We already know the Conyers Dill & Pearman - an international offshore law firm that specialises in company & commercial law, commercial litigation and private client matters, the introducer of concept of multi-jurisdictional offshore law. This is one of the biggest players in the British Virgin Islands and the firm advises on the laws of British Virgin Islands as well as Bermuda and Cayman Islands.
Till now, the company had presence in 7 jurisdictions worldwide - Anguilla, the Bermuda Islands, the British Virgin Islands, the Cayman Islands, Hong Kong, London and Singapore. Now this offshore law firm has announced the opening of operations from the Dubai International Financial Centre (DIFC). The official opening is proposed on July, 2006.
The DIFC is used to serve all the Arab world - Middle East, East, North Africa, the Caspian states and the Indian Subcontinent. This is a region of 1.8 billion people and its combined economy's GDP is worth US$ 1.5 trillion.
As we can imagine, the British Virgin Islands as well as the Bermuda and Cayman Islands are sources of offshore services. The Dubai office will obviously be a source for new customers, huge market for offshore law firm as well as the BVI, Bermuda and Cayman Islands offshore services.
The Dubai office of Conyers Dill & Pearman will advice on corporate and commercial law. The emphasis will be made on private equity, investment funds, project financings and securitizations. This will be the first law firm that will offer such comprehensive and multi-jurisdictional offshore advice in the above-mentioned region.
More and more offshore service providers start realizing the actual potential of the customers from the Arab world. More and more big shot start placing their offices in the UAE and other Arab countries. In 2002, UBS, the biggest bank in Switzerland, set up Islamic banking subsidiary in Bahrain for providing Sharia-compliant products. Now they have 65 employees of UBS bank in the United Arab Emirates, Bahrain, Egypt and Lebanon and in March of this year the biggest banking group announced that at the end of 2006 Islamic banking subsidiary would be transferred to UBS Wealth Management and Investment Banking divisions. Also, the Cayman headquartered Walkers, one of the closest rivals of Conyers in November 2005 announced the opening of the first fully transactional office for this offshore law firm in the Dubai International Finance Centre. Walkers has also offices in the British Virgin Islands, the Cayman Islands, Hong Kong and London.
Back to Conyers Dill & Pearman and the BVI. Many offshore specialists prognose that this move will be succesfull and will increase the business in Islamic world both to the offshore law firm and the British Virgin Islands - offshore jurisdiction which offshore products and services are offered to the customers of Conyers Dill & Pearman.
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