Cayman Islands: Walkers Opens Office in Dubai
Last Updated: 21 March 2006

Region’s Growing Global Focus Drives Need for Direct Offshore and Fund Expertise

Dubai, UAE – (November 21, 2005) – Walkers, the global offshore law firm of choice for investment managers, financial organizations and international law firms, announced today that the firm has opened the first fully transactional office for an offshore law firm in the Dubai International Finance Centre (DIFC).

Driven by Dubai’s emergence as a leader in the global capital markets, coupled with the firm’s commitment to its clients in the region, Walkers’ office officially opened today. The office will be staffed jointly with a combination of regional lawyers and leading attorneys from London who specialize in Islamic finance and Middle Eastern issues.

Over the past two years, the equity markets in Dubai have been among the world’s top performers, with a 41 percent increase in the private equity industry since 1998. Today, private equity investments total around $1 billion. Current estimates call for this trend to accelerate and reach a total of between $2.1 and $2.6 billion by 2007. In addition, more than 80 percent of the investment in the region is currently offshore, increasing the need for the local business community to draw on international expertise.

"As the formation of investment funds, private equity funds, and Sukuks – a type of Islamic bond – continues to soar, the need to provide global counsel has grown too," Grant Stein, Walkers’ Senior Partner said. "Coupled with Walkers’ expertise in investment funds, structured finance, and international insolvency matters – as well as our offices in the Cayman Islands, London, the British Virgin Islands, and Hong Kong – we can now offer our worldwide clients an even broader range of products and services."

"It is clear that having counsel in-country in Dubai doing the transactional work in the same time zone and same culture is vitally important to getting the job done," Stein continued.

The Dubai office will be led by managing partner Rod Palmer and partner Robert Varley, who will oversee business development in the Middle East. Mr. Palmer is experienced in Islamic finance and has launched numerous Shariah-compliant funds – funds that comply with Islamic law. He has also advised on high-profile U.S. IPOs of Cayman companies, as well as private equity, hedge and other investment funds. Mr. Varley has counseled clients on a wide variety of Cayman Islands legal matters and specializes in investment funds, including Islamically-acceptable financial products. He has advised on many of the pioneering U.K. and European real estate Shariah funds, a large number of MENA region Shariah funds, some of the first Islamically-acceptable segregated portfolio companies and the world’s first listed corporate Sukuk.

According to a recent survey by McKinsey & Company, more than 75 percent of the top 30 global asset managers are now active in Dubai. The MAN Group plc, a leading hedge fund group that has operated in the Gulf Cooperation Council region (GCC) for more than 20 years and was part of the McKinsey survey, reported an upswing of institutional investments in hedge funds.

"Also driving the need for greater offshore legal expertise in Dubai are the international entities who invest in the GCC region through British Virgin Islands companies and regional investment in United Kingdom commercial real estate," Mr. Palmer said. "With Walkers’ strong presence and experience in those jurisdictions, we can now provide a complete suite of offshore legal service to our clients in Dubai."

Positioned between New York and London in the West and Hong Kong in the East, Dubai connects the region to the global financial market. The Dubai International Finance Centre (DIFC), a financial free zone that promotes economic development in the United Arab Emirates (UAE), has a strong regulatory framework based on best practices of the world’s leading financial centers and led by experienced regulators. Companies in Dubai recognize multiple benefits from the jurisdiction, including zero tax on income and profits, 100 percent foreign ownership, no restrictions on foreign exchange or capital/profit repatriation, operational support, and business continuity facilities.

About Walkers and Walkers SPV

Based in the Cayman Islands with offices in the British Virgin Islands, Hong Kong, and London, Walkers offers a global offshore solution for those clients seeking high-level skills across the offshore legal spectrum. Named by HedgeWorld Limited as the top law firm for hedge funds by total assets of funds and assets of non-U.S. funds, we act for a wide range of clients including major financial institutions, investment banks, leading law and accounting firms, major corporations of all kinds, partnerships, trust companies and other fiduciaries representing almost every country in the world. Our aim is to provide clear, concise and practical advice based on an in-depth knowledge of the legal, regulatory and commercial environment in the Cayman Islands and the BVI. We are experienced in all types of international and cross-border transactions and we welcome a close working relationship with our clients and their other professional advisers.

Walkers SPV Limited (WSPV) is a Cayman Islands licensed trust company and a wholly owned affiliate of Walkers with offices in the Cayman Islands and Tokyo. Our link to this leading Cayman Islands law firm is a major strength as together we provide a comprehensive service, drawing on Walkers' dedicated legal team and WSPV's skilled team of professionals. We are regulated in the Cayman Islands under the Banks and Trust Companies Law and hold an unrestricted mutual fund administrator license. In certain circumstances, WSPV offers Director and Trustee and Corporate Administration services to investment funds and Special Purpose Vehicles (SPVs).

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