Most Highly Regarded Firms: UAE 2008 - Private Funds
Private fund formation in the UAE is becoming increasingly sophisticated, and it is starting to catch the rest of the world's attention. Abu Dhabi is home to the world's largest sovereign wealth fund: the Abu Dhabi Investment Authority (ADIA), which is starting to invest heavily in Western companies. Liquidity is strong, despite financial problems elsewhere in the globe, and the UAE is attracting a large number of investors.
The UAE's location is a big asset, standing as it does between established centres in the West and emerging ones in the East; the market is increasingly diverse as outward and inward investment continue. International and offshore law firms are well placed to serve this vibrant market. We list nine lawyers are listed from six firms.
Herbert Smith LLP leads the charge. According to one contributor, the firm boasts "an exceptionally strong funds practice". The highest-nominated practitioner in the chapter is Zubair Mir. Described by one admiring source as "all-powerful", he recently advised Investcorp Bank on the creation of its US$1 billion private equity Investcorp Gulf Opportunity Fund. Stephen Rayfield joins him and is reported to be a "dynamic member of the team".
Present in the region since 2005, Walkers' Dubai office provides offshore and fund services in the region. Office managing partner Rod Palmer is "a seasoned funds practitioner" with expertise in conventional and Islamic funds, including sukuk and shariah-compliant investment funds. Palmer's clients include Blackstone, Citigroup, BlackRock and Cerberus. Robert Varley also gained plaudits from contributors, especially for his work on forming shariah-compliant funds, especially real estate and infrastructure funds.
Conyers Dill & Pearman has spent two years in the UAE and focuses on Bermuda, British Virgin Islands and Cayman Island-related work. The firm's represents real estate, equity, debt and publicly traded funds, among others. Conyers' group has advised on forming a major infrastructure fund. Roger Burgess is partner in charge of the Dubai office. He has "formidable offshore expertise", according to sources. The "young and very sharp" Fawaz Elmaki joins him. His real estate and infrastructure fund formation work was especially complimented.
Maples and Calder was the first offshore firm to establish an office in Dubai, and the firm's fund practice is its key area. Tahir Jawed is "a dealmaker" at the firm. He recently set up a US$2 billion infrastructure fund for Obrage. Chris Sioufi of Dewey & LeBoeuf LLP is "great for this kind of work", and recently represented an Islamic investment bank on setting up a US$1 billion investment fund. Simmons & Simmons is the other firm represented in this chapter. Muneer Khan is picked out as an "expert on shariah-compliant investment funds". His recent work includes advising an Islamic bank on the formation of a US$250 million shariah-compliant pan-European real estate fund.