Higher Education and the Middle East - Middle East Institute
Middle East Report 2017 - Fox Rodney › ... › 10 › Middle-East-Report-2017.pdf · Amid...
Transcript of Middle East Report 2017 - Fox Rodney › ... › 10 › Middle-East-Report-2017.pdf · Amid...
Middle East Report 2017 A Bumper Year for IPO Activity
October 2017
www.foxrodney.com
www.foxrodney.com 2
Middle East Report 2017 Contents
Introduction 3
Middle East Market Activity 4
Introduction
Financials
M&A Activity
Top Deals
IPO Activity
Bonds and Sukuk Market
Looking Ahead
Talking Points 8
Tax
Iran
Law Firm Market Map 10
Introduction
Expansion & Closures
Iran
Recruitment News 13
Partner Moves
Sources 15
Global Contacts 17
Our Offices 20
www.foxrodney.com 3
Middle East Report 2017
Omar Kabbani Director, Dubai T: +971 (0) 528 000 128 [email protected] www.foxrodney.com
Fox Rodney Search is a global legal recruitment
boutique focusing on partner and associate
searches and team moves as well as general
counsel and head of legal in-house searches. The
strength and experience of our international team,
combined with our market knowledge and
specialist in-house research function, has led us to
be seen as a trusted advisor to many of the top law
firms and individuals within the legal sector. At the
core of our business is a clear vision and set of
values which underpin our work across all our
offices, ensuring we operate as one firm and one
team.
FRS’ Dubai-based practice has a unique and in-
depth understanding of the cultural and economic
realities of doing business in the Middle East. Our
team has been completing searches in the region
since 2008, focusing on partner searches, team
moves and office start ups. We are responsible for
some of the highest profile partner and team
moves in the market and have significant
experience in assisting both US and UK law firms in
establishing a presence across the region, including
in the UAE and Saudi Arabia. The team is led by
Omar Kabbani who is a fluent Arabic speaker and
law graduate who spent a number of years living in
Saudi Arabia.
Introduction
Middle East Report 2017
Welcome to our fourth annual Middle East Report!
Amid concerns that the region is too dependant on revenue generated from oil and gas, GCC states
have welcomed a number of new proposals to tackle this head on. With new tax measures already in
effect and the upcoming introduction of VAT for the very first time, economists predict a positive
outlook for the region. Additionally, 2017 is enjoying a bumper year in IPO activity in the GCC. Will this
welcome buzz continue into 2018 and will diplomatic issues with Qatar impact on business in the
region? We take a closer look and report on the annual round-up of regional partner moves.
www.foxrodney.com 4
Middle East Report 2017
Financials
M&A activity in the Middle East in 2016 was down on the previous year, as reported in Thomson Reuters Middle
Eastern IB Analysis, with 2016 seeing the first year-on-year fall in M&A activity across the region since
2011. Activity was led by domestic and inter-Middle Eastern M&A, which was significantly up on 2015, thanks to
the merger of National Bank of Abu Dhabi and First Gulf Bank, but both inbound and outbound M&A declined in
2016. This year is looking a little brighter, with the overall value of M&A in H1 2017 at US$20.1 billion, an 8%
increase on the same period last year, with inbound deals in particular driving activity.
China has made a return to the deal table, becoming once again the lead acquirer in 2016 Middle East
involvement inbound M&A, as it was in 2014 and 2013. China is also leading the table for H1 2017, being the
acquisitive country in 41% of transactions so far, followed closely by the United States. The UAE takes the lead as
most targeted Middle East country for inbound deals in H1 2017, with Egypt notably absent from the top three,
having been consistently a popular target since 2012. In outbound M&A, the United States was the most targeted
nation in 2016, featuring in 40% of deals and again in H1 2017, in 63% of deals. Saudi Arabia leads so far as the
most acquisitive country, followed by the UAE.
Introduction
In last year's report we looked at how the GCC region would have to adapt to a "new normal" of oil prices and
navigate an economic and political climate that has proven to be volatile both regionally and globally. The response
from GCC member states came in the form of various fiscal consolidation measures, the most recently talked about
being the implementation of VAT and Excise taxes. In a bid to end the oil glut, OPEC agreed last year, along with
non-OPEC members, to a curb on oil production which has recently been extended into 2018. The short term effect
of these changes was a difficult 2016, with 2017 bringing new challenges, notably the diplomatic crisis with Qatar,
which threatens to dampen investor interest in the region.
