Oman's robust legal landscape offers potential for further growth

Business Tuesday 04/April/2023 15:55 PM
By: Times News Service
Oman's robust legal landscape offers potential for further growth

Muscat: Addleshaw Goddard, which recently celebrated its 10th anniversary in Oman, has set new targets and is accelerating the steep growth trajectory that the company is on to deliver more impact for its clients in the country, according to a senior business law firm executive.

“We are extremely grateful to all our clients for joining us on this exciting journey, and we look forward to further strengthening those relationships by bringing more quality and imagination to support their business strategies for growth and success for many years to come,” Roger Byrne, Head of Region, Addleshaw Goddard Oman, said.

Addleshaw Goddard is an acclaimed international law firm and is one of the leading names for corporate legal services in Oman.

Elaborating about the services it offers Byrne said, “Our banking and finance team advised on the financing of the $500 million finance facility for Jindal Shadeed Iron and Steel Company in connection with its steel production plant at Sohar. We also advised banks on the $500 million mixed conventional and Islamic finance facilities to Oman Broadband Mazoon to finance the roll-out of an expansion to the fibre network in Oman.”

The head of the region of the law firm said that its client list includes leading Omani and international companies and government-owned enterprises across the corporate spectrum, including major banks, conglomerates and resource entities.

Speaking about some of some recent major projects the law firm has been involved with in Oman, Byrne said, “Within our commercial, corporate and M&A practice, we have advised Rakiza Infrastructure Fund on its joint venture with Helios Towers which has acquired the telecommunications tower infrastructure portfolio owned by Omantel for $495 million.”

“We have also advised Vision Insurance on its merger with Oman Qatar Insurance Company, a significant merger for the Oman insurance sector between two companies listed on the Muscat Stock Exchange (MSX), and China State Grid on its $1 billion acquisition of 49 per cent of the share capital of Oman Electricity Transmission Company (OETC), as part of the partial privatisation of the electricity sector in Oman,” he further added.

Byrne further elaborated on some of its major success stories about Omani corporates said, “We advised Alizz Islamic Bank on its $8.4 billion merger with Oman Arab Bank (OAB), the first transaction of any kind under the Oman Takeover Code which won 'IFN Mergers & Acquisitions Deal of the Year 2020.' We also advised the International Distribution Network (IDN) on the establishment structure and commercial operations to bring Sainsbury’s supermarket products from the UK to Oman.”

Speaking about the robust macro fundamentals of Oman's economy Byrne said that the Sultanate's economy continues to expand and attract great interest from international investors. The hydrogen sector and its potential are especially pertinent. “We are very optimistic about the strong foundations of Oman's economy and potential for further growth. The existence of a well-established legal system and investor-friendly laws will continue to facilitate future economic expansion.”

When asked about the company's future expansion plans Byrne said that while we do not discuss specific future plans, we look forward to continuing to deliver outstanding value, doing all we can to help our clients in Oman and across the region succeed in their ambitions, and supporting the opportunity of growth anticipated in the years to come. “We are particularly excited about continuing to provide opportunities for the next generation of Omani lawyers and advocates,” he added.

Speaking about the competition he said, “We have set ourselves apart from the competition through a combination of having an experienced Oman-based team with a wealth of expertise advising clients with business interests in the GCC; our absolute commitment to developing long-term relationships; and our experience of doing business in this region across a range of legal disciplines.”