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.
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 United Arab Emirates has a strong claim to be the most active construction market in the world. Driven by oil revenues and with high levels of demand across sectors such as housing, hotels and infrastructure, it is said that one-third of all the new concrete in the world is poured in the UAE. This heightened activity is unsurprisingly reflected in a busy legal market, with local and international firms making an impact in our research and 19 individuals appearing overall.
Litigation before the local courts is restricted to UAE nationals, and as a result, local firms dominate the litigation listings. International firms are, however, starting to make their mark on the scene, and are able to work on international matters and appear before the courts at the Dubai International Financial Centre, which counts as an independent jurisdiction. These parallel outlets allow local and international firms to excel in the litigation sphere despite the apparent restrictions.
The UAE has been in constant economic boom. The liquidation of Forsyth Partners in 2007 was the first and only involving a firm from the Dubai International Financial Centre.
The UAE insurance and reinsurance market has enjoyed sustained growth in recent years, and is today among the largest in the Middle East.
Investment in Islamic-compliant funds has tripled over the past five years and according to the Financial Times, the Islamic finance industry is now worth an estimated US$800 billion. Although it has not completely escaped the recent global financial turmoil, experts predict that the abundance of liquidity in the region, coupled with the ever-growing appetite for financial products that comply with sharia law will mean that the list of Islamic-sanctioned financial instruments will continue to grow. With this in mind, there is a similarly great demand for legal expertise in this area and this chapter identifies 12 practitioners who are regarded by their peers as leaders in the field.
The intellectual property bar in the UAE is small and its lawyers' practices are often broad in scope. The lawyers selected for inclusion in this chapter have experience dealing with a variety of IP issues, ranging from the registration, maintenance and enforcement of trademarks and patents to dealing with intellectual property rights on the internet. This chapter identifies five individuals from the Dubai offices of three established firms.
Commercial arbitration is growing in popularity in the United Arab Emirates.
This chapter identifies 25 practitioners considered by clients and peers to be the leading white-collar defence practitioners in the state of Illinois. A starting point and breeding ground for exceptional talent in this area is the Department of Justice: many of the individuals below served as United States attorney or assistant attorney before entering private practice.