Middle East Market Activity
Announced Any Middle East Involvement M&A Totals (since 2010)
Source: Thomson Reuters Middle Eastern IB Analysis - Full Year 2016
55.7
32.7
40.4 42.2
49.6
56.1
46.9
$0
$10
$20
$30
$40
$50
$60
2010 2011 2012 2013 2014 2015 2016
Val
ue
(U
S$ b
ln)
www.foxrodney.com 5
Middle East Report 2017 Middle East Market Activity
2017 H1 Inbound ME M&A
Most Acquisitive Nations
China 41%
United States 35%
France 12%
Most Targeted Nations
United Arab Emirates 59%
Saudi Arabia 41%
Jordan 1%
2017 H1 Outbound ME M&A
Most Acquisitive Nations
Saudi Arabia 27%
United Arab Emirates 26%
Qatar 19%
Most Targeted Nations
United States 63%
Thailand 11%
United Kingdom 8%
2016 Full Year Inbound ME M&A
Most Acquisitive Nations
China 40%
Russian Federation 29%
United Kingdom 16%
Most Targeted Nations
Egypt 44%
United Arab Emirates 39%
Saudi Arabia 11%
2016 Full Year Outbound ME M&A
Most Acquisitive Nations
Qatar 33%
Saudi Arabia 28%
United Arab Emirates 20%
Most Targeted Nations
United States 40%
Singapore 17%
United Kingdom 9%
Source: Thomson Reuters Middle Eastern IB Analysis - H1 2017 Source: Thomson Reuters Middle Eastern IB Analysis - Full Year 2016
Deals
The highest value announced Middle East involvement deal by far in 2016 was the US$14.1 billion merger
(Thomson Reuters, 2016) between National Bank of Abu Dhabi (advised by Allen & Overy) and First Gulf Bank
(advised by Freshfields), the new entity being named First Abu Dhabi Bank. The mega deal made Financials the
most active sector, followed by Energy & Power and Real Estate, although the top five deals detailed in the
Thomson Reuters report all came from different sectors. We are yet to see a comparably high value deal this year:
the leader in H1 being the acquisition of a Saudi Arabian titanium dioxide business by Tronox Ltd, valued at $US2.2
billion. Outside of the report, at the start of this year, Abu Dhabi merged Mubadala Development Company and
International Petroleum Investment Company to form Mubadala Investment Company, an investment fund with
US$125 billion worth of assets. Over summer there was also confirmation of the much talked about and rivaled for
acquisition of Dubai based online retailer souq.com, by Amazon, reportedly worth US$650 million (The National,
2017) and providing the company with access to the Middle Eastern market.
www.foxrodney.com 6
Middle East Report 2017 Middle East Market Activity
Top M&A Deals (any Middle East involvement) – Full Year 2016
Value (mil) Target Name Target Nation Sector Acquirer Name
14,131.4 National Bank of Abu Dhabi UAE Financials First Gulf Bank PJSC
3,500.0 Uber Technologies Inc United States High Technology Public Investment Fund
2,506.3 BlackRock Inc-Asia Sq Tower 1 Singapore Real Estate Qatar Investment Authority
2,146.0 Kuwait Food Co KSCP Kuwait Consumer Staples Adeptio AD Investments SPC Ltd
1,770.0 K-Electric Ltd Pakistan Energy & Power Shanghai Electric Power Co Ltd
Source: Thomson Reuters Middle Eastern IB Analysis H1 2017 & Full Year 2016
IPO activity
2016 produced the smallest amount of IPOs since 2010, according to PwC’s IPO Market Watch Q4 2016, and in
terms of value, the lowest amount since 2013. In contrast, H1 2017 has already produced 13 IPOs, a steep increase
compared to four over the whole of 2016. Q1 was significantly more active than Q2, producing 10 IPOs, and overall
activity has been led by Saudi Arabia, where a parallel market “Nomu” was launched to cater for smaller sized
companies. For this reason, while the number of IPOs in Q1 2017 was higher than in the same quarter in the
previous year, the total value was in fact lower. So far this year, Saudi Arabia has produced 11 of the 13 IPOs, with
the UAE and Qatar accounting for the remaining two.
