Clifford Chance (CC) and Allen & Overy (A&O) are advising as Kuwait plans to raise as much as $9.5bn (£7.8bn) in its first international debt sale.

The bond sale, expected to be completed in late March, comes as low oil prices in the Middle East prompt countries across the region to seek to diversify their economies. In the past 12 months, Abu Dhabi, Saudi Arabia and Oman have all tapped into foreign capital markets.

CC is advising the State of Kuwait, while A&O is representing the banks.

CC's team is being led by Dubai capital markets partner Stuart Ure alongside US securities law and capital markets partner John Connolly, who is based in London.

A&O's team includes Dubai capital markets partner Anzal Mohammad and US-qualified London capital markets partner Sachin Dave.

Kuwait firm ASAR is also advising the State of Kuwait, while fellow local firm International Counsel Bureau has a role acting for the banks.

The bond will be dual listed in Ireland and London. It is understood that the City of London is pushing a post-Brexit agenda to ensure that bonds list on the London Stock Exchange, even though typically bonds are not dual listed.

Commenting on the bond issue, Ure said: "It will be dual listed on each of the London and Irish stock exchanges, reflecting the State of Kuwait's strong trading ties with the UK and the European Union."

He added: "Kuwait is the last of the Gulf Cooperation Council sovereigns to look to the international capital markets. This demonstrates the challenge the low oil price environment has brought across the region; although Kuwait is very well positioned with substantial funds under management by the Kuwait Investment Authority."

A number of international law firms have recently closed offices in the Middle East amid intense competition for work. Last month, CC withdrew from Qatar, where oil and natural gas account for more than 50% of the country's gross domestic product. Herbert Smith Freehills also announced that month that it would close its Doha base this summer.

Other law firms rethinking their presence in the region include Weil Gotshal & Manges, which is closing in Dubai; US firm Baker Botts, which decided to withdraw from Abu Dhabi at the start of 2015; and Simmons & Simmons, which last year closed its Abu Dhabi office.