entity, Mohammed Al Barwani New Sukuk Issuance SPC).