Although Saudi Arabia has been the one to watch in terms of IPO activity, there is plenty of activity to be seen
elsewhere in the Middle East, with a rush expected in advance of the much anticipated Saudi Aramco IPO, planned
for 2018. Bloomberg (March 2017) has noted Egypt and Kuwait as future sources of IPO activity, and has separately
reported (July 2017) on potential offerings coming from Abu Dhabi Ports, Abu Dhabi National Oil Company, Emaar
Properties, and GEMS Education, amongst others.
Top M&A Deals (any Middle East involvement) – H1 2017
Value (mil) Target Name Target Nation Sector Acquirer Name
2,215.0 Nati Titanium-Titanium Dioxide Saudi Arabia Materials Tronox Ltd
2,200.0 Motiva Enterprises LLC United States Energy & Power Saudi Refining Inc
2,100.0 Williams Olefins LLC United States Materials NOVA Chemicals Corp
1,769.8 Abu Dhabi Co-Oil Onshore Conce UAE Energy & Power CNPC
1,750.0 Mubadala Capital-N Amer Pte United States Financials Ardian SAS
www.foxrodney.com 7
Middle East Report 2017 Middle East Market Activity
Bonds and Sukuk market
The debt market has become popular with GCC member states, and in Q4 2016 we saw “the largest- ever emerging
market sovereign bond sale” (PwC, 2016) with Saudi Arabia issuing US$17.5 billion of debt. The bonds and sukuk
market has been strong in the first half of 2017 - Q1 was marked by a Kuwaiti government bond issuance of US$8
billion and in Q2 Saudi Arabia issued a US$9 billion Islamic sukuk.
Looking Ahead
The GCC region is working through a period of change, which goes beyond the move towards stronger non-oil
growth. In Saudi Arabia Prince Mohammed bin Salman has been announced crown prince, putting him on the path
to succeed King Salman, over previously in line Mohammed bin Nayef, and competitor Iran is currently embroiled
in renewed conflict over Kurdish independence, following the recent referendum held in Iraqi Kurdistan.
On June 5 Saudi Arabia, along with the UAE, Bahrain and Egypt (amongst others), cut diplomatic ties with Qatar,
creating a blockade that has made the import dependent country vulnerable to supply shortages. The IMF (2017)
has reported that thanks to a quick response, disruption in Qatar has been minimal and the economy is adjusting,
but it remains to be seen if the crisis will have an effect on investor confidence in the region.
Global growth has improved and significantly for the Middle East, major investor China has seen it’s growth rate
revised up by the IMF, following a strong 1st quarter in 2017. However, the growth rate for the GCC is predicted to
slow this year, with the IMF revising the rate down to 0.9% compared to 2.0% in 2016, although expectations for
non-oil growth are more positive, with a rate of 3.0% predicted for 2017. The year looks more positive for Iran,
where overall GDP growth is projected at 3.3% for 2017, with non-oil growth at 3.5%, and although there is still
frustration around inaccessibility for businesses keen to invest, big deals are being made even as the President of
the United States makes threats to scrap the Iran nuclear deal.
This economic outlook is not unexpected, as low oil prices combine with fiscal consolidation, but as soon as the
region remains committed to reforms, the long term future looks bright. We are heading closer to the upcoming
mega events Expo 2020 Dubai and Qatar 2022 FIFA World Cup, the preparations for which have not been derailed
by the blockade, and though the ambitious Vision 2030 program in Saudi Arabia is facing revisions, the success of
Saudi Aramco IPO will be a key indicator of the future of the program.
“This is still an emerging market. There is still an enormous amount to be done in terms of infrastructure and economic growth.”
Jonathan Silver, Clyde & Co (Legal Business, May 2017)
www.foxrodney.com 8
Middle East Report 2017
VAT
On 1 January 2018, both the UAE and Saudi Arabia will be putting into effect their new value-added tax (VAT)
laws, based upon a framework approved by the six GCC member states in 2016. It is expected that Bahrain,
Kuwait, Qatar and Oman will follow through with their own VAT laws in the following year.
The implementation of VAT, along with other taxes, has been largely accepted as a necessary step forward for the
region, which is pushing towards becoming less oil dependent. Both the UAE and Saudi Arabia have set their
standard rate at 5%, much lower than the average tax rates of Europe, Africa and Asia.
In the UAE, businesses with taxable supplies and imports amounting to AED 375,000 or more are required to
register for VAT, and must make the necessary changes to their business processes to include and account for VAT
as most goods and services will be subject to the taxation. According to the UAE Ministry of Finance website, there
is no plan to offer special rules for small or medium sized businesses.
