Pillars of strength A look at banking and finance in the ...
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Pillars of strength A look at banking and finance in the Middle East How can we help? With leading lawyers on the ground in Abu Dhabi, Amman, Baghdad, Doha, Dubai, Erbil and Riyadh, coupled with a strong network of relationship firms in jurisdictions where we do not have our own office, we are well known for our ability to support clients in advancing their strategies wherever they do business. Many of our lawyers are dual qualified and fluent in English and their local language, enabling us to operate credibly in international debt markets whilst communicating effectively and sensitively in the home jurisdiction of the transaction. Our ability to draw upon our international experts in other product areas, including tax, M&A and real estate, means that we can offer our clients an expert service on all aspects of their finance transactions. This, together with our access to sector specialists who truly understand our clients’ business drivers and the context in which they operate, offers our clients a critical competitive advantage when structuring and negotiating deals. As the global law firm that sets the standards, the scale of our coverage gives us an insight into developments in different markets and we regularly advise on domestic and cross-border transactions. We have the resources and expertise required to deliver the most complex deals in the tightest timescales, whilst providing a partner-led service. “Eversheds provided us with a great team on this transaction, which across several different jurisdictions provided high quality advice, with the expertise and skill to guide us through an extremely complex structure. It was all handled smoothly and quite efficiently and I couldn’t fault their service.” Andrea Chianese, Head of Corporate Finance at Enerray
Transcript of Pillars of strength A look at banking and finance in the ...
Pillars of strengthA look at banking and finance in the Middle East
How can we help?With leading lawyers on the ground in Abu Dhabi, Amman, Baghdad, Doha, Dubai, Erbil and Riyadh, coupled with a strong network of relationship firms in jurisdictions where we do not have our own office, we are well known for our ability to support clients in advancing their strategies wherever they do business. Many of our lawyers are dual qualified and fluent in English and their local language, enabling us to operate credibly in international debt markets whilst communicating effectively and sensitively in the home jurisdiction of the transaction.
Our ability to draw upon our international experts in other product areas, including tax, M&A and real estate, means that we can offer our clients an expert service on all aspects of
their finance transactions. This, together with our access to sector specialists who truly understand our clients’ business drivers and the context in which they operate, offers our clients a critical competitive advantage when structuring and negotiating deals.
As the global law firm that sets the standards, the scale of our coverage gives us an insight into developments in different markets and we regularly advise on domestic and cross-border transactions.
We have the resources and expertise required to deliver the most complex deals in the tightest timescales, whilst providing a partner-led service.
“Eversheds provided us with a great team on this transaction, which across several different jurisdictions provided high quality advice, with the expertise and skill to guide us through an extremely complex structure. It was all handled smoothly and quite efficiently and I couldn’t fault their service.”Andrea Chianese, Head of Corporate Finance at Enerray
Why work with us? Our unique offering means we have experience in all areas of the banking and finance market, such as project finance, trade finance, real estate and development finance, acquisition finance, Islamic finance, asset based lending, corporate borrowing, private equity, shipping finance and regulatory and compliance.
Project finance With a team of dedicated projects lawyers based across our Middle East offices, we have a deep understanding of how the public sector thinks and what the private sector requires to make a project bankable. Our recent experience includes:
–acting for a bidder on a 100MW solar PV IPP in Dubai
–advising on 10 out of the 12 solar projects in the first round of direct proposal submissions for developing solar PV projects in the south of Jordan
–acting for the developer in the 65 MW Shams Maan project, the largest solar PV project in Jordan, including advising on all project documents, negotiating and dealing with funders
–Addax & Oryx Group – €200+ million biofuels and power project in Sierra Leone and related project financing
Trade financeWe have over 25 dedicated trade finance lawyers spread across Europe, the Middle East and the Far East. Given our involvement in all aspects of the physical and financial supply chain we are well placed to provide a holistic view of the trade finance issues you face. Our recent experience includes:
–acting for a Middle East bank in providing $120m multiple trade finance facilities for the import of oil into Kenya, with security granted over assets in Kenya, Tanzania and UAE
–advising a Middle East bank on $55m structured trade finance facilities and a $30m term loan facility made available to an Iraqi building products manufacturer
–acting for a large financial institution in Dubai in relation to a $55m LC facility made available to a borrower in Iraq
–acting for a Middle East Bank on a $25m secured receivables financing facility made available to a borrower in Dubai
Corporate lending and borrowing We advise many of the world’s top banks and advise major global organisations to small private companies across all sectors. Our recent experience includes:
