Top UAE law firms partner to help Abu Dhabi attract FDIs
Banks legal, an established UAE legal practice, has expanded its operations into the Abu Dhabi market through the establishment of a joint venture with the Abu Dhabi firm Al Otaiba and Hamdan Budebes, operating as Al Otaiba Banks Legal and based in the Abu Dhabi Global Market.
The new firm will operate independently and will offer bespoke legal solutions to private and public sector entities in Abu Dhabi and beyond. The decision to form the joint venture comes in response to Abu Dhabi’s ambitious growth plans, aiming to diversify its economy and attract higher levels of foreign direct investment (FDI). Emirati and international, common and civil law-qualified lawyers have come together to strengthen and expand their existing range of services and address the region’s growing demand for quality professional legal services.
At the signing held at Abu Dhabi Global Market (ADGM) Authorities Building in Abu Dhabi Nathan Banks, founder and Managing Partner of Banks Legal, and Otaiba Bin Khalaf Al Otaiba of Al Otaiba & Hamdan Budebes formalized the establishment of the firm, Al Otaiba Banks Legal Limited.
The Al Otaiba Banks Legal team has over 75 years of combined, local and international experience with expertise across a diverse range of sectors, including government, infrastructure, real estate, education, healthcare, energy and resources, construction, media and telecommunications, technology and hospitality. The newly-formed venture offers a comprehensive suite of legal and corporate services across all legal disciplines, including mergers and acquisitions, banking, private equity, foreign direct investment, employment, intellectual property, and real estate transaction services.
“Banks Legal is very honored and excited to be partnering with the prestigious firm Al Otaiba & Hamdan Budebes. We are committed to understanding the commercial and strategic objectives of our clients, adhering to international best practices in delivering commercially-viable solutions. With the UAE positioning itself firmly as a leading regional hub and Abu Dhabi contributing significantly, we feel it is vital that collaboration between Emirati and international expertise is demonstrated,” said Nathan Banks, co-founder and partner of newly-established Al Otaiba Banks Legal.
Growth of an economic hub
According to The United Nations Conference on Trade and Development 2018 World Investment Report, FDI to the UAE increased by eight percent to $10.4 billion in 2018. To further increase FDI into the capital, Abu Dhabi has formalized the establishment of a new government body, Abu Dhabi Investment Office, and given it more authority to attract higher levels of FDI to the emirate.
A total budget of $5.45 billion has been allocated to the 2019 development package that aims to enhance and diversify the emirate’s economy. Further bolstering confidence in Abu Dhabi’s economic development, H.H. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, last year announced a $14 billion stimulus package to facilitate the growth of Abu Dhabi’s economy and businesses based in the capital.
“As Abu Dhabi continues to solidify its position as a hub for foreign investment and economic activity, there is a growing need for the delivery of high-quality legal services to complement the existing professional services industry of the region. Abu Dhabi has a robust economy and a foundation from which we believe economic activity will continue to develop and prosper,” Banks added.
“In forming Al Otaiba Banks Legal, we are now better-equipped to service clients across a broader scope of legal and corporate services locally and abroad. We are looking to align with the future growth of the Abu Dhabi economy by bringing certainty to business transactions through a mix of civil and common law practice,” said Otaiba Bin Khalaf Al Otaiba, welcoming the establishment of the new joint venture.
“Building on the strong client and government relationships both firms have developed, our plan is to expand Al Otaiba Banks Legal across the GGC and the Middle East to service an even broader range of clients in each market,” Al Otaiba added.
Al Otaiba Banks Legal provides a uniquely tailored, client-focused service with a wealth of industry and market knowledge. Plans to further expand the team in Abu Dhabi are underway, with a focus on specialized lawyers within key sectors, in the Abu Dhabi economy.