Exemptions
There are numerous exemptions under the UAE law, with a key area being property. The sale and lease of
commercial properties will be subject to VAT, but residential properties and bare land will have no VAT charge.
Zero rated sectors, as listed by the UAE Ministry of Finance, include goods and services exported outside of the
GCC, international transportation, supplies of some sea, air and land transportation, certain precious metals, and
certain education and healthcare services. Local passenger transport and some financial services will be totally
exempt, with Islamic finance products and services expected to be treated the same way as standard financial
services. Government supplies or suppliers will also be subject to VAT, except in some cases, for example, where
there is no private sector competition.
It should be noted that the VAT law in Saudi Arabia does not carry as many or even the same exceptions, so it will
be important for businesses working across the GCC to be aware of the differences across member states.
Excise Tax
Alongside the VAT tax, an Excise tax was also agreed upon by the GCC states, which came into effect in the UAE on
October 1st, having been implemented in Saudi Arabia earlier this year. The UAE Federal Tax Authority has stated
that the rates applied will be 50% for carbonated drinks, 100% for tobacco products and 100% for energy drinks,
aiming at the same time to reduce the consumption of unhealthy products. The tax affects products imported into
or stockpiled in the UAE, as well as products produced domestically. While other taxes are being considered, the
UAE Ministry of Finance assures that there are currently no plans for a tax on personal income.
Tax
Talking Points
www.foxrodney.com 9
Middle East Report 2017
Last year we wrote about how investors were keenly waiting to see whether the lifting of sanctions on Iran would
open the country up to the global market. Banks were seen as being cautious about doing business in Iran, and
there was great confusion over remaining sanctions, leaving it unclear if the potential rewards in entering the
market outweighed the risks. In the past year we have seen some big deals being made, but not without difficulty,
and it appears that those who stand to gain must be the most persistent, best informed and most patient of
investors.
In a round table discussion held by Legal Business and Herbert Smith Freehills, following the recent re-election of
the President of Iran, Hassan Rouhani, it was made clear that there is interest in Iran but there is difficulty in
turning that interest into something solid, partly because of a lack of support from the finance sector. The US is
also a continuing source of concern, and rhetoric threatening further sanctions is unhelpful, as companies fear
that their US businesses could be at risk if they were do business in Iran, but the main pushback still seems to be
coming from the banks.
“There are very few deals from the banks' point of view worth risking billions of dollars in fines.” Dan Hundson,
Herbert Smith Freehills (Legal Business, Jul 2017).
Several big deals have been deemed to be worth the risk. Boeing Company signed a second deal with another
Iranian airline following last year’s deal with Iran Air to provide 109 aircraft. The latter was faced with protests
from US Republicans, and yet the second deal was signed during the current administration, despite President
Trump vocally criticizing the nuclear deal, most recently at the United Nations General Assembly.
Renault recently signed what is reportedly the largest foreign auto deal in Iran’s history, worth around US$780
million for the production of up to 150,000 cars a year (New York Times, Aug 2017) and French energy company
Total has agreed to an initial investment of US$1 billion into South Pars gas field, part of a much larger deal which
could be threatened should major sanctions return. “It is worth taking the risk at $1 billion because it opens a
huge market. We are perfectly conscious of some risks. We have taken into account (sanctions) snap-backs, we
have to take into account regulation changes,” CEO Patrick Pouyanne (Reuters, Jul 2017).
To successfully do business in Iran, quality legal advice is crucial, and certainly any law firm hoping to assist clients
in this area will have a dedicated “Iran desk” set up. Going a step further CMS and Gide have both opened offices
in Tehran, while Dentons (significantly, only the European arm) has opted for forming an alliance with local firm
Arman Pirouzan Parvine (APP) Legal Institute.
Iran
Talking Points
www.foxrodney.com 10
Middle East Report 2017
Introduction
In line with slower regional growth, there has been a slowdown in the number of new offices being opened by
international law firms, and Covington & Burling has been the only new entrant of note into the GCC market since
last year’s report. However, expansion continues, especially into Saudi Arabia, and office openings this year have
already matched last year’s figures, although recent mergers and office closures mean that office numbers in key
GCC centres have mostly fallen. Only Jeddah has seen an increase in office numbers since last year, while the
trend of closures in Abu Dhabi appears to have been replaced by closures in Qatar, as law firms continue to
consolidate. The following figures are based on our analysis of 58 international law firms with offices in the GCC.
