Dubai Economic Council, Latham & Watkins sign MOU for strategic projects

The Dubai Economic Council (DEC) and global law firm Latham & Watkins have announced the signing of a Memorandum of Understanding (MoU) paving the way for closer collaboration on strategic projects.

Under the MOU, the DEC and Latham have agreed to foster closer collaborative ties, particularly in the areas of joint research, strategic market analysis and knowledge sharing in mutual areas of interest.

The closer working relationship will cover a wide range of areas on the legal and regulatory agenda and will support the DEC’s cornerstone efforts to enhance existing and future business regulations.

The signing ceremony was attended by the executive team of the Dubai Economic Council, headed by Hani Al Hamli, Secretary General of the DEC. The DEC delegation also included Dr. Sulaiman Al Hattlan, Media Advisor, Tarek Al Hajjiri, Director of Legal Policy, and Dr. Ibrahim Elbadawi, Director of Macroeconomics & Forecasting, as well as representatives from the DEC’s Corporate Social Responsibility Committee.

The Latham & Watkins delegation was led by Christopher Hall, Chair of Latham & Watkins’ Middle East Practice, with Christian Adams, a finance associate in the Dubai office, and Kathryn Tschumper, Business Development Manager for the Middle East.

Al Hamli thanked Latham & Watkins for the firm’s cooperation and he cited previous joint ventures as examples of successful and fruitful collaborations, including:  an industry event to discuss the draft Financial Restructuring and Bankruptcy Law and a two-day Global Policy Conference, held in May 2012, at which Latham was one of two honorary partners, to discuss the importance of effective insolvency regimes.

“We are excited to further develop our already close association with Latham & Watkins. We look forward to strengthening our collaborative efforts and to tapping Latham’s deep resources, expertise and market knowledge on a number of milestone projects,” said Al Hamli.

“The DEC has approached a number of companies and financial institutions that will work with the Secretariat of Council to achieve the strategic vision of the wise leadership of Dubai and the UAE to make Dubai a global capital of commerce and Islamic finance”, he added.

On behalf of Latham & Watkins, Christopher Hall remarked: “We are delighted to collaborate with the DEC on important, far-reaching projects. The DEC plays a critical role in helping shape the future growth and economic development of Dubai, and we look forward to supporting the DEC in delivering on its economic mission.”

Additionally, Hall pointed out that an enhanced regulatory framework is key to sustainable economic growth; hence the DEC’s keenness to strengthen the legal infrastructure of Dubai and the UAE through revising law drafts and proposing new regulations that would contribute considerably to attracting more FDI and encouraging entrepreneurialism and innovation – ultimately, furthering economic prosperity in the region.

Latham & Watkins has a broad corporate and finance practice with extensive experience advising on a wide range of landmark matters in the Middle East. The firm’s Islamic finance practice is among the top tier globally and the team has wide-ranging experience across the areas of banking, project finance, capital markets, restructuring, mergers and acquisitions,  and investment funds. The Islamic finance practice advises governments, banks, sponsors, export credit agencies, investment funds and other investors on Shariah-compliant transactions in the Middle East, Europe, United States and Asia.

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