Most Highly Regarded Firms: UAE 2008 - Capital Markets
Capital markets in the UAE look set to maintain their upward trajectory despite the international monetary crisis that is curtailing activity in much of the rest of the world, thanks to liquidity arriving from government investment, oil profits and outward investors.
The establishment of the Dubai International Financial Centre and Dubai Regional Exchange, as well as the introduction of increasingly sophisticated financial products, have made the UAE an ideal bridge between developed and emerging markets.
Allen & Overy LLP performs very strongly in the research and is the only firm to be represented by three partners in this chapter. In the first six months of 2008, the firm's capital markets transactions reached an aggregate value of US$15 billion. The largest of these was the representation of arranger HSBC in a US$7.5 billion EMTN programme established by ADCB Finance (Cayman) and Abu Dhabi Commercial Bank. For one respondent to the survey, Anzal Mohammed is "the go-to guy" for capital markets work in the region. He is head of the firm's Middle East capital markets team and his regulatory and transactional experience across debt and equity capital markets is much admired. He advised on the TAQA GMYN programme, the largest debt issuance programme in the region. Khalid Garousha's "fantastic reputation" is well known throughout the community, especially regarding equity capital markets. His cross-border work also received plaudits. Bimal Desai, who is also recommended for his banking work, is recognised as "a powerhouse in the Middle East" and praised for his debt experience.
Clifford Chance LLP also performed well in the research. An established player, with noted experience in debt capital markets, structured products and regulatory advice, the group has represented Dubai Holding Commercial Operations Group in the establishment of its US$5 billion debt issuance programme listed on the DIFX. "Formidably bright, with a big profile", Debashis Dey received more recommendations than any other practitioner in the chapter. Dey was recommended to us as "a guru for debt capital markets". Colleague Iain Hunter is also based in Dubai and impressed peers with his "equity-related savvy".
Linklaters LLP's office, established for over two years in the region, is dedicated to corporate and finance work, and its capital markets practice "has consistently impressed", according to one source. For one contributor, Scott Campbell is "the man at Linklaters for this type of work". He worked on the US$5 billion listing of DP World, the largest ever listing on the DIFC, ensuring his prominence on the regional scene. Also credited on the DP World transaction, Ewan Cameron is the Dubai managing partner and is noted as a key adviser to Citigroup and the government of Jordan on the privatisation and IPO of Royal Jordanian Airlines.
Clyde & Co LLP also achieves a two-partner showing thanks to the "very well known and respected" Jonathan Silver and Niall O'Toole. Their group advised Australia's Monarch Gold Mining on its secondary listing of AU$100 million on the DIFX. Abu Dhabi-based Silver is "a long-established figure" in the legal community, and he commands respect for his "focused, calm" approach. O'Toole, also in Abu Dhabi, joins Silver on our list; he is praised for his representation of local and international companies.
Al Tamimi & Company is "a local star", applauded for its "responsive" representation of multinationals and mid-market clients alike. Also highly recommended in the banking chapter, Husam Hourani is a "top-notch practitioner" and a member of the DIFX listing committee. The firm counts companies such as Air Arabia and Deyaar Developments among its clients. Herbert Smith LLP's Dubai office is just a year old, but its presence is already being felt in the local capital markets community. Neil Brimson heads up the office and "is constructing an excellent practice", according to sources.
Capital markets are a key practice at Galadari & Associates, which has a "great presence on the local scene", and enjoys a position as one of the Dubai government's regular legal counsel. Sagheer Mohammed was praised as a "great person to have on a deal". Vinson & Elkins LLP's oil and gas expertise led it to the region in 2003. Ayman Khaleq has a "formidable Islamic and conventional practice", according to peers. He represented the underwriters and managers in connection with Aluminium Bahrain's issue of US$200 million of floating-rate bonds. Andrew Rae of Trowers & Hamlins rounds off the chapter. A "highly respected and well known" figure, he is resident managing partner of the firm's Abu Dhabi office. His experience was widely recognised: "he has been in the region for years and knows it back to front", one respondent attested.