Dubai Abu Dhabi Doha Riyadh Jeddah
55 22 13 25 12
Number of international law firm offices in key GCC centres
Law Firm Market Map
Only one out of the 58 law firms analysed has a sole regional office in Abu Dhabi.
Expansion and Closures
This year we have seen Covington & Burling open in Dubai with former Chadbourne & Parke partners Jack
Greenwald, Corporate and Dispute Resolution, and Richard Keenan, Project Finance. Chadbourne & Parke is
one of our firm closures as a result of its recent merger with Norton Rose Fulrbight. Last year, Nabarro merged
with CMS Cameron McKenna and Olswang, although the latter did not have an office in the Middle East.
Charles Russell Speechlys and Pillsbury Winthrop both expanded into Dubai, leaving Cleary Gottlieb as the only
one of our 58 international law firms with a regional office in Abu Dhabi alone, and Holman Fenwick Willan
have formed a new association in Kuwait led by Middle East Managing Partner, Rula Dajani Abuljebain. Out of
all 58 firms 95% have an office in Dubai now, and almost 50% of the law firms have an association in Saudi
Arabia.
Percentage of international law firms with offices across the GCC
97%
47%
22% 12% 10% 5%
0%
20%
40%
60%
80%
100%
UAE Saudi Arabia Qatar Oman Bahrain Kuwait
www.foxrodney.com 11
Middle East Report 2017 Law Firm Market Map
New US/UK Entrants in the Middle East
Number of new offices vs. new entrants (2010-present)
Firm First Office Year Offices
Covington & Burling Dubai 2017 1
Mayer Brown Dubai 2016 1
Withers Dubai 2016 1
DWF Dubai 2015 3
Winston Strawn Dubai 2015 1
Watson Farley Dubai 2014 1
Nabarro Dubai 2014 1
Fenwick Elliott Dubai 2014 1
2017|CMS
2017|DWF
2016|Taylor Wessing
2016|Holman Fenwick Willan
2015|Herbert Smith Freehills (re-entry)
2015|Dechert
2015|Shearman & Sterling
2014|Charles Russell
2014|King & Wood Mallesons
Recent entrants into Saudi Arabia
The office count in Qatar has fallen as both Clifford Chance and Herbert Smith Freehills closed their offices in
Doha. We also said goodbye to Weil Gotshal & Manges, which has withdrawn from the region completely, closing
down their office in Dubai, and KWM have ended their alliance with Majed Almarshad in Saudi Arabia.
The focus of expansion continues to be Saudi Arabia, with CMS being the most recent entrant into the Kingdom,
partnering up with Feras Al Shawaf, previously associated with Trowers & Hamlins. Dentons launched a Jeddah
office this year to compliment their office in Riyadh, and special mention should go to DWF, which after entering
the market via Dubai in 2015, now has a nine partner strong office in the emirate, and earlier this year added an
office in Jeddah and Riyadh through an alliance with Harasani & Alkhamees.
0
2
4
6
8
10
12
14
2010 2011 2012 2013 2014 2015 2016 2017
Overall Office Openings New Entrants
www.foxrodney.com 12
Middle East Report 2017 Law Firm Market Map
US & UK Law Firms with over 10 Partners in their GCC offices
Firm No. Partners
2017*
No. Partners
2016
Clyde & Co 37 37
Baker McKenzie 24 16
Trowers & Hamlins 23 23
Dentons 22 28
Allen & Overy 21 23
DLA Piper 20 15
Clifford Chance 16 15
Pinsent Masons 14 13
King & Spalding 12 11
Norton Rose Fulbright 11 11
Addleshaw Goddard 11 9
Hogan Lovells 11 11
Holman Fenwick Willan 10 11
Simmons & Simmons 10 9
Squire Patton Boggs 10 12
*Partner numbers taken exclusively from the law firm websites of 58
US and UK law firms and focuses only on their GCC based offices.
Excludes KSA offices and all partners who split their time with offices
outside of the GCC region.
Iran
Firms are holding back with opening an office in Iran and are opting instead for a dedicated “Iran desk” to assist
their clients in entering the market. The major firms that have decided to risk being the first in are CMS, which
opened its own office in Tehran, and Dentons, which has formed an association with APP Legal Institute. The most
recent entrant is French firm Gide, which in 2010 decided to close its offices in Abu Dhabi, Dubai and Riyadh. Asian
law firm Colibri law and Swiss firm Python & Peter also opened offices in Tehran in 2016.
