Written by Jad on 01 November 2018.
♦ Moves News ♦ Abu Dhabi, UAE
Global, sector-focused law firm HFW has continued to expand its fast-growing Middle East practice with the hire of senior infrastructure partner Richard Lucas. Richard joins HFW’s newly launched Abu Dhabi office from Bird & Bird, where he headed the firm's Middle East defence and infrastructure practices. Richard will become head of HFW’s Abu Dhabi office, which opened on 1 October with the hire of two finance and corporate partners from Reed Smith: Vince Gordon, the US firm's regional managing partner for the Middle East, and Tania De Swart. The firm also recently boosted its Dubai office with the hire of Trowers & Hamlins construction partner and international disputes head James Harbridge. HFW now has 20 partners and more than 50 lawyers – including 28 Arabic speakers – in five offices across the Middle East, making it one of the largest practices of any international law firm in the region. Richard Gimblett, Dubai Office Head, HFW: "These are exciting times for HFW in the Middle East. Richard’s arrival is a massive boost for our new Abu Dhabi office and our projects practice throughout the Middle East, and further reinforces our commitment to the region. Our Middle East practice has more than doubled over the past three years and we are now one of the biggest international law firms in the market. We will continue to strengthen across our core sectors and services as part of our strategy to be the leading international law firm in the region.” Richard specialises in infrastructure and PPP projects, with a particular focus on the defence, energy and transport sectors. He relocated to Abu Dhabi in 2015, having joined Bird & Bird in London in 2009. Richard previously spent more than a decade as a partner in the projects group at Berwin Leighton Paisner (now BCLP). Richard Lucas, Partner, HFW: "I am very excited to be joining what is now clearly one of the leading firms in the Middle East. Many other international law firms are downsizing in the Middle East, but HFW has continued to invest and build its offering to clients across the region. In terms of my own practice, it is highly advantageous to be joining a growing firm at a time when PPP is becoming ever more popular in the MENA region." Richard is the second projects partner to join HFW in the past month, after senior project finance partner Andrew Thomas joined the firm’s London office from Huntons Andrews Kurth. HFW's global energy practice now has 34 partners and more than 100 lawyers in 20 international offices across the Americas, Europe, the Middle East, Asia and Australia. Energy is one of the firm's six core sectors, alongside aerospace, commodities, construction, insurance and shipping. HFW has now added 24 new partners so far in 2018, including nine internal promotions and 15 lateral hires across Abu Dhabi, Brussels, Dubai, Hong Kong, Houston, London, Rio de Janeiro and Singapore. HFW also recently entered into a cooperation arrangement with Brazilian law firm CAL– its seventh international merger or association since January 2016 – and having launched in Abu Dhabi now has 20 offices worldwide.
Written by Jad on 01 November 2018.
♦ Recent Deals ♦ Dubai, Middle East, UAE
Global law firm Norton Rose Fulbright has advised Tenaga Nasional Berhad (“TNB”), Malaysia’s largest electricity utility company, on a ten-year US$750 million sukuk issuance, which closed on November 1, 2018. The sukuk was issued via TNB’s wholly-owned Malaysian-incorporated special purpose company, TNB Global Ventures Capital Berhad. The transaction attracted interest from a diverse international group of Islamic and conventional investors, comprising asset management companies, financial institutions, insurance companies, and sovereign wealth funds. Gregory Man, debt capital markets partner in the Dubai office of Norton Rose Fulbright, commented: “We are delighted to have advised Tenaga Nasional Berhad on its second sukuk issuance, having previously advised on the establishment of its landmark sukuk programme and its first ever sukuk issuance in 2016. The last year has seen our global capital markets team advise on a number of high-profile matters, with some groundbreaking work on the first Islamic mortgage-backed securitisation in the UK, the first green sovereign sukuk for the Republic of Indonesia and the first and only AT1 issuance from Turkey for Albaraka Türk.” The Norton Rose Fulbright team was led by partner Gregory Man (Dubai) with assistance from partner Vicky Münzer-Jones (Singapore), of counsel Cynthia Teo (Singapore), senior associate Ganna Vlasenko (Dubai) and international trainee Rachel Hao (Singapore). Norton Rose Fulbright’s Islamic finance practice is one of the longest-established in the market and continues to advise a wide variety of high profile clients on cross-border work. It was recently named Capital Markets Law Firm of the Year at the Islamic Finance News Awards. BNP Paribas, CIMB Investment Bank Berhad, Citigroup Global Markets Limited and HSBC acted as joint lead managers and bookrunners for the sukuk issuance.
