Norton Rose Fulbright (Middle East) LLP
4th Floor, Gate Precinct Building 3
Dubai International Financial Centre
PO Box 103747
United Arab Emirates
We have been advising our clients on how to do business in Dubai for many years and opened our office in the DIFC in 2003. We offer a full-service practice and have particularly strong experience in the energy, infrastructure, financial institutions, transport, technology, real estate and hospitality sectors. Our team understands and can advise on key local law issues and regulations. We are committed to educating future generations and actively support a program of Emiratization.
Our Dubai team works closely with our other offices in the Middle East, including Abu Dhabi, Bahrain and Riyadh.
Our areas of work include
We act for, and alongside, international financial institutions such as Goldman Sachs, HSBC, JP Morgan, Rothschild and Standard Chartered Bank, regional financial Institutions such as Dubai Islamic Bank, Emirates NBD and Islamic Development Bank, private equity players such as Abraaj Capital and corporates such as Emaar and Majid Al Futtaim.
Our experience includes
- Dubai Electricity and Water Authority (DEWA) on the first renewable IPP in Dubai - advising DEWA, together with KPMG (financial adviser) and Lahmeyer International (technical adviser), in respect of the financing, procurement, construction operation and maintenance of a 100MW solar photovoltaic plant at the Mohammed bin Rashid Al Maktoum Solar Park, Dubai. This project is Phase II and is the first renewable IPP for DEWA and Dubai.
- Majid Al Futtaim on one of the first international hybrid bond issuances - advised Majid Al Futtaim on one of the first international hybrid bond issuances by a corporate borrower in the GCC, a significant development for the debt capital markets market in the region. The issuance of US$500 million Reset Subordinated Perpetual Notes, callable after five years, were rated BB+ and received a 50 per cent equity credit by both Standard & Poor’s and Fitch.
- Albaraka Türk Katılım Bankası A.Ş. on their US$350 million Sukuk issuance - advised Albaraka Türk Katılım Bankası A.Ş. on their issuance of US$350 million Certificates due 2019. The Sukuk, while backed by the credit of Albaraka Türk as obligor, was issued by Bereket Varlık Kiralama A.Ş. an asset leasing corporation established in Turkey pursuant to the Lease Certificate Communiqué in Turkey. The Sukuk represents Albaraka Türk's second international Sukuk issuance following the issuance of their Tier 2 Sukuk in 2013, on which we also advised.
- IKEA’s first direct investment in the Middle East - advised the world’s largest furniture retailer IKEA on its ‘Build-to-Suit’ distribution centre in Dubai. The project was procured on a Build-to-Suit basis with IKEA entering into an agreement with a joint venture between Gulf Resources Development and Investment LLC (GRDI) and Dubai Aviation City Corporation (DACC). The new facility is part of IKEA's global expansion plans, and represents the brand's first direct investment in the region totalling circa US$94 million.
- A global financial institution on a US$30 million shareholder dispute - advised a global financial institution in relation to a shareholder dispute and related ICC arbitration in the sum of approximately US$30m.
- US$850 million refinancing of the iconic hotel, Atlantis The Palm in Dubai - advising Istithmar World, the global investment arm of Dubai World, on the UAE law aspects of the US$850 million refinancing of their iconic hotel, Atlantis The Palm. This includes advice in relation to the structuring and negotiation of the security package from a financing and real estate perspective in order to ensure that Istithmar continues to be able to deal with and develop its real estate asset.
- Abraaj Capital - advising long-standing client Abraaj Capital’s specialist small and medium sized enterprise fund, Riyada Enterprise Development (RED) on its acquisition of a minority stake in Kuwaiti publishing company, Teshkeel Media Group. We developed an innovative structure which gave RED the same economic benefit it would have had if preference shares had been permitted.
- US$1bn plus debt restructuring - advising a syndicate of international and GCC banks on the restructuring of in excess of US$1bn debt owed to them by a Government related entity. The transaction involves the restructuring of both AED and US$ and conventional and Islamic facilities.
- Dubai government-owned master developer - advising a Dubai government-owned master developer in a US$75m claim brought in DIAC arbitration, relating to the provision of infrastructure for a major construction project.
- Acquisition of Precinct Building 6 (DIFC) - advising Legatum Group on its acquisition of Precinct Building 6 in DIFC. This included undertaking detailed due diligence on the property, including advising on the existing extensive lease interests in place in the building, the re-negotiation of a property management agreement and the drafting and negotiation of a sale and purchase agreement which involved significant interaction with the DIFC authorities.