When discussing Sherman & Sterling, competitors continually raise the issue of the firm never opening in Dubai and point to this as its major failing. But as one lawyer observes the firm is one of the oldest in the country: "They've got a long history here....
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When discussing Sherman & Sterling, competitors continually raise the issue of the firm never opening in Dubai and point to this as its major failing. But as one lawyer observes the firm is one of the oldest in the country: "They've got a long history here. They've probably been here as long, at least in Abu Dhabi, as A&O or CC." When questioned, the firm states that it is a decision to focus on clients it has in Abu Dhabi and it is a strategy that has served it well. Peers recognise the firm in this emirate, one says: "They have a solid Abu Dhabi presence."
In corporate work the firm's managing partner Phillip Dundas advised long standing client Aabar Investments on its investment of $280 million in Virgin Galactic, the world's first commercial spaceline, for a 32% share in the company. The deal closed in October 2010 and also involved Aabar paying $100 million to fund Galactic's small satellite launch capability.
The firm has also played a part in establishing several joint ventures between Western and Middle Eastern companies including Abu Dhabi Media Investment Corp (ADMIC), a private investment company, on its 50:50 joint venture with BSkyB to set up and operate a 24-hour Arabic language news and current affairs channel under the Sky News brand, to be based in Abu Dhabi.
In another notable joint venture, Manuel A Orillac, and Iain Goalen represented Agility on setting up a venture with France-Telecom Orange, through which Agility and FT will acquire a 44% stake in Korek Telecom in April 2011.
On the sell side, a team from the firm advised Al Ghaith Holding on the sale of Shadeed Iron & Steel to Jindal Steel & Power, a publicly listed company in India, for $464 million in June 2010.
Lawyers regard the firm as primarily concerned with power projects. "On the project finance side they are very power focussed they've got the odd mandate on the petchem side but they are not focused on this," says one peer.
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