Written by Jad on 17 August 2017.
♦ Recent Deals ♦ Abu Dhabi, UAE
Akin Gump has advised Abu Dhabi Global Market (ADGM), the International Financial Center in Abu Dhabi, in the creation and launch of the UAE’s first of its kind foundations regime in support of more effective structures for wealth preservation and wealth management. The regime provides a strategic platform for financial planning and structuring, serving as an alternative to trusts and corporate vehicles. For the first time in the UAE, the local, private and corporate community can now efficiently and locally deploy these structures for a variety of services, including family succession planning, tax planning, asset protection, wealth management and corporate structuring, without relying on foreign regimes and practices. Jonathan Ivinson, a partner in Akin Gump’s cross-border transactions practice, said, “It has been an honor for Akin Gump to be involved in the development of this exciting addition to ADGM’s product offerings. This foundation law combines a robust governance and compliance regime with a high degree of operational autonomy to the founder and additionally offers access to the double tax treaty network of the United Arab Emirates. For these reasons we expect it to be a compelling alternative to the common law trust and a market leader among jurisdictions that offer foundations.” The regime and offerings take effect immediately. Mr. Ivinson, leading the Akin Gump team advising ADGM, was supported by global project finance associate Jeff Quinn-Cane.
Written by Jad on 15 March 2017.
♦ Recent Deals ♦ Abu Dhabi, Middle East, UAE
On February 28, 2017, Abu Dhabi Water & Electricity Company (ADWEC) and a consortium comprising Marubeni Corporation and JinkoSolar entered into a power purchase agreement (PPA) for the 1,170 MW Sweihan Solar PV Independent Power Project in Abu Dhabi. The project will be the world’s largest solar photovoltaic (PV) plant. The project is due to enter into operation in the second quarter of 2019 and represents an important part of the UAE’s plans for strategic diversification involving clean energy resources. Akin Gump is acting as legal advisor to ADWEC and its parent, the Abu Dhabi Water & Electricity Authority (ADWEA), in the development and financing of the project. Chadi Salloum, co-partner in charge of Akin Gump’s Abu Dhabi office; Ed Zaelke, chair of Akin Gump’s global project finance practice; and Dan Sinaiko, partner in the firm's global project finance practice, are leading the deal team for Akin Gump. They are supported by senior counsel Shawn Davis and David Lee, counsel Nidal Daraiseh and Inderveer Hothi and associate Jeff Quinn-Cane.
Written by Jad on 13 March 2017.
♦ Recent Deals ♦ Dubai, Middle East, UAE
Dentons has advised Bank of Sharjah on the establishment of its US$1 billion Euro Medium Term Note (EMTN) programme and its inaugural issuance of US$500 million 4.23% notes due 2022 thereunder, which completed on 7 March 2017. The programme and the notes are listed on the Irish Stock Exchange and have been assigned a long-term senior unsecured rating of BBB+ by Fitch. The notes were offered to sophisticated investors outside of the United States in reliance on Regulation S under the US Securities Act 1933. The transaction follows Bank of Sharjah's debut bond issuance of US$500 million 3.374% guaranteed notes due 2020 in June 2015. The programme was arranged by the National Bank of Abu Dhabi, with Bank ABC, Emirates NBD Capital and J.P. Morgan acting as dealers. The same banks acted as Joint Lead Managers on the issuance of the bond. Dentons Capital Markets partner Alex Roussos, said, "We are grateful for the opportunity to have worked with the Bank of Sharjah on yet another successful debt capital markets transaction. We are keen to see more issuers in the UAE set up their MTN and Sukuk programmes and come to the markets more regularly as we all work together to strengthen our local bond markets for the benefit of investors and issuers alike." The Dentons team was led by Alex Roussos, with assistance from associate Sana Siddiqui in Dubai.