Most Highly Regarded Firms: UAE 2008 - Real Estate
From the ever-impressive Palm development to a hotel to be designed by Hollywood star Brad Pitt, the UAE's expanding real estate portfolio has caught the attention of the world. As the region's real estate sector booms, a new foreign investment law designed to facilitate and regulate foreign investment and due to come into force after 2008 is only expected to increase the influx. In a jurisdiction where construction law has traditionally been more prominent than real estate law, firms have spotted the opportunity to further aid their clients by tapping into this practice area. Practitioners able to keep pace with the changes in the law in this increasingly sophisticated market are essential in such circumstances, and seven lawyers from six firms make the grade, a mixture of local and international experts.
Al Tamimi & Company has "one of the longest established practices in the area", according to sources. The group's extensive knowledge of real estate law and local insight into the UAE's regulations attracts both international and local clients, including government-linked developers such as Union Property in its Dubai Autodrome project. The firm's regulatory expertise is often put to use in helping to draft new real estate law. Lisa Dale is head of the firm's property department and is considered "pre-eminent: a highly respected figure in the area", recommended for her advisory, regulatory and transactional expertise. The "highly impressive" Mohammed Kamal is an "excellent transactional lawyer", who has also advised the government of Abu Dhabi on regulatory matters. His clients include AIG.
Clyde & Co LLP generated enthusiastic praise for its "fabulous dispute resolution capability", coupled with transactional expertise. The firm's recent work includes advising a joint venture on the development of the Atlantis water park on the Palm Jumeirah as well as the Palm Island infrastructure project for transport links to the Palm Jumeirah. Alexis Waller is "incredibly hardworking - a real dealmaker", according to sources. Her recent work involves reviewing and advising on leases and tenancy issues within the Dubai International Financial Centre.
Hadef Legal Consultants & Advocates is "able to guide clients through the entire development life cycle", from the preliminary stages to ongoing guidance after the project is complete. Michael Lunjevich is head of the commercial and real estate practice in Dubai, combining knowledge of real estate and commercial issues. The group advised Nakheel on the first real estate investment trusts (REITs), and represented Sunland Group regarding the Palazzo Versace resort project.
"Premier local firm" Afridi & Angell "covers all the bases" regarding real estate transactions, and its multi-jurisdictional dispute resolution work also received compliments from peers. Shahram Safai is "very involved in the market", according to sources who praise his "energy, thoroughness and knowledge". He publishes a column on real estate and construction matters in Property Weekly magazine and is a regular figure on the lecture circuit.
Clifford Chance LLP's real estate practice combines well with its corporate proficiency in the UAE, pulling in big-name clients. The firm advises Nakheel on the development and management of the Jumeirah Palm. Clifford Chance also advised Citigroup regarding Kingdom Hotels and Colony Capital's US$3.9 billion acquisition of Fairmont Hotels and Resorts. Steven Henderson is an "experienced and well regarded practitioner", according to sources.
Simmons & Simmons LLP is also represented in this chapter. The firm advised the Al Futtaim Group on the leasing of mixed-use development Dubai Festival City. David Nunn is "dynamic". Based in the firm's London office as well as in the UAE, he is "on the ball and abreast of developments".