20 Mar 2019

UAE firms in joint-venture FDI drive

Al Otaiba & Hamdan Budebes and Banks Legal are partnering to launch a new legal practice in search of foreign investment.

Aleksander Karpenko

The firms say their 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). According to The United Nations Conference on Trade and Development 2018 World Investment Report, FDI to the UAE increased by eight per cent to US$10.4bn in 2018.

Signing ceremony

The two practices offer independent legal solutions to businesses in Abu Dhabi and beyond, aiming to tap into the region’s growing demand for professional legal services. A signing ceremony was held at the Abu Dhabi Global Market (ADGM) Authorities Building in Abu Dhabi with Nathan Banks, founder and Managing Partner of Banks Legal, and Otaiba Bin Khalaf Al Otaiba of Al Otaiba & Hamdan Budebes, formalising 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, education, healthcare, energy and resources, construction, media and telecommunications, technology and hospitality. The newly-formed venture offers a 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.

Abu Dhabi growth

Co-founder and partner of newly established Al Otaiba Banks Legal, Nathan Banks, said, ‘Banks Legal is very honoured 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.’ Otaiba Bin Khalaf Al Otaiba said, ‘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.’ He added, ‘our plan is to expand Al Otaiba Banks Legal across the GGC and Middle East to service an even broader range of clients in each market.’