Partner Numbers
In 58 international law firms, we have
recognised, via their firm websites, 430
partners based across GCC offices, excluding
partners based in Saudi Arabia. This figure
also excludes those who share their time
with another office outside of the GCC. Out
of these partners, just over 10% are women,
with Clyde & Co employing almost 20% of
those female partners.
Although some firms have seen a fall in
partners since last year, most have either
stayed level, or increased the number of
partners this year, suggesting that despite
evidence of firms consolidating resources,
international law firms are committed to the
region.
www.foxrodney.com 13
Middle East Report 2017
Name Moved From Moved To Current Location Practice Area
Mohsin Iqbal Latham & Watkins Baker McKenzie Dubai Banking & Finance
Sami Al-Louzi Latham & Watkins White & Case Dubai Capital Markets
Tom Bicknell Clyde & Co Pinsent Masons Dubai Financial Services
Diwakar Agarwal DLA Piper Stephenson Harwood Dubai Corporate
Rabih Tabbara K&L Gates DWF Dubai Arbitration
Ben Bruton Eversheds Sutherland Winston & Strawn Dubai Litigation & Dispute Res
Matthew Heywood Osborne Clarke Clyde & Co Dubai Construction | Disputes
Adrian Creed Clyde & Co Bracewells Dubai Projects
Matthew Donovan Clyde & Co DWF Dubai Corporate | Commercial
James Fox Clyde & Co DWF Dubai Litigation & Dispute Res
Jonathan Brown Hadef & Partners Charles Russell Speechlys
Dubai Litigation & Dispute Res
Ghassan El Daye KWM Charles Russell Speechlys
Dubai Litigation & Dispute Res
Dino Wilkinson Norton Rose Fulbright Clyde & Co Abu Dhabi TMT
Haitham Hawashin Simmons & Simmons Herbert Smith Freehills Dubai Corporate
Glenn Lovell KWM Clyde & Co Riyadh Corporate
Elias Hayek Starwood Hotels & Resort
Squire Patton Boggs Dubai | London Corporate
Dean O’Leary Al Tamimi DWF Dubai Litigation & Dispute Res
Partner Moves
Despite the slowdown in office openings, partner level recruitment has been strong over the past 12 months, with
over 35 notable moves recorded. The majority of moves this year have been Partner to Partner, with just under 30%
being promotions from the role of Associate, Counsel or Legal Director. As with last year, litigation and dispute
resolution has seen the most activity, alongside corporate, while there have been fewer moves in general banking &
finance. Aside from one partner moving between firms in Saudi Arabia, and another move within Abu Dhabi, all our
recorded Middle East moves are partners moving either to or within Dubai.
Recruitment News
Partner Moves 2016 – 2017 (most recent first)
Partner > Partner In-House <> Partner Associate/Counsel/ Director > Partner
KEY | Move type
www.foxrodney.com 14
Middle East Report 2017
Partner > Partner In-House <> Partner Associate/Counsel/ Director > Partner
Recruitment News
Christopher Skipper Istithmar World Winston & Strawn Dubai Corporate
Richard Keenan Chadbourne & Parke Covington & Burling Dubai Project Finance
Ian Chung Holman Fenwick Willan Clyde & Co Dubai Corporate | Finance
Beau McLaren Dentons Holman Fenwick Willan Dubai Construction | Disputes
Thomas Snider Greenberg Traurig Al Tamimi Dubai Arbitration
Sarah Lawrence DLA Piper Squire Patton Boggs Dubai Employment
Nick Humphrey Clyde & Co Kennedys Dubai Litigation & Dispute Res
Ibrahim Elsadig Dentons BLP Dubai Corporate | Commercial
Robin Hickman Clifford Chance Addleshaw Goddard Dubai Banking & Finance
Payam Beheshti Clifford Chance Simmons & Simmons Dubai Litigation & Dispute Res
Ravinder Bhullar Nabarro Dechert Dubai Litigation & Dispute Res
Shibeer Ahmed White & Case Winston & Strawn Dubai Banking & Finance
John Coghlan Addleshaw Goddard DWF Dubai | Doha Construction
Oliver Tebbit Clyde & Co Watson Farley Dubai Aviation Finance
Hamish Walton KWM Dechert Dubai Corporate
Ed Newitt Holman Fenwick Willan Stephenson Harwood Dubai Litigation & Dispute Res
Campbell Steedman White & Case Winston & Strawn Dubai Corporate | Commercial
Alastair Glover Gowling WLG Trowers & Hamlins Dubai Private Wealth
