Middle East presence gives A&O the edge in projects league table
Allen & Overy (A&O) has emerged as leader of the latest global project finance league tables, ahead of its rivals by both value and volume for the first half of 2007.
July 25, 2007 at 11:18 PM
2 minute read
Allen & Overy (A&O) has emerged as leader of the latest global project finance league tables, ahead of its rivals by both value and volume for the first half of 2007.
Research by Infrastructure Journal shows A&O on top after advising on 35 deals worth a combined $27.4bn (£13.4bn). Clifford Chance (CC) is in second place by value, with 24 deals worth $23.2bn (£11.3bn), while New York law firm Shearman & Sterling completes the top three by value after acting on deals worth $15.3bn (£7.5bn).
Notable advisory roles for A&O include acting on Saudi Arabia's $1.88bn (£917m) Shuquaiq water and power project, the $2.7bn (£1.32bn) Nanhai Petrochemicals project in China and Qatar's $2.4bn (£1.17bn) Messaieed power project.
A&O projects partner Calvin Walker commented: "The push seems to be in the Middle East and China, where we have been active for some time and [Shanghai chief and infrastructure specialist] Simon Black is making good inroads."
He added: "We are opening an office in Saudi and this has been very well timed, with Abu Dhabi opening at the same time, in addition to the growth of non-energy projects in that region."
The tables for the end of 2006 had CC placed first by value, with Linklaters second and A&O placed third. However, A&O's much-vaunted projects team topped the year-end tables by volume, advising on 44 deals against 34 for CC.
Linklaters, meanwhile, has dropped into fourth position by value and third by volume for the first half of 2007, with 21 deals worth $13.1bn (£6.4bn).
Norton Rose improved its ranking to move from 10th to sixth in the overall global adviser table, with 19 deals worth $10.2bn (£5bn).
Norton Rose London projects partner Peter Hall told Legal Week: "The Middle East is big for everyone and it looks as though that will continue, with firms starting to look at other infrastructure projects in addition to power and water."
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