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International Edition

A&O and Latham lead on $2bn landmark Islamic bond

Allen & Overy (A&O) and Latham & Watkins have taken the lead roles on a landmark $2bn (£1.3bn) Islamic bond for the Saudi Electricity Company. The deal, reportedly the Middle East's largest Rule 144A sukuk to date, comprises both a 10-year and 30-year maturity term – the latter being the longest duration for any senior unsecured sukuk to date. A&O acted for the utilities company, a longstanding client of the firm, with a London-based team led by banking partner Atif Hanif and capital markets partners Sachin Dave and Jamie Durham.
2 minute read

International Edition

Pan-African harmonisation efforts will boost economic growth across sub-Saharan region

In recent years, the pan-African economic and political landscape has shifted dramatically: the focus of foreign direct investment has moved to a much greater extent to sub-Saharan Africa, particularly the west-to-east 'investment corridor' in Francophone and Anglophone sub-Saharan Africa, which is predicted to become the fastest-growing region on the continent. The Organisation for the Harmonisation of Business Law in Africa (OHADA), a pan-African treaty-based organisation comprised of 17 member states, has facilitated substantial market entries and the influx of capital, largely due to harmonised and modernised business laws and stronger security interest arrangements.
5 minute read

International Edition

Habib & Clydes among nominees for Corporate Counsel Middle East Awards

DP World, Hadef & Partners and Herbert Smith Freehills are among the entrants to be shortlisted as Legal Week unveils the nominations for the second annual Corporate Counsel Middle East Awards. Allen & Overy, Clifford Chance and Clyde & Co are among the firms battling it out for international law firm of the year, with the winner due to be announced at a ceremony held at Dubai's Westin Dubai Mina Seyahi on 16 May.
4 minute read

International Edition

Herbert Smith to end exclusive Saudi association after five years

Herbert Smith Freehills (HSF) is to end its exclusive association with Saudi Arabian firm Al-Ghazzawi Professional Association (GPA) from 1 August this year. The decision, which both firms said was mutual, ends an exclusive relationship which began in 2008. The pair will continue to work together on a non-exclusive basis. Over the last five years three legacy Herbert Smith lawyers have spent secondments with GPA but the firm, which merged with Australia's Freehills last year, currently has no lawyers based in Saudi Arabia.
2 minute read

International Edition

Linklaters hires ex-Norton Rose partner as Islamic finance chief

Linklaters has hired a new global head of Islamic finance, with the appointment of former Norton Rose partner Neil Miller. Miller, who will be based in Dubai, joins from accountancy firm KPMG, where he was a partner and head of Islamic finance. His hire follows a long search by Linklaters for a replacement for former post-holder Luma Saqqaf, who left to pursue a career in executive coaching in 2009.
2 minute read

International Edition

On the rise: Africa's new growth sectors

Africa's rise to become one of the world's fastest-growing economic regions has drawn heightened interest from investors globally, as well as from the legal market. To date, the resources sector has accounted for most of the work undertaken by law firms operating in the region. But while the natural resources industry will likely continue to generate significant legal work, Africa's rapid growth is driving investor interest in new areas.
5 minute read

International Edition

Africa

Legal Week gives you a round-up of the latest legal developments taking place in the continent, as well as coverage from the 2012 Corporate Counsel Forum Africa
1 minute read

International Edition

Laying the foundation for growth - a review of Legal Week's 2012 Corporate Counsel Forum Africa

At Legal Week's 2012 Corporate Counsel Forum Africa, a panel of senior South Africa-based in-house lawyers discussed ways to manage the risks associated with setting up shop in new African jurisdictions. John Malpas rounds up the discussion
8 minute read

International Edition

Refining the rules – the lucrative East African market for natural oil and gas

East Africa's oil and gas market has transformed over the past year following significant gas finds off the coasts of Tanzania and Mozambique, the discovery of oil in Kenya and the movement of Uganda towards development and production of its petroleum reserves. In Tanzania, it is hoped that natural gas discoveries in offshore blocks operated by BG Group and Statoil will lead to the development of a combined liquefied natural gas (LNG) plant requiring tens of billions of dollars' worth of investment.
8 minute read

International Edition

Lands of opportunity – charting the rise of Africa as an attractive destination for deal lawyers

With much of the world economy in the doldrums, Africa is an increasingly attractive prospect for investment. And while it's risky to generalise about 54 countries, there is a theme of increased sophistication when it comes to the deployment of legal services across the continent. Nuno Antunes, director at Miranda, a practice that has a long-standing alliance in Africa, describes the situation as something of an 'economic conundrum', given the rate at which Africa is growing compared to the rest of the world. He also notes an increasingly long-term approach to investment in the continent. "Short-term gains are not easy, if they ever were, in the current volatile economy," he says.
12 minute read

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