Ranked in the top tier in all categories, Clifford Chance has deep roots and excellent links across the Gulf, with an abundance of market recommended lawyers to compliment its standing.
On the corporate side Mike Taylor is considered a valuable asset: "He is very capable and technically a very good lawyer," observes one rival....
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Ranked in the top tier in all categories, Clifford Chance has deep roots and excellent links across the Gulf, with an abundance of market recommended lawyers to compliment its standing.
On the corporate side Mike Taylor is considered a valuable asset: "He is very capable and technically a very good lawyer," observes one rival. Peter Avery receives several honourable mentions for banking and finance but Robin Abraham is considered by clients and peers alike as the outstanding figure within the firm's UAE banking practise: "In my book I think Robin would be one of the leading pure banking finance lawyers in UAE," says one competitor. The firm's Islamic finance head, Qudeer Latiff, is also well renowned in the region: "He has an excellent reputation and he is a good lawyer," says one partner. Lawyers respect the firm and consider that it has a very successful approach to the market: "CC only tend to target the stratospheric work areas and the areas they target they do very well and they've got some very good people on the ground here," says one peer.
In the banking and finance sector the firm have been engaged in a number of cross border deals. Richard Ernest led a team acting for Deutsche Bank and Bank Audi on a $400 million leveraged financing for the buy-out of major regional insurance company, Medgulf from Saudi Ogerm, in March 2011. In the first hotel financing to close in UAE since the crisis, Avery advised Standard Chartered on the financing of the Fairmont Palm Jumeirah hotel project which closed in January 2011.
The firm's most substantial recent project finance mandates have been in Saudi Arabia. Working in conjunction with the firm's partners in Riyadh, Latiff advised a group of conventional and Islamic banks on the $7.5 billion financing to construct the first aluminium smelter and rolling mill in Saudi Arabia, which reached financial close in November 2010. Part funded through the Public Investment Fund in Saudi Arabia and the Saudi Industrial Development Fund, the Islamic financing will comprise two different kinds of ijara (Islamic lease) facilities.
Refinancing and restructuring has also occupied the firm recently. Avery advised Global Investment House on a $1.7 billion multi-currency Islamic and conventional restructuring, involving 52 creditors, local and international lenders. Much of 2010 was also taken up with providing continuing advice to the Dubai World Group and several of its subsidiaries in relation to its ongoing $26 billion restructuring.
A clear highlight for the capital markets team was du's $272 million rights issue in June 2010. Mike Taylor led the team on the deal, which was the first issue of this kind in five years and the only one to be underwritten by the controlling shareholders. Another issue that has been rare is convertibles and the firm advised on the first the country has seen since 2008. Debashis Dey acted for the managers of property giant Emar's $500 million issue.
Working alongside the London office, Dey and Latiff were also involved in establishing two UAE government entities MTN programmes. Firstly, Dubai Electricity and Water Authority (DEWA) mandated the firm to assist with its $3 billion global programme and inaugural issuance of $1 billion 8.5% fixed rate notes. Secondly, the team advised the syndicate of investment banks underwriting the state's investment arm Mubadala's dual-tranche bond consisting of $750 million 3.75 % notes due in 2016 and $750 million 5.50 % notes due in 2021.
In the sukuk (Islamic bond) market the firm has been active in several cross border offerings. The firm advised the joint lead managers of the Malaysian governments $1.25 billion five year sukuk-al-ijara certificates issued on June 2010 and also acted for Kuwait Finance House as lead manager of Japanese company, Nomura Holdings, $100 million sukuk-al-ijara certificates issued the following month.
With the local M&A market quiet, the firm have been active abroad. Taylor advised American Tower Corporation, a global wireless and broadcast operator in America and India, in establishing a joint venture with MTN Group (MTN), Africa's largest mobile-phone company to own, operate and manage communications infrastructure in Ghana. The joint venture company will acquire MTN's communications towers in Ghana for approximately $420 million.
On the sell side, Nigel Wellings advised Dubai International Capital, together with the founder shareholder, on a $296 million disposal of a 75% stake in KEF Holdings to a subsidiary of Tyco. In December 2010 Taylor acted for Schindler, one of the world's largest manufacturers of elevators and escalators, on the sale of a 10% stake in Saudi Elevator Company to Olayan Financing Company.
There has been some internal movement between the firm's Middle Eastern offices. In March 2011 partner Mohamed Hamra-Krouha returned to the Abu Dhabi office following a three-year secondment in Riyadh and Richard Parris relocated to Qatar to launch the firm's new office there. While in 2010 partner Andrew Rolfe returned to London.
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