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42 MEED Listfinal.Indd “Dubai hopes the [$8bn] The MEED List Q capital injection will allow Nakheel to resume work” Agenda page 20 GCC BOND MARKET LAWYERS Six leading bond market lawyers in the region Craig Stoehr Richard O’Callaghan Anzal Mohammed POSITION Counsel, Latham & Watkins POSITION Partner, Linklaters POSITION Partner, Allen & Overy BIOGRAPHY Craig Stoehr led the opening of BIOGRAPHY Richard O’Callaghn joined Linklaters BIOGRAPHY In 2009, Anzal Mohammed advised Latham & Watkins office in Doha, Qatar in in Dubai in 2008, and worked on high-profile on the world’s largest sovereign sukuk, the 2008. Within 12 months he had worked on transactions in the region, including Abu Dubai government’s $2bn issue. He has a probably more bond deals by value than any- Dhabi’s Tourism Development & Investment strong track-record of working on bond and one else in the market, completing the state of Company’s $1bn sukuk issue in 2009, and its sukuk deals with the Abu Dhabi and Ras al- Qatar’s $7bn bond issue in November 2009, $1bn bond deal in the same year. He recently Khaimah governments, and state-backed cor- and its earlier $3bn deal. Stoehr also worked acted for the lead arrangers on Saudi real estate porates such as Mubadala Development on a $2.3bn bond for Ras Laffan Liquefied Nat- firm Dar al-Arkan’s $450m sukuk issue and is Company, Dubai Electricity & Water Author- ural Gas Company in 2009. His other clients currently representing the lead arrangers on ity, Jebel Ali Free Zone Authority, and the include Qatar Investment Authority, and state- Bahrain’s sovereign bond. O’Callaghan has Dubai International Financial Centre. owned Qatar Petroleum and Qatar Electricity experience of working on hybrid instruments Mohammed has worked on issues for lenders & Water Company. Private sector clients and convertible bonds, and helping firms to in the region, including Dubai Islamic Bank, include QInvest, Qatar Islamic Bank, and run liability management exercises, where Abu Dhabi Islamic Bank, Emirates Islamic Commercial Bank of Qatar. He was also an they look to alter the terms of capital markets Bank (part of Emirates NBD), Abu Dhabi adviser on the merger of Qatar Shipping and liabilities. He is also currently working on a Commercial Bank and Commercial Bank of Qatar Navigation. In 2009, he worked on the deal to launch the first Islamic projects bond Qatar. A large part of Mohammed’s work is in deal with NYSE Euronext to create the Qatar and a rights issue by a Gulf-based corporate. the Islamic finance area. Most recently, he Exchange. During his career, Stoehr has lived O’Callaghan has been with Linklaters since worked on the $450m Dar al-Arkan sukuk in New York, London, Paris, Istanbul, Dubai 1996 and has worked at its London and Hong and the $500m GE Capital sukuk, the first and Doha, and has been a principal or legal Kong offices. He has a degree in jurisprudence international Islamic bond to be listed on counsel on transactions in over 50 countries. from Oxford University. Nasdaq Dubai. contact Tel: (+974) 406 7731 Contact Tel: (+971) 4369 5841 Contact Tel: (+971) 4426 7115 Debashis Dey Rahail Ali Harnek Shoker POSITION Partner and head of debt capital mar- POSITION Partner and global head of Islamic POSITION Head of the Bahrain office of Fresh- kets, Clifford Chance finance, Lovells fields Bruckhaus Deringer BIOGRAPHY As head of debt capital markets since BIOGRAPHY Rahail Ali is the joint local BIOGRAPHY Although a project finance lawyer, 2006, Debashis Dey has been involved in managing partner of Lovells’ Dubai office and Harnek Shoker has acted as legal adviser on many of the region’s largest and most innova- he is a specialist in Islamic finance deals. Ali the most recent bond issue to come out of the tive bond and sukuk deals. Dey was involved was involved in the $750m sukuk issued by region – Bahrain’s $1bn-plus sovereign bond. in state-owned Dubai Electricity & Water the Bahrain government in 2009, a $1bn The deal is expected to play a major role in Authority’s raising of more than $1bn in 2007, sukuk issued by Dubai government, a opening up the debt markets to future issu- one of the first deals that saw a company sell $2.04bn sukuk issued by state-owned Jebel ance for other regional corporates after sev- off income from receivables through a securiti- Ali Free Zone Authority, and a $1bn sukuk eral issues struggled to get investor interest sation deal. Dey has also worked on the $3.5bn for the UAE’s Dana Gas. More recently, Ali earlier in the year. It should also pave the way sukuk to finance state-backed DP World’s advised the International Finance Coopera- for more Bahraini firms to start issuing bonds. acquisition of ports operator P&O; a $3.5bn tion, part of the Washingon-headquartered Shoker has been in the Middle East since Nakheel sukuk; the establishment of a bond World Bank, on the issue of a $100m sukuk 2005, and is currently working with the Bah- programme by Saudi Arabia’s Islamic Devel- that was listed on the Nasdaq Dubai. rain government on several projects. In 2009, opment Bank; and a $800m sukuk issue by He has also been involved in some innova- he completed the legal work for the govern- Saudi Basic Industries Corporation. Dey’s tive deals, including the first ever sukuk buy- ment on the Aldur independent water and other clients include Saudi Electricity Com- back by Dubai Islamic Bank in May 2009. power project. Previously, he has been based pany, Emirates Bank, Jebel Ali Free Zone His key clients include the UK’s HSBC in the firm’s London and Singapore offices. Authority, and Kuwait’s United Real Estate and Standard Chartered. Ali also sits on Shoker also has extensive experience as Company. Previously, Dey was based in the the British government’s panel of Islamic financial adviser on major infrastructure London office of Clifford Chance. finance experts. and energy projects. Contact Tel: (+971) 4362 0624 Contact Tel: (+971) 4304 5517 Contact Tel: (+973) 1713 4334 Q Next week middle east/iwpps 42 | MEED | 1-8 April 2010 www.meed.com.
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