Most Highly Regarded Firms: UAE 2008 - Project Finance
Project finance activity in the Middle East is continuing to boom and the UAE remains a hub for big-ticket project financings. This chapter identifies 21 practitioners who are considered by clients and peers to be the leading lawyers in this area. The individuals listed here have experience advising governments, sponsors, banks, ECAs, MLAs, regional funding entities and project companies on financings throughout the region.
Allen & Overy has an unrivalled contingent in this chapter, boasting a total of five practitioners. Bimal Desai gains more votes than any of his competitors, who were quick to label him as a "stand-out practitioner". Desai advised HSBC Bank as arranger and lead manager on the issuance of US$63 million secured floating-rate notes - the first commercial mortgage-backed securitisation in the UAE. With a highly regarded broad-based finance practice Desai is also included in the top tier of the research for the oil and gas, banking and capital markets chapters. Ian Ingram-Johnson comes highly recommended and was described to researchers as "brilliant". He has advised Saudi International Petrochemical (Sipchem) and National Power Company & Helm Arabia as sponsors in the financing of the Jubail Acetyls Complex. Francois Duquette came to A&O from Simmons & Simmons in 2007 and is currently active in project financing at the firm's Abu Dhabi office. Duquette does a great deal of work for Abu Dhabi National Energy Company. At the same office the "vastly experienced" Ibrahim Mubaydeen advised on the first independent water and power project transaction in the region (Taweelah A2) including its structuring and financing. Duncan Macnab received praise for his project finance work and is also included in the banking chapter of this publication. Macnab has worked on projects in the oil and gas, power, water and infrastructure sectors and advised Energy Arabia (a consortium of Arab and Asian investors) on its majority purchase of the Jordanian government's power generating concern, Central Electricity Generating Company.
Clifford Chance LLP also puts in an impressive performance, a three-strong contingent appears in this chapter. All three were mentioned for their banking expertise and feature in the corresponding chapter. Peter Avery is a highly nominated individual who joins the "talented" Malcolm Turner on the following pages. Turner focuses on the financing of infrastructure projects while Avery has a highly regarded broad finance practice. Another well-respected finance practice belongs to Robin Abraham who features in the Islamic finance and oil and gas chapters as well.
Also with three entries in this chapter is the "projects powerhouse" Shearman & Sterling LLP. The firm's Abu Dhabi office is well established and all three individuals are based in the UAE capital and feature prominently in the oil and gas section. Tim Pick is one of the chapter's most highly nominated individuals and is "truly excellent". Pick practices primarily in the oil and gas, power and water sectors and he has represented Qatar Electricity & Water Company in relation to the development and financing of the Ras Abu Fontas A1 IWP in Qatar and advised the lenders in relation to the financing of the National Petrochemicals Company polymer production project at Yanbu, Saudi Arabia. Philip Dundas is the managing partner of the Abu Dhabi office. Reported to be "excellent", he has had a great deal of experience with projects in the oil and gas arena and acted for the United Arab Emirates Offsets Group as sponsor of the US$6 billion Dolphin gas project and Qatar General Petroleum in the expansion and related financing for its petrochemical plant. Mathew Kidwell is also "very well known" and vastly experienced. His practice has seen him work on many high-profile matters and Kidwell has advised clients including an international oil company in relation to the financing of a cross-border subsea natural gas pipeline in the Arabian Gulf.
Trowers & Hamlins has a regional staff of over 70 and offices in both Abu Dhabi and Dubai. The resident Abu Dhabi managing partner, Andrew Rae, was a very popular choice among fellow nominees and is well known for his work on large-scale projects in a variety of industries. He is also a leading light in capital markets work. Leroy Levy heads the firm's Saudi practice from his base in Dubai and joins Rae in this chapter. Levy has worked on a number of high-profile infrastructure projects, including the US$8 billion Knowledge Economic City and the multi-billion dollar King Abdullah Economic City.