Law firm highlights

·        Dechert has announced that it has formed an association in the Kingdom of Saudi Arabia with the Law Firm of Hassan Mahassni. Founded by Hassan M.S. Mahassni in 1970, the Law Firm of Hassan Mahassni is one of the most prominent law firms in Saudi Arabia. Based in Jeddah, it has a large local and international practice focused on corporate, commercial and financial transactions, including joint ventures, mergers and acquisitions, capital market transactions, banking, financial services, project finance and Islamic Finance. The firm also has a significant litigation practice before courts and other adjudicatory authorities throughout the Kingdom of Saudi Arabia. “We are very enthusiastic to join forces with the Mahassni firm,” said Chris Sioufi, who serves as co-managing partner of Dechert’s Dubai office along with Gavin Watson. “Hassan and his team are well known and very well respected. Our association will expand our capabilities and offerings and will allow us to better serve our clients in Saudi Arabia.” M. Marwan Shaheen and Yousef Saleh Husiki Al-Ghamdi are also partners in the Mahassni firm.

·        Dubai International Financial Centre Authority (DIFC Authority) partnered with Taylor Wessing, HSBC and CBRE to host an event that: Compared and contrasted Dubai’s real estate market in 2007 and 2015, discussed the impact of EXPO 2020, compared asset classes and what lenders will finance, explained security structures, lender protections and enforcement; and gave examples of how the region can learn from real estate cycles experienced in the rest of the world. The session, moderated by Richard Dean – presenter of The Business Breakfast on Dubai Eye 103.8 FM, was attended by leading industry experts like Habib Ullah – head of banking at Taylor Wessing (Middle East) LLP, Andy Armstrong – Global Head of Real Estate of HSBC and Simon Townsend – Strategic Consultancy of CBRE. In attendance were some of the region’s most prominent lenders, financial instructions and property companies who have gained an understanding of how they can effectively plan for the future and understand the challenges ahead.

·        Dentons addressed Islamic finance industry stakeholders at the 2015 IFN Issuers Forum held in Dubai on September 13, 2015. As well as debating the state of Islamic finance against the backdrop of a fast-changing global economy, the conference considered several themes that may shape the industry in the future, such as crowd-funding, the lifting of sanctions in Iran and the growing relationship between the Middle East and Asia exemplified by the recent USD6 billion Indonesian sovereign Sukuk listed on NASDAQ Dubai. The event was opened by Dr. Mohammed Fetanat, the President of the Securities and Exchange Organisation of Iran. Abdulla Al Awar, CEO of the Dubai Islamic Economic Development Center, delivered a keynote speech commenting on the evolution of Islamic finance into a comprehensive financial system, as well as Dubai's own initiatives to be part of the projected global growth of Islamic finance over the next few years to over USD3 trillion. Qasim Aslam, Dentons' head of Islamic Finance in the Middle East, chaired the main morning session entitled "Raising Capital in the Current Economic Environment." Aslam commented, "What has been interesting this year is the breadth of perspectives from around the world. Islamic finance is now a part of the global financial landscape. Inevitably, its performance is inter-linked with global economic factors including the ebb and flow between equity, capital and other markets as well as economic sentiment generally. That all makes for healthy discussions within the industry and ultimately may dictate how it evolves".

·        Shearman & Sterling has opened its second office in the UAE after launching in Dubai. The firm has been in Abu Dhabi for 40 years now, and also has a presence in Saudi Arabia. The new office, located in the Dubai International Financial Centre, will be led by the firm’s Middle East managing partner Marwan Elaraby. “With continued infrastructure spending, private capital flows, capital markets transactions and disputes work, we see continued opportunities in the region for us to grow,” said Elaraby in a statement. In the Middle East, Shearman & Sterling advises on Shari’ah-compliant financing, M&A, project development and finance, banking and finance, financial institutions advisory & financial regulatory, capital markets, private equity and international arbitration. In Saudi Arabia, the firm has an alliance with Abdulaziz Alassaf & Partners, a 16-lawyer local outfit.