| Growing business demand is driving more international law firms to Dubai, the trading and commercial hub of the Gulf.
Herbert Smith has opened an office, which will be headed by projects partner Neil Brimson, in the United Arab Emirates (UAE) capital. Brimson will be joined by two partners, Zubair Mir and Nadim Khan, and a team of lawyers and support staff. Many of Herbert Smith’s clients, notably its sponsor and financial institution clients, now have significant operations in the region. Establishing a presence in the Middle East is regarded as a natural extension of the firm’s top-tier projects and energy practice and will also boost the firm’s profile in this rapidly developing market. Amid rapid economic growth and with a flexible business environment the UAE is a becoming a hotspot for foreign law firms. The growth is only partly fuelled by the soaring price of oil and gas which contributed 35.7 percent of the economy in 2005 according to estimates from the Central Bank of UAE. Shipping, construction, materials, manufacturing and tourism are also playing a role in the country’s booming economy. Official figures are unavailable for 2006 but the UAE’s nominal GDP grew by 25.6 percent in 2005 to reach AED485.5 billion (US$132.3 billion), according to Central Bank estimates. Zubair Mir and Nadim Khan, who were recruited last year from Norton Rose to help establish Herbert Smith’s Middle East presence, are recognised as two of the most highly-regarded lawyers of their generation in the region. Mir is a corporate finance lawyer specialising in M&A, privatisations, investment funds, private equity and Islamic corporate finance. Khan is a finance lawyer who is particularly well known for his market-leading work in the Islamic finance sector, having devised the first Islamic project bond transaction and been the first lawyer to successfully integrate an Islamic tranche with an export credit agency (ECA) facility. Head of Middle East, Neil Brimson, will be permanently based in Dubai from the end of March. The three partners will be working with corporate associates Gareth Worthington, Judith Watson and Fatima Laher, and banking associate Paul McViety. The office will be recruiting further partners and associates over the coming months. Senior Partner David Gold described the opening as significant milestone for Herbert Smith. “We have an extensive track record of advising on world class projects in the Middle East. This latest addition to our network will support the firm’s ambition to be the leading global projects and energy practice. Many of our energy clients in Asia also have significant interests in this region and the new office will provide them with on the ground capability to better service their needs.” Earlier this year Lovells announced plans to open an office in Dubai following the successful recruitment of a market leading team. Three joined as partners from the Dubai office of Denton Wilde Sapte (DWS) and two partners have been seconded from Lovells in London. The five partner team is expected to have the office fully set up and operational from early May 2007. Lovells has recruited senior DWS banking and finance partner Rahail Ali, who also heads DWS’ global Islamic finance practice, alongside senior banking and finance lawyer Rustum Shah and senior corporate and capital markets lawyer Imtiaz Shah. Between them they have acted on more than US$12 billion of transactions in the last 12 months. Work highlights include advising the underwriting banks on the US$1 billion Islamic bond financing for the expansion of Dubai airport and advising on the financing of Dubai Ports World’s US$5.7 billionn acquisition of P&O. The office will be headed by Lovells London banking and project finance partner Shibeer Ahmed. The firm aims to build a practice of around 25 to 30 lawyers and other staff by the end of the first year. The Dubai office will also provide corporate advice to companies and other investors in the UAE and across the Middle East that are expanding into markets elsewhere in the world. The move follows a successful strategy by Lovells to build its presence in strategically important financial and commercial markets around the world. Stay tuned … |
