Gulf One Investment Bank, a new regional financial institution that will focus on infrastructure, and energy investments recently signed a Memorandum of Understanding (MoU) with the leading British Law Firm DLA PIPER RUDNICK GRAY CARY, which stipulates that that the latter provides Gulf One Investment Bank with legal advice and counsel in the areas of ‘project financing contracts’ on the basis of partnerships between the public and private sectors. It is noteworthy that DLA Piper has extensive and deep experience and is the leading law firm worldwide in this vital legal field. The MoU was signed by Dr. Nahed M. Taher, Gulf One Investment Bank CEO, and by Mr. Brian Clarks.
Dr. Nahed stated that the signing of this MoU comes as part of the bank's efforts to conclude international partnerships and alliances that are necessary for building up the bank’s core competencies through the outsourcing of tasks not specific to the bank's basic functions. She also added, “This also comes as a part of the bank's desire to utilize the expertise of various firms who are able to provide the bank and our clients with required value added services that would increase are overall capabilities and market presence.”
She reiterated; "Our objective from signing this MoU is to conclude the legal aspects of our work once we start arranging long-term debts instruments, long-term financing through the structuring of investment contracts, and providing legal advice to public and private sector entities about this new form of financing that is being introduced for the first time in the Arabian Gulf. moreover, there is ongoing cooperation between us to provide Gulf One Investment Bank with the legal frame work to due diligently carry out its work."
From his side, Mr. Clarks said: "This agreement between is one of the basic components in supporting the bank's ability to provide its clients with the services they require, and we will provide the legal services for all that has been outlined previously in order to strengthen the bank's position in this nascent and promising market."
He further added; "the Arabian Gulf is undergoing tremendous change that is unprecedented in addition to a noticeable increase in the price of oil that is demand driven and this unexpected monetary windfall will give the region the support it needs in its economic restructuring. Moreover, The economic and business direction that the political leadership is following in Saudi Arabia is very wise indeed and they will reap its benefits in the long-term, and we strongly believe that our partnership with the senior management at Gulf One Investment Bank is necessary for them to provide the long-term financing schemes and debt instruments given their deep understanding of the region's needs and transaction risks outlook."
Gulf One Investment Bank will focus on wealth creation with added value to achieve economic and social prosperity, in the process applying Jewel based Islamic principles coupled with knowledge-based banking activities to identify and maximize the best and most productive investment opportunities. The bank also considers it essential that the private sector makes a major contribution by participating in these opportunities and that there is a need to develop financial houses that have the expertise to support the private sector's participation.
About Gulf One Investment Bank
Gulf One Investment Bank (GULF ONE) is a regional investment bank whose financial products and services will focus on Structuring, Underwriting and Loan Syndication for mega-energy and infrastructure investments that have an estimated worth of over $1 trillion over the next 15 years. It is headquartered in Bahrain with a $100 million paid up capital, and will become operational in the second quarter of 2006. In addition, it will provide services in Restructuring and Mergers & Acquisitions (M&A), a presently non-existent but potentially lucrative segment that deals with overhauling business organizations in order to bring about greater efficiency to their operations, merging companies in order to bring synergy, greater overall efficiency and productivity. GOIB financial solutions will be innovative, and custom tailored to regional needs according to best global practice in partnership with top international institutions and exceptional local talent. GOIB will also focus on creating a “Long Term Debt Market” which is currently none existent in the region and that has negatively affected the region’s ability to cope with the huge demands of financing infrastructural projects. In addition it aims to create a Public Private Partnership “PPP” in order to have an effective collaboration that will lead to economic growth, prosperity, and sustainable development. Leading Saudi economist Dr. Nahed M Taher is its CEO, making her the first Saudi woman to head a bank in the Gulf region. The bank is being initiated and promoted by both Dr. Nahed and Ziyad Omar, a Saudi banking and finance executive who is also GOIB Chief Operating Officer (COO).
ABOUT DLA PIPER RUDNICK GRAY CARY
With more than 3,000 lawyers located in 22 countries and 58 offices throughout Asia, Europe and the U.S., DLA Piper Rudnick Gray Cary is positioned to help companies with all their legal needs anywhere in the world. On the corporate and finance side, they operate significant transactional-based practices and serve not only some of the world’s largest companies but numerous middle and upper-mid market clients. They also on the panels of a number of major banks and financial institutions and have a substantial bankruptcy and restructuring practice, in addition some of their legal services include (Corporate) Mergers & Acquisitions, Corporate Law Tax, Private Equity, Banking & Finance, Asset Leasing and Finance.
