Editorial: Banking in the UAE
01 August 2008
Banking in the UAE is feeling the benefits of a black gold-rush. The boom in oil prices has led to increased government spending on infrastructure and an uptick in corporate lending. A study by AMEinfo reported a double-figure increase in bank income over 2007, which has shown no signs of slowing in 2008.
Seventeen practitioners are featured in the banking chapter, hailing from 10 firms, a mixture of international and local practices. Allen & Overy LLP is the longest-established international firm in Abu Dhabi - it first opened in the UAE 30 years ago. Highlights include representing Abu Dhabi Commercial Bank, First Gulf Bank, Dubai Islamic Bank, National Bank of Abu Dhabi and Morgan Stanley Bank International as mandated lead arrangers of a nearly US$1. 3 billion conventional term loan facility for Al Raha Infrastructure. Bimal Desai is the highest-nominated practitioner in the chapter. With "a wealth of finance experience", he has worked on several syndicated loans to Middle East banks and corporates. The "extremely capable" Christian Saunders performs banking transactions across the board, such as international financings. He recently advised Emirates Bank International and Emirates Islamic Bank on a US$1.2 billion dual currency Mudaraba facility for real estate company Limitless. Duncan Macnab rounds off the Allen & Overy trio. A "flexible" lawyer, he "can be relied upon to do a great job, whether it be banking, projects or corporate work", according to one contributor to the survey.
Clifford Chance LLP has also been on the scene in Dubai since the mid-1970s, and banking is one of the branch's core practices. Clients include Dubai Financial, JPMorgan Chase, Emirates Islamic Bank and Barclays. The "very strong" and "active" Robin Abraham's bank lending and financing work drew praise from respondents to the survey, which placed him in the upper echelons of the research. Malcolm Turner is a "real star", especially recommended for his financing work as well as his broad-based banking practice. "Great for lending work", both secured and unsecured, Peter Avery is well respected by his peers.
A "fantastic regional player", Al Tamimi & Company runs offices all over the UAE and advises both local and international banks on their operations in the region, including clients setting up in the Dubai International Finance Centre. The firm also provides regulatory advice in addition to its transactional expertise and counts banks such as Masreqbank and HSBC among its clients. Head of the firm's banking and finance department Husam Hourani is "a dean of the Bar", according to his peers, who rated his "boundless experience and deep knowledge of the local banking market", especially regarding the DIFC. Lynette Brown was also praised. The expertise of this "rising star" lies in advising lenders and borrowers on a range of transactions including bilateral and syndicated transactions.
The two practitioners we identify at Hadef Legal Consultants & Advocates also garnered strong support. The firm advises borrowers and lenders on syndicated loans as well as other banking issues, and the group's experience in regulatory and compliance issues was praised, as was its advice to clients on dealing with the UAE Central Bank. The firm has represented local and international players such as HSBC, Lloyds TSB, Abu Dhabi Commercial Bank and Amlak Finance. Dubai managing partner Sadiq Jafar is "a star across a range of disciplines", while head of the banking practice Alan Rodgers has "extensive experience in the region", and "brings excellent market knowledge to the table".
Lovells LLP is relatively new to the Dubai market, having opened its office in 2007, but its impact has already been felt in the banking market. Rustum Shah and Rahail Ali were both praised for their Islamic and conventional finance expertise by impressed interviewees. The firm's clients include United Gulf Bank, HSBC and Standard Chartered.
Denton Wilde Sapte's Dubai managing partner Neil Cuthbert is also head of banking and projects in the Middle East for the firm. A "stellar practitioner" with a "formidable knowledge base", his group has handled matters for Calyon, Standard Chartered and Deutsche Bank. Tim Ross is the "exceptional" Linklaters LLP representative and heads the firm's Middle East banking practice. Seen as a high-profile figure involved in the firm's "growing local presence", his conventional financing work was praised from all sides thanks to deals such as advising ING on the US$1.5 billion term facility for Abu Dhabi Commercial Bank.
Norton Rose LLP boasts an "increasingly visible" representative in Anthony Pallett. As well as a significant amount of Qatar-based work, Pallett also advised on the high-profile Chelsea Barracks financing in central London. At Afridi & Angell, Amjad Ali Khan stands out as "a sharp, progressive lawyer", who combines conventional and Islamic work. In line with the firm's "impressive" links with the US, Gulf States and India, Khan's cross-border work is much admired in the region.
Clyde & Co LLP has bases in both Abu Dhabi and Dubai, and the firm was recognised by peers as having been instrumental in establishing the DIFC. An established player in the area, with "an impressive track record of cross-border work", the firm has advised a raft of new investors into the area, and has strong ties to neighbouring countries, the Gulf States and the Indian subcontinent. Ashley Painter is "an asset to any transaction", according to respondents, and his experience runs the gamut of banking work.