Middle East Report 2017 A Bumper Year for IPO Activity

October 2017

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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

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Middle East Report 2017

Omar Kabbani Director, Dubai T: +971 (0) 528 000 128 okabbani@foxrodney.com 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.

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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)

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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.

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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

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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)

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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

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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

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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

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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

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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.

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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

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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

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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

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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

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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.

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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.

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Middle East Report 2017 Our Offices

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