–acting for a syndicate of UAE-based banks providing $85m syndicated facilities (both conventional and Islamic) to a regional corporate, with asset security over real estate in several Emirates, shares (listed in Dubai and Abu Dhabi) and bank accounts
–acting for a Middle East bank in relation to the restructuring of $4.5bn syndicated and bilateral facilities provided to a regional conglomerate
–acting for an HSBC led syndicate – cross-border £100 million refinancing of Brammer plc across seven jurisdictions
Real estate and development finance Our practice covers the full range of real estate finance deals from straightforward projects to highly structured, multi jurisdictional transactions. Our recent experience includes:
–acting for a syndicate of international banks on the $350m syndicated refinancing of a global hotel group
–acting for a Kuwaiti bank in relation to a multi-million real estate development financing of a significant commercial and residential development in the UAE
–acting for a Middle East bank providing a $45m facility for a three tower development in Nairobi, Kenya, with security over assets in Kenya and UAE
–acting for a Qatari based petrochemical company on the acquisition of numerous units in Business Bay, Dubai, negotiating the SPA with the seller and corresponding with the Dubai Land Department
“The quality of the support and advice we received was first-rate. They found issues that other legal advisers were hoping would be missed. It was not just legal advice they provided; they also provided significant practical advice.”Tim Baily, HSBC Bank plc
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Regulatory and complianceOur team of dedicated financial services regulatory lawyers remains abreast of the changing regulations to ensure that our clients receive all the latest and most up-to-date information and have particular expertise in relation to sanctions regulations. We have recently advised:
–a number of banks in the UAE advising on the changes to retail and wholesale banking regulations in the UAE and the impact on their standard terms and conditions and lending practices
–Middle Eastern bank on the different global limitations around its ability to deal in various authorised products across 29 jurisdictions without the relevant regulatory licences
–conducting an extensive internal investigation for a leading fund manager into allegations of fraud and regulatory misconduct and advising on the scope of a review of its control environment
–advising a major European bank in connection with an internal investigation following allegations of misconduct, involving liaison with multiple foreign regulators
Acquisitions financeWe advise on a range of acquisition finance transactions including: Cross border and domestic acquisitions; leveraged MBOs and MBIs; Corporate acquisitions - public and private; Mezzanine, bridge and other structured financing (including cross border syndicated ABL facilities). Our recent experience includes:
–advising Gulf Capital on the US$100million acquisition from the founder shareholders of Destinations of the World, a leading multinational B2B provider of wholesale travel services operating in the Middle East (including the UAE), Europe and Asia
–acting for Vallourec & Mannesman Tubes, a French group, in relation to a US$600million acquisition of a Saudi Seamless Pipes Factory Company Limited, a subsidiary of Al-Zamil Group in Dammam
–acting for a private equity firm on the US$60 million acquisition from founder shareholders of a 200 bed speciality hospital in Egypt
–acting for the Abraaj Group on the AED2bn acquisition of a stake in Network International (a leading credit card processing solutions provider operating in the GCC) and relating joint venture arrange
Islamic finance Our expertise covers all areas of Islamic finance and we regularly work with leading Islamic financial institutions and corporates to develop solutions that are Shari’ah compliant. Our recent experience includes:
–acting for the financier in a $210m syndicated Murabaha and Mudaraba, led by the Islamic Trade Finance Corporation, lending to a global sugar conglomerate
–acting for the financer in a $150m syndicated Murabaha and Mudaraba, led by the Islamic Trade Finance Corporation, leading to a regional sovereign entity
–acting for the customer on a $135m commodity Murabaha ship financing from a Qatari Islamic bank
–acting for Lombard on US$10m and US$50m Shari’ah compliant jet financings
–a UAE entity in connection with its US$100m Shari’ah compliant debt restructuring
–a syndicate of regional lends including Qatar National Bank, Samba Financial Group, International Bank of Qatar and Al Khaliji on US$430m and US$25m rig financings
Who do we work with?We act for a range of lenders and clients such as Arab Bank, Barclays Bank plc, Commercial Bank of Dubai, Doha Bank, First Gulf Bank, HSBC Bank plc, NBAD, National Bank of Fujairah, QNB and Standard Chartered Bank plc.
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eversheds.com
What happens next?For more information please contact:
Clint Dempsey Head of Banking & Finance, UAE
T: +971 4389 7018 [email protected]
Sarah El Serafy Senior Associate, Qatar
T: + 974 4496 7385 [email protected]
Tawfiq Tabbaa Partner, Iraq and Jordan
T: +964 78091 67976 [email protected]
Faisal Tabbaa Partner, Saudi Arabia
T: +966 11484 4448 [email protected]
Ben Moylan Partner, London
T: + 44 20 7919 0989 [email protected]
Awards
Our banking and finance work in the region has been recognised in recent years:
–At the Corporate Counsel Middle East Awards, we were winners of the International Law Firm of the Year in 2015, and were shortlisted for Banking & Finance Team of the Year and International Law Firm of the Year in 2016.
–Similarly, at the MENASOL Awards, we were winners of the Project Finance Advisors Award.
©Eversheds LLP 2016 © Eversheds International 2016. All rights are reserved to their respective owners. Eversheds International is an international legal practice, the members of which are separate and distinct legal entities.
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