Alastair Holland Ashurst Curtis Dubai Corporate
Nadim Khan Herbert Smith Freehills Jones Day Dubai Banking & Finance
KEY | Move type
Partner Moves Continued
www.foxrodney.com 15
Middle East Report 2017
Referenced Articles
• The National, Jul 2017, Michael Fahy: “Amazon completes Souq.com deal” [online]
https://www.thenational.ae/business/amazon-completes-souq-com-deal-1.91570
• Bloomberg, Mar 2017, Filipe Pacheco: “As You Wait for Aramco, Here Are Other Middle East IPO Hot Spots”
[online]
https://www.bloomberg.com/news/articles/2017-03-15/as-you-wait-for-aramco-here-are-other-middle-
east-ipo-hot-spots
• Bloomberg, Jul 2017, Filipe Pacheco, Zainab Fattah, Ruth David: “Pipeline of IPOs From U.A.E. in Full Flow
Ahead of Aramco Sale” [online]
https://www.bloomberg.com/news/articles/2017-07-26/pipeline-of-ipos-from-u-a-e-in-full-flow-as-aramco-
sale-looms
• Legal Business, May 2017, Chris Crowe: “Holding steady – A turbulent Middle East market separates the
committed from the faint-hearted” [online]
https://www.legalbusiness.co.uk/countries/middle-east/holding-steady-a-turbulent-middle-east-market-
separates-the-committed-from-the-faint-hearted/#more-49809
• Legal Business, Jul 2017, James Wood: “The Iran debate – The long, long game” [online]
https://www.legalbusiness.co.uk/analysis/the-iran-debate-the-long-long-game/
• New York Times, Aug 2017, Thomas Erbrink, Nick Gladstone: “Iran Reaches Deal With Renault Despite New
U.S. Sanctions” [online]
https://www.nytimes.com/2017/08/07/business/iran-renault-cars-sanctions.html
• Reuters, Jul 2017, Ron Bousso, Dmitry Zhdannikov: “France's Total to go ahead with major Iran gas project:
CEO” [online]
https://www.reuters.com/article/us-iran-total/frances-total-to-go-ahead-with-major-iran-gas-project-ceo-
idUSKBN19B0G5
Referenced Press / Other Releases
• IMF, 2017: “IMF Team Completes a Staff Visit to Qatar” [online]
https://www.imf.org/en/News/Articles/2017/08/30/pr17334-imf-team-completes-a-staff-visit-to-qatar
• UAE Ministry of Finance, 2017: “VAT” [online]
https://www.mof.gov.ae/En/budget/Pages/VATQuestions.aspx
Sources
www.foxrodney.com 16
Middle East Report 2017
Referenced Reports
• Thomson Reuters, 2016: “Middle Eastern IB Analysis [All Year 2016]” [online]
http://dmi.thomsonreuters.com/Content/Files/Middle%20East%204Q%202016.pdf
• Thomson Reuters, 2017: “Middle Eastern IB Analysis [First Half 2017]” [online]
http://dmi.thomsonreuters.com/Content/Files/Middle%20East%202Q%202017.pdf
• PwC, 2016: “IPO Market Watch Q4 2016” [online]
http://www.pwc.com/m1/en/publications/documents/ipo-market/q4-2016-ipo-watch-en.pdf
• PwC, 2017: “IPO Market Watch Q2 2017” [online]
https://www.pwc.com/m1/en/publications/documents/ipo-market/q2-2017-ipo-watch-en.pdf
• IMF, 2017: “Regional Economic Outlook Update” [online]
https://www.imf.org/en/Publications/REO/MECA/Issues/2017/04/18/mreo0517
Sources
www.foxrodney.com 17
Middle East Report 2017 Global Contacts
Omar Kabbani, Director (Dubai) Omar is a law graduate and completed the LPC at the College of Law, London. He began his legal recruitment career with FRS in November 2006 and now focuses on the Middle East market. He established the Middle East practice in 2008 and later relocated to Dubai where he is now based. Omar lived in Saudi Arabia for a number of years both in Jeddah and Dammam, as well as other jurisdictions across the Middle East. He has a good understanding of the people and the culture in this region. He speaks fluent Arabic. Stephen Rodney, CEO (UK) Stephen qualified as a solicitor with Berwin Leighton in 1989 before moving to the niche medical negligence firm Compton Carr. He entered the legal recruitment sector in 1990. By 1998 he had been appointed Managing Director of one of the leading legal recruitment consultancies, spending the majority of his time on senior partner level team moves and merger activity for UK and US firms. Together with Adrian Fox, he established Fox Rodney Search Limited in May 2000. Leanne Clark, Managing Director (UK) Leanne graduated from the University