White & Case has hired Clifford Chance’s (CC) Middle East head of capital markets and structured finance, Debashis Dey, as a partner in its Dubai office.
Having been a partner at the Magic Circle firm for over 18 years, Dey comes recommended by The Legal 500 as a ‘key contact’ in CC’s tier one-ranked Islamic finance practice. Major mandates include advising the joint lead managers on Turkey’s $1bn Sukuk issuance on the Irish stock exchange in Janurary and advising Standard Chartered Bank on property developer Aldar’s $750m Sukuk which was also listed in Ireland.
Rob Mathews, White & Case’s EMEA regional head for capital markets, said: ‘We continue to see the Middle East emerging as a financial centre and Islamic finance becoming an increasingly significant option within the capital markets arena. The arrival of Debashis is a strategic step in expanding our capital markets practice in the region and meeting the needs of our clients.’
Margaret Cole, office executive partner for the UAE, added: ‘The arrival of Debashis – a top tier advisor – is an important step in further strengthening our finance capabilities in the Middle East. He is an excellent fit with our existing capabilities across the region.’
Other firms making a push in the Middle East of late includes DLA Piper which this month announced the opening of a second office in Saudi Arabia’s Jeddah to be run by legal director Rakesh Bassi, who joined the firm last year from CC; while those retrenching includes Latham & Watkins which in March told staff in Abu Dhabi and Doha that their offices will close by the end of the year with the firm using Dubai and Riyadh to service the region.