of Durham and qualified as a solicitor at Freshfields Bruckhaus Deringer where she spent the first 10 years of her career, latterly as a senior associate in the corporate department. She then moved to Matheson Ormsby Prentice, one of Ireland's leading firms where she became a corporate partner in 2005 and headed up their London office, leading transactional teams on Irish aspects of multi-jurisdictional transactions. Leanne joined FRS at the start of 2011. Adrian Fox, Managing Director (UK) Adrian studied for his degree in Jurisprudence at Oxford University before qualifying as a solicitor with Macfarlanes in 1986. He worked as an assistant solicitor with the firm for two years, before leaving to join the legal recruitment sector in 1989. In 1993 Adrian became a Director at one of the UK’s most prominent specialist legal recruitment consultancies, where he worked principally in London as well as spending three years in the UK regions. Together with Stephen Rodney, he established Fox Rodney Search Limited in May 2000. Siobhán Lewington, Managing Director (UK) Siobhán read law at University College Dublin and then completed an LLM at the London School of Economics. She joined Allen & Overy in London where she was a capital markets lawyer for five years. Siobhán started her recruitment career at Quarry Dougall, where she was head of the Financial Services Legal Team. Prior to joining FRS, Siobhán was Head of the Legal and Compliance Team at Sheffield Haworth, one of the UK’s leading financial services executive search firms. She is a Board Director and shareholder at FRS.
www.foxrodney.com 18
Middle East Report 2017 Global Contacts
Karen Clifford, Director (US) With over 23 years of professional services recruiting experience, Karen joined FRS from US law firm Wilmer Hale to lead our Washington, DC practice. At Wilmer Hale, Karen was responsible for the firm’s global lateral partner recruitment efforts. Karen's knowledge of the legal trends in hiring across many geographic markets and in particular the Washington, DC legal market, puts her in an ideal position to offer key strategic advice to our client base. Karen graduated with a B.S. in Marketing from the University of Massachusetts, Dartmouth. Hanna Ehrlich, Director (France) Hanna studied Law at Magistère de Juriste d’Affaires of Paris II and completed her LL.M. at New York University before qualifying with the Paris and New York Bars. She then joined SJ Berwin in Paris where she practised as a fund formation lawyer. After this, she entered the legal recruitment market with one of the leading legal recruitment consultancies. She is responsible for senior associate and partner searches in the French private practice market. Portia White, Director (Ireland) Portia is a director at FRS. She has worked in the recruitment industry for almost ten years, joining FRS in 2014 from another leading recruitment practice. Portia has a wealth of experience in placing partners and associates in law firms and large corporates in both London and Ireland. She specialises in private practice, focusing on partner level placements at major UK and international law firms. She is also responsible for in-house recruitment in Ireland.
www.foxrodney.com 19
Middle East Report 2017 Our Offices
Dubai
Office 23, 3rd Floor Gate Village Building 4 DIFC, PO BOX 482064 Dubai, U.A.E. Tel: +971 4 379 9118 London 100 Cannon Street London EC4N 6EU Tel: +44 20 7337 2700 Dublin Pembroke House 28-32 Upper Pembroke Street Dublin 2 Tel: +353 1 477 3226 Washington DC 2020 Pennsylvania Avenue NW, Suite 295 Washington, DC 20006 Tel: +1 202 386 6106
San Francisco & Silicon Valley 1 Market St Spear Tower 36th Floor San Francisco CA 94105 Tel: +1 650 815 9178 Paris 33 Rue Galilée 75116 Paris Tel: +33 1 44 43 55 92 Hong Kong ALS International 3305, 33/F The Centrium 60 Wyndham Street Central, Hong Kong Tel: +852 2920 9100 Sydney
Level 30 Australia Square 264 George Street Sydney NSW 2000
Follow us @FoxRodneySearch
www.foxrodney.com [email protected]